Update on the latest in business:

^FINANCIAL MARKETS

Stocks slip on uncertainty over trade

NEW YORK (AP) — Stocks have been mostly lower on Wall Street today as traders look for clarity on the status of trade talks between the U.S. and China.

Comments Saturday from President Trump created some uncertainty about how far the U.S. would go in rolling back tariffs as part of a preliminary trade deal.

Advertisement

Walgreens Boots Alliance bucked the downward trend, gaining 5.9% after Bloomberg reported that private equity firm KKR wants to buy the drugstore operator.

There is no trading in U.S. Treasurys due to the Veterans Day holiday.

^BOEING PLANE-STEPS

UNDATED (AP) — Boeing is detailing steps it needs to complete before its grounded 737 Max can carry passengers again.

The company still must demonstrate changes it’s making on the plane to safety regulators during one or more certification flights. It also must finish updating pilot-training requirements, which it expects will happen in January.

Boeing still hopes to win Federal Aviation Administration approval of its work by year-end, which would let the company resume deliveries of new Max jets to airline customers in December.

But Boeing has been too optimistic before. Two big U.S. customers — Southwest and American — say they don’t expect the Max to carry passengers until March. That would be a year after the plane was grounded following crashes in Indonesia and Ethiopia killed 346 people.

^BRITAIN-ECONOMY

UK economy avoids recession with 0.3% Q3 growth

LONDON (AP) — Official figures show that the British economy avoided falling into recession in the third quarter of the year.

The Office for National Statistics says that the economy grew by a quarterly rate of 0.3%. That was in line with market expectations.

Following the 0.2% contraction in the second quarter, there had been fears that the British economy would fall into recession — commonly defined as two consecutive quarters of negative growth.

Though a recession was avoided, the British economy remains relatively weak, largely because of uncertainty related to Brexit. On an annual basis, the British economy was only 1% bigger in the third quarter, its weakest year-on-year growth since the start of 2010.

^BRITAIN-STEEL

Unions express optimism over possible British Steel deal

LONDON (AP) — Britain’s Insolvency Service is confirming that a deal has been struck to rescue British Steel, potentially safeguarding some 4,000 jobs.

The government hasn’t released details on the acquisition of the company by Jingye (jing-yeh) Steel.

The BBC reported earlier today that an agreement in principle had been made for a 70 million-pound ($90 million) deal with the Chinese industrial company.

The acquisition of the business and assets of British Steel Limited, includes the steelworks at Scunthorpe, U.K. mills and shares of FN Steel BV, British Steel France Rail SAS and TSP Engineering. The sale also includes British Steel’s Redcar Bulk Terminal Limited.

^CHINA-AUTO SALES

China’s auto sales fall 5.8% in October

BEIJING (AP) — China’s auto sales fell 5.8% from a year earlier in October as demand for electric cars plunged, extending a painful squeeze in the global industry’s biggest market.

An industry group, the China Association of Automobile Manufacturers, says that drivers bought 1.9 million sedans, SUVs and minivans.

Buyers are putting off big purchases amid anxiety about a cooling economy and Beijing’s tariff war with Washington.

Total sales, including trucks and buses, shrank 0.6% to 2.3 million.

Sales of electric and gasoline-electric hybrid vehicles tumbled 45.6% to 75,000. Demand has been dampened by the end of government subsidies in mid-2019.

^SPACEX LAUNCH

SpaceX launches 60 more mini satellites for global internet

CAPE CANAVERAL, Fla. (AP) — SpaceX has launched 60 mini satellites, the second batch of an orbiting network meant to provide global internet coverage.

The Falcon rocket blasted off today from Cape Canaveral, Florida. The compact flat-panel satellites — just 575 pounds (260 kilograms) each — will join 60 launched in May.

SpaceX founder Elon Musk wants to put thousands of these Starlink satellites in orbit, to offer high-speed internet service everywhere. He plans to start service next year in the northern U.S. and Canada.

It was the fourth launch of this first-stage booster — the most for SpaceX, which aimed to recover it again offshore. This also marked the first time SpaceX used a previously flown nose cone. The company reuses rocket parts to cut costs.

^KEYSTONE PIPELINE

Keystone pipeline restarts 2 weeks after North Dakota leak

BISMARCK, N.D. (AP) — The Keystone pipeline has been restarted nearly two weeks after it leaked an estimated 383,000 gallons (1.4 million liters) of oil in North Dakota.

TC Energy says the pipeline “returned to service” Sunday after approval of a repair and restart plan by the U.S. Pipeline and Hazardous Materials Safety Administration.

The agency ordered the company last week to keep the pipeline shut down until corrective action was taken, including sending an affected portion of the pipe to an independent laboratory for testing.

State regulators say the leak that was reported on Oct. 29 affected about 22,500 square feet (2,090 square meters) of land near Edinburg.

The cause of the leak has not been disclosed.

The company says about 285,600 gallons (1 million liters) of crude oil has been recovered.

^UBER-SAUDI WRITER KILLED

Uber CEO walks back comment on Saudi writer’s slaying

NEW YORK (AP) — Uber CEO Dara Khosrowshahi caused a backlash by calling the murder of Washington Post columnist Jamal Khashoggi “a mistake” in an interview with Axios on HBO

Khosrowshahi later said he regretted his comments. He tweeted Monday that there’s no forgiving or forgetting what happened to Khashoggi and he was wrong to call it a mistake.

U.S. and United Nations officials suspect that Saudi Arabia’s Prince Mohammed bin Salman played a role in Khashoggi’s slaying, but the Kingdom denies it. In his interview with Axios, Khosrowshahi said people make mistakes, and it doesn’t mean they can never be forgiven.

Saudi Arabia’s sovereign wealth fund has invested heavily in Uber and its managing director sits on Uber’s board.

Khosrowshahi was brought in as CEO to turn around a company plagued with self-inflicted wounds.

^CHINA-SINGLES DAY

China’s Alibaba, JD report booming Singles Day sales

BEIJING (AP) — Chinese e-commerce giants Alibaba and JD.com are reporting more than $60 billion in sales on Singles Day today. It’s an annual marketing event that is the world’s busiest online shopping day.

The day was a temporary relief to retailers that face fading demand as Chinese consumers tighten their belts, anxious over slowing economic growth and the tariff war with Washington.

University students created Singles Day in the 1990s as an alternative to Valentine’s Day for people without romantic partners. Alibaba adopted it as a marketing tool a decade ago.

Rivals including JD.com, China’s biggest online direct retailer, and electronics seller Suning joined in. The tactic has caught on in other Asian countries, too.

Copyright © 2019 The Associated Press. All rights reserved. This website is not intended for users located within the European Economic Area.