Business Highlights
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California to let college athletes sign endorsement deals
SACRAMENTO, Calif. (AP) — Defying the NCAA, California's governor has signed a first-in-the-nation law that will let college athletes hire agents and make money from endorsements. The move that could upend amateur sports in the U.S. and trigger a legal challenge. Under the law, which takes effect in 2023, students at public and private universities in the state will be allowed to sign deals with sneaker companies, soft drink makers or other advertisers and profit from their names and likenesses, just like the pros.
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China to send its top trade negotiator to US for talks
BEIJING (AP) — China says its top trade negotiator will lead an upcoming 13th round of talks aimed at resolving a trade war with the United States. Vice Commerce Minister Wang Shouwen says Vice Premier Liu He will travel to Washington for the talks sometime after China's National Day holiday, which ends Oct. 7. Wang repeated the Chinese position that the two sides should find a solution based on mutual respect and benefit.
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Forever 21 bankruptcy reflects teens' new shopping behavior
NEW YORK (AP) — For years, teens packed Forever 21's massive stores at the nation's malls for its speedy take on fashion, like $5 halter tops and $25 mini dresses. But the chain that helped popularize so-called fast fashion has proven too slow for a new generation of young customers. The Los Angeles-based chain has filed for Chapter 11 bankruptcy, a victim of rapidly changing tastes among teens who are increasingly turning away from malls and toward eco-friendly fashions like pants made from recycled plastic.
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EU trade chief nominee hopes for better trans-Atlantic ties
BRUSSELS (AP) — The man set to become the European Union's top trade official says he hopes the United States and the EU can accelerate trade talks and avoid a tit-for-tat tariff war over Airbus and Boeing. At a hearing assessing his suitability to become EU trade commissioner, Phil Hogan says "unfortunately we have not seen much movement" in trans-Atlantic trade talks recently. Hogan says a tariff war "doesn't make sense" given that Europe would retaliate once its case over U.S. subsidies to Boeing is decided.
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CVS stops sale of heartburn drugs with suspect contaminant
CVS has halted sales of popular heartburn medication Zantac and the store generic version. CVS is the latest retailer to pull the heartburn tablets from store shelves, following warnings from the U.S. Food and Drug Administration that they contain low levels of a potentially dangerous contaminant.
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President's windmill hatred is a worry for booming industry
BLOCK ISLAND, R.I. (AP) — Land-based turbines are rising by the thousands across America, from the remote Texas plains to farm towns of Iowa. And the U.S. wind boom now is expanding offshore, with big corporations planning $70 billion in investment for the country's first utility-scale offshore wind farms. But there's an issue: President Donald Trump hates wind turbines.
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WeWork withdrawing its stock market IPO filing
NEW YORK (AP) — WeWork says it is withdrawing its IPO filing as it seeks to postpone a stock market debut a week its controversial CEO stepped aside from the troubled company.
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Forever 21 fashion chain files for Chapter 11 bankruptcy
NEW YORK (AP) — Low-price fashion chain Forever 21, once a hot destination for teen shoppers, has filed for Chapter 11 bankruptcy protection. The privately held company based in Los Angeles says it will close up to 178 stores in the U.S. As of the bankruptcy filing, the company operated about 800 stores globally, including more than 500 stores in the U.S.
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Businesses having a harder time getting credit, survey finds
NEW YORK (AP) — Small and mid-sized businesses are having a harder time getting credit and that's having an impact on hiring plans. Those are findings of a quarterly survey of small businesses by researchers at Pepperdine University and Dun & Bradstreet Corp. While 56% of businesses said it was easy to get debt financing, that was down from 59% in a survey in the second quarter. Just 28% of small businesses reported success in getting bank loans during the previous three months, down from 31.6%.
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China warns US investment curbs would hurt global growth
BEIJING (AP) — China has warned the U.S. against trying to limit investment ties between the two countries, even as the Trump administration contradicted a report that Washington might be considering removing Chinese companies from American stock exchanges. Treasury says it is not considering blocking Chinese companies from listing shares on the U.S. stock exchanges.
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Stocks climb as markets cap turbulent quarter with calm end
NEW YORK (AP) — U.S. stocks climbed on Monday and gave one last nudge to ensure the S&P 500 emerges from yet another tumultuous quarter with a modest gain. As has been the case throughout the quarter, movements in President Donald Trump's trade war with China helped drive the market on Monday. The moves left the S&P 500 with a 1.2% gain for the quarter. While that was its smallest quarterly gain this year, the index had been on track for a much worse performance a month ago.
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The S&P 500 climbed 14.95 points, or 0.5%, to 2,976.74. The Dow Jones Industrial Average rose 96.58, or 0.4%, to 26,916.83, and the Nasdaq composite added 59.71, or 0.8%, to 7,999.34. Russell 2000 of smaller-company stocks rose 2.90, or 0.2%, 1523.37.
