Estimated read time: 4-5 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
FINANCIAL MARKETS
Asian shares mostly lower in quiet pre-Christmas trading
TOKYO (AP) — Shares were mostly lower today in quiet trading ahead of Christmas holidays for many markets.
Japan's Nikkei 225 index was unchanged, while the Hang Seng in Hong Kong also was flat. In South Korea, the Kospi was unchanged. The Shanghai Composite index fell 1.2% and Australia's S&P ASX 200 gave up 0.5%. Shares rose in Taiwan and Indonesia but fell in Thailand and Singapore.
Friday on Wall Street, the S&P 500 rose 0.5% to 3,221.22. It is up 28.5% for the year. The Dow Jones Industrial Average climbed 0.3%, to 28,455.09. The Nasdaq composite added 0.4%, to 8,924.96, while the Russell 2000 index of smaller company stocks picked up 0.3%., to 1,671.90.
NORTHEAST ASIA SUMMIT
China, South Korea, Japan meet over trade, regional disputes
BEIJING (AP) — The leaders of China, Japan and South Korea are holding a trilateral summit in China this week amid feuds over trade, military maneuverings and historical animosities.
Most striking has been a complex dispute between Seoul and Tokyo, while Beijing has recently sought to tone down its disagreements with its two neighbors.
Economic cooperation and the North Korean nuclear threat are the main issues binding the Northeast Asian troika.
While no major breakthroughs are expected at the meetings, the opportunity for face-to-face discussions between the sometimes-mutual antagonists is alone considered significant. Below is a look at the current state of relations among the three.
CHINA-ECONOMY
China promises more access to oil, telecoms, power markets
BEIJING (AP) — China's government is promising to open its oil, telecom and power markets wider to private competitors as the ruling Communist Party tries to shore up growth in the slowing, state-dominated economy.
The Cabinet also is promising to give private companies equal treatment with state-owned enterprises in more industries. Today’s government statement gives no indication whether the changes apply equally to foreign companies.
The promise adds to a string of market-opening measures and tariff cuts meant to help revive economic growth that slowed to a three-decade low of 6% in the latest quarter. It comes amid a tariff war with Washington over Beijing's technology ambitions and trade surplus.
GREECE-ISRAEL-CYPRUS
Cyprus, Greece, Israel to sign pipeline deal on Jan. 2
ATHENS, Greece (AP) — The leaders of Cyprus, Greece and Israel plan to sign an agreement early in the new year for the building of the eastern Mediterranean natural gas pipeline. That’s according to the Greek prime minister’s office.
The agreement will be signed in Athens on Jan. 2 by the prime ministers of Israel and Greece and Israeli Prime Minister Benjamin Netanyahu.
As now planned, the pipeline will run across the Mediterranean from Israel’s Levantine Basin offshore gas reserves to the Greek island of Crete and the Greek mainland, and then to Italy.
GAS PRICES
Gas prices drop 4 cents per gallon to $2.61
CAMARILLO, Calif. (AP) — The average U.S. price of regular-grade gasoline has dipped 4 cents per gallon to $2.61 over the past two weeks.
Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that pump prices are unlikely to continue to decrease as retailers around the country face higher costs.
The price at the pump is 18 cents higher than it was a year ago. The highest average price in the nation for regular-grade gas is $3.62 per gallon in San Diego. The lowest average is $2.14 in Houston. The average price of diesel is $3.05, down a penny.
OBIT-JOSEPH SEGEL
Joseph Segel, QVC and Franklin Mint founder, dead at 88
Joseph Segel, a “quintessential entrepreneur” who founded the home-shopping network QVC, has died. Word of his death comes from the company that owns the channel. Segel was 88.
The Philadelphia Inquirer reported that Segel died Saturday in Gladwyne, Pennsylvania, of congestive heart failure.
Segel is remembered as an innovator for creating QVC, short for “Quality Value Convenience." It launched in 1986 and was played by nearly 60 cable stations. It now reaches 380 million homes throughout the world, according to a press release from Qurate Retail Group.
In 1993, Segel retired as chairman of QVC. He stayed on as a company adviser until 2013.
Segel's entrepreneurial streak wasn't just limited to QVC. He also founded the Franklin Mint, a private mint company that produces commemorative coins and other collectibles. It is now owned by Sequential Brands Group.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
