Business Highlights

By MarketsAssociated Press

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Wells Fargo fined $1B for mortgage, auto lending abuses

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NEW YORK (AP) — Wells Fargo will pay $1 billion to federal regulators to settle charges tied to misconduct at its mortgage and auto lending business, the latest punishment levied against the banking giant for widespread customer abuses. The regulators penalized Wells for improperly charging fees to borrowers who wanted to lock in an interest rate on a pending mortgage loan and for sticking auto loan customers with insurance policies they didn't want or need.

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Big banks saved $3.6B in taxes last quarter under new law

NEW YORK (AP) — The nation's six big Wall Street banks posted record or near record profits in the first quarter, thanks largely to the recently enacted Trump tax law. Combined, the six banks saved at least $3.59 billion in taxes last quarter, according to an Associated Press estimate, using the bank's tax rates going back to 2015.

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FAA orders more engine inspections after Southwest accident

DALLAS (AP) — The Federal Aviation Administration on Friday ordered ultrasound inspections of hundreds of jet engines like the one that blew apart at 32,000 feet in a deadly accident aboard a Southwest Airlines plane. The agency said the order affects 352 engines in the U.S. on new-generation twin-engine Boeing 737s, a workhorse jet widely used by airlines around the world.

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Global leaders fear rising trade tensions

WASHINGTON (AP) — Global finance ministers see rising trade tensions between the United States and China as a major threat facing the world economy. That's according to the treasury minister from Argentina, who is chairing the G-20 finance group this year. He says G-20 officials discussed the risks during a dinner Thursday night with all participants agreeing that trade has been a positive force for many nations.

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Kushner Cos. subpoenaed by feds after AP report

NEW YORK (AP) — A real estate company once headed by presidential son-in-law Jared Kushner is confirming that last month it was subpoenaed by federal prosecutors. The Kushner Cos. says prosecutors were looking for information following an Associated Press report that the company routinely filed false documents on the number of rent-regulated tenants in its New York City buildings. The company says it has "nothing to hide" and is cooperating fully with authorities.

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Trump calls OPEC efforts to boost oil prices 'not good'

WASHINGTON (AP) — President Donald Trump says oil-producing cartel OPEC "is at it again," and that efforts to maintain high prices "will not be accepted!" Trump's Friday morning tweet comes as representatives from OPEC nations and allied oil ministers are meeting in Jeddah, Saudi Arabia to discuss their agreement to maintain cuts to production in order to keep prices up.

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Mattel CEO to step down after being at helm for 14 months

NEW YORK (AP) — Mattel's CEO Margaret Georgiadis is stepping down from the company. The news comes after the former Google executive, who took the top spot in February 2017, hasn't been able to work any magic in reversing toy company's sales.

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Audit clears Facebook despite Cambridge Analytica leaks

NEW YORK (AP) — An audit of Facebook's privacy practices for the Federal Trade Commission found no problems even though Facebook knew at the time that a data-mining firm improperly obtained private data from millions of users. The audit by PricewaterhouseCoopers is available on the FTC's website Friday, though it is heavily redacted.

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Fairfax bids $300 million for Toys R Us's Canada business

NEW YORK (AP) — Canada's Fairfax Financial Holding has bid $300 million for Toys R Us's Canadian operations in bankruptcy. According to court papers filed late Thursday, the bidder is assuming the role of a "stalking horse" in a court-approved auction process set for Monday in New York. The Fairfax bid surpassed the $215 million offer that Isaac Larian, the CEO of toy company MGA Entertainment, made last week.

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Slumping tech companies weigh on US stocks

NEW YORK (AP) — A steep slide in technology stocks weighed on U.S. stocks Friday, pulling the market lower for the second day in a row. Losses among retailers, packaged food and beverage makers and other consumer goods companies also helped weigh down the market. Banks rose as bond yields continued to climb, reflecting increasing investor concerns of higher inflation in the wake of rising oil and other commodity prices.

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The S&P 500 index fell 22.99 points, or 0.9 percent, to 2,670.14. The Dow Jones industrial average slid 201.95 points, or 0.8 percent, to 24,462.94. The Nasdaq composite lost 91.93 points, or 1.3 percent, to 7,146.13. The Russell 2000 index of smaller-company stocks gave up 9.69 points, or 0.6 percent, to 1,564.12.

Benchmark U.S. crude gained 9 cents to settle at $68.38 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, added 28 cents to $74.06 per barrel in London. Heating oil rose a penny to $2.12 a gallon. Wholesale gasoline picked up 2 cents to $2.10 a gallon. Natural gas gained 8 cents to $2.74 per 1,000 cubic feet.