Shares higher…China eases investment curbs…Shark fin business threatened
TOKYO (AP) – Global shares were mostly higher Friday as investors weighed how trade tensions between the U.S. and other nations might escalate. Futures point to opening gains on Wall Street. Benchmark U.S. crude fell but remains above $73 per barrel. The dollar rose against the yen and fell against the euro.
BEIJING (AP) – China has eased limits on foreign ownership in auto manufacturing, insurance and other fields but didn’t directly address complaints that are fueling conflict with Washington over trade and technology. The investment changes, announced late Thursday, had been sought by Washington, Germany and other trading partners. They complain Beijing blocks access to much of its state-dominated economy while Chinese companies operate freely in other countries.
PORTLAND, Maine (AP) – A new set of Chinese tariffs on U.S. seafood including items made from shark fins could jeopardize what remains of the American industry for the controversial products. The U.S. has long banned “shark finning,” a practice long reviled by animal welfare groups that involves removing the fin from a shark and discarding the animal at sea. It is still legal to remove and sell the fin of a legally harvested shark after it is brought to land. The steep tariffs, which could turn away business from U.S. exporters, might have implications for American shark fishermen and processors.
BRUSSELS (AP) – The European Union’s chief Brexit negotiator said Friday that there are still “huge and serious divergences” between Britain and the bloc on Brexit, after U.K. Prime Minister Theresa May warned that failure to strike a good divorce deal could endanger European security. Leaders of the 27 EU nations other than Britain were assessing the state of the faltering negotiations at a summit in Brussels on Friday. What was initially billed as a “Brexit breakfast” was delayed to a Brexit brunch, after all-night talks to ease a political crisis over migration.
BERLIN (AP) – The unemployment rate in Germany remained unchanged in June as the labor market in Europe’s largest economy stayed strong. The Federal Labor Agency said Friday the jobless rate stood at 5.2 percent when adjusted for seasonal factors. In unadjusted terms – the headline figure in Germany – unemployment ticked down to 5 percent in June from 5.1 percent in May. Overall, in June there were 2.28 million people registered as unemployed, down some 40,000 from the previous month.