Wall Street opens higher … Britain’s Boris Johnson resigns over Brexit battle … BMW hikes prices of US-made vehicles sold in China
NEW YORK (AP) – Stocks are opening higher on Wall Street, building on gains from late last week, as technology companies and banks rose. Apple rose 1.3 percent in the first few minutes of trading and JPMorgan Chase climbed 1.8 percent. At 10:31 a.m. Eastern Time, the S&P 500 index rose 14 points, to 2,774. The Dow Jones Industrial Average rose 224 points, to 24,678. And the Nasdaq composite climbed 20 points, to 7,708. Bond prices fell. The yield on the 10-year Treasury rose to 2.86 percent.
LONDON (AP) – The British government says Foreign Secretary Boris Johnson has resigned, amid a widening split in the Cabinet over Brexit. A leader of the campaign to take Britain out of the European Union, Johnson was under pressure to act after the resignation of David Davis as Brexit secretary. Davis quit late Sunday saying he could not support May’s plans for close trade and regulatory ties with the bloc after the U.K. leaves the European Union next year.
FRANKFURT, Germany (AP) – Automaker BMW says it will have to raise prices on the U.S.-built SUVs it sells in China due to higher tariffs. China raised the import tax on cars from the United States to 40 percent in retaliation for higher tariffs on Chinese goods imposed by President Donald Trump. The dpa news agency reports that the Munich-based company says it’s “not in a position to completely absorb the tariff increases.”
TOKYO (AP) – Nissan says it has altered results of exhaust emissions and fuel economy tests of its new vehicles sold in Japan, in the latest misconduct to surface at the Japanese automaker. Nissan acknowledged in September that it had been carrying out illegal post-production tests at its plants, allowing those who weren’t qualified to routinely conduct the tests. The safety and fuel economy of the vehicles still were within regulations. The erroneous testing does not affect exports.
NEW YORK (AP) – Starbucks says it wants to be friendlier to the environment by getting rid of straws. The company says it will eliminate plastic straws from all of its locations within two years. Starbucks says instead, it will be using straws made from biodegradable materials like paper and specially designed lids. Starbucks already offers alternative straws in Seattle.