Early losses anticipated on Wall Street … In the 13th round for US and China … Chinese wealthy getting wealthier despite trade issues
TOKYO (AP) – World shares were mixed today, with benchmarks falling in Europe after a mixed day in Asia. In early trading, Germany’s DAX lost 0.5%. France’s CAC 40 shed 0.2%. Britain’s FTSE 100 declined 0.4%. In Asia, Hong Kong’s Hang Seng picked up 0.1% while the Shanghai Composite rose 0.8%. Early losses are predicted on Wall Street, with Dow futures down 0.4% and S&P futures off 0.3%.
WASHINGTON (AP) – U.S. and Chinese negotiators are scheduled to begin a 13th round of talks today in Washington, aimed at ending a 15-month trade war that is worrying global investors and weighing on the world economy. The world’s two biggest economies are deadlocked over U.S. allegations that China steals technology and pressures foreign companies to hand over trade secrets as part of a sharp-elbowed drive to become a world leader in advanced industries.
PERTH, Australia (AP) – U.S. Secretary of Commerce Wilbur Ross slammed China’s trade practices and trumpeted America’s economic relationship with Australia amid a festering trade war with Beijing. Ross told a business gathering in Sydney today that President Donald Trump did not want to use tariffs to get China to change its ways but felt it was necessary. Ross also said the U.S. believes Beijing’s trade practices are getting worse, but that the billions of dollars’ in tariffs Washington has imposed on imports from China have forced it to “pay attention.”
ANCHORAGE, Alaska (AP) – Alaska Airlines and American Airlines say they’ll scale back their mileage plan partnership early next year. The Alaska Journal of Commerce reported Wednesday that Alaska Airlines mileage plan members will not be able to earn miles on American Airlines international flights beginning March 1. Officials say Alaska Airlines passengers will also no longer be able to use miles for award travel on American flights.
BEIJING (AP) – An annual survey of China’s wealthiest businesspeople says they got richer this year despite a tariff war with Washington and slowing economic growth. The Hurun Report says the average net worth of China’s richest 1,800 people rose 10% over 2018 to $1.4 billion. Jack Ma, who retired last month as chairman of e-commerce giant Alibaba, was No. 1 with a net worth of $39 billion.