Business Highlights

By The Associated PressMarketsAssociated Press


Jared Kushner's family firm accused of pushing out tenants

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NEW YORK (AP) — Twenty current and former tenants of a New York City building owned by the Kushner Cos. allege it harassed them with construction hazards, apartment intrusions and rent hikes while trying to force them out to make way for high-paying condo buyers. A New York state agency is launching an investigation into whether Kushner Cos. violated state housing laws and regulations meant to prevent landlords from disturbing tenants' peace and privacy. The company denies any wrongdoing.


China files WTO challenge to US $200B tariff plan

BEIJING (AP) — China has announced it filed a World Trade Organization challenge Monday to President Donald Trump's latest tariff threat, stepping up diplomatic efforts to counter U.S. pressure in a spiraling technology dispute. The move comes less than a week after the U.S. Trade Representative announced plans for a possible second tariff hike following a measure targeting $34 billion of goods.


AP Exclusive: Billionaires fuel US charter schools movement

SEATTLE (AP) — Billionaires like Microsoft co-founder Bill Gates and heirs to the Walmart retail fortune are influencing state education policy by giving money to state-level charter support organizations to sustain and expand the charter schools movement across the U.S. An Associated Press analysis of tax filings and Foundation Center data shows that since 2006, philanthropists and their private foundations and charities have given almost half a billion dollars to those groups.


Elon Musk's social media conduct may be bad for his business

Whether it's investors betting against his stock or reporters or analysts who ask tough questions, Elon Musk has fought back, often around the clock on Twitter. In the past few months, the Tesla and SpaceX CEO's presence on social media has grown and he has snarled with more ferocity. But experts say his conduct on Twitter is bad for business and could land him in court.


Netflix's stock sinks as 2Q subscriber growth disappoints

SAN FRANCISCO (AP) — Netflix has added far fewer subscribers than management had projected, renewing fears that its digital video subscription service's growth may sputter as it tries to fend off fiercer competition. The company gained 5.1 million subscribers worldwide during the April-June quarter, more than 1 million below the number that management had targeted. The second-quarter letdown caused Netflix's stock to plummet by 14 percent in Monday's extended trading.


US challenges China, EU and others at WTO over steel tariffs

WASHINGTON (AP) — The Trump administration is filing a challenge at the World Trade Organization against China, the European Union, Canada, Mexico and Turkey for retaliating against American tariffs on imported steel and aluminum.


Amazon's Prime Day runs into early snags

NEW YORK (AP) — Amazon's website ran into some early snags Monday on its much-hyped Prime Day. Shoppers took to social media to complain that they couldn't order items. It's an embarrassment for the tech company on the shopping holiday it created.


IMF: World economy likely to grow 3.9 percent this year

WASHINGTON (AP) — The International Monetary Fund is keeping its forecast for global economic growth unchanged at 3.9 percent this year despite worries about rising trade tensions and higher oil prices. But the lending agency is downgrading the outlook for Europe and Japan.


Source: Uber facing probe into alleged gender discrimination

SAN FRANCISCO (AP) — U.S. employment regulators are investigating allegations that Uber set up a pay scale that discriminated against women working for the ride-hailing service. A person familiar with the probe says the Equal Employment Opportunity Commission opened the investigation in August 2017. That was shortly before Uber hired Dara Khosrowshahi as its CEO to clean up a corporate culture poisoned by a pattern of sexual harassment and other abuses. Uber says it already has revamped its compensation system.


Stocks fall as crude oil prices drop 4 percent; banks climb

NEW YORK (AP) — Major U.S. indexes closed mostly lower Monday as investors bought banks but sold most other types of stocks, including health care and technology companies. Energy stocks sank along with oil prices. Oil prices fell more than 4 percent after U.S. officials suggested the U.S. will take a softer stance on countries that import oil from Iran after sanctions on Iran's energy sector go back into effect in November. Banks rose along with interest rates as well as a solid second-quarter report from Bank of America. A strong forecast gave Deutsche Bank its biggest gain in more than a year.


The S&P 500 index lost 2.88 points, or 0.1 percent, to 2,798.43. The Dow Jones Industrial Average rose 44.95 points, or 0.2 percent, to 25,064.36. The Nasdaq composite fell 20.26 points, or 0.3 percent, to 7,805.72. The Russell 2000 index of smaller-company stocks declined 8.54 points, or 0.5 percent, to 1,678.54.

Benchmark U.S. crude fell 4.2 percent to $68.06 in New York. Brent crude, used to price international oils, fell 4.6 percent to $71.84 a barrel in London. Wholesale gasoline skidded 5 percent to $2 a gallon. Heating oil dropped 3.7 percent to $2.05 a gallon. Natural gas added 0.3 percent to $2.76 per 1,000 cubic feet.