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July 13, 2020
Financial News



Global shares higher…McClatchy bought out of bankruptcy?


TOKYO (AP) – Global shares rose today, cheered by upbeat projections for a global economic rebound that were tempered by worries over expanding coronavirus outbreaks. In early trading, France’s CAC 40 rose 0.6%, Germany’s DAX added 0.9% and Britain’s FTSE 100 climbed 0.7%. In Asia, Japan’s benchmark Nikkei closed 2.2% higher, South Korea’s Kospi gained 1.7%, Hong Kong’s Hang Seng rose 0.2% and the Shanghai Composite closed 1.8% higher. Shares fell in Singapore and Thailand. Wall Street futures are higher.


NEW YORK (AP) – Hedge fund Chatham Asset Management says it plans to buy newspaper publisher McClatchy out of bankruptcy, ending 163 years of family control. The hedge fund did not put a price on the deal in an announcement Sunday. The agreement still needs the approval of a bankruptcy judge. McClatchy is one of the largest newspaper companies in the U.S.; it owns 30 papers including the Miami Herald, the Charlotte Observer and the Sacramento Bee. It filed for bankruptcy protection because of a heavy debt load stemming from its $4.5 billion purchase of the Knight-Ridder newspaper chain in 2006, just as the newspaper industry went into steep decline.


LONDON (AP) – The CEO of British telecoms company BT is warning it may take a decade to remove Huawei equipment from Britain’s telecom infrastructure if the UK government caves in to US pressure to dump Huawei from its networks. Philip Jansen told the BBC that the Chinese tech giant has been in the telecoms infrastructure for two decades and has been a big supplier to the industry. That legacy will complicate things for British officials, who are reportedly reconsidering their decision to give Huawei a limited role supplying new high-speed network equipment to wireless carriers.


CAMARILLO, Calif. (AP) – The average U.S. price of regular-grade gasoline increased by 2 cents over the past two weeks, to $2.24 per gallon. That’s 59 cents below the average pump price from a year ago. Industry analyst Trilby Lundberg of the Lundberg Survey says the increase comes as crude oil prices rise. The highest average price in the nation for regular-grade gas is $3.20 per gallon in the San Francisco Bay Area. The lowest average is $1.79 in Houston. The average price of diesel is $2.54, down a penny from two weeks ago.


NEW DELHI (AP) – U.S. tech giant Google is investing in a $10 billion fund to help accelerate India’s transition to a digital economy in the next five to seven years. Google CEO Sundar Pichai says the project will focus on building products that are relevant to India’s needs and empowering businesses for their “digital transformation.” Google also says it will invest $1 million to support digital education in India.



AP-WF-07-13-20 1035GMT