Financial News

Wednesday, August 19th
August 18, 2020
AP-NC Newswatch
August 18, 2020
Financial News

 

 

Global shares mixed…Emergency vote

 

UNDATED (AP) – Shares were mixed in Europe and Asia today. In early trading, Britain’s FTSE 100 slipped 0.1%, while the DAX in Frankfurt lost 0.2%. In Paris, the CAC 40 lost 0.3%. In Asia, South Korea’s Kospi led regional losses, slumping 2.5%. Elsewhere, Hong Kong’s Hang Seng index lost 0.2%. Japan’s Nikkei 225 slipped 0.2%, while the Shanghai Composite index edged 0.4% higher. On Wall Street, S&P and Dow futures are lower.

 

WASHINGTON (AP) – The Trump administration is scrambling to respond to a public backlash over mail delays and other problems. House lawmakers are preparing an emergency vote to halt mail changes that Democrats warned could imperil the November election. The Postal Service said it has stopped removing mailboxes and mail-sorting machines amid an outcry from lawmakers, and President Donald Trump denied he was slowing service. Democrats and some Republicans say actions by a Trump ally and a major Republican donor, new Postmaster General Louis DeJoy, have endangered millions of Americans who rely on the Postal Service for prescription drugs and other needs.

 

BEIJING (AP) – China is accusing Washington of damaging global trade with sanctions that threaten to cripple tech giant Huawei and says it will protect Chinese companies. It’s given no indication of possible retaliation. Rules confirmed by the Commerce Department block suppliers from using U.S. technology to produce processor chips and other components for Huawei. The company, China’s first global tech competitor, is the biggest supplier of switching equipment for phone companies and a leading smartphone brand. The foreign ministry today demanded that the Trump administration “stop suppressing Chinese companies.” Huawei Technologies Ltd. is at the center of a worsening row between Washington and Beijing over technology and security.

 

LONDON (AP) – U.K. retailer Marks & Spencer says it plans to eliminate about 7,000 jobs as it streamlines management and store operations after sales plunged during the COVID-19 pandemic. London-based Marks & Spencer says the job cuts would take place over the next three months in its central offices, regional management and U.K. stores. The reductions represent about 9% of the company’s workforce. Marks & Spencer said group revenue fell 13.2% in the quarter ended Aug. 8, driven by a 38% drop in in-store sales of clothing and housewares.

 

UNDATED (AP) – Up to 300 Pizza Hut restaurants will be closed, most of them dine-in locations not well suited for carryout and delivery at a time when millions of people are sheltering and eating at home. Pizza sales have exploded during the pandemic. But Franchisee NPC International said Monday in documents filed in bankruptcy court that it had come to an agreement with Pizza Hut to close hundreds of locations. NPC owns 1,225 Pizza Huts and 385 Wendy’s restaurants in 27 states. There are currently 7,000 Pizza Hut restaurants in the U.S.

 

 

AP-WF-08-18-20 1048GMT