Stocks tumble…Senate protests tariffs…US soon to leapfrog Saudis, Russia as top oil producer
NEW YORK (AP) – Stock indexes are falling after the Trump administration released a $200 billion list of goods that could be hit with tariffs and China said it would retaliate. Energy and industrial companies and basic materials makers are taking some of the worst losses. So are chip makers, which make large portions of their sales in China. The declines follow a four-day winning streak for U.S. stocks.
WASHINGTON (AP) – Lawmakers have finally acted on their frustration with the Trump administration’s growing use of tariffs. The Senate has passed a modest, nonbinding resolution designed to give Congress more say about trade penalties imposed in the name of national security. It directs a congressional committee that’s reconciling separate spending bills to include language giving Congress a role when such tariffs are put in place. Negotiators are free to ignore the Senate’s guidance.
UNDATED (AP) – The U.S. is on pace to leapfrog both Saudi Arabia and Russia to become the world’s biggest oil producer. The latest data released by the Energy Information Administration shows U.S. output growing again next year to 11.8 million barrels a day. Linda Capuano, who heads the agency, says that would make the U.S. the world’s No. 1 producer. Production is booming in U.S. shale fields because of newer techniques such as fracking and horizontal drilling.
NEW YORK (AP) – Pfizer is reshaping itself into three businesses as it faces an aging population and shifting risks from the loss of patents. The Innovative Medicines division will focus on biological science and other technologies needed to address an aging population. The Established Medicines business will handle generic and off-brand medication. And the Consumer Healthcare business will handle over-the-counter medicines. The reorganization will occur at the start of fiscal 2019.
WILMINGTON, Del. (AP) – A Delaware judge has approved a revised plan for the sale of the Weinstein Co., the studio forced into bankruptcy by the sexual misconduct scandal that brought down Hollywood mogul Harvey Weinstein. The plan approved Wednesday calls for private equity firm Lantern Capital to pay $289 million for the Weinstein Co.’s assets. The sale is expected to close Friday, but claims asserted by several Hollywood stars will be resolved later.