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Asian shares mixed amid cautious mood, eyes on trade talks
TOKYO (AP) — Asian shares are mixed today in a cautious mode after Wall Street closed out the week with milestones as the Dow Jones Industrial Average crossed 28,000 for the first time and the S&P 500 and Nasdaq hit record highs.
Japan’s benchmark Nikkei 225 edged up 0.3% in afternoon trading. Australia’s S&P/ASX 200 fell 0.4%. South Korea’s Kospi lost 0.3%. Hong Kong’s Hang Seng added 1.0%, while the Shanghai Composite was up nearly 0.6%.
On Wall Street Friday, the S&P 500 index rose 23.83 points, or 0.8%, to 3,120.46. The Dow Jones Industrial Average gained 222.93 points, or 0.8%, to 28,004.89. The Nasdaq composite climbed 61.81, or 0.7%, to 8,540.83. The Russell 2000 index of smaller companies picked up 7.66 points, or 0.5%, to 1,596.45.
The S&P, Dow and Nasdaq are now all up by more than 20% for the year.
Yahoo Japan, Line to merge business to form online giant
TOKYO (AP) — Online services Yahoo Japan and Line Corp. have announced they are merging. Z Holdings Corp., which owns SoftBank Corp. that operates Yahoo Japan, and Naver Corp. of South Korea, which owns a majority stake in Line, are aiming for a final agreement by next month. The combination will form an online giant with retail services, advertising and other mobile services such as messaging.
The combination in a joint venture through a tender offer will form an online giant with retail services, advertising and other mobile services such as messaging.
Their combined sales would be the largest among Japanese online business operators, surpassing Rakuten Inc., according to Kyodo news service.
The companies said combining forces will allow them to stay competitive in a drastically changing market, including expansions into robotics and other new areas. The companies said the integration will be carried out on an equal basis.
HP rejects takeover offer from Xerox
UNDATED (AP) — HP Inc. says its board has rejected a roughly $33.5 billion takeover offer from Xerox.
The Palo Alto, California-based company says that the cash and stock deal undervalues its business and its board cited concerns about “outsized” debt levels should the companies combine.
HP, which makes computers and printers, says it recognizes the potential benefits of consolidation and remains open to exploring other options to combine with Xerox Holdings Corp.
Both companies have faced difficulties as the demand for printed documents and ink has waned.
MAINSTREAM ELECTRIC VEHICLES
Ford Mustang SUV starts a blitz of new electric vehicles
DEARBORN, Mich. (AP) — Ford is unveiling its first all-electric SUV, marking the start of an avalanche of battery-powered vehicles coming from mainstream and luxury automakers during the next two years that industry analysts say will boost electric vehicle sales. Analysts expect the number of electric vehicles for sale in the U.S. to grow from 16 currently to as many as 80 by 2022. They say the increased selection and longer range of the new vehicles will make them more popular.
The “Mustang Mach E,” which will go 230 miles to more 300 miles per charge depending on how it’s equipped, was unveiled Sunday night ahead of the Los Angeles Auto Show press days.
There are 18 electric vehicles now for sale in the U.S., and information provider IHS Markit expects that to grow to 80 in 2022, including pickup trucks and SUVs that are in the heart of the American market. Yet last year, pure electric vehicles made up only 1.5% of new vehicle sales worldwide, and the consulting firm LMC Automotive predicts that will rise to 2.2% this year. In the U.S., electric vehicles were only 1.2% of sales in 2018, and it’s expected to be about the same this year.
Etihad launches more fuel-efficient Boeing 787 Dreamliner
DUBAI, United Arab Emirates (AP) — Abu Dhabi’s flagship carrier Etihad has partnered with Boeing to launch what they say will be one of the world’s most fuel-efficient long haul airplanes as the company seeks to save costs on fuel and position itself as a more environmentally-conscious choice for travelers.
Etihad’s “Greenliner” is a 787 Dreamliner that will depart on its first route from Abu Dhabi to Brussels next year. Etihad’s CEO Tony Douglas described the aircraft as a flying laboratory for testing that could benefit the entire industry.
As fuel costs eat up a quarter of airline spending, Douglas said Monday the goal of the Greenliner is to be 20% more fuel efficient than other aircraft in Etihad’s fleet.
Aviation accounts for a small but rapidly growing share of greenhouse-gas emissions — about 2.5% worldwide.
US draws fewer new foreign students for 3rd straight year
UNDATED (AP) — A new report says the number of foreign students coming to U.S. colleges and universities continued to fall last year, but the Trump administration says the drop should be blamed on high tuition costs and not students’ concerns over the nation’s political atmosphere.
An annual report from the Institute of International Education found that the number of newly enrolled international students dipped by 1% in fall 2018 compared to the year before. It follows decreases of 7% and 3% in the previous two years, which were the first downturns in more than a decade.
The downturn is a worry for universities that have come to rely on tuition from foreign students, who are typically charged higher rates. Some schools have blamed President Donald Trump’s rhetoric against immigrants for driving students away, but officials at the State Department, which pays for the annual report, dismisses the idea.
DUNKIN’-NO DOUBLE CUP
Dunkin’ bans the ‘double-cup’ as it swaps foam for paper
BOSTON (AP) — The Dunkin’ coffee chain says customers will have to do without the “double cup.” A new campaign focused in Massachusetts and Rhode Island tells customers they can no longer nest their iced drinks in a second, foam cup for extra insulation as the company eliminates its polystyrene cups. The brand says the double-cup habit was started in New England and is most common there. But by Dec. 1, all the region’s stores will swap foam cups for paper ones that the company says are more environmentally friendly.
New ads tell customers that the “double cup is breaking up” because the chain’s relationship with foam isn’t sustainable. Cold drinks are being marketed as “iced, delicious and single.”
The company says its foam cups will be eliminated worldwide next year.