Stocks drift lower after an early gain
NEW YORK (AP) — Major U.S. stocks indexes gave up an early gain and were broadly lower in midday trading on Wall Street.
Boeing and other industrial companies fell today, giving back some of the ground they won late last week.
Banks were also lower, but technology stocks rose. Bank of New York Mellon gave back 1.3 percent and Nvidia, a chipmaker, rose 2.5 percent.
At 1:11 p.m. Eastern Time, the S&P 500 was up a fraction of a point, to 2,787.
The Dow Jones industrial average gave back 142 points, to 25,194. And the Nasdaq composite gained 43 points, to 7,604.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.88 percent.
Trump says Commerce Secretary will talk tariffs with EU
WASHINGTON (AP) — President Donald Trump says his commerce secretary will be talking to the European Union about tariffs Trump argues have been unfair to the United States.
Trump wrote on Twitter today: “Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large Tariffs and Barriers they use against the U.S.A. Not fair to our farmers and manufacturers.”
The president announced last week that the United States would impose heavy tariffs on imported steel and aluminum, with some countries potentially exempted. Amid fears of a global trade war, the European Union is among those seeking exemptions
Over the weekend, Trump argued that the U.S. has been abused economically by the EU, saying they were “wonderful countries who treat the U.S. very badly on trade.”
GOLDMAN SACHS CEO
Goldman Sachs CEO succession clearer with Schwartz retiring
NEW YORK (AP) — Goldman Sachs says that Harvey Schwartz, its co-chief operating officer, will retire next month, clearing the way for David Solomon to eventually become the next chief executive of the Wall Street firm.
Schwartz and Solomon jointly hold the positions of co-chief operating officer and president. Both had been considered likely successors to Lloyd Blankfein, the current CEO.
The Wall Street Journal reported last week that Blankfein was considering retiring at the end of this year, and named both Schwartz and Solomon as the only two candidates being considered to replace him. With Schwartz retiring effective April 20, that would leave only Solomon.
Longtime Dow Chemical chief Andrew Liveris to depart
MIDLAND, Mich. (AP) — The longtime chief executive of Dow Chemical, who led the company through the financial crisis, a merger with rival DuPont and then the planned disassembly of the entire enterprise, is stepping down.
Andrew Liveris announced two years ago he’d retire by mid-2017, but that was delayed until the company named a successor.
DowDupont Inc. says that the 63-year-old Liveris will give up his executive chairmanship in April, and his role as director in July, when he officially retires.
Jeff Fettig, a longtime independent director, will become executive chairman. Jim Fitterling will lead the materials-science company, to be created during a planned breakup next year. DowDuPont will break itself into three distinct companies after a successful, $62 billion merger between Dow and DuPont last year.
Fearing trade war, EU warns of protectionism ‘dead end’
BRUSSELS (AP) — The European Union is urging President Donald Trump not to head down “a dead end” road of protectionism and is warning of a damaging trade war over his new steel and aluminum tariffs.
At talks in Brussels today, economy ministers underlined that the EU — the world’s biggest trading bloc — supports free and open trade but that its 28 countries will respond if they are targeted by the U.S. tariffs, which are set to enter force next week.
French Economy Minister Bruno Le Maire told reporters, We are worried (about) the possibility of having a trade war between the United States and the EU because we believe that there will be only losers. We believe that protectionism is a dead end.”
AP Newsbreak: Swiss arrest 2 in alleged oil corruption case
GENEVA (AP) — Geneva regional prosecutors have made two arrests after opening a criminal investigation of a Swiss consulting firm that served as a conduit between Venezuela’s state oil company and some of its biggest clients.
A person familiar with the case says the Helsinge Inc. executives were arrested in recent days following allegations contained in a complaint linked to PDVSA, the Venezuelan state oil company.
The Geneva public prosecutor’s office confirmed the probe against unspecified Helsinge executives on suspicion of corruption of foreign officials and money-laundering. The person spoke on condition of anonymity because he was not authorized to discuss the matter publicly.
Some of PDVSA’s biggest clients and suppliers allegedly relied on Helsinge to obtain insider information about its tenders for oil exports and purchases.
SPORTS BETTING-MARCH MADNESS
Industry: $10B will be bet on March Madness, most illegally
ATLANTIC CITY, N.J. (AP) — America’s gambling industry predicts that $10 billion will be bet on the March Madness college basketball tournament — nearly all of it illegally or off-the-books.
That’s one of the reasons the American Gaming Association favors the full legalization and regulation of sports betting in the United States.
The group found that 54 million people — or about a quarter of the U.S. adult population — participated in a sports betting pool last year.
Texas dad, son convicted in scam targeting American Airlines
DALLAS (AP) — A North Texas father and son could each be sentenced to more than 90 years in prison in a nearly $17 million hearing aids scam targeting American Airlines workers.
Federal prosecutors say 67-year-old Terry Lynn Anderson and 37-year-old Rocky Freeland Anderson were convicted Thursday in Dallas over hearing aids that weren’t needed or were never dispensed.
Investigators say the Andersons’ business submitted bogus or unnecessary insurance claims for some workers. Authorities say many hearing tests lasted less than 5 minutes and were conducted in an employee break room at Dallas-Fort Worth International Airport.
Father and son were convicted of conspiracy to commit health care fraud, health care fraud and aggravated identity theft. Terry Anderson was also convicted on two additional fraud counts.
No sentencing date was immediately set.
LOTTERY JACKPOT WINNER-PRIVACY
Judge: Winner of $560M Powerball jackpot can stay anonymous
NASHUA, N.H. (AP) — A judge has ruled that a New Hampshire woman who won a Powerball jackpot worth nearly $560 million can keep her identity private.
Judge Charles Temple said in a ruling today that disclosing the woman’s name would be an invasion of privacy. He ruled, however, that her hometown can be released publicly.
The unidentified woman signed her ticket after the Jan. 6 drawing, but later learned from a lawyer that she could have shielded her identity by writing the name of a trust. They said she was upset after learning she was giving up her anonymity by signing the ticket — something the lottery commission acknowledged isn’t spelled out on the ticket, but is detailed on its website.
The woman’s lawyers argued her privacy interests outweigh what the state said is the public’s right to know who won the money in the nation’s eighth-largest lottery jackpot.