While investment sentiment was buoyed by recent announcements from companies in Asia that their earnings were holding up relatively well, investors remain concerned about rising infections and possible lockdowns or other measures that will curb economic activity. Stocks ended a wobbly day mostly lower on Wall Street.
China upholds Canadian’s death sentence as Huawei case looms
BEIJING (AP) — A Chinese court has rejected a Canadian drug convict’s appeal of a death sentence in what appeared to be an effort to increase pressure on Canada to release a detained Huawei executive.
The Canadian government condemned the ruling and appealed to China to grant the man clemency. Robert Schellenberg was sentenced to 15 years in prison in November 2018 for drug smuggling. He was abruptly resentenced to death in January 2019 following the arrest of Huawei Technologies’ chief financial officer.
Meng Wanzhou was arrested Dec. 1, 2018, in Vancouver on U.S. charges related to possible dealings with Iran. A Canadian judge will hear final arguments in her extradition case in the next few weeks.
Infrastructure on track as bipartisan Senate coalition grows
WASHINGTON (AP) — The Senate is on track to give final approval to its $1 trillion bipartisan infrastructure plan.
A growing coalition of Democrats and Republicans is preparing to lift the first phase of President Joe Biden’s rebuilding agenda to passage. Final Senate votes are expected around near midday today, with passage sending the bill to the House.
All told, some 70 senators appear poised to vote for the package. After that, the Senate will immediately launch votes on Biden’s next package — the $3.5 trillion plan that is a more strictly Democratic undertaking — beginning a debate that will extend into fall.
Rosengren: Fed should begin slowing stimulus efforts by fall
WASHINGTON (AP) — The president of the Federal Reserve Bank of Boston added his voice to a growing number of people, inside and outside the Fed, who say the central bank should soon begin to dial back its extraordinary aid for an economy that is strongly recovering from the pandemic recession.
Eric Rosengren said in an interview with The Associated Press that the central bank should announce in September that it will begin reducing its $120 billion in purchases of Treasury and mortgage bonds “this fall.” The bond buying, which the Fed initiated after the coronavirus erupted in March of last year, has been intended to lower longer-term interest rates and encourage borrowing and spending.
Contractors who powered US war in Afghanistan stuck in Dubai
DUBAI, United Arab Emirates (AP) — Some foreign contractors who powered the logistics of America’s forever war in Afghanistan have now found themselves stranded on an unending layover in Dubai without a way to get home.
After nearly two decades, the rapid withdrawal of U.S. troops from Afghanistan has upended the lives of thousands of private security contractors from some of the world’s poorest countries. They toiled in the shadows as cleaners, cooks, construction workers, servers and technicians on sprawling American bases. In the rushed evacuation, scores trying to get home to the Philippines and other countries that restricted international travel because of the pandemic have become stuck in limbo at hotels across Dubai.
LA deputies shot in ambush sue ‘ghost gun’ kit maker
LOS ANGELES (AP) —Two Los Angeles County sheriff’s deputies wounded in an ambush shooting last year have sued the Nevada company that made the parts for a “ghost gun” used in the attack.
Monday’s lawsuit alleges that Polymer80 Inc. negligently and unlawfully sold an “untraceable home-assembled gun kit” that resulted in the September attack. Ghost guns are handmade weapons that lack serial numbers. The lawsuit was filed on behalf of deputies Claudia Apolinar and Emmanuel Perez-Perez. The two were badly wounded when a gunman fired into their patrol car in Compton last September. Deonte Murray has pleaded not guilty to attempted murder.
DRAFTKINGS-GOLDEN NUGGET ONLINE
Betting website DraftKings buys Golden Nugget Online
LAS VEGAS (AP) — Sports betting website DraftKings Inc. is buying the online gambling subsidiary of Golden Nugget Inc. in a stock deal valued at $1.56 billion.
The two companies said Monday that the acquisition of Golden Nugget Online Gaming gives Boston-based DraftKings a well-known brand in the casino and gambling world, and adds more than 5 million customers to DraftKings iGaming accounts.
Tilman Fertitta, the Houston-based billionaire owner of Golden Nugget Online Gaming, also owns the NBA Houston Rockets, Landry’s restaurants and Golden Nugget casinos in Las Vegas and Atlantic City, New Jersey. He pointed to promotional and marketing advantages for the two publicly traded companies.