Financial News

James Wilborn Farmer
November 4, 2019
AP-NC Newswatch
November 5, 2019
Financial News




World shares up … US woos Asia with plan to rival China’s ‘Belt and Road’ … Huawei to help build Hungary’s 5G wireless network


BANGKOK (AP) – European shares rose early today after a rally on Wall Street took the Dow Jones Industrial Average and other benchmarks to record highs. Germany’s DAX edged 0.1% higher while the CAC 40 in Paris was almost unchanged. Britain’s FTSE 100 gained 0.3%. In Asia, Japan’s Nikkei closed up 1.8%. The Hang Seng in Hong Kong added 0.5%, the Shanghai Composite also gained 0.5% and South Korea’s Kospi climbed 0.6%. Wall Street is expected to open higher with Dow and S&P futures each up 0.2%.


BANGKOK (AP) – Commerce Secretary Wilbur Ross says the U.S. is investing and trading more in Asia as it rolls out an American plan to support “sustainable” projects in Asia. The plan announced at a U.S. business conference in Bangkok is meant to rival China’s own multibillion dollar “Belt and Road” infrastructure program. As Ross talked up U.S. trade with Asia today, China opened a lavish import expo in Shanghai where President Xi Jinping clinked wine glasses with French President Emmanuel Macron.


BUDAPEST, Hungary (AP) – Hungary says China’s Huawei (WAH’-way) will take part in the construction of the country’s next-generation 5G wireless network. Hungary’s foreign minister says Huawei will be cooperating with Britain’s Vodafone and Germany’s Deutsche Telekom in the project. The United States has tried to persuade allies to shun Huawei, which it considers a security risk.


BERLIN (AP) – Germany’s highest court has limited how drastically authorities can cut benefits to jobless people who reject job offers. The Federal Constitutional Court’s ruling stemmed from a case in which an unemployed man had his benefits cut because he turned down a job and refused to work on probation. Under the system introduced in the mid-2000s, people receiving long-term jobless benefits can have payments reduced by 30% if they refuse a job, and could lose those benefits if they keep refusing to work.


MILAN (AP) – The Prada fashion group has signed what is billed as the first business loan in the luxury goods sector linking the annual interest rate to practices that help the environment. Prada says the five-year, 50 million-euro ($55-million) loan with Credit Agricole Group will see interest rates lowered based on “achievement of ambitious targets related to sustainability.” That includes the number of stores that meet defined standards for “green” buildings, education workshops for employees and the use of regenerated nylon in collections.



AP-WF-11-05-19 1154GMT