Stocks higher on tariff news…Boeing’s deliveries are down…CIT Group buying Mutual of Omaha Bank
NEW YORK (AP) – Stocks are higher in afternoon trading on Wall Street after the U.S. government announced it was delaying the implementation of tariffs on certain goods imported from China, and removing other items from the list altogether. President Donald Trump says he delayed some tariffs in an escalating trade war with China to lessen the impact on the Christmas shopping season. The tariffs would be delayed until December 15th on products including cell phones, some toys and footwear.
UNDATED (AP) – Airbus is stretching its lead over Boeing in aircraft deliveries as Boeing continues to be held back by the grounding of its 737 Max. Chicago-based Boeing said today that it delivered 19 planes in July, down from 39 in July 2018. This year through July, Boeing has only delivered 258 airliners. That’s down 38% from a year earlier, and far behind Airbus’ 458 deliveries.
OMAHA, Neb. (AP) – CIT Group is buying Mutual of Omaha Bank for $1 billion to expand its commercial banking operations. The deal would mean the end to the Mutual of Omaha’s foray into the banking sector, initiated in 2007. Mutual’s CEO said the deal will allow Mutual to focus more on in its core insurance businesses. About $4.5 billion of Mutual of Omaha’s $6.8 billion in deposits come from home owners’ associations and other community groups nationwide.
WASHINGTON (AP) – The Pentagon’s independent auditor says it is swiftly reviewing the handling of a cloud computing project potentially worth $10 billion. A team of auditors, investigators and lawyers has been reviewing the JEDI cloud program in response to issues raised by the Pentagon and members of Congress. The probe began in June, weeks before President Donald Trump said he received “tremendous complaints” about the program. The finalists are Amazon Web Services Inc. and Microsoft.
HONG KONG (AP) – Riot police have clashed with pro-democracy protesters at Hong Kong’s airport, moving into the terminal where the demonstrators had shut down operations at the busy transport hub for two straight days. Officers armed with pepper spray and swinging batons confronted the protesters who used luggage carts to barricade entrances to the terminal. The airport protests are part of a summer of demonstrations aimed at what many Hong Kong residents see as an increasing erosion of the freedoms they were promised in 1997 when mainland China took over what had been a British colony.