Business Highlights

 

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China’s economic slowdown deepens, weighing on global growth

BEIJING (AP) — China’s economic growth slowed to a new three-decade low amid a tariff war with Washington, adding to a deepening slump that is weighing on global growth. The world’s second-largest economy grew by 6% over a year ago, down from the previous quarter’s 6.2%. The International Monetary Fund cited the U.S.-Chinese trade fight as a factor in this week’s decision to cut its 2019 global growth forecast.

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FAA confronts Boeing over internal messages revealing flaws

DALLAS (AP) — Boeing was aware of troubling instant messages between two employees regarding their communications with federal regulators over its now-grounded 737 Max jet, but the company waited months to disclose them. Federal Aviation Administration chief Steve Dickson demanded an explanation from Boeing CEO Dennis Muilenburg in a letter Friday.

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Despite labour costs, GM averts financial woes of its past

DETROIT (AP) — The new four-year deal between General Motors and 49,000 United Auto Workers will drive up the company’s expenses with pay raises, bonuses and other increases. But analysts say GM is far better able to handle the costs now than it was a decade ago when the high cost of labour helped send it into bankruptcy protection. And GM did score some victories in the tentative agreement, mainly with added costs that it was able to avoid.

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IMF, World Bank leaders appeal for an end to trade wars

WASHINGTON (AP) — The leaders of the International Monetary Fund and the World Bank are appealing to their member countries to resolve widening disagreements on trade and other issues. The IMF and World Bank leader are warning that the divisions threaten to worsen the impact of a global slowdown. They’re citing the fallout from the U.S.-China trade war, the weakness in Europe that’s linked to Brexit, and rising tensions in the Middle East.

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Oracle co-CEO Mark Hurd is dead at 62

SAN FRANCISCO (AP) — Oracle co-CEO Mark Hurd has died at 62. The company confirmed his death Friday. Hurd managed two Silicon Valley giants, Oracle and computer and printer maker Hewlett-Packard. He left HP following accusations of sexual harassment. Hurd was on medical leave from Oracle, and the company did not disclose a cause of death.

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Over-the-counter heartburn drug Zantac pulled in US, Canada

Drugmaker Sanofi is recalling its over-the-counter heartburn drug Zantac in the U.S. and Canada because of possible contamination. The French company Friday joined other drugmakers that have recently recalled their versions of the popular heartburn and ulcer drug. The Food and Drug Administration has said consumers should consider taking another heartburn medicine in the meantime.

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US officials propose less paperwork for mineral royalty cuts

CHEYENNE, Wyo. (AP) — A U.S. Bureau of Land Management proposal published Friday would make it easier for mining companies to request lower government royalty rates for certain minerals, an idea backed by supporters of an industry that supplies much of the world’s baking soda. The proposal would reduce paperwork for miners who ask the BLM to lower rates for the right to mine federally owned, non-fossil-fuel minerals including trona, phosphate, potash, potassium and sulfur.

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J&J recalls baby powder after trace asbestos found in bottle

Johnson & Johnson is recalling a single lot of its baby powder as a precaution after testing found trace amounts of asbestos in one bottle bought online. The recall announced Friday comes as J&J fights thousands of lawsuits in which plaintiffs claim its iconic baby powder was contaminated with asbestos and that it caused ovarian cancer or another rare cancer. At multiple trials, J&J experts have testified asbestos hasn’t been detected in its baby powder in many tests over 40 years.

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CEOs, attorneys general trying to reach opioid settlement

Chief executives of a handful of pharmaceutical and drug distribution companies are negotiating with government attorneys to see if they can reach a settlement ahead of the first federal trial over the nation’s opioid crisis. Top officials at the companies that are defendants in the case were summoned to a Friday meeting in Cleveland by U.S. District Court Judge Dan Polster, who is overseeing more than 2,000 opioid-related lawsuits. Opening statements in the case are scheduled for Monday.

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Stocks end lower; S&P 500 notches 2nd straight weekly gain

NEW YORK (AP) — The S&P 500 index closed out an uneven week of trading on Wall Street with its second straight weekly gain, even though stock indexes ended lower Friday. Technology companies led the slide, erasing some of the market’s gains from a day earlier. Communication services, industrials and health care stocks also fell, outweighing gains in real estate companies, banks and elsewhere in the market. Investors continued to focus on company earnings reports. Bond yields held steady.

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The S&P 500 index fell 11.75 points, or 0.4%, to 2,986.20. The Dow Jones Industrial Average dropped 255.68 points, or 1%, to 26,770.20. The Nasdaq lost 67.31 points, or 0.8%, to 8,089.54. The Russell 2000 index of smaller stocks gave up 6.36 points, or 0.4%, to 1,535.48.

The Associated Press

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