Update on the latest in business:

FINANCIAL MARKETS

Asian stocks climb on hopes for US tax cuts, budget deal

SEOUL, South Korea (AP) — Shares rose in Asia on Wednesday after hopes for tax cuts by U.S. President Donald Trump drove record-breaking gains overnight on Wall Street

Japan’s Nikkei 225 jumped 1.1 percent and South Korea’s Kospi rose 0.5 percent. Hong Kong’s Hang Seng index advanced 0.4 percent and the Shanghai Composite Index was up 0.2 percent.

On Wall Street, stocks closed higher after several big companies reported solid earnings. The gains were enough to send the Nasdaq composite index above 6,000 points for the first time. The Standard & Poor’s 500 rose 14 points, or 0.6 percent, to 2,388. The Dow Jones industrials gained 232 points, or 1.1 percent, to 20,996. The Nasdaq increased 41 points, or 0.7 percent, to 6,025.

TRUMP-TAXES

Official estimate could derail Trump tax plan before release

WASHINGTON (AP) — A new congressional estimate could derail President Donald Trump’s tax plan even before he releases it.

Trump is scheduled to unveil the broad outlines of a tax overhaul Wednesday that includes a massive cut in the corporate income tax, reducing the top rate from 35 percent to 15 percent.

The official scorekeeper for Congress said Tuesday that a big cut in corporate taxes — even if it is temporary — would add to long-term budget deficits. This is a problem for Republicans because it means they would need Democratic support in the Senate to pass a tax overhaul.

Democrats said Republican lawmakers who slammed the growing national debt under President Barack Obama are now being asked to embrace a tax plan that could add trillions of government red ink over the next decade.

TRADE-US-CANADA

Moving beyond China and Mexico, Trump targets Canada trade

WASHINGTON (AP) — President Donald Trump has long railed about unfair trade practices of China and Mexico. Now he’s drawn a new target — Canada.

The two countries are suddenly sparring openly over inexpensive Canadian timber and Canada’s barriers to U.S. dairy products — disputes that go back years but rarely get such a public airing.

Before sunrise Tuesday in Washington, Trump went on Twitter to declare: “Canada has made business for our dairy farmers in Wisconsin and other border states very difficult. We will not stand for this. Watch!”

Hours earlier, his Commerce Department had announced plans to impose duties averaging 20 percent on softwood lumber imports from Canada. U.S. homebuilders quickly warned that the move would drive up the cost of new houses.

WELLS FARGO-ANGRY SHAREHOLDERS

Wells Fargo faces shareholders, protesters at annual meeting

PONTE VEDRA BEACH, Fla. (AP) — Shareholders irritated by the fallout from Wells Fargo’s sales practices scandal sent a warning to the bank’s executives and board, with some directors barely holding onto their jobs in what is typically a symbolic vote.

Tuesday’s shareholder meeting was the first time Wells Fargo had met collectively with its investors since acknowledging last fall that its employees opened up to 2 million bank accounts without getting customers’ authorization in order to meet unrealistic sales quotes.

While all 15 board members kept their positions for another year, four directors received backing of 60 percent or less. That included Chairman Stephen Sanger, who received 56 percent support.

SKOREA-EARNS-HYUNDAI MOTORS

Hyundai Motor reports 21 percent drop in 1Q profit

SEOUL, South Korea (AP) — Hyundai Motor Co. says its first-quarter profit fell 21 percent from a year earlier.

The company said Wednesday that its January-March net profit was 1.3 trillion won ($1.2 billion), compared with 1.7 trillion won a year earlier.

The result was slightly above the market consensus of 1.22 trillion won.

Sales rose 5 percent to 23.4 trillion won ($20.8 billion). Operating profit fell 7 percent to 1.3 trillion won.

Hyundai, along with its smaller affiliate Kia Motors, is the world’s fifth-largest automaker.

The financial results come as the automaker struggles with lower sales in China and the United States, followed by massive recalls. Hyundai and Kia recalled 1.4 million cars in U.S., Canada and South Korea due to possible engine failures.

GERMANY-EARNS-DAIMLER

Daimler profits double on sales of Mercedes E-class, SUVs

FRANKFURT, Germany (AP) — German automaker Daimler AG says net profit doubled in the first three months of the year as sales were boosted by the new version of the company’s Mercedes-Benz E-class sedan and its SUV lineup.

Net profit rose to 2.80 billion euros ($3 billion) from 1.40 billion euros in the year-earlier quarter. Revenue rose 11 percent to 38.77 billion euros.

CEO Dieter Zetsche said in a statement Wednesday that earnings and sales would “significantly increase” this year.

The company credits strong sales of the E-Class, which can come loaded with advanced driver-assistance features, and SUVs, which bring high per-vehicle profits. Earnings were also increased by a one-time plus of 183 million euros after new investors joined the company’s HERE mapping venture with other automakers and by currency exchange-rate shifts.

FIAT CHRYSLER-GOOGLE

FCA, Google begin offering rides in self-driving cars

DETROIT (AP) — Fiat Chrysler and Google for the first time will offer rides to the public in the self-driving vehicles they are building under an expanding partnership.

Waymo, Google’s self-driving car project, said Tuesday it’s adding 500 Chrysler Pacifica hybrid minivans to its self-driving vehicle fleet. It will allow hundreds of people in the Phoenix area to take rides in the vehicles so it can get feedback on the experience.

Phoenix-area residents could apply on Waymo’s website starting Tuesday. The vehicles will also pick up riders in Chandler, Tempe, Mesa and Gilbert, Waymo said. All of the vehicles will have Waymo backup drivers who can take over in an emergency.

NET NEUTRALITY-BRACING FOR A FIGHT

Internet firms winding up for a fight on ‘net neutrality’

NEW YORK (AP) — Internet companies are readying for a showdown with a Republican-controlled government over a policy near and dear to their hearts: net neutrality.

Net neutrality rules enacted during the Obama administration basically prevents broadband providers from playing favorites or steering users toward (or away from) particular internet sites.

New Federal Communications Commission chairman Ajit Pai has repeatedly called the regulations a mistake. Pai could launch the process of unwinding the rules as early as Wednesday, according to reports.

Many internet companies are already running the Washington playbook — lobbying Congress to keep the rules, schmoozing government regulators, and signing letters of protest.

More potent tactics remain in reserve. In 2012, internet companies beat the entertainment industry in a fight over anti-piracy legislation after thousands of sites temporarily went dark in protest.

FDA-BOGUS CANCER PRODUCTS

FDA: Avoid fake ‘miracle’ cancer treatments sold on internet

TRENTON, N.J. (AP) — U.S. regulators are warning consumers to avoid 65 bogus products hawked on the internet with false claims that they can cure, treat, diagnose or prevent cancer.

The Food and Drug Administration says these products, mostly sold on websites and social media sites, can be harmful, waste money and result in people not getting approved, effective treatments.

The pills, creams and teas are untested and not approved by the FDA, which called them a “cruel deception.” Some contain ingredients that can be risky or interact dangerously with prescription drugs. The FDA on Tuesday posted the warning letters it sent to 14 manufacturers, telling them to remove their fraudulent claims describing the products as drugs, or face stiff penalties.

The FDA said that many of the treatments are touted with illegal claims, such as “miraculously kills cancer cells in tumors,” ”more effective than chemotherapy,” and “treats all forms of cancer.” Often, they’re advertised as safe, natural products or dietary supplements.

CONGRESS-DRIVE TO DEREGULATION

Big unwind begins: Republicans target crisis financial rules

WASHINGTON (AP) — Emboldened by a business-friendly president, Republicans in Congress are moving to unwind the stricter regulations that took effect after the 2008 financial crisis and Great Recession.

A House committee takes up legislation Wednesday that would defang the tighter rules. While passage by the GOP-controlled House could come in a few months, the Senate — where Republicans have only 52 of 100 seats — poses an obstacle.

The 2010 Dodd-Frank law was enacted by Democrats and President Barack Obama to respond to the crisis, putting the stiffest restrictions on banks and Wall Street since the 1930s Depression. It clamped down on banking practices and expanded consumer protections to restrain reckless conduct by financial firms and prevent a repeat of the 2008 meltdown.

TRUMP-TRADE REPRESENTATIVE

Senate panel approves Trump’s choice to lead trade office

WASHINGTON (AP) — A Senate panel has unanimously approved President Donald Trump’s pick to represent the U.S. in trade negotiations, a position that will place Robert Lighthizer in the center of the administration’s efforts to renegotiate the North American Free Trade Agreement.

Tuesday’s 26-0 vote by the Finance Committee now moves Lighthizer’s nomination to the full Senate.

Lighthizer served as deputy U.S. trade representative under President Ronald Reagan. He has also worked on trade issues as a lawyer representing various manufacturers and high-tech companies.

Lighthizer will take his cues from a president who has broken with most Republicans in his criticism of free trade agreements. Lighthizer, who has assailed some Republicans for being too pro-free trade, told the Senate panel earlier this year that the U.S. should have an “America-first trade policy.”

UBER-FLYING CARS

Uber takes to the skies with next ride-hailing project

NEW YORK (AP) — Uber is taking to the skies with its next project — “flying cars” — even as all eyes are on its problems on the ground.

On Tuesday, the embattled ride-hailing company announced plans for an on-demand network of electric aircraft that can take off and land vertically, like a helicopter. It wants to test a network for such vehicles by 2020.

The company says its partners in this Elevate initiative include real estate companies, aircraft manufacturers, electric vehicle charger makers and the cities of Dubai, United Arab Emirates, and Dallas-Fort Worth, Texas.

Uber’s Jeff Holden says urban aviation “is a natural next step for Uber.”

Uber has been reeling from executive departures and accusations of sexual harassment at its workplace. Results of an internal investigation are expected in May.

MEXICO-US-TUNA LABELS

WTO ruling favors Mexico in US ‘dolphin-safe’ tuna spat

MEXICO CITY (AP) — The World Trade Organization has ruled that Mexico’s tuna industry has been harmed by U.S. “dolphin-safe” labeling rules and says the country can seek retaliatory measures worth hundreds of millions of dollars.

Tuesday’s decision said Mexico’s economic damages from the labeling rules amounted to $163 million a year.

The Mexican government issued a statement saying it would “immediately ask the WTO’s Dispute Settlement Body for authorization to suspend benefits” and also begin an internal process of targeting imports from the United States.

In past decisions, the WTO has held that the U.S. “dolphin-safe” labeling improperly interfered with trade.

WRITERS GUILD STRIKE

Negotiations resume on a new contract between writers union, industry

LOS ANGELES (AP) — Hollywood is facing a cliffhanger after members of the Writers Guild of America voted overwhelmingly to authorize a strike that could begin as soon as next week.

Negotiations resumed Tuesday as the union and the Alliance of Motion Picture and Television Producers grapple over issues including compensation and health care.

The previous writers’ strike lasted 100 days in 2007-08 and was costly to the businesses that serve Hollywood and to consumers expecting to be entertained.

A walkout’s impact would come in waves and affect different parts of the industry differently.

DECKERS BRANDS SALE Maker of Ugg boots, Teva sandals may put itself up for sale

GOLETA, Calif. (AP) — The maker of Ugg boots, Teva sandals and other footwear may put itself up for sale.

Deckers Brands said Tuesday that it is considering alternatives that could include selling the Goleta, California-based company.

Several hedge funds, including Marcato Capital Management, bought blocks of Deckers stock earlier this year and have been pressuring the company to make changes.

Deckers CEO Dave Powers says the company has been working to cut $150 million in costs while reducing the number of its retail stores. Nevertheless, Deckers’ board has decided to evaluate all options.

Deckers had predicted that its sales would be down 5 percent this fiscal year, and restructuring charges would reduce profits.

GREECE-BAILOUT

Greece’s Tsipras eyes market return after bailout talks

ATHENS, Greece (AP) — Greek Prime Minister Alexis Tsipras says his government is aiming to return to international bond markets this year after the current round of bailout negotiations is concluded.

Tsipras said in a television interview that his government hopes to use the market return as a way to establish a “credible presence” in markets before the current bailout program expires next year.

Since first seeking an international bailout in 2010, Greece has only returned to the market once, in 2014 under the previous, conservative government.

Bailout inspectors from the International Monetary Fund and European Union institutions returned to Athens this week to try to hammer out an agreement in late May for the payout of future loan installments.

J CREW-JOB CUTS

J. Crew to cut 150 jobs with sales in retreat

NEW YORK (AP) — J.Crew, the preppy clothing retailer, says it will cut about 150 jobs to trim costs.

Like other retailers, J.Crew has suffered as more people shop online. The company has lost money for the past three years.

Most of the job cuts will be at its New York corporate headquarters where about 1,000 people work. It will also not fill about 100 corporate positions that were open. The changes will save it about $30 million a year, and the company says it will post a charge of about $10 million in the first quarter due to severance payments and other termination costs.

The company has more than 570 J.Crew, Madewell and outlet stores.

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