Global stocks higher … Some businesses feel the hurt from trade dispute … Royal Bank of Scotland tentatively settles US claims
TOKYO (AP) – Global markets are higher today, tracking solid overnight gains on Wall Street despite lingering concerns about the U.S. withdrawal from the Iran nuclear deal and trade tensions between Asia and the U.S. In early trading, markets in France, Germany and Britain are up. Japan’s Nikkei closed 0.4 percent higher and the Shanghai Composite gained 0.5 percent. Wall Street is expected to drift higher, with Dow futures rising 0.1 percent and S&P futures gaining 0.2 percent.
HONG KONG (AP) – A fresh round of talks aimed at resolving a widening trade dispute between China and the U.S. conflict is planned for next week in Washington. But the battle is already starting to take its toll. The tech company, ZTE, said Wednesday that it’s ending “major operations” after the U.S. banned it from doing business with American suppliers as a punishment for illegal exports. And businesses are reporting that American products are facing delays in customs clearance because of stepped-up inspections at Chinese ports.
LONDON (AP) – Royal Bank of Scotland says it has tentatively agreed to pay $4.9 billion to settle U.S. Department of Justice claims that it misled investors over the sale of mortgage-backed securities before the 2008 financial crisis. The settlement marks a watershed moment for RBS, which was bailed out by British taxpayers after a series of acquisitions briefly made it the largest bank in the world before the crisis. The government insisted that the mis-selling claims had to be resolved before it could sell Britain’s 72-percent stake in RBS.
SEOUL, South Korea (AP) – South Korea says it has reached an agreement with General Motors to inject $4.35 billion in fresh funds to keep its loss-making Korean unit afloat. South Korea’s government says the American automaker also has agreed to limit its right to sell local shares or assets for 10 years and to establish a new regional headquarters in South Korea. GM’s restructuring stoked worries that GM Korea may permanently close. South Korea says the latest measures ensure GM’s long-term presence in the country.
IOWA CITY, Iowa (AP) – A top aide to Iowa Gov. Kim Reynolds has been hired by Apple, months after helping promote a controversial $208 million incentive package for the company’s planned Iowa data center as a good deal for taxpayers. Tim Albrecht resigned as Reynolds’ deputy chief of staff, then began in March as a manager of strategic initiatives for Apple. The governor’s office says Albrecht’s position is “unrelated” to the $1.3 billion complex the company is building outside Des Moines.