Trump picks camera-proven Kudlow as top economic aide
WASHINGTON — President Donald Trump has chosen Larry Kudlow to be his top economic aide. Kudlow is a long-time fixture on the CNBC business news network who previously served in the Reagan administration and has argued relentlessly in tart sound bites for tax cuts and a smaller government.
Tariffs lift hopes for jobs in American mill towns
In American mill towns, the hope is that tariffs on imported steel and aluminum will mean more jobs. One CEO says President Trump’s tariff plan ‘gives us a fighting chance.’ But analysts say the job gains will be modest, and could come at the price of damaging industries that will face higher prices for key raw materials.
Holmes surrenders Theranos, pays $500K after ‘massive fraud’
NEW YORK — Elizabeth Holmes, a Stanford University dropout once billed as the “next Steve Jobs” has forfeited control of Theranos, the blood testing startup she founded, and will pay $500,000 to settle charges that she oversaw a “massive fraud.” Under an agreement Wednesday with U.S. regulators, Holmes is barred from serving as an officer or director of a public company for 10 years.
Former Equifax executive charged with insider trading
ATLANTA — A former Equifax executive faces federal insider trading charges after prosecutor says he sold his company securities before the public announcement of a massive data breach. Federal prosecutors said Wednesday that a federal grand jury on Tuesday indicted Jun Ying, former chief information officer of Equifax’s U.S. Information Solutions. They say he sold his shares in August. Equifax stock plunged in value after the company disclosed the breach in September.
Dog death on United raises questions about its track record
United Airlines says the flight attendant who ordered a passenger to put her pet carrier in the overhead bin didn’t know there was a puppy inside. The airline’s account is being contradicted by the family that owned the French bulldog, and also by other passengers on Monday night’s flight. United said Wednesday that the customer did mention the dog, but the flight attendant didn’t hear or understand her. The dog died during the Houston-to-New York flight on Monday night.
YouTube tries to crack down on conspiracy videos
NEW YORK — YouTube says it is cracking down on conspiracy videos, though it’s scant on the details. YouTube CEO Susan Wojcicki said at a conference on Tuesday that the company will work with the online encyclopedia Wikipedia to try to debunk conspiracy theories. The company says it’s doing other things as well, but it isn’t saying what.
Lyft, auto parts maker Magna partner on autonomous vehicles
DETROIT — Ride-hailing company Lyft is joining with large Canadian auto parts supplier Magna to develop self-driving vehicles, sharing expenses on a multi-year project that could vault them onto the leader board in autonomous technology. The companies announced the partnership Wednesday and also said that Magna would invest $200 million in Lyft.
Lawsuits accuse automakers of faulty air bags, recall delays
DETROIT — General Motors, Fiat Chrysler, Volkswagen and Mercedes all knew of problems with dangerous exploding Takata air bag inflators years before issuing recalls, according to three class actions filed Wednesday with the federal court in Miami. The lawsuits cite company documents obtained through previous legal actions against other automakers over faulty Takata inflators. The plaintiffs allege that automakers were informed of inflator defects during tests but delayed taking action. Allegations against GM are among the most serious. Takata documents showed that GM employees expressed concerns about inflators rupturing as early as 2003.
Banks, industrials fall as trade tensions hit stocks again
NEW YORK — U.S. stocks sank again Wednesday as investors worried about tariffs and rising trade tensions. That hurt industrial companies, while banks slumped along with interest rates. Stocks rose in the morning as investors looked for a rebound from the previous day’s losses, but with European leaders warning about the risks of trade disputes, indexes gradually headed lower. Boeing and other industrial companies, including airlines and defense companies, took some of the worst losses.
The Standard & Poor’s 500 index lost 15.83 points, or 0.6 percent, to 2,749.48. The Dow Jones industrial average lost 248.91 points, or 1 percent, to 24,758.12. The Nasdaq composite fell 14.20 points, or 0.2 percent, to 7,496.81. The Russell 2000 index of smaller-company stocks declined 7.74 points, or 0.5 percent, to 1,584.31.
Benchmark U.S. crude gained 25 cents to $60.96 a barrel in New York. Brent crude, used to price international oils, added 25 cents to $64.89 per barrel in London. Wholesale gasoline added 4 cents to $1.92 a gallon. Heating oil rose 1 cent to $1.89 a gallon. Natural gas slid 6 cents to $2.73 per 1,000 cubic feet.
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