Asian stocks rise on report of revived US-China trade talks
BEIJING (AP) — Asian stock markets rose today following a report that U.S. and Chinese trade envoys will meet for talks next week.
Benchmarks in Shanghai, Tokyo, Hong Kong and Sydney all advanced.
The Shanghai Composite Index gained 0.8% and Tokyo’s Nikkei 225 climbed 0.4%. Hong Kong’s Hang Seng advanced 0.7%. Seoul’s Kospi was 0.9% lower. India’s Sensex lost 0.7%.
Sydney’s S&P-ASX 200 gained 0.7%. New Zealand and Taiwan declined while Southeast Asian markets were mixed.
On Wall Street Tuesday, stocks were broadly higher after major companies reported solid second quarter gains.
The benchmark S &P 500 index rose 0.7% to 3,005.47. The Dow Jones Industrial Average also rose 0.7%, to 27,349.19. The Nasdaq composite rose 0.6% to 8,251.40.
DOJ opens entitrust investigation and the FTC expected to say Facebook misled users on Wednesday
WASHINGTON (AP) _ The Justice Department is opening a sweeping antitrust investigation of big technology companies and whether their online platforms have hurt competition, suppressed innovation or otherwise harmed consumers. It comes as a growing number of lawmakers have called for stricter regulation or even breaking up of the big tech companies, which have come under intense scrutiny following a series of scandals that compromised users’ privacy.
The Justice Department didn’t name any companies, but the targets are most likely Apple, Amazon, Google and Facebook. All four were the subject of congressional hearings last week.
Insurers offer competing plan to rescue PG&E from bankruptcy
SAN FRANCISCO (AP) _ Insurers that say Pacific Gas & Electric owes them more than $20 billion from wildfire claims, want to take over the California utility and pull it out of bankruptcy. The group of insurers filed court documents Tuesday seeking to end PG&E’s exclusive right to file a reorganization plan. A group of PG&E bondholders is also competing for the right to submit a reorganization plan.
Investigators have blamed PG&E equipment for sparking some of California’s recent devastating wildfires. The insurers say the utility owes them reimbursement for about $20 billion in wildfire loss claims.
A federal bankruptcy judge is expected to consider the bondholders’ request Wednesday.
FDA warns top marijuana company for making CBD health claims
UNDATED (AP) _ U.S. regulators have issued a warning to a leading marijuana company for making unproven health claims about CBD.
The Food and Drug Administration announced Tuesday it has warned Curaleaf Inc., of Wakefield, Massachusetts, for illegally selling unapproved drugs. The agency says Curaleaf’s claims could lead people to delay medical care for serious conditions like cancer.
Curaleaf operates in 12 states. The company says it will work with the FDA to resolve the issues.
CBD is a compound found in marijuana but doesn’t cause a high. It’s widely marketed in oils, lotions and foods.
The Curaleaf warning comes as the FDA has been evaluating how to regulate the trendy ingredient. The agency plans to report this fall on its regulatory approach after holding a public hearing and receiving nearly 4,500 comments.
Prosecutors: 3 men hacked US servers from Romania
ATLANTA (AP) _ Federal prosecutors in Georgia say three men who hacked U.S. computers from Romania have been sentenced to U.S. federal prison for a fraud scheme totaling more than $21 million.
A news release says sentences ranged from four years and three months to eight years and two months for the men who all are Romanian. Prosecutors say they installed bulk emailing and interactive voice response software that tricked people across the country into providing personal information.
Prosecutors say the compromised servers made thousands of calls and text messages to victims across the U.S. as part of the scheme.
The men were extradited last year and all pleaded guilty earlier this year to multiple charges.
Starbucks to expand delivery nationally in 2020
SEATTLE (AP) — Starbucks says it will offer delivery in most of the U.S. by early next year.
The Seattle coffee company launched delivery last fall in Miami with its partner, Uber Eats. It has since expanded to 10 additional U.S. cities, including Los Angeles, Chicago and New York.
Customers in most areas where Starbucks and Uber Eats operate will be able to order drinks and other menu items. Uber Eats says it currently covers more than 70% of the U.S. population.
Starbucks and Uber Eats will also work together to improve delivery packaging, in-store operations and delivery speed.
UPS adds pickup spots at retailers, seeks to fly more drones
NEW YORK (AP) — UPS is responding to the growth in online shopping and pressures for speedy delivery by seeking to expand its drone deliveries and adding thousands of new spots where customers can pick up packages.
The Atlanta-based package delivery giant says it is adding 12,000 new package pickup locations inside CVS, The Michaels Co. and Advance Auto Parts stores. The new locations will bring to 21,000 the number of pickup points UPS has in the U.S. and to 40,000 globally.
It also announced that starting Jan. 1 it will offer pickup and delivery services seven days a week, adding service on Sundays.
It says it’s setting up a subsidiary that will focus on expanding its drone-delivery operations, limited now to delivering medical samples at a group of hospitals in Raleigh, North Carolina.