Stocks down … ‘Cyber Monday sales up’ … WTO rules against EU over Airbus subsidies
NEW YORK (AP) – Stocks are lower on Wall Street. Flaring tensions between the U.S. and China over Washington’s support of protesters in Hong Kong is souring traders’ expectation on a trade deal. Weak manufacturing and construction reports are adding to the slide.
NEW YORK (AP) – “Cyber Monday” is still holding up as the biggest online shopping day of the year, even though the same deals have been available online for weeks. Adobe Analytics says online sales are on track for a record $9.4 billion, up about 19% from last year’s Cyber Monday. The busiest time is expected to be in the hour before midnight, as people race to take advantage of discounts before they disappear.
GENEVA (AP) – A World Trade Organization panel has ruled that the European Union has not complied with an order to end illegal subsidies for European plane maker Airbus. Those subsidies prompted the Trump administration to impose tariffs on nearly $7.5 billion worth of EU goods in October. The European Union is expected to appeal the WTO ruling.
WINSTON-SALEM, N.C. (AP) – The Food and Drug Administration will review whether R.J. Reynolds can claim that its electronic cigarette poses less risk than tobacco. The Winston-Salem Journal reports that the electronic cigarette is named Vuse. Reynolds submitted Vuse for premarket approval from the FDA in October. Approval requires the FDA to consider a product’s risks and benefits, particularly when compared to traditional cigarettes. Vuse is the second-best selling e-cigarette in the U.S.
DETROIT (AP) – The United Auto Workers union has replaced its auditing firm, added internal auditors and has hired a big accounting firm to study its financial controls. It’s part of an effort to prevent embezzlement and bribery discovered in a federal probe of the union. The moves follow last month’s resignation of UAW President Gary Jones, who has been implicated in the federal investigation.