Global stocks tumble … China blasts expanded tariff threat … Facebook faces U.K. fine over its privacy scandal
SINGAPORE (AP) – Global stocks tumbled today after Beijing hit back at U.S. plans for tariffs on $200 billion more Chinese exports, as tensions rose over the trade war between the world’s two largest economies. Japan’s Nikkei closed 1.2 percent lower and South Korea’s Kospi lost 0.6 percent. The FTSE 100 index of British shares is down 1.4 percent. Wall Street is expected to open lower, with Dow futures down 0.9 percent and the broader S&P futures down 0.8 percent.
BEIJING (AP) – China is calling the U.S. threat to expand tariff hikes “totally unacceptable.” The U.S. Trade Representative announced Tuesday a possible second round of tariff hikes targeting a $200 billion list of Chinese goods ranging from burglar alarms to mackerel. That came four days after Washington added 25 percent duties on $34 billion of Chinese goods and Beijing responded by increasing its own taxes on the same amount of American imports.
BEIJING (AP) – The U.S. cybersecurity firm FireEye says it has found evidence that a Chinese hacking team it believes is linked to Beijing has penetrated computer systems belonging to Cambodia’s election commission, opposition leaders and media. FireEye says it did not find evidence that the Chinese hackers are working to sway Cambodian elections on July 29 in the ruling party’s favor. China’s Foreign Ministry has rejected these allegations.
LONDON (AP) – A U.K. government office that investigated the Cambridge Analytica scandal announced its intention to fine Facebook 500,000 pounds ($663,000) for failing to safeguard user information. The Information Commissioner’s Office concluded that Facebook “contravened the law by failing to safeguard people’s information.” Facebook got embroiled in allegations that London political consultancy Cambridge Analytica used Facebook account data to sway election results.
BENGHAZI, Libya (AP) – Libya will resume oil exports after the U.N.-backed government reached a deal with a powerful militia that controls key terminals in the east. The National Oil Corporation, which is controlled by the U.N.-backed government in Tripoli, says it has assumed control of the oil ports and will resume exports within hours. The self-styled Libyan National Army, which is allied with a rival government in the east, seized the ports from another militia earlier this year.