Stocks turn mixed…Lawsuits against Monsanto can proceed…Tesla to build factory in Shanghai
NEW YORK (AP) – Stocks have been mixed in afternoon trading as household goods companies rise but banks continue to struggle, as they have for most of this year. PepsiCo is gaining ground after reporting solid second-quarter results. Stocks started the day higher but have given up much of that gain.
SAN FRANCISCO (AP) – A U.S. judge in San Francisco says evidence seems weak that Roundup weed killer causes cancer, but experts can still make that claim at trial. The ruling allows hundreds of lawsuits against Roundup’s manufacturer, Monsanto, to move forward. The lawsuits by cancer victims and their families say the agrochemical giant long knew about Roundup’s cancer risk but failed to warn them.
BILLINGS, Mont. (AP) – The Trump administration is advancing its plan to replace the centerpiece of President Barack Obama’s efforts against global warming with a new rule expected to be friendlier to the coal industry. The Environmental Protection Agency said it sent the new rule to the White House for review today. The move coincided with former coal industry lobbyist Andrew Wheeler’s first day at the helm of the EPA following last week’s resignation of Administrator Scott Pruitt.
ATLANTIC CITY, N.J. (AP) – Hard Rock has signed a deal with a British online gambling company to offer sports betting as soon as the arrangement is approved by New Jersey gambling regulators. The global hospitality and gambling company owned by Florida’s Seminole Indian tribe has signed a deal with Bet365 to offer sports betting at its new casino on the Atlantic City Boardwalk.
UNDATED (AP) – Electric car producer Tesla says it will build its first factory outside the United States in Shanghai. Tesla says an agreement signed today with a Shanghai city government agency calls for construction to start in the near future. It says production would begin three years after that and eventually increase to 500,000 vehicles annually.