Business Highlights

___

US and China resume trade talks as Trump’s deadline nears

WASHINGTON (AP) — The Trump administration and Chinese negotiators have resumed high-level talks aimed at resolving a trade dispute that has escalated uncertainty for corporations, unsettled investors and posed a threat to the global economy. A Chinese team led by Vice Premier Liu He is meeting with U.S. Trade Representative Robert Lighthizer and other American officials. Liu is scheduled to meet President Donald Trump on Friday afternoon.

___

Advertisement

EU says it’s ready to hit back if US imposes car tariffs

BUCHAREST, Romania (AP) — A European Union official says “there is full support” from member states to hit back if U.S. President Donald Trump imposes tariffs on cars and car parts. EU Trade Commissioner Cecilia Malmstrom said EU trade ministers had discussed the bloc’s trading relationship with Washington during an informal meeting Friday in Bucharest.

___

Cuomo says losing Amazon HQ ‘greatest tragedy’ of his tenure

ALBANY, N.Y. (AP) — Gov. Andrew Cuomo says Amazon’s backing out of a deal to put one of its second headquarters in New York City is the “greatest tragedy” he has seen since he’s been in government. Cuomo said Friday on public radio station WAMC that losing the Amazon deal makes him sick to his stomach. Cuomo’s public comments were his first on the topic since his office issued a statement Feb. 14, the day the Seattle-based internet retailer announced it was backing out of an agreement to redevelop a site in Queens.

___

Report: Apps send sensitive user data to Facebook

NEW YORK (AP) — The Wall Street Journal is reporting that several phone apps are sending sensitive user data to Facebook, including health information, without users’ consent. The report says an analytics tool called “App Events” allows app developers to record user activity and report it back to Facebook, even if the user isn’t on Facebook.

___

At Kraft Heinz, a fed investigation and a $15.4B write-down

PITTSBURGH (AP) — Kraft Heinz is disclosing an investigation by federal regulators and will slash the value of its Oscar Mayer brands by a $15.4 billion. Shares plunged 28 percent marking the company’s worst ever one-day sell-off that erased $16 billion in market value Friday.

___

Fed will be ‘patient’ in rate hikes amid global growth woes

WASHINGTON (AP) — The Federal Reserve says that in light of a slowing global economy and last year’s financial market turmoil, the central bank intends to remain “patient” in determining when to make future changes in its benchmark interest rate. The Fed’s semi-annual report to Congress on monetary policy stood in contrast to its last report in July when it signaled that it was on track to keep raising rates at a gradual pace over the next two years.

___

As prices soar, Turkey’s Erdogan woos voters with vegetables

ISTANBUL (AP) — The government of Turkish President Recep Tayyip Erdogan has set up dozens of temporary stalls offering vegetables at almost half the regular market price. The move comes ahead of local elections next month and targets poorer families who have typically voted for Erdogan and are now struggling with inflation. The cost of food has jumped by about a third after turmoil in financial markets last year over Erdogan’s policies caused the national currency to slump.

___

Ireland publishes no-deal Brexit bill it hopes it won’t need

LONDON (AP) — The Irish government has published legislation designed to ease the damage if Britain leaves the European Union without a deal — but says it hopes the law will never be needed. The government plans to fast-track the bill through Ireland’s parliament before the U.K.’s scheduled departure on March 29. As a major trading partner of Britain, and the only EU country that shares a land border with the U.K., Ireland faces a huge economic hit if a “no-deal” Brexit introduces tariffs and customs checks.

___

Smile: Some airliners have cameras on seat-back screens

NEW YORK (AP) — Now there’s one more place where cameras could start watching you — from 30,000 feet. Newer seat-back entertainment systems on some airplanes operated by American Airlines and Singapore Airlines have cameras, and it’s likely they are also on planes used by other carriers. Both airlines say they have never activated the cameras. Still, the news raises privacy issues for travelers. It came to light after a passenger posted a close-up photo of the camera this week, and the tweet was widely shared.

___

Stocks climb, giving S&P 500 its 4th straight weekly gain

NEW YORK (AP) — Technology and health care companies led U.S. stocks higher Friday, erasing some of the market’s losses from a day earlier and giving the benchmark S&P 500 its fourth straight weekly gain. The broad rally came as investors grew hopeful that talks between the U.S. and China will lead to a resolution of a costly trade war. Negotiations were to continue this weekend. President Donald Trump told reporters Friday afternoon that it was “more likely” that the talks will result in a deal.

___

The S&P 500 index rose 17.79 points, or 0.6 percent, to 2,792.67. The Dow Jones Industrial Average gained 181.18 points, or 0.7 percent, to 26,031.81. The Nasdaq composite climbed 67.84 points, or 0.9 percent, to 7,527.54. The Russell 2000 index of smaller companies picked up 14.51 points, or 0.9 percent, to 1,590.06.

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