Business Highlights

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US-China talks break up after US raises tariffs

WASHINGTON (AP) — Trade talks between the U.S. and China have broken up with no agreement, hours after President Donald Trump more than doubled tariffs on $200 billion in Chinese imports. Trump asserted on Twitter that there was “no need to rush” to get a deal between the world’s two biggest economies and later added that the tariffs “may or may not be removed depending on what happens with respect to future negotiations.”

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AP Explains: New China tariffs likely to hit US consumers

WASHINGTON (AP) — With the Trump administration more than doubling tariffs on billions of dollars of Chinese imports, will Americans soon see higher prices on store shelves? Yes, but it will likely take a few weeks. The latest round of tariff hikes will hit a range of consumer goods, including furniture, luggage and seafood, as well as steel, lumber and other building materials. But the biggest categories of imports from China — clothes, shoes, toys, and electronics such as the iPhone — remain exempt.

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Uber’s hyped-up IPO hits a few potholes on its first day

NEW YORK (AP) — After much hype leading up to the largest initial public offering in five years, Uber hit a few potholes on its first day of trading. It closed down 8%, reflecting lingering doubts about its future prospects for profitability. The ride-hailing company began trading at $42 a share Friday, nearly 7% below its IPO price of $45 on an already volatile day for the markets. Its shares closed at $41.57.

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Third-biggest US coal company files for bankruptcy

GILLETTE, Wyo. (AP) — The nation’s third-largest coal company by production volume filed for bankruptcy Friday as utility companies increasingly turn to gas-fired generation and renewable energy for electricity. Gillette-based Cloud Peak Energy filed for Chapter 11 reorganization in U.S. Bankruptcy Court in Delaware. The move was widely expected since at least March, when the company received the first of several extensions to make a $1.8 million loan payment.

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Rihanna to launch groundbreaking new fashion label with LVMH

NEW YORK (AP) — Rihanna is partnering with LVMH Moët Hennessy Louis Vuitton to launch a new fashion label. The pop star, born Robyn Rihanna Fenty, announced Friday that a new line called Fenty will debut this spring and will be based in Paris. Fenty “is centered on Rihanna, developed by her, and takes shape with her vision in terms of ready to wear, shoes and accessories, including commerciality and communication of the brand,” according to a press release.

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Why does Facebook fail to fix itself? It’s partly humans

SAN FRANCISCO (AP) — The sheer size of Facebook, the business model it’s created and technical limitations. Those are all reasons why the social media platform has struggled to clamp down on extremist material, hate speech, election meddling and privacy invasions. The latest misstep, Facebook inadvertently created celebratory videos using extremist content and auto-generated pages for ISIS and Al Qaida.

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New French rules for Facebook? Zuckerberg likes the idea

PARIS (AP) — France has welcomed Facebook CEO Mark Zuckerberg to Paris with threats of sweeping new regulations on the social media giant — and Zuckerberg says that’s a good thing. With Facebook under fire on multiple fronts, Zuckerberg came to show that Facebook is working hard to limit violent extremism and hate speech shared online. But French regulators who spent weeks inside Facebook facilities in Europe say it needs to do more and have issued proposals making Facebook more responsible for its content.

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Space-tourism dream edges toward reality in New Mexico

SANTA FE, N.M. (AP) — British billionaire Richard Branson is taking another concrete step toward offering rides into the close reaches of space for paying passengers. Branson announced Friday that his company Virgin Galactic will begin shifting operations from California to a spaceport and specialized runway in the New Mexico desert in final preparations for commercial flights. He says Virgin Galactic’s development and testing program has advanced enough to make the move from its current testing site in California.

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Stocks rebound as hopes rise that trade tensions will ease

NEW YORK (AP) — Wall Street capped a turbulent week with a late-day rally Friday after shaking off an early slump triggered by the latest escalation in the trade war between the U.S. and China. The market fell sharply early on after the U.S. raised tariffs on $200 billion worth of Chinese goods when negotiators failed to reach a deal. But remarks from President Donald Trump and Treasury Secretary Steven Mnuchin gave investors reason for optimism. The S&P 500 index still posted its worst weekly loss of the year.

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The S&P 500 index rose 10.68 points, or 0.4%, to 2,881.40. The Dow Jones Industrial Average gained 114.01 points, or 0.4%, to 25,942.37. The Nasdaq added 6.35 points, or 0.1%, to 7,916.94. The Russell 2000 index of small company stocks picked up 2.94 points, or 0.2%, to 1,572.99.

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