Asian shares rise as Trump plans to meet Chinese leader
TOKYO (AP) — Asian shares rose today as investor jitters over trade eased after President Donald Trump suspended plans to impose tariffs on Mexican imports and said he expects to meet with the Chinese leader.
Japan’s benchmark Nikkei 225 rose 0.3%. Australia’s S&P/ASX 200 added 1.6%. South Korea’s Kospi gained 0.7%. Hong Kong’s Hang Seng was up nearly 1.0%, while the Shanghai Composite edged up 2.5%.
Monday on Wall Street, shares continued their winning streak for a fifth day. That follows the strongest week for stocks since November in what has been a marked turnaround for the market after escalating trade tensions fueled a turbulent skid in May.
The S&P 500 index gained 13.39 points, or 0.5%, to 2,886.73. The benchmark index rose 4.4% last week, its best weekly performance of 2019. It’s now about 2% below its record set on April 30.
The Dow Jones Industrial Average rose 78.74 points, or 0.3%, to 26,062.68. The Nasdaq composite climbed 81.07 points, or 1.1%, to 7,823.17. The Russell 2000 index of smaller companies gained 9.17 points, or 0.6%, to 1,523.56.
Tech on trial: House panel begins review of market power
WASHINGTON (AP) — Big Tech is about to become big politics in Washington.
Today the House Judiciary Committee will launch its investigation into the market dominance of Silicon Valley’s biggest names, including Facebook, Google and Amazon. The hearing will look at the impact of the tech giants’ platforms on news content, the media and the spread of misinformation online.
In a Capitol steeped in partisanship, the committee’s investigation of tech market power stands out. Not only is it bipartisan, but it’s also the first such review by Congress of a sector that for more than a decade has enjoyed favored status and a light touch from federal regulators.
Some lawmakers warn that the technology companies have become monopolies, and several Democratic presidential candidates say they should be broken up on antitrust grounds.
China telecom giant Huawei hints US pressure hurting sales
SHANGHAI (AP) — Chinese tech giant Huawei (WAH’-way) says it would have become the world’s number one smartphone marker by year’s end if it were not for “unexpected” circumstances.
Huawei’s chief strategist, Shao Yang, says the company now has to “wait a little bit longer to achieve that.”
He did not directly refer to President Donald Trump or trade.
Washington has put Huawei on a blacklist that effectively bars U.S. firms from selling to the company without government approval.
Huawei, the world’s top network equipment provider and second-largest smartphone maker, has become embroiled in the trade dispute between China and the U.S. U.S. officials have accused Chinese technology companies, including Huawei, of stealing trade secrets and threatening international cybersecurity.
Huawei denies that it would share users’ secrets with China’s ruling Communist Party.
Oklahoma judge wants more answers on $85 opioid settlement
NORMAN, Okla. (AP) — An Oklahoma judge is declining to approve the state’s proposed $85 million settlement with an opioid maker until he’s assured it complies with a new law targeting such deals.
The attorney general’s office says Cleveland County Judge Thad Balkman on Monday ordered attorneys for both the state and Israeli-owned Teva (THE’-vuh) Pharmaceuticals to file additional paperwork before he approves the settlement.
Attorney General spokesman Alex Gerszewski (gur-SHES’-kee) says the judge wants both sides to address how distribution of the money conforms to the new law.
Concerned about how the state’s $270 million settlement with Purdue Pharmaceuticals was structured, the Republican-led Legislature passed a law directing any settlement funds directly into the state treasury.
Oklahoma’s lawsuit blaming consumer products giant Johnson & Johnson and some of its subsidiaries for contributing to the opioid epidemic is continuing.
Men plead not guilty in multi-million dollar phone scheme
LOS ANGELES (AP) — Two men California men have pleaded not guilty to federal charges alleging they devised a $25 million scheme to illegally unlock cellphones so they could be used on any carrier’s network.
U.S. prosecutors say the two men (41-year-old Argishti Khudaverdyan and 40-year-old Alen Gharehbagloo) used to own a T-Mobile retail store and used stolen employee credentials to infiltrate the company’s internal computer systems.
They were arrested following a 21-count grand jury indictment and charged with wire fraud, money laundering and other counts. They were later released on bond.
Investigators say the scheme brought the men more than $25 million when people paid them to get out of their T-Mobile service.
If convicted of all counts, each defendant could face sentences exceeding 200 years.
^PERU-BABY FORMULA MARKETING
Companies pushed baby formula in Peru despite ban
LIMA, Peru (AP) — A new study says multinational companies pushed expensive baby formula to a low-income community near Peru’s capital despite the country’s ban against aggressive marketing of such products.
The report issued Monday by researchers at the Johns Hopkins Bloomberg School of Public Health found that women in the community where the promotions took place were 10 times more likely to stop exclusive breast feeding at their doctors’ advice.
Doctors told researchers they had received everything from free training and trips as well as powdered formula samples to promote the products.
The World Health Organization recommends breastfeeding up to six months of age for its health benefits to babies. Peru has prohibited marketers from promoting infant formula through health care centers since 1982.
‘Code Red’ weather alert ditched after meteorologist’s knock
SPRINGFIELD, Ill. (AP) — A popular meteorologist has been absent from local television newscasts since criticizing a corporate weather-alert brand last week, prompting an advertising boycott, social media protests and a complaint from a U.S. senator.
Joe Crain, a WICS-TV staff member since 2004, disappeared from the weather report after ad-libbing June 5 about the “Code Red” moniker that station owner Sinclair Broadcast Group implemented as a severe-weather alert. Crain said that the brand is “all-inclusive” and “doesn’t recognize that not all storms are created equal.”
Messages left by The Associated Press for two representatives of Maryland-based Sinclair, which owns 191 television stations in 89 markets, were not returned. Neither did Lipps return a message left for him at his office.
Democratic U.S. Sen. Dick Durbin, a Springfield resident, said at a weekend news conference that Crain is “reliable and said something that was obvious.”
Private equity firm buying Shutterfly for $1.74 billion
SAN FRANCISCO (AP) — Private equity firm Apollo Global Management Photo is buying online photo publishing company Shutterfly for $51 per share.
Apollo will pay $1.74 billion for the 20-year-old company, which became popular offering its users prints and photobooks of their favorite shots. But demand that type of service has declined as people opt to share photos online through Facebook and other social networks.
Redwood City, California-based Shutterfly’s stock closed at $48.95 per share on Friday — and was trading as high as $94.28 per share a year ago.
Ryan O’Hara, the former CEO at real estate company Move Inc., will become Shutterfly’s new chief executive.
Apollo has bought more than 150 companies, including security company ADT, entertainment restaurant Chuck E. Cheese’s and telecom firm Charter Communications.