Asia shares mixed, Europe declines…Pig disease hits prices…Google and Huawei
BANGKOK (AP) – Shares declined in Europe on Monday after a mixed day in Asia in the absence of positive updates on the trade standoff between the U.S. and China. Futures point to opening losses on Wall Street. Benchmark U.S. crude oil inched up but remained below $63 per barrel. The dollar weakened against the yen and strengthened against the euro.
BEIJING (AP) – Pork lovers worldwide are wincing at prices that have jumped by up to 40 percent as China’s struggle to stamp out African swine fever in its vast pig herds sends shockwaves through global meat markets. China produces and consumes two-thirds of the world’s pork, but supplies are falling as Beijing destroys herds and blocks shipments. Importers are filling the gap by buying pork as far away as Europe, boosting prices and causing shortages in some markets.
BEIJING (AP) – Google is assuring users of Huawei smartphones the American company’s basic services will work on them following U.S. government restrictions on doing business with the Chinese tech giant. Google, a unit of Alphabet Inc., said Monday it is complying with and “reviewing the implications” of the requirement for export licenses for technology sales to Huawei Technologies Ltd. Last week’s order follows U.S. government accusations that Huawei, the biggest maker of network gear for phone companies and the No. 2 global smartphone brand, is a security risk.
BEIJING (AP) – Beijing has been cajoling and pressuring foreign companies to share technology. If that didn’t work, its trading partners say China stole what it wanted. Communist leaders deflected demands for change until foreign frustration erupted into a showdown with President Donald Trump. Europe, Japan and other trading partners object to Trump’s tactics but echo American complaints. Chinese leaders have promised stronger patent protections and other legal changes. Foreign experts say that will make little difference if the party won’t enforce them.
TOKYO (AP) – Japan’s economy grew at an annual pace of 2.1% in the first quarter, marking the second straight quarter of expansion, according to government data released Monday. The Cabinet Office said seasonally adjusted real gross domestic product, the total value of a nation’s goods and services, grew 0.5% in the January-March period from the previous quarter. Healthy public investment and private residential investment helped boost growth during the quarter, according to the data, which is likely to be revised.