Financial News

Nancy Lee (Mahala) Vanover
October 14, 2020
AP-NC Newswatch
October 15, 2020
Financial News



Markets lower…Postal Service changes…Big Hit a big hit


BEIJING (AP) – Global stock markets have followed Wall Street lower as hopes U.S. leaders might agree on a new economic stimulus before the Nov. 3 presidential election fade. London and Paris opened lower today. Germany’s DAX lost 2.7%. Tokyo and Hong Kong declined, while Shanghai advanced. The U.S. treasury secretary said he and leaders of Congress were “far apart” on details of new aid. Wall Street’s benchmark S&P 500 index lost 0.7% yesterday. Today, S&P 500 and Dow futures are both off 0.5%.


HELENA, Mont. (AP) – The U.S. Postal Service has agreed to reverse changes that slowed mail service nationwide. The agreement settles a lawsuit filed by Montana Gov. Steve Bullock. The lawsuit filed against Postmaster General Louise DeJoy and the U.S. Postal Service on Sept. 9 argued changes implemented in June harmed access to mail services in Montana. The postal service has agreed to reverse all changes, which includes reduced retail hours, and removal of collection boxes and mail sorting machines. The agreement also requires the Postal Service to prioritize election mail.


SAN FRANCISCO (AP) – More than 50,000 homes and businesses in Northern California are without power because of a fall heat wave that has brought another round of extreme wildfire danger. Warnings of hot, dry, windy weather continue through Friday. Winds up to 55 mph are expected in the San Francisco Bay Area and elsewhere in the northern part of the state. Pacific Gas & Electric began cutting off power to thousands of customers throughout Northern California Wednesday night. The outages aim to prevent wildfires if winds damage power lines. Authorities worry that the weather could bring new fires in a season that has already killed 31 people killed and burned millions of acres.


MEXICO CITY (AP) – Cheese producers are reacting angrily to the Mexican government’s decision to halt the distribution of some products of major manufacturers for a host of alleged labelling violations. The Economy Department had said that a total of 23 products couldn’t be sold for a range of alleged infractions such as selling packages that shortchanged customers on weight or that included ingredients other than milk but didn’t make that clear on labels. Producers say they weren’t warned or given a chance to defend themselves. A trade group says the government’s charges are “baseless.”


SEOUL, South Korea (AP) – South Korea’s Big Hit Entertainment, the company that manages global pop sensation BTS, has had a dynamite trading debut in Seoul, helped by the zeal of its loyal fans. Big Hit’s shares nearly doubled after their initial public offering netted more than $800 million today. The strong start was widely expected by analysts given the huge fan base for the seven-member boy band that has been dominating Billboard charts. Its market value stood at about $7.5 billion by the end of trading.



AP-WF-10-15-20 1045GMT