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US-China pact signing to ease tension but leave much undone
WASHINGTON (AP) — After 18 months of economic combat, the United States and China are to take a step toward peace Wednesday. At least for now. President Donald Trump and China's chief negotiator are scheduled to sign a modest trade agreement in which the administration will ease some sanctions on China and Beijing will step up purchases of U.S. goods. Above all, the deal will defuse a conflict that has slowed global growth, hurt American manufacturers and weighed on China's economy. But the pact does little to force China to make the major reforms that the Trump administration has sought.
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NSA finds major security flaw in Windows 10, free fix issued
Computer security experts are urging individuals and organizations to fix a major Windows 10 security flaw that the National Security Agency has discovered. The flaw could let hackers intercept seemingly secure communications. Rather than exploit the flaw for its own needs, the intelligence agency tipped off Microsoft so that it can fix the system for everyone.
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Climate is changing. Investing needs to, too, says BlackRock
NEW YORK (AP) — The world's largest asset manager is making climate change central to its investment decisions. BlackRock CEO Laurence Fink oversees the management of about $7 trillion in funds. He says in his influential annual letter to CEOs that he believes we are "on the edge of a fundamental reshaping of finance" because of a warming planet. He says climate change has become the top issue raised by clients, and sustainable investing has become one of the industry's hottest areas. Environmental groups have long criticized BlackRock and other giants in the investment industry for not doing more on sustainability.
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Banks post big profits, but lower interest rates are a worry
NEW YORK (AP) — So far, it appears 2019 was another record year for Wall Street. Profits and revenues at JPMorgan Chase and Citigroup were up. In addition, the banks' trading rebounded after a terrible end to 2018, and consumers spent tons of money on their credit cards. But there are concerns that lower interest rates will slow down Wall Street's decade-long profit party.
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Russians hacked company key to Ukraine scandal: researchers
BOSTON (AP) — A U.S. cybersecurity company says Russian military agents successfully hacked the Ukrainian gas company at the centre of the scandal that led to President Donald Trump's impeachment. Russian agents launched a phishing campaign in early November aimed at stealing login credentials for employees of the gas company, Burisma Holdings. That's according to Area 1 Security, a Silicon Valley firm. It isn't clear what the hackers were after but the operation's timing suggests that Russian agents may been seeking to damage former U.S. Vice-President Joe Biden's presidential campaign. Biden's son Hunter used to serve on Burisma's board.
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Max crisis: Boeing airplane orders plunge to a 16-year low
CHICAGO (AP) — Boeing orders have fallen to their lowest level since 2003 and cancellations are outnumbering sales. Those are signs of how badly the crisis surrounding the 737 Max has damaged the company. Boeing says it took 246 orders for new commercial airplanes in 2019, the lowest number since 2003. And deliveries are down too because Boeing halted shipments of the Max last spring. Its European rival Airbus has sprinted far ahead of Boeing in both orders and deliveries. Meanwhile, American Airlines is taking the Max out of its schedule for two more months, until early June, and cancelling thousands more flights.
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Amazon lets third-party sellers use FedEx ground again
NEW YORK (AP) — Amazon said it will allow its third-party sellers to start using FedEx's ground service again after banning them from using it for about a month because FedEx purportedly wasn't delivering on time. Amazon said FedEx is now getting orders delivered on time and sent a letter to sellers telling them they can start using the carrier on Tuesday. FedEx said reinstating its ground service for Amazon sellers is good news.
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15 states oppose Trump plan to allow LNG shipments by rail
HARRISBURG, Pa. (AP) — The attorneys general of 15 states are opposing a Trump administration proposal to allow rail shipments of liquefied natural gas. They argue the trains will share tracks with passenger trains and travel through heavily congested areas. The protesting states submitted comments on the proposal Monday. They include Pennsylvania and New Jersey, where the Trump administration issued a special permit in December to ship LNG by rail. The states say the rule would put residents, first responders and the environment at greater risk of catastrophic accidents. LNG shipments are allowed by truck, but not by rail, except for with a special permit.
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Stocks cling to tiny gains as investors parse trade signals
NEW YORK (AP) — Stocks struggled to hold on to meagre gains on Wall Street Tuesday as investors parsed the latest indications on trade relations between the U.S. and China as well as the first wave of quarterly earnings reports from big companies. Wells Fargo dropped but JPMorgan Chase rose. Traders were spooked by a report that U.S. tariffs would remain in place on Chinese goods even after a preliminary deal is signed Wednesday.
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The S&P 500 index fell 4.98 points, or 0.2%, to 3,283.15. The Dow Jones Industrial Average rose 32.62 points, or 0.1%, to 28,939.67. The Nasdaq slid 22.60 points, or 0.2%, to 9,251.33. The Russell 2000 index of smaller company stocks climbed 6.14 points, or 0.4%, to 1,675.74.
© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile
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