Markets mixed…Aid talks…World’s richest
UNDATED (AP) – Global shares are mixed after Wall Street declined as hopes for new economic aid for the U.S. economy faded. Benchmarks fell in Frankfurt and Tokyo but rose in Paris and Hong Kong. U.S. futures were higher. Investors are focused on a U.S. stimulus package as the world faces deep uncertainty about the continuing economic damage from the coronavirus pandemic. Investors were also looking ahead to another busy week of corporate earnings reports. Analysts are expecting companies to report another drop in profits.
WASHINGTON (AP) – House Speaker Nancy Pelosi is reporting some progress in advance of a Tuesday deadline for reaching a pre-election deal with President Donald Trump on a new coronavirus relief package, but the same problems bedeviling the effort remain in place despite optimistic talk from the president and his team. Pelosi negotiated for nearly an hour Monday with Treasury Secretary Steven Mnuchin, and a top aide called it productive.
LONDON – U.K. researchers are preparing to begin a controversial experiment that will infect healthy volunteers with the new coronavirus to study the disease in hopes of speeding up development of a vaccine. Imperial College London said Tuesday that the study, involving healthy volunteers between the ages of 18 and 30, would be conducted in partnership with the Department for Business, Energy and Industrial Strategy, the Royal Free London NHS Foundation Trust and hVivo, a company that has experience conducting testing.
SEOUL, South Korea (AP) – Intel has agreed to a $9 billion deal to sell most of its memory business to South Korea’s SK Hynix as it moves toward more diverse technologies while shedding a Chinese factory at a time of trade friction between Washington and Beijing. The transaction could reportedly make SK Hynix the world’s second-largest provider of NAND flash memory chips behind Samsung Electronics, another South Korean chip giant. Intel will keep its “Optane” business of more advanced memory products.
BEIJING (AP) – A survey shows Jack Ma, founder of e-commerce giant Alibaba, held onto his status as China’s richest entrepreneur as the coronavirus shutdown propelled demand for online shopping and other services. Hurun Research Institute says Ma’s fortune rose 45% percent over 2019 to $58.8 billion. Ma Huateng, founder of Tencent, which operates the popular WeChat messaging service, was No. 2 at $57.4 billion, up 50%.