Despite Trump Tweet, Ford Says it Won’t Make Hatchback in US
Ford won’t be moving production of a hatchback wagon to the United States from China — despite President Donald Trump’s claim Sunday that his taxes on Chinese imports mean the Focus Active can be built in America. Citing Trump’s new tariffs, Ford on Aug. 31 said it was dropping plans to ship the Focus Active from China to America.
Alibaba’s Jack Ma to Step Down as Chairman in September 2019
Jack Ma, one of China’s most prominent entrepreneurs, says he will step down as chairman of e-commerce giant Alibaba Group in September 2019. Ma founded Alibaba in 1999 and helped to launch China’s online retailing boom. Alibaba said Ma will remain a member of a group that has the right to nominate a majority of its board members.
China Promises Retaliation if US Imposes More Tariffs
China has promised retaliation if Washington goes ahead with more tariff hikes, raising the risk Beijing might target operations of American companies if it runs out of imports for penalties. The threat came after Trump said he might raise duties on an additional $267 billion of Chinese goods. Beijing warned earlier it would impose “comprehensive measures” if necessary. That has left U.S. companies on edge about whether they might be targeted.
US Consumer Borrowing up Strong $16.6 Billion in July
Americans increased their borrowing in July at nearly double the pace of the previous month, evidence that confident consumers are willing to take on more debt to support their spending. The Federal Reserve reports that consumer debt rose by a seasonally adjusted $16.6 billion in July, up sharply from a gain of $8.5 billion in June.
On Front Line of Trade, EU Ports Fear Overnight Brexit Chaos
Not since the 1970s have European port towns had to deal with customs in their massive trade with Britain. All of that could change on Brexit day, on March 30, 2019. Britain and the European Union are struggling to agree on the terms of business after Brexit, raising the chances of a sudden return of tariffs and border controls. That is starting to unnerve companies and authorities, particularly in places like ports that operate on the front line of global trade.
Poll: Teens Say Social Media Makes Them Feel Better
Today’s teens are constantly on their smartphones, many check social media constantly and prefer texting over face-to-face communication. But a new poll finds that these same teens also say that social media has a positive effect on their lives, helping them feel more confident, less lonely and less depressed. The poll, released Monday by Common Sense Media, found that 89 percent of teenagers have their own smartphone. That’s up from 41 percent in 2012, the last time the survey was conducted.
Stocks End Losing Streak as Industrials, Retailers Rise
Gain for industrial and consumer-focused companies help U.S. stock indexes break out of a four-day losing streak. Technology companies also rose after their worst one-week loss since March. CBS falls after it said CEO Les Moonves will depart.
The S&P 500 index gained 5.45 points, or 0.2 percent, to 2,877.13. The Dow Jones Industrial Average lost 59.47 points, or 0.2 percent, to 25,857.07. The Nasdaq composite edged up 21.62 points, or 0.3 percent, to 7,924.16. The Russell 2000 index of smaller-company stocks rose 4.29 points, or 0.3 percent, to 1,717.47.
Benchmark U.S. crude fell 0.3 percent to $67.54 a barrel in New York. Brent crude, used to price international oils, gained 0.7 percent to $77.37 a barrel in London. Wholesale gasoline dipped 0.5 percent to $1.96 a gallon. Heating oil stayed at $2.22 a gallon. Natural gas rose 1 percent to $2.80 per 1,000 cubic feet.
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