World markets lower…Raytheon job cuts
Eds: UPDATES: Updates US-Taiwan item.
BEIJING (AP) – Global stocks and U.S. futures sank today after the Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans. In early trading, the FTSE 100 in London lost 0.7% and the DAX in Frankfurt shed 0.7%. The CAC 40 in Paris lost 0.8%. In Asia, the Shanghai Composite Index lost 0.4% and the Nikkei 225 in Tokyo sank 0.7%. The Hang Seng in Hong Kong retreated 1.6%. The Kospi in Seoul shed 1.2%. On Wall Street, Dow and S&P futures are lower.
WALTHAM, Mass. (AP) – Raytheon Technologies plans to eliminate more than 15,000 jobs this year at its corporate offices, jet engine-maker Pratt & Whitney and aviation and military equipment manufacturer Collins Aerospace. Chief Executive Officer Greg Hayes announced the revised job cut numbers Wednesday during a Morgan Stanley analysts conference. The cuts are nearly double what the company disclosed in July amid a downtown in the airline industry during the coronavirus pandemic.
WASHINGTON (AP) – President Donald Trump says he expects to get a report today about Oracle’s bid for the Chinese-owned video app TikTok. Trump also told reporters on Wednesday that government lawyers say there is no legal path to allowing Treasury to get a cut of the deal, which experts have criticized as unprecedented and possibly illegal. Trump says he was stunned to learn that the Treasury could not receive any payment in exchange for the U.S. signing off on the deal. Trump earlier said he would ban TikTok in the United States unless it were purchased by an American company.
TAIPEI, TAIWAN (AP) – U.S. Under Secretary of State Keith Krach has begun the second visit by a high-level American official to Taiwan in two months, prompting a stern warning and threat of possible retaliation from China. Beijing considers Taiwan its own and opposes all official contacts between other countries and the self-governing island. Krach is to meet with Taiwan’s president and hold talks on a trade dialogue. Ahead of Krach’s arrival, the U.S. ambassador to the United Nations had lunch Wednesday with Taiwan’s top official in New York, a meeting the ambassador called historic. Krach’s visit follows one in August by the U.S. health secretary, the highest-level U.S. Cabinet official to visit since the U.S. switched formal relations from Taiwan to China in 1979.
BRUSSELS (AP) – Street artist Banksy has lost a legal battle with a a greeting card company along with a European Union trademark for one of his most iconic artworks. The cancellation division of the EU’s intellectual property office says that Banksy’s trademark for “Flower Thrower” was filed in bad faith and declared it “invalid in its entirety” this week. Also known as “Love is in The Air,” the graffiti artist created the work in Jerusalem in 2005. It depicts a young protester wearing a cap and with his face half-covered throwing a bouquet of flowers. A U.K. greeting card company initiated the proceedings. The decision can be appealed.