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August 31, 2020
Financial News

 

Global stocks mixed…UA drops airline fee…El Al to UAE

 

BEIJING (AP) – Global stocks were mixed today after Wall Street turned in its fifth straight weekly gain and China’s manufacturing growth held steady. In early trading in Europe, the FTSE 100 in London lost 0.6% while Frankfurt’s DAX gained 0.7%. The CAC 40 in France added 0.9%. In Asia, the Shanghai Composite Index closed 0.8% higher. The Nikkei 225 in Tokyo advanced 1.1%. But the Hang Seng in Hong Kong slipped 0.7% while the Kospi in Seoul retreated 1.2%. On Wall Street, Dow and S&P futures are up.

 

UNDATED (AP) – United Airlines says it is dropping a controversial $200 fee on consumers who change a ticket for travel within the United States. The airline also says that starting in January, customers can fly standby for free no matter what kind of ticket they bought. United said Sunday that when it hears from customers, getting rid of fees is often their top request. The moves come as United and other carriers are desperately trying to lure people back to flying, which has dropped sharply during the pandemic. Airlines are cutting flights and cutting jobs in a bid to survive until air travel recovers.

 

TOKYO(AP) – Mitsubishi Motors says its former Chief Executive Osamu Masuko, who engineered the automaker’s alliance with Nissan, has died. He was 71. Masuko was a special advisor to the company, which says he died of heart failure on Aug. 27. Masuko joined with Nissan’s former chairman Carlos Ghosn (gohn) in forming an alliance in 2016. Ghosn was arrested in late 2018, but skipped bail and fled to Lebanon. After he was named president of Mitsubishi Motors in 2005, Masuko worked hard to rebuild its brand image, which had been hammered by a massive, systematic and decades-long cover-up of defects that surfaced in the early 2000’s.

 

CANBERRA, Australia (AP) – Chinese telecom giant Huawei is ending its oldest major sporting sponsorship deal in the world, a nine-year relationship with Australian rugby league team Canberra Raiders. Huawei says it’s ending the contract with the team because of a “great trade war” between China and Australia. Australia has barred the world’s largest maker of switching gear and a major smartphone brand from involvement in crucial national communication infrastructure in recent years. China has ratcheted up pressure for Australia to reverse the policy.

 

ABOARD EL AL FLIGHT TO THE UNITED ARAB EMIRATES (AP) – A Star of David-adorned El Al plane has left Israel’s international airport, carrying a high-ranking American and Israeli delegation to Abu Dhabi in the first-ever direct commercial passenger flight to the United Arab Emirates. Today’s Israeli flag carrier’s flight marks the implementation of the historic U.S.-brokered deal to normalize relations between the two nations and solidifies long-clandestine ties that have evolved over years of shared enmity toward Iran. With the U.S. as matchmaker, Israel and the UAE agreed earlier this month to work toward normalization, which would make the UAE the third Arab nation to have full relations with Israel, after Egypt and Jordan.

 

 

AP-WF-08-31-20 1049GMT