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Nasdaq ends 1.8% lower as tech selloff weighs on US stocks

Shares of big technology companies tumbled Monday following a Facebook data breach scandal, pushing US equity markets sharply lower.The tech-rich Nasdaq Composite Index dropped 1.8 percent to close at 7,344.24.The Dow Jones Industrial Average shed 1.4 percent to end the day at 24,610.91 and the broad-based S&P 500 also fell 1.4 percent to 2,712.92.Facebook itself…

Australia court rules Heinz ‘healthy’ toddler food misleading

Food giant Heinz’s misled consumers about the health value of Little Kids Shredz products for toddlers, an Australian court ruled Monday, adding that the US firm should have been aware the claims were deceptive.The Australian Competition and Consumer Commission took Heinz to court in 2016, saying images and statements on Shredz products, which contain fruit…

VW to invest $340 mn more in Tennessee plant

Volkswagen will invest another $340 million to build SUVs at its US factory, a sign of confidence despite rising friction on international trade, the company announced Monday.The German automaker said the funds will go towards beefing up the Chattanooga, Tennessee plant to build additional Atlas sport utility vehicles geared towards the US market. VW plans a…

Facebook data breach, trade worries weigh on global stocks

US stocks dropped Monday on worries that Facebook’s data breach scandal will lead to a regulatory crackdown on technology companies, while European bourses fell on lingering trade-war fears.Major US indices shed more than one percent following reports that Cambridge Analytica, the data analysis firm hired by Donald Trump’s 2016 presidential campaign, stole information from 50…

Trump slaps sanctions on Venezuela’s ‘bitcoin’

US President Donald Trump on Monday barred US firms and citizens from dealing in Venezuela’s new cryptocurrency.Trump issued an executive order proscribing ‘all transactions related to’ the new currency, which is designed to make up for a massive government cash crisis.The Latin American country – which has the world’s largest proven oil reserves – said…

Uber self-driving car kills Arizona pedestrian

Ride-sharing giant Uber said Monday it is suspending use of self-driving cars after one of the vehicles struck and killed a pedestrian in the US state of Arizona.The Uber vehicle was in autonomous mode, with an operator behind the wheel, when it hit a woman walking in the street in the city of Tempe late…

German minister sees possible solution on US steel tariffs

A possible compromise could be reached as soon as this week between the European Union and United States over President Donald Trump’s tariffs on steel and aluminum, a German official said Monday.Talks this week could make it ‘possible to find a solution that can still avoid a decline into a heavy trade conflict,’ German Economy…

Goldman Sachs banker to join German finance ministry

A top Goldman Sachs executive is set to join Chancellor Angela Merkel’s new government as a deputy finance minister, a spokesman said, an appointment that drew immediate scorn from the opposition. Joerg Kukies will step down as co-head of Goldman Sachs in Germany and Austria to become a state secretary under new finance chief Olaf…

US, China flex muscles at G20 meeting

Tensions over trade surfaced on the first day of a G20 meeting of finance ministers on Monday as the United States and China – whose differences are fueling fears of a trade war – flexed their muscles in the Argentine capital.The meeting of the world’s leading economies in Buenos Aires comes days before US tariffs…

Frankfurt bankers expect bigger gains from Brexit

More London banks are expected to pick Frankfurt as a European base as they adjust to post-Brexit restrictions, German financial industry representatives said Monday, even as Britain and the EU hailed progress in divorce talks.‘From April there will be sizeable moves’ by banks setting up shop in the city on the Main river, Hubertus Vaeth…