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July 12, 2018
Financial News




Global markets up today … Papa John’s Schnatter resigns … Hyundai workers worried about steep auto tariff threat


BEIJING (AP) – Global stock markets rose today following Wall Street’s decline amid U.S.-Chinese trade tensions and oil prices recovered some of the previous day’s steep losses. In early trading, London’s FTSE 100 rose 0.4 percent and Germany’s DAX added 0.2. France’s CAC 40 gained 0.2 percent. On Wall Street, futures for the Dow Jones industrial average and Standard & Poor’s 500 index both were up 0.4 percent.


NEW YORK (AP) – Papa John’s founder John Schnatter (SHNAH’-tur) has resigned as chairman of the board. The company made the announcement late Wednesday, hours after Schnatter apologized for using a racial slur during a conference call in May. Forbes said that during a media training exercise Schnatter was asked how he’d distance himself from racist groups. He reportedly complained that Colonel Sanders never faced a backlash for using the n-word.


SEOUL, South Korea (AP) – Hyundai Motor Co.’s labor union says steep auto tariffs could cost U.S. jobs. The labor union at South Korea’s largest auto company says if President Donald Trump goes ahead with imposing 25 percent auto tariffs, it will hurt Hyundai’s U.S. sales and jeopardize some 20,000 jobs at a Hyundai factory in Alabama. The union says South Korean carmakers were already penalized during the renegotiations of the bilateral trade agreement.


SEOUL, South Korea (AP) – South Korea’s top financial regulator said it found intentional breaches of accounting rules at Samsung Biologics, the contract drugmaking unit once seen as Samsung’s future growth engine, and would bring the case to prosecutors. The Financial Services Commission said the Samsung unit failed to disclose crucial information related to its joint venture with U.S. company Biogen. The company said it regretted the finding.


PRAGUE (AP) – Uber is to give the Czech Republic’s finance ministry information on its drivers’ activities so the proper amount of tax is paid. According to the deal signed today, the ride-hailing service also agreed that as of October its new drivers will join an electronic reporting system introduced by the local authorities. Initially, the agreement will be effective for a year. Uber will then assess its functioning. The country’s finance minister says she hopes the deal could also help calm down tensions between Uber and traditional taxi services.



AP-WF-07-12-18 1040GMT