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Thursday, November 26, 2020
Government Business Highlights: Huawei pleads not guilty to trade secrets charges in Seattle

Business Highlights: Huawei pleads not guilty to trade secrets charges in Seattle

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SEATTLE (AP) — The Chinese tech giant Huawei has pleaded not guilty to U.S. charges that it stole trade secrets from T-Mobile. A company representative entered the pleas Thursday in federal court in Seattle, where a 10-count indictment was unsealed in January. The allegations feature in a major trade dispute between the world’s two largest economies. The U.S. has accused China of using predatory tactics to turn Chinese companies into leaders in tech fields such as robotics and electric vehicles.

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US growth is likely to slow from 2.6 pct. pace last quarter

WASHINGTON (AP) — The U.S. economy turned in a solid performance in 2018, boosted in part by tax cuts and higher government spending. But growth slowed by year’s end, and most economists envision a weaker outlook for the coming months and probably years.

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Experts: US anti-Huawei campaign likely exaggerated

Security experts say the U.S. government is likely exaggerating the threat it says the Chinese telecommunications giant Huawei poses to the world’s next-generation wireless networks. Washington has mounted an intense diplomatic offensive that paints Huawei as a servant of Beijing’s intelligence agencies. Critics say the U.S. case is short on specifics and glosses over the fact that China doesn’t need secret access to Huawei routers to infiltrate global networks.

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Klobuchar defends her record on regulating medical devices

MINNEAPOLIS (AP) — As a senator, Democratic presidential candidate Amy Klobuchar has advocated for the medical device industry, a big employer in Minnesota, her home state. A review of her record by The Associated Press and the International Consortium of Investigative Journalists finds she’s advanced proposals championed by the industry that some consumer advocates claim would put patients’ safety at risk. Klobuchar says she’s pushed to improve safety while cutting red tape that slows the approval of devices.

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Martha Stewart partners with Canadian cannabis firm

No, you’re not smoking something. Martha Stewart is really joining the cannabis craze. The domestic diva said Thursday she is partnering with Canopy Growth Corp. to assist in developing new products that contain non-psychoactive CBD and other hemp-derived cannabinoids. First to come will be offerings for pets. Stewart didn’t specify what those products might be.

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DeVos proposes federal tax credits to advance school choice

The Trump administration is proposing a federal tax credit for donations made to groups offering scholarships for private schools, apprenticeships or other educational programs. Education Secretary Betsy DeVos unveiled the plan Thursday, while legislation is being proposed by Republicans in the House and Senate. The proposal, called the Education Freedom Scholarships and Opportunity Act, is DeVos’ latest attempt to promote school choice.

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PG&E: Company equipment ‘probable’ cause of California fire

NEW YORK (AP) — Pacific Gas & Electric Corp. is inching closer to taking responsibility for the deadliest U.S. wildfire in a century. The company said Thursday it is “probable” that one of its transmission lines sparked last year’s blaze in California that killed 86 people and destroyed most of the city of Paradise. The company says it’s taking a $10.5 billion charge for claims connected to the fire in its fourth-quarter earnings.

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Farm loan delinquencies highest in 9 years as prices slump

WICHITA, Kan. (AP) — The nation’s farmers are struggling to pay back their loans after years of low crop prices, with nearly one out of five loans in a government farm program now delinquent for the worst January default rate in at least nine years. The bulk of the nation’s agricultural loans typically come due around Jan. 1 for seasonal and tax planning purposes.

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US mortgage rates mostly held steady this week

WASHINGTON (AP) — U.S. long-term mortgage rates were unchanged this week, possibly helping affordability as home borrowing costs have been steadily declining since early November. Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year, fixed-rate mortgage held at 4.35 percent for the second straight week. This represents a slight decline from an average of 4.43 percent a year ago.

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US stocks slip following weak economic growth report

NEW YORK (AP) — Stock indexes headed slightly lower on Wall Street following a report of slower economic growth at the end of 2018. The growth still came in ahead of forecasts, however, sending bond yields higher. Poor earnings dragged down HP and other tech stocks. The market is still heading for its best start of the year since 1991, in stark contrast to a dismal end to 2018, when a plunge almost put an end to the bull market. Asian stocks fell as a U.S.-North Korea summit ended early.

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The S&P 500 index slipped 7.89 points, or 0.3 percent, to 2,784.49. The Dow Jones Industrial Average lost 69.16 points, or 0.3 percent, to 25,916. The Nasdaq composite index dropped 21.98 points, or 0.3 percent, to 7,532.53. The Russell 2000 index of smaller companies gave up 5.50 points, or 0.3 percent, to 1,575.55.


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