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Business Highlights

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Report: More companies in China handing over technology

BEIJING (AP) — A business group says the number of foreign companies in China that feel compelled to hand over technology has doubled since two years ago. The issue is one of the complaints behind President Donald Trump’s tariff fight with Beijing. The European Union Chamber of Commerce in China’s report highlighted enduring complaints about ‘forced technology transfer’ despite official denials and promises of change.

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Huawei could be stripped of Google services after US ban

BEIJING (AP) — Huawei could lose its grip on the No. 2 ranking in worldwide cellphone sales after Google announced it would comply with U.S. government restrictions meant to punish the Chinese tech powerhouse. The Trump administration move, which effectively bars U.S. firms from selling components and software to Huawei, ups the ante in a trade war between Washington and Beijing that partly reflects a struggle for global economic and technological dominance.

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Seeing a twisting road ahead, Ford cuts 7K white-collar jobs

DETROIT (AP) — Ford revealed details of its long-awaited restructuring plan Monday as it prepared for a future of electric and autonomous vehicles by parting ways with 7,000 white-collar workers worldwide, about 10% of its global salaried workforce. The major revamp, which had been under way since last year, will save about $600 million per year by eliminating bureaucracy and increasing the number of workers reporting to each manager.

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China’s pig disease outbreak pushes up global pork prices

BEIJING (AP) — Pork lovers worldwide are wincing at prices that have jumped by up to 40 per cent as China’s struggle to stamp out African swine fever in its vast pig herds sends shockwaves through global meat markets. China produces and consumes two-thirds of the world’s pork, but supplies are falling as Beijing destroys herds and blocks shipments. Importers are filling the gap by buying pork as far away as Europe, boosting prices and causing shortages in some markets.

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Top Senate Republican would raise minimum smoking age to 21

WASHINGTON (AP) — The Senate’s top Republican is introducing legislation to raise the minimum smoking age from 18 to 21. The measure by Senate Majority Leader Mitch McConnell would cover not only tobacco products, but also e-cigarettes and vapour products. McConnell represents Kentucky, which was long one of the nation’s leading tobacco producers. But tobacco production has fallen in the state in recent year.

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Trump’s EPA shifts more environmental enforcement to states

BOKOSHE, Okla. (AP) — With federal environmental enforcement declining, President Donald Trump’s EPA is leaving states to handle more of the decisions on handling pollution and potential health threats. Critics contend federal regulators are making a dangerous retreat on enforcement that puts people and the environment at greater risk. EPA says environmental enforcers remain on the job despite the plunging enforcement numbers.

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FCC chairman backs T-Mobile-Sprint deal in key endorsement

NEW YORK (AP) — FCC Chairman Pai, the top U.S. communications regulator, says he backs the $26.5 billion merger of T-Mobile and Sprint after the companies make promises to expand rural broadband. It’s a crucial step for the deal’s approval. The full FCC still has to vote, however, and the Justice Department must also approve the takeover.

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Mexico calls for regional development to address immigration

MEXICO CITY (AP) — Mexico President Andrés Manuel López Obrador says U.S. support for economic development in Mexico and Central America is the best option for stemming the flow of immigrants. The United Nations’ Economic Commission for Latin America has laid out a roadmap for regional development and López Obrador says that’s an advance toward a U.S. agreement with the region’s governments.

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Blue Apron latest to suffer in tough meal kit market

NEW YORK (AP) — It’s a turbulent time for meal kit companies. The struggle has intensified for Blue Apron, which announced that it could be delisted from the New York Stock Exchange because its closing share price has been lower than $1 since early May. Subscription-based meal kit companies face numerous problems. They appeal to a small group, the meal prices are high, and once kits arrive, subscribers still have to put the ingredients together.

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American Airlines sues unions, accusing workers of slowdown

FORT WORTH, Texas (AP) — American Airlines is suing two unions and accusing their mechanics of conducting an illegal work slowdown for leverage in contract talks. The airline charges that the workers have caused about 900 cancellations or long delays since early February. It’s similar to a dispute that Southwest Airlines had before signing a new collective-bargaining agreement with mechanics.

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Stocks fall as Huawei ban prompts sell-off in chipmakers

NEW YORK (AP) — Chipmakers and other technology companies pulled U.S. stocks lower Monday, extending the market’s losses into another week. The U.S. decision to ban technology sales to China’s Huawei hammered the tech sector, particularly chipmakers. Apple fell after an analyst warned that the iPhone maker’s growth prospects could dim as the U.S. and China continue to spar over trade. The tech-heavy Nasdaq dropped 1.5%.

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The Standard & Poor’s 500 fell 19.30 points, or 0.7%, to 2,840.23. The Dow Jones Industrial Average fell 84.10 points, or 0.3%, to 25,679.90. The Nasdaq composite slid 113.91 points, or 1.5%, to 7,702.38. The Russell 2000 index of small company stocks gave up 10.80 points, or 0.7%, to 1,524.96.

The Associated Press