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Italian turmoil hits global markets, sending stocks plunging
NEW YORK (AP) - Stocks in Europe and the U.S. skidded as Italy headed for another round of elections. Investors feared the new poll would turn into a referendum on Italy staying in the euro, which could destabilize the euro bloc. U.S. bond prices soared as investors sought out lower-risk assets. That sent bond yields sharply lower, which hurts banks by driving down interest rates on loans. Big exporters like technology and industrial companies also slid.
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Another euro crisis? Italian chaos reawakens concerns
FRANKFURT, Germany (AP) - Italy’s political turmoil has sent a wave of fear through Europe’s 19-country currency union, with tremors felt in financial markets. One reason is the firewalls the eurozone built to prevent a return of its 2010-2012 debt crisis largely depend on troubled countries playing nice with European Union rules. Italy’s top parties want to anything but that.
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Starbucks starts closing stores for anti-bias training
Starbucks has started closing its U.S. stores for a few hours to conduct anti-bias training. It’s the company’s latest step to deal with the fallout over the arrest of two black men at one of its shops in Philadelphia. The coffee chain’s leaders had apologized and met with the men but also scheduled an afternoon of training on Tuesday for 175,000 employees.
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Trump renews China tariff threat, complicating talks
WASHINGTON (AP) - The Trump administration has renewed its threat to place 25 percent tariffs on $50 billion of Chinese goods in retaliation for what it says are China’s unfair trade practices. The White House also said Tuesday that it would place new restrictions on Chinese investment into the United States and limit U.S. exports of high-tech goods to China.
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Hacker sentenced to 5 years for major Yahoo security breach
SAN FRANCISCO (AP) - A Canadian computer hacker has been sentenced to five years in prison in connection with a massive security breach at Yahoo that federal agents say was directed by Russian government spies. The 23-year-old was also fined $250,000 during sentencing Tuesday. He acknowledged hacking thousands of email accounts for pay and prosecutors allege a Russian spy agency was one of his clients. Baratov said his work for the Russian spy agency was unwitting.
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Bayer selling $9B in ag business ahead of Monsanto merger
WASHINGTON (AP) - German pharmaceutical giant Bayer AG has agreed to the U.S. government’s demand that it sell about $9 billion in agriculture businesses as condition for acquiring Monsanto Co., a U.S. seed and weed-killer maker. Antitrust regulators at the Justice Department say it’s the biggest divestiture ever required for a merger.
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2nd powered test flight for Virgin Galactic spaceship
MOJAVE, Calif. (AP) - Virgin Galactic has conducted the second rocket-powered test flight of its tourism spaceship in the skies over California. The company says VSS Unity fired its rocket motor for 31 seconds and climbed to an altitude of 114,500 feet Tuesday, then glided to a landing at Mojave Air and Space Port. Virgin Galactic founder Richard Branson was on hand to greet pilots Dave Mackay and Mark “Forger” Stucky. Unity’s first powered flight was on April 5.
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New swamp: Lobbyist tied to Perry seeks energy firm bailout
WASHINGTON (AP) - President Donald Trump talks frequently about “draining the swamp” of inside dealers in Washington. But lobbyist Jeff Miller might be considered part of the new swamp. Miller is a close friend of Energy Secretary Rick Perry and is pushing the administration for a bailout worth billions of dollars for a bankrupt coal and nuclear power company, FirstEnergy Solutions. Miller has earned $3.2 million in just over a year as a lobbyist for clients that include several large energy companies.
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Canada to buy major pipeline to ensure it gets built
TORONTO (AP) - Canada’s federal government says it will buy an oil pipeline to the Pacific coast to ensure it gets built. Prime Minister Justin Trudeau’s government plans to spend $4.5 billion Canadian (US$3.4 billion) to buy the controversial Trans Mountain pipeline.
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Tronc buys Virginian-Pilot from Landmark for $34 million
NORFOLK, Va. (AP) - The Chicago-based media company Tronc Inc. says it has acquired all of The Virginian-Pilot Media Companies, which publishes Virginia’s largest daily newspaper, for $34 million in cash. Tronc, the successor company to Tribune Publishing, said Tuesday that the acquisition from Landmark Media Enterprises includes The Virginian-Pilot newspaper, PilotOnline.com, and Pilot Targeted Media.
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The S&P 500 index sank 31.47 points, or 1.2 percent, to 2,689.86. The Dow Jones industrial average turned negative for the year as it lost 391.64 points, or 1.6 percent, to 24,361.45. The Russell 2000 index fell far less than the Dow average, giving up 3.28 points, or 0.2 percent, to 1,623.65. The Nasdaq composite fell 37.26 points, or 0.5 percent, to 7,396.59.
U.S. crude oil fell 1.7 percent to $66.73 a barrel in New York. Brent crude, used to price international oils, rose 0.1 percent to $75.39 a barrel in London. Wholesale gasoline gave up 1.7 percent to $2.14 a gallon. Heating oil shed 1.1 percent to $2.19 a gallon. Natural gas dropped 2.2 percent to $2.88 per 1,000 cubic feet.
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