Business Highlights


Why many employees feel devalued even in booming job market

(AP) - A trend has become evident in the American workplace a full decade after the recession ended: The economy keeps growing. Unemployment is at a half-century low. Yet many people feel their jobs aren't as good as they used to be, that their work has been devalued by employers who increasingly prioritize customers and shareholders.


Dow slumps nearly 400 points as trade war anxiety lingers

NEW YORK (AP) - Stocks fell sharply on Wall Street Monday, knocking nearly 400 points off the Dow Jones Industrial Average.

The benchmark S&P 500 had its worst day in a week as the sell-off put the market deeper into the red for August. The selling was widespread, with technology companies and banks accounting for a big share of the decline. Investors sought safety in U.S. government bonds, sending their yields tumbling.
The selling comes as worries about the U.S.-China trade war continued to rattle markets.


US-China trade war leaves Europe as collateral damage

FRANKFURT, Germany (AP) - Europe's economy is being knocked off course by the trade conflict between the U.S.

and China. The bill for damages from the U.S-China collision could be painfully high, starting this week if growth figures show Europe's economic motor, Germany, is stalled or shrinking. If the trade wars escalate to include higher U.S. tariffs on cars made in Europe, the picture could look even worse.


Hong Kong airport protest shutdown tarnishes business image

HONG KONG (AP) - Hong Kong authorities scrapped all flights after the airport was swamped by pro-democracy protesters, in a fresh escalation that risks tarnishing the city's business-friendly image.

The protest was a rare instance of the movement having a direct impact on business travel and tourism - mainstays of the Asian business center's economy - and is making foreign investors think twice.


South Korea to remove Japan from preferred trade list

SEOUL, South Korea (AP) - South Korea is removing Japan from a list of nations receiving preferential treatment in trade in an apparent countermeasure to Tokyo's recent decision to downgrade Seoul's trade status.

South Korean Trade Minister Sung Yun-mo said the government was removing Japan from the country's 29-country "white list" because it has failed to uphold international principles while managing its export controls on sensitive materials.


Verizon sells early social-media darling Tumblr

NEW YORK (AP) - Verizon is selling Tumblr, a posting site with a devoted fan base dating back to the early days of social media.

The buyer is Automattic, the parent company of blogging platform WordPress. Tumblr is a visual site known for angering users with a porn ban and hosting content from millions including celebrities like Taylor Swift.


Airline, luxury brands follow China's lead on Hong Kong

HONG KONG (AP) - The chief executive of Hong Kong's Cathay Pacific Airways says there will be "disciplinary consequences" for employees involved in "illegal protests" after China's civil aviation authority imposed restrictive measures on the airline amid ongoing pro-democracy rallies.

Cathay Pacific CEO Rupert Hogg warned in an internal memo to employees that the company has a "zero tolerance approach to illegal activities." The airline joined a slate of businesses that have appeased China in recent days.


Spas are seeing more men, a less-is-more approach for guests

NEW YORK (AP) - The International Spa Association says spa visits and the money they generate reached a record high last year in the U.S.

There was $18.3 billion in revenue driven by 190 million pampering trips. And more men than ever are getting into the act. Some spas are seeing a 50-50 male-female split among guests. Another trend from a recent spa industry show in New York City: More services aren't always the way to go.
Some spas are slimming down their treatment menus to focus on customization.


Saudi Aramco readies for IPO with deal with India's Reliance

NEW DELHI (AP) - Oil giant Saudi Aramco is buying 20% of Indian conglomerate Reliance Industries' oil and chemicals business for about $15 billion. The deal gives Aramco heft and diversity ahead of a long-awaited IPO.

For India, the deal amounts to one of the country's largest foreign direct investments.


Rite Aid picks former insurance executive as new CEO

NEW YORK (AP) - Rite Aid has chosen a former insurance executive to replace long-time CEO John Standley to try to right the struggling drugstore chain. The company said Monday that Heyward Donigan will take over immediately for Standley, who's been CEO since 2010.

Donigan takes over a company that runs nearly 2,500 drugstores and lost $99.7 million in the first quarter. Rite Aid's board approved a reverse stock split this year to lift plummeting share prices and keep them on the New York Stock Exchange.(backslash)


The S&P 500 index down 35.95 points, or 1.2%, at 2,882.70.

The Dow fell 391 points, or 1.5%, to 25,896.44. The Nasdaq composite dropped 95.73, or 1.2%, to 7,863.41. The Russell 2000 index of smaller company stocks lost 18.58 points, or 1.2%, to 1,494.46.

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