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July 16, 2019
Financial News

 

 

 

 

Global shares mixed and little changed … Congress questions Facebook’s ‘Libra’ currency … Ryanair to cut flights

 

TOKYO (AP) – Global shares were little changed and mixed in quiet trading today amid a lack of fresh market-moving news as investors looked ahead to earnings season. France’s CAC 40 inched up 0.1% in early trading, while Germany’s DAX was flat. Britain’s FTSE 100 gained 0.3%. In Asia, Japan’s Nikkei dropped 0.7% while South Korea’s Kospi added 0.5%. Hong Kong’s Hang Seng rose 0.2% while the Shanghai Composite shed 0.2%. A slow start is expected on Wall Street, with Dow futures unchanged and S&P futures up less than 0.1%.

 

WASHINGTON (AP) – As questions surround Facebook’s plans to create a digital currency, Congress is opening two days of hearings on the heels of criticism from President Donald Trump. Federal officials have expressed concerns the digital currency Libra could be used for money laundering and terrorism financing. Facebook executive David Marcus says in testimony prepared for Tuesday that Libra “is about developing a safe, secure and low-cost way for people to move money efficiently around the world.”

 

LONDON (AP) – Europe’s biggest airline by passengers, budget carrier Ryanair, will cut flights and close some of its bases beginning this winter because of the delay to deliveries of the Boeing 737 Max plane, which has been grounded globally after two fatal crashes. The airline warned today that its growth in European summer traffic for 2020 will be lower than expected because of the slowed deliveries. But Ryanair chief Michael O’Leary says the airline “remains committed” to the Boeing 737 Max and expects it to be back in service before the end of the year.

 

NEW YORK (AP) – Workers at an Amazon warehouse in Shakopee, Minnesota, are using Amazon’s two-day Prime Day to call attention to working conditions with a strike. A group of tech workers in Seattle, called Amazon Employees for Climate Justice, is supporting the strike. Amazon says it already offers what the workers are asking for: “excellent pay – ranging from $16.25-$20.80 an hour, and comprehensive benefits including health care, up to 20 weeks parental leave, paid education, promotional opportunities, and more.”

 

VERSAILLES, Ky. (AP) – Jim Beam has written an open letter to some newspapers to thank firefighters for battling a fire that recently burned down a storage warehouse in Kentucky. The producer of the world’s best-selling bourbon writes that it regrets the environmental impact of the fire. Beam officials say they’re working with state and local authorities to “restore the natural environment” near the warehouse that was destroyed when a lightning strike triggered the fire. The massive blaze earlier this month destroyed about 45,000 barrels of aging whiskey.

 

 

AP-WF-07-16-19 1044GMT