Apple's tax break yields big dividend boost, stock buybacks
SAN JOSE, Calif. (AP) — Apple's tax break on its overseas profits is turning into a big boon for its shareholders. The iPhone maker is raising its quarterly dividend by 16 percent to 73 cents per share, matching largest boost since Apple restored the payment in 2012. Apple will also spend $100 billion more buying back its shares in a move likely to boost its stock price. Tuesday's announcement marks the first time that Apple has provided a glimpse at how shareholders will benefit from an overhaul of the U.S. tax code.
US delays decision on tariffs for EU, prolonging uncertainty
WASHINGTON (AP) — The Trump administration is giving itself another 30 days to decide whether to impose tariffs on steel and aluminum imports from the European Union, Canada and Mexico. The delay extends a period of uncertainty for businesses in those regions but avoids a possible trade war with Europe. The EU has said if it loses its exemption it will retaliate with its own tariffs on U.S. goods imported to Europe.
Zuckerberg kicks off Facebook conference, offers no apology
SAN JOSE, Calif. (AP) — Mark Zuckerberg kicked off a Facebook conference without an apology for its recent privacy scandal, and instead announced an array of new features. Those include a dating service, a video chat feature for Instagram and a way for users to clear their browsing history from Facebook.
Iconic guitar maker Gibson seeks bankruptcy protection
NASHVILLE, Tenn. (AP) — The maker of the Gibson guitar, omnipresent on the American music stage for decades, is filing for bankruptcy protection after wrestling for years with debt. Gibsons have been esteemed by generations of guitar legends. After Chuck Berry died, his beloved cherry-red Gibson guitar was bolted to the inside of his coffin lid. Slash swears by them. A pre-negotiated reorganization plan filed Tuesday will allow Gibson Brands Inc. to continue operations with $135 million in financing from lenders.
How US small businesses can navigate the trade wars
WASHINGTON (AP) — The Trump administration has so far avoided a trade fight with Europe by temporarily exempting it from hefty steel and aluminum tariffs. Yet the move extends the uncertainty weighing on small businesses that use those materials, a much broader group than you'd think. Amid the uncertainty, here are some of the strategies small businesses can follow to ease the blow of trade fights: Be informed about how your business might be affected. Look for supply alternatives. And work with bigger partners.
California sues over plan to scrap car emission standards
SACRAMENTO, Calif. (AP) — California and 16 other states sued the Trump administration on Tuesday over its plans to scrap standards on vehicle greenhouse gas emissions, which help set gas mileage rules. The suit announced by Gov. Jerry Brown and state Attorney General Xavier Becerra takes aim at a plan by the Environmental Protection Agency to roll back and revise emissions standards for vehicles manufactured between 2022 and 2025.
CEO caught on TV singing 'We're in the Money' after takeover
LONDON (AP) — Sainsbury's CEO has apologized after being caught on camera singing 'We're in the Money' following purchase of Walmart's British unit, Asda. Mike Coupe was preparing for an ITV interview to discuss the 7.3 billion pound ($10.1 billion) deal when caught on camera singing the tune from the musical '42nd Street.'
Pace of US factory growth slows again in April
WASHINGTON (AP) — U.S. manufacturers say the pace of their expansion continued to slow in April, with many factories saying their output is still growing but is crimped by shortages of workers and skills. The Institute for Supply Management, a trade group of purchasing managers, reported Tuesday that its manufacturing index fell to 57.3 percent last month from March's reading of 59.3. Any score above 50 signals growth.
Apple leads tech higher as stocks recover from an early loss
NEW YORK (AP) — U.S. stocks claw back early losses as Apple leads a rally in technology companies and smaller companies also climb. Industrial companies and household goods makers fall and energy companies slip with oil prices. Steelmakers fall after the White House delayed imposing tariffs on some aluminum and steel imports and investors reacted to somewhat weak economic data.
The S&P 500 index rose 6.75 points, or 0.3 percent, to 2,654.80. The Dow slipped 64.10 points, or 0.3 percent, to 24,099.05. The Nasdaq composite rose 64.44 points, or 0.9 percent, to 7,130.55. The Russell 2000 index of smaller-company stocks added 8.44 points, or 0.5 percent, to 1,550.33.
Benchmark U.S. crude fell 1.9 percent to $67.25 a barrel in New York. Brent crude, the international standard, declined 2.1 percent to $73.13 a barrel in London. Wholesale gasoline lost 2 percent to $2.09 a gallon and heating oil fell 2.3 percent to $2.10 a gallon. Natural gas rose 1.4 percent to $2.80 per 1,000 cubic feet.