UK to exclude Huawei from role in high-speed phone network
LONDON (AP) — Britain’s government on Tuesday backtracked on plans to give Chinese telecommunications company Huawei a limited role in the U.K.’s new high-speed mobile phone network in a decision with broad implications for relations between London and Beijing.
JPMorgan profit hit hard by pandemic, as consumers struggle
NEW YORK (AP) — The coronavirus pandemic is weighing heavily on the financial health of JPMorgan Chase, as the nation’s largest financial company set aside billions in the second quarter to cover potential losses from all the businesses and consumers who are unable to pay their debts due to the slumping economy.
White House campaign urges jobless to 'find something new'
WASHINGTON (AP) — A new White House-backed ad campaign aims to encourage people who are unemployed or unhappy in their jobs or careers to go out and “find something new.” The opening ad in the “Find Something New” campaign beginning Tuesday features ordinary people sharing their stories.
Singapore economy contracts 41% on quarterly basis
SINGAPORE (AP) — Singapore's economy entered recession in the April-June quarter, contracting 12.6% from the same period a year earlier.
Huawei posts 13.1% revenue growth amid pandemic, sanctions
HONG KONG (AP) — Huawei Technologies reported Tuesday that its revenue grew 13.1% in the first half of the year compared with a year earlier, despite sanctions from the U.S and challenges from the coronavirus pandemic.
UK economic bounceback falls short of V-shaped recovery hope
LONDON (AP) — The British economy grew by far less than anticipated during May, dampening hopes that the recovery from what is set to be one of the country's deepest recessions in centuries will be rapid.
Global shares drop on jitters over virus, China-US friction
TOKYO (AP) — Global shares fell Tuesday as skepticism set in about the recent upward momentum in global markets given rising confirmed coronavirus cases and percolating tensions between the U.S.
Small businesses worldwide fight for survival amid pandemic
Hour after hour in the dark, Chander Shekhar’s mind raced ahead to morning. More than three months had dragged by since the coronavirus forced Shekhar to shut down his business — a narrow, second-floor shop racked with vibrantly colored saris, on a block in New York’s Jackson Heights neighborhood once thronged with South Asian immigrant shoppers.
China's trade rises as economy recovers from virus slump
BEIJING (AP) — China’s trade improved in June in a fresh sign the world’s second-largest economy is recovering from the coronavirus pandemic.
Asia shares drop on jitters over virus, China-US friction
TOKYO (AP) — Shares fell in Asia on Tuesday as skepticism set in about the recent upward momentum in global markets given rising confirmed coronavirus cases and percolating tensions between the U.S.
US budget deficit hits all-time high of $864 billion in June
WASHINGTON (AP) — The federal government incurred the biggest monthly budget deficit in history in June as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues.
US debates school reopening, WHO warns 'no return to normal'
MIAMI (AP) — The resurgence of the coronavirus in the United States ignited fierce debate Monday about whether to reopen schools, as global health officials warned that the pandemic will intensify unless more countries adopt comprehensive plans to combat it.
Strong demand for virus testing services; snacking surges
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Monday related to the national and global response, the work place and the spread of the virus.
Analog Devices buys Maxim, creating $68 billion chipmaker
NEW YORK (AP) — Computer chip maker Analog Devices is buying Maxim Integrated in an all-stock deal that will create a company worth about $68 billion, and strengthens its position in the analog semiconductor sector.
EU, Turkey clash over Hagia Sophia, Mediterranean drilling
BRUSSELS (AP) — Turkey and the European Union clashed on Monday over Ankara's decision to change the status of Hagia Sophia from a museum to a mosque and its continued energy exploration in disputed Mediterranean waters.
AP FACT CHECK: Trump team's false comfort on schools, virus
WASHINGTON (AP) — President Donald Trump's aides are misrepresenting the record on kids and the coronavirus as they push for schools to reopen.
Germany aims to make its EU presidency 'climate neutral'
BERLIN (AP) — German is aiming to make its six-month presidency of the European Union “climate neutral,” by organizing events in such a way as to reduce greenhouse gas emissions and offsetting any that can't be avoided, officials said Monday.
Google announces $10 billion 'digitization' fund for India
NEW DELHI (AP) — U.S. tech giant Google is investing in a $10 billion fund to help accelerate India’s transition to a digital economy in the next five to seven years.
Undaunted, US global media chief plows ahead with changes
WASHINGTON (AP) — Despite a barrage of criticism from both Democrats and Republicans, the new chief of U.S. global media is plowing ahead with changes to the Voice of America and other international broadcasters that are heightening concerns about their future as independent news organizations.
BT CEO warns of long road to excise Huawei from UK network
LONDON (AP) — The CEO of telecoms company BT has warned it may take a decade to remove Huawei equipment from Britain’s wireless infrastructure if the U.K.
Libyan forces set conditions for lifting oil blockade
CAIRO (AP) — Forces loyal to a Libyan commander said they will only allow the reopening of oil fields and terminals once a mechanism has been set up to fairly distribute revenue across the country, which is split between rival, warring factions.
Asian shares gain on hopes for recovery, despite outbreaks,
TOKYO (AP) — Shares rose in Asia on Monday, cheered by upbeat projections for a global economic rebound that were tempered by worries over expanding coronavirus outbreaks.
California CEO resigns over video showing racist outburst
SAN FRANCISCO (AP) — The chief executive of a California technology company resigned after the release of a video showing him using vulgar and racist language toward an Asian family at a restaurant.
Chatham announces plan to buy newspaper publisher McClatchy
NEW YORK (AP) — Hedge fund Chatham Asset Management plans to buy newspaper publisher McClatchy out of bankruptcy, ending 163 years of family control.
Games maker Ubisoft shakes up staff amid misconduct probe
PARIS (AP) — French gaming giant Ubisoft is parting ways with its creative director and two other executives and promising zero tolerance for “toxic" staff behavior following an internal investigation of misconduct and media reports of sexual harassment and other workplace abuse.