Global shares mostly higher after rise on Wall Street
TOKYO (AP) — Global shares were mostly higher today, cheered by a rise on Wall Street amid some signs of easing tensions between the U.S. and China on trade issues.
France’s CAC 40 added 0.4% in early trading, while Germany’s DAX gained nearly 0.7%. Britain’s FTSE 100 was up 0.6%.
In Asia, Japan’s benchmark Nikkei 225 finished nearly 1.0% higher. Australia’s S&P/ASX 200 rose 0.4%. South Korea’s Kospi added 0.8%. Hong Kong’s Hang Seng gained 1.7%, while the Shanghai Composite slid 0.4%.
U.S. shares are set to drift higher with Dow futures rising 0.2% to 26,956. S&P 500 futures were up nearly 0.2% at 2,983.60.
South Korea to file WTO complaint over Japan trade curbs
SEOUL, South Korea (AP) — South Korea is filing a complaint with the World Trade Organization over Japan’s tightened export controls on key materials South Korean companies use to make computer chips and displays, accusing Tokyo of weaponizing trade to retaliate over political rows.
Senior trade official Yoo Myung-hee says Seoul will request bilateral consultation with Japan over the trade curbs today as the first step in the WTO dispute settlement process.
Japan in July imposed tighter export controls on three chemicals South Korean companies use to produce semiconductors and displays for smartphones and TVs.
Seoul says Tokyo is retaliating over South Korean court rulings that called for Japanese companies to offer reparations to aging South Korean plaintiffs over World War II forced labor.
Japan has said it has security concerns.
Adidas fixer gets year of probation in college hoops case
NEW YORK (AP) — A former Adidas consultant was sentenced Tuesday to one year of probation after prosecutors credited him with helping secure convictions against an executive for the shoe company and two others in a college basketball corruption scandal.
Thomas “T.J.” Gassnola had pleaded guilty to being a fixer in a scheme to lure prized prospects to Adidas-sponsored hoops programs by funneling tens of thousands of dollars in secret payments to their families.
Gassnola offered an apology in federal court in Manhattan.
U.S. District Judge Lewis Kaplan imposed the light sentence after being told in court papers that Gassnola’s cooperation was critical in expanding the scope of the investigation and providing an “insider’s view” of the corrupting influence of corporate money on college basketball.
^PUERTO RICO-HURRICANE RELIEF ARRESTS
Former FEMA officials, contractor accused of hurricane relief fraud
SAN JUAN, Puerto Rico (AP) — Federal authorities have arrested two former officials of the Federal Emergency Management Agency and the former president of a major disaster relief contractor, accusing them of bribery and fraud in the efforts to restore electricity to Puerto Rico in the wake of Hurricane Maria.
The U.S. Attorney’s Office in Puerto Rico says that the then-president of Cobra Acquisitions LLC, Donald Keith Ellison, gave FEMA’s deputy regional director airline flights, hotel accommodations, personal security services and the use of a credit card.
In return, Ahsha Nateef Tribble is accused of using “any opportunity she had to benefit Cobra.” Tribble is also accused of accelerating payments to the company and pressuring local power authority officials to award it contracts.
Tribble was FEMA’s primary leader in trying to restore electric power after Hurricane Maria destroyed the power grid in 2017. Cobra was given contracts worth about $1.8 billion.
Relatives of passengers killed in Boeing crash protest in DC
WASHINGTON (AP) _ Families of the passengers who died in one of the Boeing 737 Max crashes lobbied Transportation Secretary Elaine Chao on Tuesday to slow what they consider a rush to let the plane fly again.
Two of the relatives who took part in the two-hour meeting in Washington said Chao promised that the government will take as long as necessary to ensure that the plane is safe but stopped short of agreeing to an entirely new, top-to-bottom review.
A spokesman for Chao said the department and the Federal Aviation Administration have taken unprecedented steps to understand the accidents and the FAA’s certification of the plane in 2017. One of those steps, he said, included Chao’s appointment of a special committee to review the FAA’s process of certifying planes.
After the meeting, several dozen relatives held a vigil on the steps of the Transportation Department headquarters to mark the six-month anniversary of the crash of Ethiopian Airlines flight 302. They carried pictures of many of the 157 people who died. Another 189 died in the October 2018 crash of a Max jet operated by Indonesia’s Lion Air.
Separately, Boeing disclosed Tuesday that it delivered just 18 airliners in August, putting the company on pace for its worst showing since 2013.
UW-Madison says Foxconn slow in fulfilling $100M pledge
MADISON, Wis. (AP) — The University of Wisconsin says it has received just $700,000 of the $100 million that Foxconn Technology Group pledged to fund engineering and innovation research on the school’s flagship campus.
A Wisconsin State Journal report Tuesday says progress has been slow since the world’s leading electronics manufacturer made the promise in August 2018.
UW-Madison spokesman John Lucas says there has been “no significant progress in discussions.” The investment has been touted as “the largest research partnership in the university’s history.”
Foxconn declined to comment.
The university and company have partnered on projects with some success, including an internship program and the “Smart Cities-Smart Futures” manufacturing competition.
Lucas says the $700,000 was used for a sponsored engineering research project.
Foxconn plans to build a high-tech screen manufacturing plant in southeastern Wisconsin.
California Senate approves bill regulating gig economy
SACRAMENTO, Calif. (AP) — The California Senate has passed a bill that would give new wage and benefit protections to workers at so-called gig economy companies like Uber and Lyft.
The 29-11 vote late Tuesday sends the bill back to the state Assembly for final approval over strident Republican opposition. Democratic Gov. Gavin Newsom has said he supports it.
The proposal has drawn staunch opposition from on-demand delivery and ridesharing companies while winning support from many of the Democratic presidential contenders.
It puts into law a California Supreme Court decision making it harder for companies to classify workers as independent contractors. The bill would make those companies classify their workers as employees instead.
While its impact on gig economy companies has drawn most of the attention, it would affect a wide array of industries.
^MACKNAC ISLAND HOTEL-SALE
Owners of Mackinac Island’s iconic Grand Hotel announce sale
MACKINAC ISLAND, Mich. (AP) — The owners of the iconic Grand Hotel on Michigan’s Mackinac Island say they’ve reached a tentative deal to sell the hotel to a private equity firm.
The Musser family and KSL Capital Partners are expected to close the deal within 30 days. Terms have not been disclosed.
The 397-room, 332,500-square-foot (30,890-square-meter) hotel was built in 1887 on the island in the Straits of Mackinac that separates Michigan’s Upper and Lower peninsulas. It has hosted five U.S. presidents and has more than 150,000 overnight guests stays each season.
The 1980 movie “Somewhere in Time,” starring Christopher Reeve and Jane Seymour, was filmed at the hotel. Motor vehicles are prohibited on Mackinac Island and visitors get there by ferry or plane. The hotel is open from early May through late October and visitors are greeted by its 660-foot-long porch.