World markets retreat … Congress launches Big Tech antitrust probe … Hotel investor: Trump evaded taxes in Panama
BANGKOK (AP) – World markets retreated today after news that the Trump administration is considering anti-trust moves against tech giants triggered a sell-off, pushing the Nasdaq composite index into a correction. In early trading, Britain’s FTSE 100 lost 0.3% and the CAC 40 in France dropped 0.8%. Germany’s DAX declined 0.3%. In Asia, Hong Kong’s Hang Seng closed down 0.5% and the Shanghai Composite index slipped 1.0%. But Wall Street looks set for gains, with the Dow futures up 0.4% and S&P 500 futures up 0.3%.
SAN FRANCISCO (AP) – A House committee announced a sweeping antitrust probe into technology giants, following multiple reports that federal officials are also ramping up potential competition investigations in tech. Shares of Facebook, Google and Amazon dropped Monday following reports that two federal agencies, the Department of Justice and the Federal Trade Commission, have divided up responsibility for antitrust enforcement.
NEW YORK (AP) – The majority owner of a former Trump-branded hotel in Panama has accused Donald Trump’s company of evading taxes in the country. A filing in New York federal court on Monday alleges that Trump’s hotel management company evaded income and social security taxes when it managed the former Trump Ocean Club International Hotel & Tower. The Trump Organization says it did not evade taxes.
NEW YORK (AP) – Walmart is extending its debt-free college benefits to high schoolers as a way to attract and retain workers in a tight labor market. The nation’s largest private employer says it will offer free college SAT and ACT prep for its workers in high school, while offering two to three free general education college classes through an educational startup. Walmart estimates that about 25,000 people under the age of 18 work at its stores, a fraction of its 1.3 million person U.S. workforce.
COPENHAGEN, Denmark (AP) – Scandinavian Airlines says it will stop selling duty-free goods on its flights to reduce the weight of its aircraft and save fuel and ultimately reduce carbon emissions. An airline spokesman says Scandinavian Airlines “is aiming to cut emissions by at least 25% by 2030.” The airline also says that “passengers’ buying behavior has changed with fewer inflight sales and sustainability has become more important than ever before.”