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World markets mixed…Apple CEO backs privacy laws…Wall Street skeptical of Tesla’s promise to post net profit

 

SINGAPORE (AP) – World markets are mixed today as traders mull the impact of tariffs on corporate America. In early trading, France’s CAC 40 jumped 1 percent and Germany’s DAX added 0.4 percent. Britain’s FTSE 100 picked up 0.4 percent. In Asia, Japan’s Nikkei closed 0.4 percent higher. The Shanghai Composite index closed 0.3 percent higher. Wall Street looks set for a bleak open with S&P futures down 0.6 percent and Dow futures down 0.5 percent.

 

BRUSSELS (AP) – The head of Apple is endorsing tough privacy laws for both Europe and the U.S. and is renewing the technology giant’s commitment to protecting personal data, which he warns is being “weaponized” against users. Speaking at an international conference on data privacy, Apple CEO Tim Cook today applauded European Union authorities for bringing in a strict new data privacy law this year and says the iPhone maker fully supports a U.S. federal privacy law.

 

BEIJING (AP) – The U.S. says it will not send a high-ranking official to attend a major investment fair in China next month. It’s a move that underscores worsening trade frictions between the world’s two largest economies. A U.S. Embassy spokesperson, speaking on routine condition of anonymity, said today that “China needs to make the necessary reforms to end its unfair practices that are harming the world economy.”

 

BEIJING (AP) – Ford Motor Co. has revamped its Asian business and made its China operations a stand-alone business, recruiting the head of local automaker Chery Automobile to be its new CEO. Industry veteran Chen Anning replaces Jason Luo, who quit just months after taking over at Ford. The company has been reorganizing after losing momentum as the Chinese market slows.

 

UNDATED (AP) – Tesla is showing some promising signs that it will make money as advertised in the third quarter, but Wall Street isn’t buying it. The electric car and solar panel maker delivered more than 80,000 vehicles from July through September, and Musk told employees late in the quarter that it was close to profitability. Still, of 15 analysts who follow the company, not one expects Tesla to make money. As a group, they expect a net loss of $173.8 million, or 95 cents per share.

 

 

AP-WF-10-24-18 1032GMT