Asian shares higher as China-US trade talks set to resume
BANGKOK (AP) — Shares were mostly higher in Asia today as envoys from the U.S. and China prepared to resume trade talks, this time in Shanghai.
Japan’s Nikkei 225 index climbed 0.4% after the Bank of Japan opted to keep its policy intact and leave its benchmark interest rate at minus 0.1% but suggested it might find ways to help boost growth if necessary.
The Shanghai Composite index added 0.4% while Hong Kong’s Hang Seng rebounded from losses that followed clashes between protesters and police over the weekend, gaining 0.3%. In South Korea, the Kospi gained 0.5%.
Shares fell in Taiwan and Bangkok but rose in Singapore and Jakarta.
On Wall Street Monday, the S&P 500 index slipped 0.2% to 3,020.97. The Dow Jones Industrial Average rose 0.1% to 27,221.35 and the Nasdaq composite fell 0.4% to 8,293.33. The Russell 2000 index of smaller companies slid 0.6% to 1,569.02.
^CAPITAL ONE-DATA BREACH
Capital One target of massive data breach
UNDATED (AP) _ Capital One says a hacker got access to the personal information of more than 100 million individuals applying for credit. The McLean, Virginia-based bank said Monday it found out about the vulnerability in its system July 19 and immediately sought help from law enforcement to catch the perpetrator.
The FBI has arrested the person, reportedly in Seattle, according to a report in The Washington Post. Capital One says it believes that it is unlikely that the information was used for fraud, but it will continue to investigate.
The hacker got information including credit scores and balances plus the Social Security numbers of about 140,000 customers. It will offer free credit monitoring services to those affected.
The data breach affected about 100 million people in the U.S. and 6 million in Canada.
Uber lays off 400 employees from global marketing team
NEW YORK (AP) — Uber is laying off 400 employees in marketing, about a quarter of the marketing team’s global workforce of 1,200 people.
The move, announced Monday, follows a leadership shake-up in June when CEO Dara Khosrowshahi combined the company’s marketing, communications and policy teams.
The ride-hailing company has struggled to prove it can become profitable and its stock has traded mostly below its IPO price since its debut in May. Uber has blamed its losses partly on its costly promotions to attract riders and drivers. Those promotions are crafted by its marketing department.
Khosrowshahi installed Jill Hazelbaker to lead up marketing and public affairs in June. On Monday they announced a more centralized structure for marketing and said they want to build a consistent brand narrative across audiences, products and regions.
Ryanair sees flight cuts, job losses from 737 Max grounding
European budget airline Ryanair says it’s looking at flight cuts, slower growth and job losses if deliveries of Boeing 737 Max jets keep being delayed.
CEO Michael O’Leary says on an earnings conference call Monday that the airline was supposed to get 58 Maxes by next summer. He used an expletive to say that could drop to zero if Boeing can’t get its act together and win regulators’ approval to put the planes back in the air.
The Max has been grounded since March and deliveries suspended after crashes that killed 346 people in Indonesia and Ethiopia. Boeing is working to fix flight-control software.
O’Leary says Ryanair now expects 30 new Maxes by next summer. But that would cut its passenger growth rate from 7% to 3% in fiscal 2021.
Huawei says sales up 23% this year despite US controls
BEIJING (AP) — Chinese tech giant Huawei says its global sales rose by double digits in the first half of this year despite being placed on a U.S. security blacklist but said it will face tougher conditions.
The company says that sales in the six months ending in June rose 23.2% over a year earlier to 401.3 billion yuan ($58.3 billion).
That was up from 2018’s full-year growth rate of 19.5%. The company’s chairman, Liang Hua, said sales have suffered “some impact” since the Trump administration imposed curbs in May on sales of U.S. technology to Huawei but he gave no details.
Liang says Huawei has avoided disruptions in production and sales but added “we still face difficulties ahead” in the second half of the year.
Four 4 companies pay California $70 million for delaying drugs
SACRAMENTO, Calif. (AP) — Four pharmaceutical companies collectively are agreeing to pay California nearly $70 million to settle allegations that they delayed drugs to keep prices high. California Attorney General Xavier Becerra says the bulk of the money will come from Teva Pharmaceutical Industries and its affiliates for paying to delay a generic narcolepsy drug, Provigil, from entering the market for nearly six years.
Teva is paying $69 million, which Becerra says is the largest pay-for-delay settlement received by any state.
Such agreements let the developer of brand name drugs keep their monopolies over the drugs after their patents expire, thereby letting them continue to charge consumers higher prices. The drug developer pays the generic manufacturer to keep the cheaper version of the drug from entering the marketplace for an agreed period of time.
^WOODSTOCK MARIJUANA FEUD
Judge: Woodstock music festival can license its name to pot
NEW YORK (AP) — A judge says the owners of the Woodstock music festival name can license it to create a marijuana brand marking the 50th anniversary of the famed gathering.
U.S. District Judge Paul Gardephe (GAHR’-duh-fee) on Monday rejected a claim that the deal would infringe on the name of another company, Woodstock Roots.
Gardephe concluded the nature of the planned Woodstock-branded recreational marijuana and a competitor’s cannabis-related smoking paraphernalia are different.
Woodstock Ventures, which produced the 1969 Woodstock festival, and Woodstock Roots sued each other last year. Woodstock Roots does business as Woodstock American Products.
Woodstock Ventures argued recreational marijuana falls within its “natural zone of expansion” under federal trademark law. It is working on a deal with a major marijuana dispensary.
Emails seeking comment were sent to lawyers for Woodstock Roots.