Shares fall…Nervous businesses…Facebook British endeavor
TOKYO (AP) – Global Shares retreated Wednesday and Hong Kong’s Hang Seng index dipped nearly 2% as thousands continued protests against proposed legislation that many city residents fear could further erode the territory’s legal autonomy. Futures point to a lower opening on Wall Street. Benchmark U.S. crude oil lost more than $1.25 to fall below $52 per barrel. The dollar fell against the yen and the euro.
WASHINGTON (AP) – President Donald Trump’s aggressive and wildly unpredictable use of tariffs is spooking American business groups which have long formed a potent force in his Republican Party. Business groups, already uncomfortable with Trump’s attempts to stem immigration, are struggling to figure out where to stand in the fast-shifting political climate. They have happily supported Trump’s corporate tax cuts and moves to loosen environmental and other regulations. But the capriciousness of Trump’s use of tariffs has proved alarming.
LONDON (AP) – Facebook is opening an engineering center in London that will build tech tools aimed at keeping harmful content off its site. The U.S. social network’s announcement Wednesday comes as governments put more pressure on the big tech companies to better police their platforms. The company said in a statement it will add more than 500 new tech jobs, including 100 in artificial intelligence, for the new hub by the end of the year.
TOKYO (AP) – Two investor research companies are advising Nissan shareholders to turn down a proposal to reappoint the automaker’s chief executive, Hiroto Saikawa, as a board director, citing possible oversight problems at the Japanese automaker after the arrest of his predecessor Carlos Ghosn. A corporate governance advisory company, Institutional Shareholder Services Inc., made the recommendation in its report for the June 25 shareholder meeting of Nissan Motor Co. in Tokyo. It noted that Saikawa had worked closely with Ghosn for 14 years and may have signed off on Ghosn’s compensation.
UNDATED (AP) – French software company Dassault Systems says it will buy U.S.-based Medidata Solutions for $5.8 billion in cash. Dassault said Wednesday that it was offering of $92.25 for each share of Medidata, slightly less than its $94.75 closing price on Tuesday. Medidata shares dipped about 4% in premarket trading. New York-based Medidata provides cloud-based services and software to help medical and pharmaceutical companies manage data and track clinical trials.