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Business Highlights: Trump’s record $4.7 trillion budget relies on strong growth

🕐 4 min read

Boeing 737 Max 8s under scrutiny after Ethiopia crash

HEJERE, Ethiopia (AP) — Airlines in Ethiopia, China, Indonesia and elsewhere have grounded the Boeing 737 Max 8 jetliner after the second devastating crash of one of the planes in five months. But Boeing said it had no reason to pull the popular aircraft from the skies. As the East African country mourned the 157 victims of the Ethiopian Airlines plane that went down in clear weather shortly after takeoff Sunday, investigators found the jetliner’s two flight recorders.


WASHINGTON (AP) — President Donald Trump’s 2020 budget released Monday relies on optimistic 3.1 percent economic growth projections alongside accounting shuffles and steep domestic program cuts. All that would bring the $4.7 trillion spending plan into promised balance in 15 years. The deficit is projected to hit $1.1 trillion in the 2020 fiscal year, the highest in a decade.


US retail sales up just 0.2 pct. as consumers stay cautious

WASHINGTON (AP) — U.S. retail sales rose slightly in January after a sharp drop in December, reflecting caution taken by consumers amid a government shutdown and volatile stock market. The Commerce Department said Monday that retail sales increased just 0.2 percent, after a sharp fall of 1.6 percent in December, the biggest drop in 9 years.


Trump donor claimed she could offer access to president

PALM BEACH, Fla. (AP) — A company’s claim that its Chinese clients could have the chance to mingle with President Donald Trump marks the latest in a litany of ethical issues stemming from Trump continuing to own and operate a club with dues-paying members. The Miami Herald reports that the company’s founder, Li Yang, also arranged for Chinese business executives to attend a paid fundraiser for Trump in New York City in 2017. Only citizens and permanent residents can donate to U.S. political campaigns.


UAW chief raises strike pay, issues warning to automakers

DETROIT (AP) — The president of the United Auto Workers union warned automakers that the union is prepared to strike if it doesn’t get its way in upcoming contract talks. Gary Jones told delegates to the union’s bargaining convention that it would raise weekly strike pay from $200 to $250 per week and $275 in January of next year. The new union president says no one expects a strike but the UAW is prepared to walk out. He said raising the payments is a symbol to members that the union has their backs.


Tesla walks back its plan to close most showrooms

DETROIT (AP) — Tesla is walking back its plan to close most of its showrooms worldwide. The company says it still plans to move to fully online sales but it won’t close as many stores as originally thought. Tesla announced last month that it would shutter most of its stores to cut costs so it could sell its lower-priced Model 3 for $35,000. The $35,000 base Model 3 will still be available but the company will raise prices 3 percent on all other models.


UK leader holds last-ditch Brexit talks with EU before vote

LONDON (AP) — Prime Minister Theresa May is scrambling to win last-minute changes from the European Union to her Brexit deal Monday, a day before a crucial vote in Britain’s Parliament that could derail the country’s withdrawal from the EU — and cost May her job. May took a Royal Air Force jet to Strasbourg, France, for talks with European Commission President Jean-Claude Juncker, seeking a way to get reluctant British legislators to back a deal that they resoundingly rejected in January.


Barrick Gold drops takeover bid for Newmont Mining

ELKO, Nev. (AP) — Barrick Gold is dropping its takeover bid for Newmont Mining as the two companies agree to form a joint venture to combine their Nevada mining operations. The joint venture is expected to be completed in the coming months.


Chipmaker Nvidia to acquire Mellanox for $6.9 billion

NEW YORK (AP) — Chipmaker Nvidia will acquire network and data transmission company Mellanox for $6.9 billion, or $125 per outstanding share in cash. The deal has been approved by both companies’ boards and is expected to close by the end of 2019 pending regulatory approval.


NEW YORK (AP) — A broadly rally led by technology companies drove U.S. stocks sharply higher Monday, giving the S&P 500 its biggest increase since late January. The latest gains also snapped a five-day losing streak for the benchmark index, which was coming off its worst weekly stumble this year. Nvidia was the S&P 500’s strongest performer after agreeing to buy chipmaker Mellanox. Apple benefited from an analyst upgrade. A sharp decline in Boeing stemmed the gain for the Dow Jones Industrial Average.


The S&P 500 gained 40.23 points, or 1.5 percent, to 2,783.30. The Dow rose 200.64 points, or 0.8 percent, to 25,650.88. The Nasdaq composite jumped 149.92 points, or 2 percent, to 7,558.06. The Russell 2000 index of smaller companies picked up 26.99 points, or 1.8 percent, to 1,548.88.

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