Shares falter…Toyota joint venture…Starbucks delivery
SINGAPORE (AP) – World markets retreated Tuesday after the International Monetary Fund trimmed its global outlook for 2019 and 2020. The downgrade came after China said its economy grew at the slowest pace in nearly 30 years in the last quarter of 2018. Futures point to opening losses on Wall Street. Benchmark U.S. crude oil fell below $53.50 per barrel. The dollar eased against the yen and inched up against the euro.
TOKYO (AP) – Toyota Motor Corp. and Panasonic Corp. are setting up a joint venture to research, manufacture and sell batteries for ecological autos, an increasingly lucrative sector amid concerns about global warming. The Japanese automaker and the Japanese electronics maker said in a joint statement Tuesday that Toyota will take a 51 percent stake and Panasonic 49 percent in the joint venture, which is to be running by the end of 2020.
UNDATED (AP) – Starbucks is expanding its delivery service and aims to offer it at nearly one-fourth of its U.S. company-operated coffee shops. The company said it is launching the service Tuesday in San Francisco and will expand to some stores in New York, Boston, Washington, Chicago and Los Angeles in coming weeks. It tested the idea in 200 Miami stores last fall. Starbucks says 95 percent of its core menu will be available for order using the Uber Eats mobile app. There will be a $2.49 booking fee.
UNDATED (AP) – When gunmakers and dealers gather this week in Las Vegas for the industry’s largest annual conference, they will be grappling with slumping sales and a shift in politics that many didn’t envision two years ago when gun-friendly Donald Trump and a GOP-controlled Congress took office. Some of the top priorities for the industry remain in limbo, and prospects for expanding gun rights are nil for the foreseeable future. Even without Democrats’ gains in November, the industry was facing a so-called “Trump slump,” a plummet in sales that happens amid gun rights-friendly administrations.
WASHINGTON (AP) – House Speaker Nancy Pelosi is laying out her strategy on health care and first up is improvements to “Obamacare” and legislation to lower prescription drug costs. “Medicare for all” will get hearings. Pelosi and President Donald Trump have been sounding similar themes about the need to address the high drug costs. But her plans to broaden financial help for health insurance through the Affordable Care Act are unlikely to find takers among Republicans.