Stocks lower…Saudi economic form opens…Philip Morris woos Japan
SINGAPORE (AP) – Global shares were broadly lower on Tuesday as investors focused on geopolitical worries in Italy, China and beyond. Futures pointed to a lower opening on wall Street. Benchmark U.S. crude oil lost more than a dollar, falling below $68.50 per barrel. The dollar weakened against the yen and the euro.
RIYADH, Saudi Arabia (AP) – A high-profile economic forum in Saudi Arabia began on Tuesday in Riyadh, the kingdom’s first major event on the world stage since the killing of writer Jamal Khashoggi at the Saudi Consulate in Istanbul earlier this month. The Future Investment Initiative forum is the brainchild of Saudi Crown Prince Mohammed bin Salman, aimed at drawing more foreign investment into the kingdom and to help create desperately needed jobs for its youthful population.
TOKYO (AP) – Philip Morris, maker of Marlboro and other major cigarette brands, is maneuvering to keep itself in business in a post-smoking world with an advertising blitz in puff-happy Japan and other tobacco-loving markets. One of the biggest purveyors of tobacco products, it says making the world “smoke free” is its goal. The company is renewing its effort to win over new generations of tobacco users to its iQOS devices, which heat tobacco without burning it. It’s found a warm welcome in Japan, home to 5 million of the nearly 6 million users of the product.
LONDON (AP) – Britain’s finances are in better shape than expected, helping Treasury chief Philip Hammond avoid tax increases when he delivers his budget to the House of Commons next week. The Financial Times is reporting that the independent Office for Budget Responsibility will slash its borrowing forecasts because of improved tax receipts, reducing the deficit by about 13 billion pounds ($16.9 billion) during the current fiscal year.
LONDON (AP) – Dyson, the British company best known for innovative vacuum cleaners, says it will build its electric car in Singapore. The company says the bespoke manufacturing facility is due for completion in 2020 and is part of a 2.5 billion pound ($3.2 billion) investment in new technology globally. This year Dyson also said it had plans to build auto test tracks at a former Royal Air Force airfield.