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Business Highlights – ABC News

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Why US-China trade war risks hurting firms in both countries

WASHINGTON (AP) — U.S. businesses are imploring President Donald Trump not to expand his tariffs to $300 billion in goods from China that have so far been spared in his trade war with Beijing. U.S. Trade Representative Robert Lighthizer is sure to hear more complaints when he testifies Tuesday and Wednesday on Capitol Hill. Lawmakers from both parties have been increasingly inclined to speak out against Trump’s aggressive use of tariffs.

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Huawei says US sanctions will cost it billions in revenue

SHENZHEN, China (AP) — Huawei’s founder says it never occurred to the company that the U.S. would be so determined to take such a wide range of what he called extreme measures against the company. The U.S. has placed Huawei on its “Entity List,” which effectively bars American companies from selling components to Huawei without government approval. Ren Zhengfei likens his company to a badly damaged plane and says revenues will be $30 billion less than forecast over the next two years.

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Sotheby’s sold! French-Israeli billionaire pays $3.7B

NEW YORK (AP) — The 275-year-old auction house Sotheby’s is being sold to a French Israeli business man for about $3.7 billion. Sotheby’s, founded in London in 1744, is the oldest company traded on the New York Stock Exchange. If the deal announced Monday is approved by shareholders and regulators, Sotheby’s would become a privately held company for the first time in more than three decades.

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Pfizer to buy Array BioPharma in deal worth $11.4 billion

NEW YORK (AP) — Pfizer is delving deeper into cancer research with a roughly $11.4 billion deal for Array BioPharma, a drug developer that has seen its shares soar since announcing positive clinical trial results earlier this spring. Pfizer said Monday it will pay $48 per share in cash for Array. That company’s product portfolio includes a treatment combination used for advanced skin cancer that is being tested in other cancers as well.

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AP Interview: Airbus is ready for pilotless jets – are you?

LE BOURGET, France (AP) — The chief salesman for Airbus says his company already has the technology to fly passenger planes without pilots at all – and is working on winning over regulators and travelers to the idea. Christian Scherer also has said in an interview with The Associated Press that Airbus hopes to be selling hybrid or electric passenger jets by around 2035.

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Gloria Vanderbilt, heiress, jeans queen, dies at 95

NEW YORK (AP) — Heiress and fashion designer Gloria Vanderbilt is being mourned. Vanderbilt, who died Monday at age 95, was most associated with what she did to denim — turning her brand with its signature white swan label into a sensation. Her life was chronicled in sensational headlines from her childhood through four marriages and three divorces. Vanderbilt was the great-great-granddaughter of financier Cornelius Vanderbilt and the mother of CNN newsman Anderson Cooper.

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Boeing apologizes for Max crashes as Airbus rakes in sales

LE BOURGET, France (AP) — Boeing executives have apologized to airlines and families of victims of 737 Max crashes in Indonesia and Ethiopia, as the U.S. plane maker struggles to regain trust of regulators, pilots and the global traveling public. Kevin McAllister, CEO of Boeing’s commercial aircraft, has told reporters at the Paris Air Show that “we are very sorry for the loss of lives” in the Lion Air crash in October and Ethiopian Airlines crash in March.

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Blackout in South America raises questions about power grid

BUENOS AIRES, Argentina (AP) — The huge blackout that left tens of millions of people in the dark in Argentina, Uruguay and Paraguay over the weekend raised serious questions about the vulnerability of the power grid in South America and brought criticism down on Argentina’s leader.

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Is Elon Musk closing troublesome Twitter account or teasing?

SAN FRANCISCO (AP) — Tesla CEO Elon Musk abruptly revealed that he is closing the popular Twitter account that has repeatedly landed him in legal trouble, but then proceeded to keep it open long after announced he had deleted it. The mixed messaging began to unfold Sunday when Musk changed his Twitter handle to DaddyDotCom in apparent homage to Father’s Day. Then he signaled in a tweet that he was scrapping the account. But 15 hours later, the account remained open under its old “elonmusk” handle with 27 million followers.

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US stocks add to 2 weeks of gains, helped by deal-making

NEW YORK (AP) — U.S. stocks posted slight gains on Wall Street on Monday, adding a bit to the last two weeks of gains. However, trading remains choppy as uncertainty continued over several ongoing trade disputes and their possible effect on economic growth.

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The S&P 500 index rose 2.69 points, or 0.1%, to 2,889.67, the Dow Jones Industrial Average edged up 22.92 points, or 0.1%, to 26,112.53, and the Nasdaq composite index rose 48.37 points, or 0.6%, to 7,845.02. The Russell 2000 index of smaller-company stocks gained 10.25 points, or 0.7%, to 1,532.75.

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