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Business Highlights

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Trump says he plans to keep criticizing Fed over rates

WASHINGTON (AP) — President Donald Trump says he has no intention of ending his public attacks on the Federal Reserve’s interest rate policies even though he knows he has made Chairman Jerome Powell’s job more difficult. Trump tells ABC News that he thinks economic growth and stock market indexes would be substantially higher if the chairman “wouldn’t have raised interest rates so much.”

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Grounding of Boeing plane hovers over big air show in Paris

At the Paris Air Show, there’s likely to be much new talk, but no big orders, for Boeing’s grounded 737 Max airliner. Uncertainty over when the plane will fly again, and apprehension over signs such as declining air cargo shipments, will dominate the show. Boeing’s rival, Airbus, is expected to announce a new plane slightly bigger than the Max.

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Ivanka Trump took in nearly $4M from DC hotel last year

NEW YORK (AP) — Ivanka Trump took in nearly $4 million in revenue last year from her part ownership of President Donald Trump’s Washington hotel, up slightly from a year earlier. A financial disclosure released by the White House on Friday also shows her fashion business took in at least $1 million, down from at least $5 million the previous year. The disclosure for her husband, Jared Kushner, shows he took in hundreds of thousands from his holdings of New York City apartments. Both are White House advisers.

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Good hemp seed or ‘garbage’? Growers say standards needed

AURORA, Ore. (AP) — A new global hemp research lab in Oregon joins a national review board and a handful of seed certification programs as the first attempts at standardizing the growing U.S. hemp industry. Oregon State University unveiled the Global Hemp Innovation Center this week. It will offer a certification program to tell farmers which seeds are legitimate and legal. The U.S. hemp industry has been expanding since the federal government removed the crop from the controlled substances list late last year.

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Major oil companies commit to carbon pricing at Vatican

VATICAN CITY (AP) — Some of the world’s major oil producers have committed to supporting “economically meaningful” carbon pricing regimes after Vatican summit on climate change and a personal appeal from Pope Francis to avoid “perpetrating a brutal act of injustice” against the poor and future generations. The companies said governments should set such pricing regimes at a level that encourages business and investment, while “minimizing the costs to vulnerable communities and supporting economic growth.”

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Top dog: Shares of online pet store Chewy soar in debut

NEW YORK (AP) — Chewy, the online seller of pet food and squeaky toys, went public Friday and had a strong debut as investors bank on the growing pet industry. Its shares soared 59% Friday, putting the company’s market value at about $14 billion. Demand for the initial public offering was high. Chewy raised just over $1 billion, with 46.5 million shares sold at $22 each. That’s above what the company had expected.

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Chipmakers, trade fears drag down stocks; Facebook gains

NEW YORK (AP) — U.S. stocks fell in afternoon trading as chipmakers slumped because of fears that the U.S.-China trade dispute is stunting demand. Broadcom warned that sales restrictions to technology companies, including phone maker Huawei, will slow growth. It trimmed its forecast and peers including Nvidia and Qualcomm fell. Banks and industrial stocks also fell. Facebook helped lift media and internet stocks. Utilities were among the biggest gainers as investors shifted money into safe-play holdings.

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Chicago investment firm takes majority stake in Whataburger

SAN ANTONIO (AP) — An investment firm has purchased a majority stake in Whataburger as the Texas-based fast-food company seeks to expand in an increasingly competitive market. Whataburger announced Friday that the purchase by Chicago-based BDT Capital Partners should be finalized by the end of the summer and will be subject to regulatory overview. Terms of the deal were not disclosed.

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Quicken Loans to pay $32.5M to settle lawsuit over bad loans

DETROIT (AP) — Quicken Loans has agreed to pay $32.5 million to settle a lawsuit that accused the company of fraudulently sticking the government with bad mortgages. Crain’s Detroit Business says the agreement, with no admission of wrongdoing, was disclosed Friday by a mediator. The government had accused Quicken of cutting corners when verifying the income of certain borrowers. The Detroit-based company denied the allegations and had described the lawsuit as “abusive.”

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Stocks post small losses; investors look ahead to Fed

NEW YORK (AP) — Stocks ended a choppy week of trading with modest losses Friday as investors look forward to getting more clues about the direction of interest rates from the Fed. Technology shares drove the declines, and energy stocks also fell a day after leading the market. Some late gains in banks and insurers helped temper the market’s losses. Investors dealt with fresh concerns about the impact on businesses of the U.S. trade dispute with China after the chipmaker Broadcom said demand has slowed.

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The S&P 500 index fell 4.66 points, or 0.2%, to 2,886.98. The Dow Jones Industrial Average dropped 17.16 points, or 0.1%, to 26,089.61. The Nasdaq composite slid 40.47 points, or 0.5%, to 7,796.66. The Russell 2000 index of small company stocks dropped 13.31 points, or 0.9%, to 1,522.50.

The Associated Press

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