Global shares mixed … Trump hosts Abe … China to allow full foreign ownership in auto industry
TOKYO (AP) – Global shares have been mixed today, with steady China economic growth data supporting sentiment despite simmering trade tensions between China and the U.S. In early trading, shares in France and Germany are up. Britain’s FTSE 100 is down. Japan’s Nikkei closed higher, but shares in South Korea, Hong Kong and the Shanghai Composite closed down. Futures suggest the Dow and S&P 500 will open higher.
WEST PALM BEACH, Fla. (AP) – President Donald Trump will play host to Japan’s Shinzo Abe at Mar-a-Lago this week amid growing strain between the two countries over the president’s planned meeting with North Korean dictator Kim Jong Un and his push for new tariffs. The visit, beginning today, will be an opportunity for the two leaders to discuss Trump’s upcoming summit with North Korea, which Japan eyes warily.
NEW YORK (AP) – Billionaire banking heir Matthew Mellon has died at age 54. His cousin Peter Stephaich confirmed Mellon’s death but declined to provide any details. Reports say Mellon died at a rehab center in Cancun, Mexico. Matthew Mellon comes from the Mellon and Drexel families of Bank of New York Mellon and Drexel Burnham Lambert (lam-BAYR’). His first wife was Jimmy Choo shoes co-founder Tamara Mellon. His second wife was fashion designer Nicole Hanley. He had three children.
BEIJING (AP) – China says it will allow full foreign ownership of auto manufacturers in five years, ending restrictions that strained relations with Washington and other trading partners. The Cabinet’s planning agency says restrictions on foreign ownership of electric vehicle producers will be lifted this year, followed by similar action for commercial vehicles in 2020 and passenger cars in 2022.
WASHINGTON (AP) – The Supreme Court is hearing arguments today in a case that has to do with businesses’ collection of sales tax on online purchases. Right now, under a decades-old Supreme Court rule, if a business is shipping a product to a state where it doesn’t have an office, warehouse or other physical presence, it doesn’t have to collect the state’s sales tax. More than 40 states say that rule is causing them to lose out on billions of dollars in tax revenue each year. They want the court to reconsider the rule.