Mixed stocks…Softbank head defends use of Saudi money…Chinese promises
SINGAPORE (AP) – Global shares were mixed Monday as European shares wavered following widespread losses for Asian benchmarks. Futures Point to opening losses for U.S. markets. Benchmark U.S. crude oil fell to just above $63 per barrel. The dollar gained against the yen and the euro.
TOKYO (AP) – SoftBank Group Corp. Chief Executive Masayoshi Son is denouncing the killing of Saudi journalist Jamal Khashoggi, but defending the Japanese technology giant’s investment fund, which includes Saudi money, as work that needs to be finished. Son is partnering with Saudi Arabian Crown Prince Mohammed bin Salman and about half of his $100 billion Vision Fund, established in 2016, comes from the kingdom. The fund has been investing in various companies, solar projects and artificial intelligence.
SHANGHAI (AP) – President Xi Jinping promised Monday to open China’s growing consumer market wider, seeking to defuse complaints Beijing abuses the global trading system. But in opening a high-profile import expo in Shanghai he offered no response to U.S. and European complaints about technology policy and curbs on foreign business. The China International Import Expo is part of official efforts to defuse trade tension while resisting pressure to roll back industry plans that Washington, Europe, Japan and other governments say violate its market-opening obligations.
NEW YORK (AP) – Amazon is following Target and temporarily dropping the minimum amount shoppers need to spend to qualify for free shipping. Typically, Amazon shoppers need to spend $25 to qualify for free shipping or pay $119 a year for a Prime membership. Amazon’s offer, which started Monday, applies to hundreds of millions of items and on orders that arrive in time for Christmas. Shoppers who aren’t Prime members will get slower shipping, though, which can take five to eight days.
CAMARILLO, Calif. (AP) – The average U.S. price of regular-grade gasoline has dropped 8 cents a gallon over the past two weeks, to $2.85. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that falling crude oil prices are the main reason for the decrease at the pump. The highest average price in the nation is $3.82 a gallon in Honolulu, Hawaii. The lowest average is $2.39 in Tulsa, Oklahoma. The average price of diesel fell a penny over the past two weeks, to $3.31.