Stocks plunge…Oil tankers attacked…Possible GM recall
NEW YORK (AP) – Stocks are falling sharply on Wall Street as the trade war between U.S. and China escalates. China has slapped higher tariffs on $60 billion of U.S. goods in retaliation for the latest hike in U.S. tariffs on China’s exports. The Dow has been more than 600 points lower in midday trading. The plunge extends last week’s slide, with technology stocks bearing the heaviest losses.
DUBAI, United Arab Emirates (AP) – Saudi Arabia says two of its oil tankers were targeted in “sabotage operations” off the coast of the United Arab Emirates in attacks that caused “significant damage” to the vessels, one of which was en route to pick up Saudi oil to take to the United States. Although details of Sunday’s attacks were not disclosed, targeting tankers and commercial shipping vessels so close to the Persian Gulf has the potential to rattle global oil supplies.
DETROIT (AP) – Highway safety regulators are investigating whether General Motors went far enough when it recalled about 3,000 small pickup trucks back in 2016. The National Highway Traffic Safety Administration is looking into whether GM should recall an additional 115,000 Chevrolet Colorado and GMC Canyon pickups from the 2015 model year. The agency says it has received 50 complaints about failures from owners of trucks that weren’t included in the 2016 recall.
NEW YORK (AP) – Uber shares were down 8% in morning trading and dipped below $38 after the opening bell. Today was the first full day of trading for the ride-hailing company after its rocky debut on the stock market Friday. Uber’s revenue last year surged 42% to $11.3 billion, but the company admits it could be years before it turns a profit.
NEW YORK (AP) – Amazon is turning to its employees with a proposition: Quit your job and the company will help you start a business delivering Amazon packages. The offer comes as Amazon seeks to speed up its shipping time from two days to one for its Prime members. Amazon says it’ll cover up to $10,000 in startup costs and will pay three months’ worth of salary. The offer is open to most of its part-time and full-time staff.