Financial News

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September 4, 2018
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September 5, 2018
Financial News

 

 

 

Global stocks tumble … Facebook, Twitter defend efforts to stop election meddling … China tries to defuse spiraling tariff war

 

BEIJING (AP) – Global stock markets tumbled today after Wall Street sank on losses for tech and health care companies. In early trading, France’s CAC 40 fell 1.2 percent, Germany’s DAX lost 0.7 percent and London’s FTSE 100 shed 0.5 percent. In Asia, the Shanghai Composite Index lost 1.7 and Tokyo’s Nikkei 225 retreated 0.5 percent Hong Kong’s Hang Seng dropped 2.6 percent and Seoul’s Kospi declined 1 percent.

 

WASHINGTON (AP) – Two of the top social media companies are defending their efforts to root out foreign actors who want to damage the U.S. ahead of its midterm elections. Twitter’s CEO and Facebook’s No. 2 executive are appearing this morning before the Senate’s intelligence committee to discuss foreign interference. In a separate hearing before a House committee, Twitter CEO Jack Dorsey is expected to face Republicans who claim Twitter shows evidence of bias against conservatives, a charge he rejects.

 

NAURU (AP) – Pacific leaders meeting in Nauru (NAH’-roo) are expected today to sign a security agreement that addresses climate change and crimes such as drug smuggling and illegal fishing that cross borders. Leaders at the Pacific Islands Forum have said they consider climate change their nations’ biggest security threat, since low-lying Pacific islands would cease to exist as sea levels rise.

 

BEIJING (AP) – China is trying to defuse a spiraling tariff war with Washington over technology policy by highlighting gains in other trade-related areas. The head of the country’s patent and copyright office says enforcement – once a target of complaints by Beijing’s trading partners – has improved and is “very productive.” Beijing points to plans to end limits on foreign ownership in the auto industry and other changes, but none of those affect policies that triggered the conflict with Washington.

 

SAN FRANCISCO (AP) – Mercedes-Benz has unveiled an all-electric SUV that it plans to start producing next year in Germany, the latest to challenge Tesla in the luxury electric car market. Daimler AG’s luxury brand showed off its EQC sport utility crossover at an event outside Stockholm. It’s seen as a rival to Tesla’s Model X.

 

 

AP-WF-09-05-18 1036GMT