FINANCIAL MARKETS
Stocks extend early gains
NEW YORK (AP) — Stocks have extended early gains on Wall Street following strong earnings reports from a range of U.S. companies, including several luxury retailers.
Ralph Lauren and Estee Lauder surged after reporting earnings that came in well ahead of what analysts were expecting. Both said they were seeing better sales in Asia. That was an encouraging sign for investors, who have been worrying in recent weeks that growth in China's economy was cooling off.
Technology stocks, former investor favorites which have lagged the market in recent months, picked up some gains. Apple rose 1.7 percent and Microsoft added 1.1 percent.
Two-thirds of the way through the fourth-quarter earnings reporting season for U.S. companies, the results have come in broadly ahead of analysts' forecasts. However that growth is expected to slow in the months ahead.
TRUMP-WORLD BANK
AP source: Trump to tap critic of agency to lead World Bank
WASHINGTON (AP) — President Donald Trump plans to nominate David Malpass, a Trump administration critic of the World Bank, to lead the institution.
That's according to a senior administration official who spoke on condition of anonymity because the official wasn't authorized to comment publicly on personnel decisions.
Trump is expected to make an announcement later this week.
Malpass, the undersecretary for international affairs at the Treasury Department, has been a sharp critic of the World Bank, especially over its lending to China.
Malpass would succeed Jim Yong Kim, who announced in January that he is stepping down three years before his term was set to expire.
The final decision on a successor to Kim will be up to the bank's board.
Politico was first to report on the nomination.
EPA-WHEELER
Nomination of acting EPA head Wheeler moves to full Senate
WASHINGTON (AP) — Acting Environmental Protection Agency head Andrew Wheeler has moved a step closer to Senate confirmation for the full-time job.
The Senate Environment and Public Works Committee voted 11-10 along party lines Tuesday to approve President Donald Trump's nomination of Wheeler as EPA administrator.
Wheeler is a former coal lobbyist and has served as EPA acting head since Scott Pruitt resigned amid ethics allegations in July.
Senate Republicans praise Wheeler for rolling back Obama-era environmental measures, calling that good for the economy.
Republican Sen. Shelley Moore Capito (KAP'-ih-toh) of West Virginia says she voted for Wheeler after he assured her the EPA would "look at all available statutory authorities" to deal with a manmade industrial contaminant hitting her state particularly hard.
Democrats say Wheeler is cutting environmental protections to benefit fossil fuel and other industries.
ECONOMY-SERVICES
US service firms grew at slower pace in January
WASHINGTON (AP) — U.S. service companies grew in January at the slowest pace in six months, amid concern over the impact of the partial government shutdown on the economy.
The Institute for Supply Management, an association of purchasing managers, reports that its service index fell to 56.7 percent last month, down from 58 percent in December. The January reading was the lowest since July 2018.
Any reading above 50 signals growth. So even with the January decline, the index shows that service industries, where most Americans work, has been expanding for 108 consecutive months. The ISM notes that executives of service companies remain optimistic about overall business conditions.
NRF-RETAIL SALES
Retail group forecasts solid retail sales growth for 2019
NEW YORK (AP) — The National Retail Federation, the nation's largest retail trade group, is forecasting that retail sales could grow between 3.8 percent and 4.4 percent to more than $3.8 trillion this year as shoppers remain in a mood to spend in a strong economy.
The forecast is nearly in line with the 4.6 percent gain the group estimated for 2018. Last year's results are preliminary pending the release of December data from the Commerce Department that was delayed because of the government shutdown. Last year, the trade group estimated a 4.5 percent increase for 2018.
Still, the National Retail Federation acknowledges that an ongoing trade war and a volatile stock market could threaten that growth. The group says it has been difficult to measure the impact of the government shutdown.
BREXIT
May says she's seeking changes to Brexit deal
BELFAST, Northern Ireland (AP) — British Prime Minister Theresa May has told business leaders in Northern Ireland that she is seeking changes to the Brexit withdrawal agreement but not the total removal of the backstop plan that is the most contentious part of the deal.
May said during a visit to Belfast Tuesday that the British government retains its "unshakeable" commitment to preventing the construction of a hard border between Ireland and Northern Ireland when Britain leaves the European Union.
Britain is scheduled to leave the bloc on March 29, but no withdrawal agreement has been approved because Britain's Parliament has voted down May's plan.
She will return to Parliament next week seeking approval of what is expected to be a modified plan.
May plans to meet with EU leaders Thursday seeking concessions.
BRITAIN-ECONOMY
British economy 'stalling' amid intensified Brexit worries
LONDON (AP) — A closely watched survey shows that the British economy is not far away from shrinking amid intensified Brexit uncertainties.
Financial information firm IHS Markit said Tuesday that its "all-sector" purchasing managers' index dipped to 50.3 points in January from 51.5 the previous month. Were it to fall below 50, it would be indicating a fall in output.
The survey, which the Bank of England monitors as it assesses the economy, indicates that companies are getting "increasingly risk averse and eager to reduce overheads in the face of weakened customer demand and rising political uncertainty."
The Bank of England is due to keep its main interest rate on hold at 0.75 percent on Thursday. There will be interest in its economic forecasts in light of the Brexit impasse.
HONDA AIRCRAFT-PENALTY
Honda Aircraft fined $45K for citizenship job requirements
GREENSBORO, N.C. (AP) — The U.S. Justice Department says the maker of HondaJet aircraft violated immigration laws by refusing to consider certain non-U.S. citizens for jobs despite their legal right to work in the country.
Honda Aircraft Co. said Tuesday it has changed policies and procedures to ensure job postings comply with both anti-discrimination laws and trade restrictions affecting industries with potential military uses.
The Justice Department said last week the Greensboro, North Carolina, company published at least 25 job postings between 2015 and 2016 that illegally required a citizenship status that ruled out refugees and others. The government says Honda Aircraft misunderstood requirements for its employees.
The company agreed to remove specific citizenship requirements from job postings, unless permitted by law. It's paying nearly $45,000 and requiring training on anti-discrimination provisions for some employees.
ELECTROLUX-TENNESSEE
State: Electrolux not required to repay $100M in Tennessee
NASHVILLE, Tenn. (AP) — Tennessee officials say Swedish appliance maker Electrolux isn't legally required to repay $100 million in state incentives for its soon-to-be-shuttered Memphis factory.
The state's 2010 agreement with Electrolux didn't include clawback provisions to recoup money if job thresholds aren't met.
Economic development department spokesman Scott Harrison says Electrolux committed to create 1,240 jobs in Memphis and last reported 1,100-plus employees in 2017. It currently employs about 530.
Electrolux plans to stop Memphis' production within two years, while investing $250 million to consolidate U.S. cooking manufacturing into its Springfield, Tennessee, facility.
Harrison says Electrolux's Memphis project received a $97 million grant and $2.6 million of a $3.1 million training grant.
Harrison says some money aided construction and infrastructure, which could help attract a new tenant.
Electrolux didn't return requests for comment.
JAPAN-NISSAN-GHOSN
Nissan board taps Renault's Senard, shareholders meeting set
TOKYO (AP) — Nissan's board has chosen as a director Jean-Dominique Senard, who was recently appointed chairman at the Japanese automaker's alliance partner Renault SA.
Nissan Motor Co. said in a statement that its board decided Tuesday to hold an extraordinary shareholders' meeting on April 8, to remove its former chairman, Carlos Ghosn. Earlier, he also was dismissed as chairman of smaller alliance partner Mitsubishi Motors Corp. and Renault.
Nissan did not say if Senard was being considered to replace Ghosn as chairman
Ghosn was arrested Nov. 19 and was charged with falsifying financial reports and breach of trust. Shareholders must approve his removal from and Senard's addition to the board.
Nissan will also seek shareholders' approval for the ouster of Greg Kelly, who was arrested with Ghosn for alleged financial misconduct.
IRAN-OIL
Iran says Europeans aren't buying oil despite US waivers
TEHRAN, Iran (AP) — Iran says European nations have not responded to its offers to sell them crude oil despite having U.S. waivers.
The semi-official Fars news agency on Tuesday quoted Oil Minister Bijan Zanganeh as saying "we have called them many times, but they do not return our calls." He did not name the oil importers, but appeared to be referring to Greece and Italy, which were among eight nations granted waivers to import Iranian oil when the U.S. restored sanctions in November.
The U.S. began ramping up sanctions after President Donald Trump withdrew from Iran's 2015 nuclear accord with world powers last year. Oil exports are a key source of revenue for Iran. The temporary waivers were intended to give countries more time to comply with the sanctions.
OFFENSIVE EMAILS-JOE RICKETTS
Cubs family patriarch apologizes for racist emails
CHICAGO (AP) — The patriarch of the family behind the Chicago Cubs has apologized after an online media outlet published emails in which he took part in racist comments and conspiracy theories.
Some of the emails Splinter News published Monday featured Joe Ricketts making Islamophobic comments, such as "Islam is a cult and not a religion." Others included conspiracies about former President Barack Obama's birthplace and education.
Ricketts, who founded TD Ameritrade, apologized for the emails, saying he believes "bigoted ideas are wrong."
Cubs' Chairman Tom Ricketts issued a separate statement saying his father's emails don't reflect the values of the Cubs and highlighting that his father isn't involved in the Cubs' operations.
Joe Ricketts sold 34 million shares of TD Ameritrade to help purchase the Cubs in 2009.
