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Financial News

 

Financial News:

 

Global stocks mixed…
BEIJING (AP) – Global stocks are mixed after China cut interest rates and President Joe Biden said “we’re not there yet” on lowering punitive tariffs on Chinese goods. London and Tokyo gained today while Shanghai and Frankfurt declined. Wall Street futures are higher a day after the benchmark S&P 500 index lost 1%. The Chinese central bank cut rates after growth in the world’s second-largest economy sank following a crackdown on surging debt among real estate developers. Biden said it was uncertain when his administration could lift tariffs imposed by his predecessor, Donald Trump, on Chinese imports beginning in 2018 in a fight over technology and trade.

 

UNDATED (AP) – At some of the world’s most sensitive spots, authorities have installed security screening devices made by a single Chinese company with deep ties to China’s military and the highest levels of the ruling Communist Party. The company, Nuctech, has been frozen out of the U.S. for years due to national security concerns, but it has made deep inroads across Europe, according to records reviewed by The Associated Press. Many Western security officials and policymakers fear that China could exploit Nuctech equipment to sabotage key transit points or get illicit access to data from the items that pass through its devices.

 

TOKYO (AP) – Japan’s exports and imports both reached record highs in December, largely because of surging oil prices and a weaker yen. Japan’s imports last month surged 41% from the same month a year earlier. Exports rose 17.5% from the previous year, on stronger shipments of autos and computer chips. The Finance Ministry says imports have now risen for 11 months straight, while exports have risen for 10 consecutive months.

 

DUBAI, United Arab Emirates (AP) – Long-haul carrier Emirates says it will resume its Boeing 777 flights to the U.S. after halting its use of the aircraft there over concerns new 5G services in America could interfere with airplane technology that measures altitude. International carriers that rely heavily on the wide-body Boeing 777, and other Boeing aircraft, canceled early flights or switched to different planes Wednesday. That’s after warnings from the Federal Aviation Administration and the Chicago-based plane maker over possible interference with radio altimeters. The FAA gave approval late Wednesday for more types of planes to land in low visibility near 5G signals, including the Boeing 777.

 

NEW YORK (AP) – Amazon says it plans to open a clothing store in a Southern California mall later this year. It’s a first for the online behemoth and a fresh challenge for already struggling traditional retailers. Amazon says the store will sell women’s and men’s clothing, as well as shoes and other accessories. It will open at the Americana at Brand mall in Glendale, California, at an unspecified date. Amazon says shoppers will get personalized recommendations pushed to their phones as they browse the new Amazon Style store stocked mostly non-Amazon fashion labels.