FINANCIAL MARKETS
Asia shares mostly higher on upbeat China factory data
BANGKOK (AP) — Shares were mostly higher in Asia today after a survey of Chinese manufacturers showed factory activity improved slightly in December.
Japan's Nikkei 225 index gained 1.1 percent and the Hang Seng in Hong Kong climbed 1.0 percent. South Korea's Kospi fell back after Samsung Electronics reported a near 30-percent drop in operating profit in the last quarter, losing 0.1 percent. The Shanghai Composite index climbed 0.4 percent. Shares were higher in Southeast Asia.
Yesterday on Wall Street, stocks powered higher after the Federal Reserve signaled it could hold off on interest rate increases in coming months, citing muted inflation. The benchmark S&P 500 index is now on track to end January with its biggest monthly gain in more than three years. The Dow Jones Industrial Average topped 25,000 points for the first time since early December, gaining 1.8 percent to 25,014.86. The S&P 500 index rose 1.6 percent to 2,681.05. The Nasdaq composite climbed 2.2 percent to 7,183.08 and the Russell 2000 index of smaller companies picked up 1.1 percent, to 1,486.94. The Russell is up more than 10 percent this month.
ECONOMY-THE DAY AHEAD
Major business and economic reports scheduled for today
EASHINGTON (AP) — The Commerce Department has postponed releasing reports on personal income and spending for December because of recent the government shutdown.
On the earnings side, United Parcel Service reports quarterly financial results before the market opens.
And Amazon.com reports earnings after the market closes.
CHINA-MANUFACTURING
China factory measure improves but activity still sluggish
BEIJING (AP) — An official measure of China's manufacturing improved in January but forecasters say economic activity is sluggish as Chinese leaders try to resolve a tariff battle with Washington.
The purchasing managers' index issued today by the government statistics agency and an industry group rose 0.1 points on a 100-point scale but stayed below a level that shows activity expanding.
Measures for employment and domestic demand weakened.
China's economic growth sank to a three-decade low in 2018 after activity decelerated in the final quarter of the year.
Citigroup economists said in a report, "we see economic growth remaining sluggish" through the first half of 2019.
Chinese and U.S. negotiators began talks Wednesday in Washington aimed at resolving the fight over U.S. complaints about Beijing's technology ambitions.
SKOREA-EARNS-SAMSUNG ELECTRONICS
Samsung operating profit down sharply on slower chip demand
SEOUL, South Korea (AP) — Samsung Electronics Co. has posted a near-30 percent drop in operating profit for the last quarter after seeing slowing global demand for its memory chips and smartphones.
The South Korean technology giant says its operating profit during the October-December quarter declined 28.7 percent at an annual pace to 10.8 trillion won ($9.7 billion). Sales fell by more than 10 percent to reach 59.3 trillion won ($53.3 billion), while net income fell 31 percent to reach 8.5 trillion won ($7.6 billion).
Samsung says demand for its memory chips decreased due to "mounting external uncertainties" and inventory adjustments at major customers. It says smartphone sales also weakened amid a stagnant global market.
CALIFORNIA WILDFIRES-UTILITY
US judge finds PG&E violated criminal probation
SAN FRANCISCO (AP) — A federal judge in San Francisco has determined that Pacific Gas & Electric Corp. violated its probation in a criminal case stemming from a deadly 2010 gas pipeline explosion in the San Francisco Bay Area.
At a hearing Wednesday, U.S. District Judge William Alsup upheld a finding that PG&E failed to notify probation officials that a prosecutor's office had opened a full investigation into the utility's role in a 2017 California wildfire.
He said he would set a sentencing date later.
Kate Dyer, an attorney for PG&E, says the company had communicated with probation officials and didn't hear until recently that it had fallen short.
Alsup is overseeing a criminal conviction against PG&E on pipeline safety charges stemming from a deadly gas line explosion in the San Francisco Bay Area in 2010.
He is considering imposing major new conditions as part of PG&E's probation to try to prevent the utility's equipment from causing more wildfires.
CALIFORNIA-WILDFIRES-UTILITY-INSPECTION
Utility regulator says pole inspections arduous
SAN FRANCISCO (AP) — California's top utility regulator says it would take as many as 20,000 new workers to inspect every utility pole and wire in the state.
California Public Utilities Commission President Michael Picker says that won't work, but regulators may turn to drones to monitor the equipment.
Picker spoke about wildfire safety efforts and Pacific Gas & Electric Corp.'s bankruptcy to lawmakers at a hearing in Sacramento on Wednesday.
The PUC regulates investor-owned utilities. It is considering replacing PG&E's board, breaking up its gas and electric divisions or other big changes in a review that will likely take a year. Picker says the PUC has learned fines alone haven't been enough for PG&E to change its behavior.
Lawmakers questioned whether the PUC is acting fast enough to prevent future wildfire damage.
CALIFORNIA WILDFIRES-PLAINTIFFS
Lawsuits demanding the PG&E pay for damages from wildfires
SAN FRANCISCO (AP) — Some 1,000 lawsuits have been filed demanding Pacific Gas & Electric Co. pay for damages caused by wildfires.
The lawsuits involve individuals, companies, cities and counties, and claim the utility's equipment caused wildfires.
Plaintiffs range from Oroville rancher David Martin's $3,000 small claims complaint to insurance companies' demands for billions of dollars in reimbursements for payments to policyholders.
Cities and counties are suing PG&E for destroyed schools, parks and other public property in addition to the cost of responding to the fires.
PG&E lawyers have filed denials of responsibility in the courts, but when the company sought bankruptcy protection on Tuesday, it cited at least $30 billion in potential liability from those and other lawsuits.
FRANCE-AIRBUS
Airbus says its data was hacked, no risk to commercial jets
PARIS (AP) — European airplane maker Airbus says hackers broke into its information systems but the breach had no impact on commercial activities.
The company says the hack was detected in its commercial aircraft information systems. The perpetrators obtained access to data that included the professional contacts and identification details of some Airbus employees in Europe.
Airbus says it is bolstering security, as well as investigating what happened and who was responsible. The company did not elaborate on what kind of hack it was.
Airbus has pushed digitalization in its manufacturing and other work in recent years.
Airbus, which has some 130,000 employees worldwide, and Boeing are the world's leading airplane makers. Airbus also has military and space programs.
FDA-GENERIC ASTHMA INHALER
FDA OKs 1st generic version of popular Advair asthma inhaler
UNDATED (AP) — The first generic version of the popular Advair asthma inhaler has been approved by U.S. regulators.
The Food and Drug Administration on Wednesday approved Mylan's version in three strengths for ages 4 and up.
The inhalers are used twice daily to keep airways open and prevent flare-ups of wheezing, shortness of breath and other symptoms of asthma or chronic obstructive pulmonary disease. About 42 million Americans have those conditions.
The device contains two medicines, inhaled in a precise mixture. That complexity has stymied a couple of other companies developing generic versions of GlaxoSmithKline's Advair Diskus inhaler, which costs about $400 a month.
FINE-CHOCOLATE
Ghirardelli, Russel Stover fined over chocolate packaging
SACRAMENTO, Calif. (AP) — Ghirardelli and Russell Stover have agreed to pay $750,000 in fines after prosecutors in California said they offered a little chocolate in a lot of wrapping.
Prosecutors in Sacramento, San Joaquin, Shasta, Fresno, Santa Cruz and Yolo counties sued the candy makers, alleging they misled consumers by selling chocolate products in containers that were oversized or "predominantly empty."
Prosecutors also alleged that Ghirardelli offered one chocolate product containing less cocoa than advertised.
The firms didn't acknowledge any wrongdoing but agreed to change their packaging under a settlement approved earlier this month. Some packages will shrink or will have a transparent window so consumers can look inside.
San Francisco-based Ghirardelli and Kansas City-based Russell Stover are owned by a Swiss company, Lindt & Sprungli.
UNIVERSITY ENDOWMENTS
University investments fare well in 2018, but worries linger
WASHINGTON (AP) — Colleges made strong returns on their financial investments last year, but experts worry the gains could be jeopardized by spending increases.
A survey of more than 800 schools found that their endowments returned an average of 8.2 percent in 2018, a decrease over the year before but a major improvement over two sluggish years before that.
Harvard University remains the nation's wealthiest school with an endowment of $38 billion. The University of Texas system jumped to No. 2 with just under $31 billion.
Despite the recent success, many schools have dipped further into their endowments to cover annual budgets, raising concerns that they could face financial constraints in future generations.
The survey was conducted by TIAA Endowment and Philanthropic Services and the National Association of College and University Business Officers.
EXOSKELETONS FOR WORKERS
Companies hope vests will ease burden for assembly workers
FLAT ROCK, Mich. (AP) — Ford Motor Co. and other manufacturers want to help their workers take a load off, or at least make it easier to lift a load up.
Ford is among several companies providing wearable technology to elevate and support their workers' arms.
Nicholas Gotts wears an EksoVest during his shifts building Mustangs at the Flat Rock Assembly Plant in suburban Detroit. He says the exoskeleton makes his job "a whole lot easier and a lot less strenuous."
Ford piloted the EksoVest at two U.S. plants before deciding last year to expand its use to 15 factories and seven countries. The vest provides lift assistance for 5 to 15 pounds (2.3 to 6.8 kilograms) per arm.
Aerospace giant Boeing Co. is among other companies that provide their workers with exoskeletons.
