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Facebook CEO says he’ll double down on privacy
SAN FRANCISCO (AP) — Facebook CEO Mark Zuckerberg is laying out a new “privacy-focused” vision for social networking. He is promising to transform Facebook from a company known for devouring the personal information shared by its users to one that gives people more ways to communicate in truly private fashion, with their intimate thoughts and pictures shielded by encryption in ways that Facebook itself can’t read.
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WASHINGTON (AP) — Despite signals from Chinese and U.S. officials that some truce could be forthcoming, there are few signs of any truly transformed trade relationship. Beijing’s longstanding policy of subsidizing its own businesses and charges that it illicitly obtains U.S. technology remain key obstacles to a meaningful U.S.-China trade deal.
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Gas scarcity could turn Venezuela’s crisis to catastrophe
MARACAIBO, Venezuela (AP) — In socialist Venezuela, waiting hours to fill up at the pump is the high cost of gasoline that’s nearly free. Lines stretching over a mile for gas have plagued the western region of Venezuela for years, but shortages are likely to spread countrywide as supplies of petrol start drying up amid U.S. sanctions and a raging power struggle — turning crisis into catastrophe.
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Dollar Tree to close up to 390 Family Dollar stores
NEW YORK (AP) — Dollar Tree is closing up to 390 Family Dollar stores this year and rebranding about 200 others under the Dollar Tree name. The company also slashed the value of its struggling Family Dollar chain, booking a $2.73 billion charge in its fiscal fourth quarter.
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Ghosn’s journey: Star auto executive to masked suspect
Former Nissan chairman Carlos Ghosn’s talents and charisma took him to the pinnacle of his industry before his arrest in November. On Wednesday, he left the drab confines of the Tokyo Detention Center for the first time in more than 100 days, his identity obscured with a surgical mask, hat and construction worker’s outfit. Ghosn will be under tight surveillance after his release on 1 billion yen ($8.9 million) bail.
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The Cruze cruises: GM assembly plant prepares to close
LORDSTOWN, Ohio (AP) — General Motors’ sprawling Lordstown assembly plant near Youngstown is about to end production of the Chevrolet Cruze sedan, ending for now more than 50 years of auto manufacturing at the site. The jobs of nearly 1,700 hourly workers will be eliminated when production ends Wednesday afternoon and a contingent of workers finish making replacement parts like hoods and fenders sometime later this month.
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Democrat bill seeks to restore Obama-era net neutrality regs
NEW YORK (AP) — Top Democrats in the House and Senate are announcing a new bill to restore the 2015 “net neutrality” rules that Trump-era regulators repealed. The regulation had barred internet service providers like Verizon, AT&T and Comcast from playing favorites with websites and apps. Wednesday’s bill to restore net neutrality will have a tough time becoming law, but could give Democrats political points.
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iPhone sales are falling, and Apple’s app fees might be next
SAN FRANCISCO (AP) — As iPhone sales slip, Apple has been positioning its booming digital-services business as its new profit engine. But there could be a snag in that plan. A brewing backlash against the rich commissions Apple earns from all purchases and subscriptions made via iPhone apps could undercut the app store, which generates about a third of the company’s services revenue.
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EPA says 2017 model year vehicle mileage increased slightly
DETROIT (AP) — New vehicles in the U.S. from the 2017 model year averaged slightly better gas mileage than the previous year, rising to a record 24.9 miles per gallon. That’s according to an annual report from the Environmental Protection Agency. But the mileage rose only 0.2 mpg, and environmental groups say it fell short of a 1 mpg increase required under standards enacted during the Obama administration.
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Health companies lead US stocks their 3rd loss in a row
NEW YORK (AP) — Health care companies led U.S. stocks broadly lower Wednesday, giving the market its third straight loss. Technology and energy stocks also bore the brunt of the selling, offsetting gains in materials and utilities companies. Several retailers also rose. Smaller companies fell more than the rest of the market. A new survey indicated lower-than-expected gain in hiring by private U.S. companies last month, while new data showed the nation’s trade deficit widened to a decade-long high in December.
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The S&P 500 dropped 18.20 points, or 0.7 percent, to 2,771.45. The Dow Jones Industrial Average fell 133.17 points, or 0.5 percent, to 25,673.46. The Nasdaq composite lost 70.44 points, or 0.9 percent, to 7,505.92. The Russell 2000 index of smaller companies gave up 31.46 points, or 2 percent, to 1,536.82.