Mixed markets…China ends sorghum probe…Cambridge Analytica liquidating
SEOUL, South Korea (AP) – Global stock markets were mixed on Friday as U.S. and Chinese officials held a new round of talks seeking to avert a trade war between the world’s two largest economies. Futures point to a tepid start on Wall Street. Benchmark U.S. crude oil rose above $71.50 per barrel. The dollar rose against the yen and the euro.
HONG KONG (AP) – China has dropped an anti-dumping investigation and given long awaited approval for the sale of Toshiba’s memory chip business, in gestures that could suggest a thaw between Beijing and the U.S. as trade talks resumed in Washington. The Commerce Ministry said Friday it ended the probe into imported U.S. sorghum because it’s not in the public interest. A day earlier, Beijing cleared the way for a group led by U.S. private equity firm Bain Capital to buy Toshiba Corp.’s computer memory chip business.
NEW YORK (AP) – Cambridge Analytica, the beleaguered data collection agency that worked for President Donald Trump’s 2016 election campaign, is liquidating operations. The British firm filed for Chapter 7 bankruptcy protection late Thursday. It said in a New York court filing that its assets totaled $100,001 to $500,000. Its liabilities are between $1 million and $10 million and it has between one and 49 creditors.
TOKYO (AP) – Toyota Motor Corp. chief Akio Toyoda, tapped to head the Japanese auto industry association, is promising to lead a push among manufacturers to keep a competitive edge in emerging technologies like zero-emission and autonomous driving. He told reporters Friday automakers continue to be the mainstay of Japan’s economy. He said the high cost of car ownership in Japan, including taxes, parking and insurance, must come down to reverse the longtime decline in the domestic market.
SHANGHAI (AP) – “Panda Beer,” ”Little General,” ”Flying Fist IPA,” and “Mandarin Wheat” are among the offerings on tap at a craft beer exhibition this week in Shanghai dedicated to expanding the palette of Chinese consumers and promoting sales of high-end brews. The 2018 Craft Beer of China Exhibition features breweries like Rasenburg Beer, Myth Monkey Brewing, Lazy Taps, Goose Island and Boxing Cat Brewery that are sharing tips on the latest technology and sales trends as Chinese shift from legacy brews to more experimental, refined, and expensive flavors.