World markets decline … Wells Fargo faces fine … Kushner Cos. subpoenaed
SEOUL, South Korea (AP) – Global shares fell back Friday on worries over trade tensions and tech outlook after a major supplier to Apple forecast continued weak demand for mobile devices. Futures indicated a weak start on Wall Street. S&P futures lost 0.2 percent and Dow futures fell 0.3 percent.
NEW YORK (AP) – Benchmark U.S. crude added 1 cent to $68.34 per barrel on the New York Mercantile Exchange. The contract lost 14 cents to finish at $68.33 per barrel on Thursday. Brent crude rose 6 cents to $73.84 per barrel in London. On Thursday, it rose 30 cents to close at $73.78 per barrel in London. The dollar rose to 107.68 yen from 107.38 yen.
NEW YORK (AP) – Published reports say federal regulators plan to fine Wells Fargo as much as $1 billion for abuses tied to its auto-lending and mortgage businesses. The potential $1 billion fine would be largest ever imposed by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau.
NEW YORK (AP) – The Kushner Cos. confirms it’s been subpoenaed by federal prosecutors. U.S. attorneys are looking for information related to an Associated Press report that the company filed dozens of false documents about its buildings in New York City. The firm issued a statement saying it has “nothing to hide.”
BEIJING (AP) – One of China’s biggest tech companies is warning that a ban on access to U.S. technology threatens the company’s survival and says it’s looking for a legal solution. Washington imposed the ban on ZTE Corp. in a case involving exports of telecoms equipment to Iran and North Korea.