Business Highlights

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US delay to Huawei ban gives tech sector time to adjust

WASHINGTON (AP) — The United States is delaying some restrictions on technology sales to Chinese powerhouse Huawei. The U.S. says it’s to ease the blow on Huawei smartphone owners and smaller U.S. telecoms providers that rely on its networking equipment. Still in place are requirements that government licenses be obtained for any sales to Huawei unrelated to existing equipment. The Trump administration insists the sanctions are unrelated to its trade war with China.

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US home sales fell 0.4% in April amid limited supply

WASHINGTON (AP) — U.S. home sales slipped 0.4% in April, as would-be homebuyers face affordability challenges and a limited supply of starter houses. The National Association of Realtors says that existing homes sold at a seasonally adjusted annual rate of 5.19 million last month, down from 5.21 million in March. Despite the solid job market and lower mortgage rates, sales have tumbled 4.4% from a year ago.

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Department stores woes reflected in latest batch of results

NEW YORK (AP) —The outlook for department stores grew murkier Tuesday after J.C. Penney, Kohl’s and Nordstrom reported fiscal first quarter results that reflected their struggles at the start of the year. Penney reported a wider than expected loss and sales declines. Kohl’s sales momentum took a pause in the period, and it cut its fiscal 2020 profit outlook as its sales slumped. Upscale Nordstrom reported a first quarter sales drop and cut its annual sales forecast.

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‘Medicare for All’s’ rich benefits ‘leapfrog’ other nations

WASHINGTON (AP) — The “Medicare for All” plan embraced by leading 2020 Democrats appears more generous than what’s offered in other advanced countries. The plan by Sen. Bernie Sanders would charge no copays or deductibles for medical care, allowing only limited cost-sharing for certain prescription drugs. Policy experts say the benefits may be needed to persuade Americans they would be better off in a new government plan. But the plan is a punching bag for Republicans trying to tag Democrats as “socialists.”

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Tesla reduces prices on Models S and X amid stock slump

DETROIT (AP) — Faced with a slumping stock price and questions about demand for its vehicles, Tesla has lowered the U.S. base prices of its two most expensive models. The company on Monday cut $3,000 from the price of the Model S sedan and $2,000 from the Model X SUV.

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Detroit OKs land deals, jobs plan for Fiat Chrysler plant

DETROIT (AP) — Fiat Chrysler can move forward with plans to build a new, $1.6 million assembly plant on Detroit’s eastside and invest $900 million to retool and modernize another. The Detroit City Council on Tuesday approved land deals and community benefits agreements tied to the project. They include a four-week exclusive window Detroit residents will have to apply for jobs at the facilities once laid-off workers and temporary employees are considered. Fiat Chrysler expects to add 4,950 new jobs.

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Speedy reactor cleanups may carry both risks and rewards

PLYMOUTH, Mass. (AP) — Companies specializing in the handling of radioactive material are buying retired U.S. nuclear reactors and promising to clean them up and demolish them in dramatically less time than usual – eight years instead of 60, in some cases. That is a completely new approach to decommissioning nuclear plants in the United States. Some regulators, activists and others question whether the rapid timetables are safe.

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Wind developer seeks proposals for whale monitoring system

BOSTON (AP) — The developer of a wind farm off Massachusetts is taking steps to protect the endangered North Atlantic right whale. Vineyard Wind announced Tuesday it’s seeking proposals for an acoustic monitoring system to detect and track right whales. The company says the system will help ensure speed restrictions and other marine safety protections are followed. It’s also expected to benefit whale researchers and others.

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California Senate OKs bill creating special pot banks

SACRAMENTO, Calif. (AP) — Shut out of the traditional banking system by federal laws, the country’s largest legal marijuana market in California could benefit if the state approves a measure creating a special class of banks to handle pot money. The state Senate voted 35-1 on Tuesday to pass a bill that would allow people to start banks and credit unions that could accept cash deposits from marijuana retailers. Those banks could issue special checks that could only be used to pay taxes and other specific expenses.

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Tech rebound powers US stocks higher, snaps 2-day S&P slump

NEW YORK (AP) — Technology companies helped power stocks broadly higher on Wall Street Tuesday, snapping the market’s two-day losing streak. The rally followed the U.S. government’s decision to temporarily ease off proposed restrictions on technology sales to Chinese companies. The news gave a boost to chipmakers and other technology stocks, which took steep losses a day earlier when the Trump administration announced the restrictions.

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The S&P 500 index rose 24.13 points, or 0.9%, to 2,864.36. The Dow gained 197.43 points, or 0.8%, to 25,877.33. The technology heavy Nasdaq composite climbed 83.35 points, or 1.1%, to 7,785.72. The Russell 2000 index of small companies picked up 20.28 points, or 1.3%, to 1,545.25.

The Associated Press