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FINANCIAL MARKETS
Stocks waver near record highs
NEW YORK (AP) — Stocks are wavering around their recent record high levels on Wall Street as traders wait for new clues about where trade talks between the U.S. and China were headed.
Chipmakers were doing well in midday trading, but those gains were offset by losses in other sectors including energy.
Nvidia rose 3.8%. Chevron gave up 1.5%.
CoverGirl owner Coty rose 1% after the company said it was buying a majority stake in reality TV star Kylie Jenner's beauty business.
TRUMP-POWELL
Trump summons Powell to discuss rates
WASHINGTON (AP) — President Donald Trump summoned Federal Reserve Chairman Jerome Powell to the White House on Monday to discuss the economy and interest rates — issues on which Trump has repeatedly attacked the Fed.
The Fed said in a statement that Powell’s message Monday to Trump was similar to his congressional testimony last week, when he suggested that the economy is in good shape and that the Fed would pause its rate cuts.
Trump has assailed Powell’s leadership of the Fed, an independent agency, for not cutting rates as aggressively as Trump has insisted. The president has called Fed officials “boneheads” and has asserted that the economy and stock market would be performing better if rates were lower or even negative.
Trump tweeted Monday that the meeting was “very good and cordial.”
TRUMP-VAPING
Trump backing off banning vaping flavors popular with teens
WASHINGTON (AP) — President Donald Trump is backing away from the idea of banning most flavored e-cigarettes.
Trump announced a proposed ban in September, saying he wanted parents to be aware of what a problem vaping had become among teens. He made the announcement in the presence of first lady Melania Trump, who does not believe e-cigarettes should be available to children.
But two White House and campaign officials say Trump has since grown reluctant to move forward after becoming convinced that such a step could alienate voters he needs for re-election who would be financially or otherwise affected by such a ban.
KEYSTONE-PIPELINE-LEAK
Land affected by Keystone pipeline leak bigger than thought
BISMARCK, N.D. (AP) — An oil spill from the Keystone pipeline in eastern North Dakota has affected almost 10 times the amount of land as first reported.
State environmental scientist Bill Suess (sees) said Monday the leak reported on Oct. 29 is now estimated to have affected about 209,100 square feet (19,426 square meters) of land near Edinburg.
State regulators had said the leak affected about 22,500 square feet (2,090 square meters) of land.
TC Energy reported the pipeline leaked an estimated 383,000 gallons (1.4 million liters) of oil. Suess says that estimate has not changed.
Suess says cleanup continues and about 337,550 gallons (1.2 million liters) of oil has been recovered.
The pipeline restarted on Nov. 9 after approval by federal regulators.
The cause of the leak has not been determined.
KYLIE JENNER-COTY
Kylie Jenner sells stake in beauty empire to CoverGirl owner
NEW YORK (AP) — Reality TV star Kylie Jenner is selling a stake of her beauty business to CoverGirl owner Coty, in a deal that values the four-year old brand at about $1.2 billion.
Coty Inc. said Monday that it will pay $600 million for a 51% stake in Kylie Cosmetics. Coty said it plans to launch more products under the Kylie brand and sell them in more countries around the world.
Jenner, part of the “Keeping Up with the Kardashians” reality show family, founded her company in 2015, relying on her hundreds of millions of social media followers to promote the brand, which includes her popular lip liners and liquid lipsticks.
The products were only sold online until last year, when the Kylie Cosmetics struck a deal to sell them in 1,100 Ulta Beauty stores.
Coty said Jenner will still be the face of the brand and be involved in creating new products.
T-MOBILE-CEO
T-Mobile says Sievert to become CEO in May 2020
UNDATED (AP) — T-Mobile says Mike Sievert will become CEO in May, following the end of John Legere’s contract.
The company says that the move is part of its succession plan.
Legere will remain with the company as a board member. Sievert, who has worked with Legere for the past seven years, currently serves as president, chief operating officer and a director.
T-Mobile is in the midst of combining with Spring in a $26.5 billion deal. Federal regulators have approved the deal, but attorneys general of 15 states and the District of Columbia aim to block it, saying it will raise prices for consumers. A trial is to start in December.
CZECH-TECH TAX
Czechs to impose 7% tax on global internet giants
PRAGUE (AP) — The Czech government has approved a plan to adopt a tax on internet giants like Google, Amazon, Facebook and Apple.
Joining France and some other countries, the measure would impose a 7% annual tax on companies’ digital business revenues in the Czech Republic. It would apply to companies with global sales worth more than 750 million euros ($830 million) and Czech revenue exceeding 100 million Czech crowns ($4.3 million).
The finance ministry has estimated the tax could bring in some 5 billion crowns ($216 million) a year, starting in 2020.
The tax still needs parliamentary approval.
Today’s move comes as some 130 countries try to find a way to more fairly tax global internet giants, with the Paris-based Organization for Economic Cooperation and Development leading the project.
YOGURT WOES
Yogurt sales sour as US breakfast culture changes
UNDATED (ap) — U.S. yogurt sales are in a multiyear slump and yogurt companies are scrambling to reverse the trend.
Market research company Mintel says U.S. yogurt sales peaked at nearly $9 billion in 2015.
They’re expected to fall to $8.2 billion this year and fall another 10% by 2024. Yogurt companies say new products can reverse the trend.
Today, Chobani announced new oat-based yogurts, capitalizing on booming sales of oat milk and consumer interest in plant-based eating.
The move follows market leader Danone’s introduction last July of oat-based yogurts under its So Delicious brand.
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