The day's business news at a glance
Ford says it will not make hatchback in US
Ford won’t be moving production of a hatchback wagon to the United States from China — despite President Donald Trump’s claim Sunday that his taxes on Chinese imports mean the Focus Active can be built in America.
Citing Trump’s new tariffs, Ford on Aug. 31 said it was dropping plans to ship the Focus Active from China to America.
US consumer borrowing up strong $16.6 billion in July
Americans increased their borrowing in July at nearly double the pace of the previous month, evidence that confident consumers are willing to take on more debt to support their spending.
The Federal Reserve reported that consumer debt rose by a seasonally adjusted $16.6 billion in July, up sharply from a gain of
$8.5 billion in June.
European Union ports fear overnight Brexit chaos
Not since the 1970s have European port towns had to deal with customs in their massive trade with Britain.
All of that could change on Brexit day, on March 30, 2019.
Britain and the European Union are struggling to agree on the terms of business after Brexit, raising the chances of a sudden return of tariffs and border controls.
Teens say social media makes them feel better
A new poll found that many teens believe that social media has a positive effect on their lives, helping them feel more confident, less lonely and less depressed.
The poll, released Monday by Common Sense Media, found that 89 percent of teenagers have their own smartphone.
That’s up from 41 percent in 2012, the last time the survey was conducted.
Alibaba’s Jack Ma to step down as chairman in 2019
Jack Ma, one of China’s most prominent entrepreneurs, said he will step down as chairman of e-commerce giant Alibaba Group in September 2019.
Ma founded Alibaba in 1999 and helped to launch China’s online retailing boom.
Alibaba said Ma will remain a member of a group that has the right to nominate a majority of its board members.
Stocks end losing streak as industrials, retailers rise
Gain for industrial and consumer-focused companies help U.S. stock indexes broke out of a four-day losing streak.
Technology companies also rose after their worst one-week loss since March.
Tribes say Trump illegally approved oil pipeline
Native American tribes in Montana and South Dakota said the Trump administration unlawfully approved the Keystone XL oil pipeline without fully considering its potential damage to cultural sites.
Attorneys for the Fort Belknap and Rosebud Sioux tribes sued the U.S. State Department on Monday, asking a court to rescind the line’s permit.
The tribes argued President Donald Trump ignored the rights of tribes when he reversed a prior decision by President Barack Obama and approved the project last year.
Japan proposes to end commercial whaling ban
Japan is proposing an end to a decades-old ban on commercial whaling, arguing there is no longer a scientific reason for what was supposed to be a temporary measure.
The proposal is facing stiff opposition at the International Whaling Commission meetings that opened Monday in Florianopolis, Brazil.
Critics said the program is a cover for commercial whaling because the whale meat is sold for food.