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Business Highlights

By: The Associated Press, Associated Press
May 22, 2017 Updated: 34 minutes ago
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Ford taps former office furniture executive to be new CEO

DEARBORN, Michigan (AP) — The job of Ford's new CEO won't be easy: He will have to shore up the 114-year-old company's traditional auto business, but also invest in self-driving cars and other projects that could one day make that business obsolete. Ford thinks Jim Hackett is up to the task. The 62-year-old former chief executive of office furniture maker Steelcase was named to the post Monday, just three days after former CEO Mark Fields told the company he wanted to retire.

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Insurers seek stability as Trump delays health care decision

WASHINGTON (AP) — Uncertainty over the future of health care for millions next year is growing deeper. Insurers have released a framework for stabilizing wobbly markets. But the Trump administration is seeking a delay in a court case, leaving in limbo the fate of billions of dollars to reduce deductibles and copayments. Insurers now trying to price their policies for 2018 say they need to know if the money will continue to be provided. Democrats say the administration is engaging in a cynical ploy.

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Complex world of border trade: Cattle go north, meat south

REYNOSA, Mexico (AP) — Though Donald Trump calls NAFTA "a catastrophic trade deal for the United States," the reality is far more complicated. Cattle may come north, passing southbound trucks bearing processed meat — meat from cattle raised in Mexico. And any adjustment on one side of the boundary can affect life on the other in good or bad ways.

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With catcalls and applause, Cannes debates rise of Netflix

CANNES, France (AP) — This year's Cannes Film Festival has been a sprawling, international referendum on Netflix, with votes registered in boos and applause. The festival for the first time has two Netflix films in competition for the coveted Palme d'Or top prize: South Korean director Bong Joon-ho's "Okja" and Noah Baumbach's Adam Sandler-led "The Meyerowitz Stories (New and Selected"). But Cannes has also rejected streaming-only films for next year's competition, leading to a sprawling debate on the future of film.

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Trump budget promises balance in decade, relies on deep cuts

WASHINGTON (AP) — President Donald Trump is proposing to balance the federal budget within a decade. His plan is based on sharp cuts to social safety-net programs like food stamps and Medicaid. Trump is offering optimistic estimates of economic growth and tax revenues to fulfill the promise of a government back in the black. Tuesday's budget blueprint faces a skeptical reception from Congress.

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Clariant, Huntsman, latest chemical makers seeking to merge

GENEVA (AP) — Swiss specialty chemicals maker Clariant and Texas' Huntsman Corp. will attempt to join and create a company with a market value of $13.8 billion, the latest proposed deal in a chemicals industry that is seeking to consolidate rapidly. The companies said Monday that they plan to combine in "a merger of equals" through an all-stock transaction.

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Three lawsuits allege foot-dragging by Fox on harassment

NEW YORK (AP) — Fox News is hit by three more lawsuits alleging sexual harassment or racial discrimination. The claims allege foot-dragging by network executives in responding to complaints by female employees of a hostile workplace, and one woman says she was fired less than three days after informing superiors she was pregnant. The network says the suits have no legal merit.

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Grassroots school, student efforts confront sexual violence

FOREST GROVE, Ore. (AP) — The same technology that keeps kids glued to their smartphones is being used by some schools to protect against sexual assaults by students. The apps let victims and bystanders alert school officials, police or parents to trouble. While the systems can be used by kids as pranks, app developers and school officials say most claims end up being credible. Reporting happens as events unfold and administrators can respond immediately. The real challenge is money; not all schools can afford the apps.

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APNewsBreak: Leaks found on Dakota Access pipeline system

BISMARCK, N.D. (AP) — The $3.8 billion Dakota Access pipeline and a feeder line leaked more than 100 gallons of oil in North Dakota in March. Both spills have been cleaned up. No people, wildlife or waterways were affected, according to North Dakota's health department. The pipeline's developer maintains it is safe, but several tribes in the Dakotas fear environmental harm and are fighting in federal court to shut it down.

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Stocks bounce back as technology and defense companies climb

NEW YORK (AP) — U.S. stocks climb as the market continues to bounce back from a turbulent week. Technology companies continue to lead the way. Defense companies rise after President Donald Trump completes a large sale of military equipment to Saudi Arabia. Amgen is down on concerns over its experimental osteoporosis drug Evenity.

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The Standard & Poor's 500 index climbed 12.29 points, or 0.5 percent, to 2,394.02. The Dow Jones industrial average advanced 89.99 points, or 0.4 percent, to 20,894.83. The Nasdaq composite rose 49.91 points, or 0.8 percent, to 6,133.62.

Oil prices continued to rally. Benchmark U.S. crude oil added 40 cents to $50.73 a barrel in New York. Brent crude, used to price international oils, rose 26 cents to $53.87 a barrel in London.

Wholesale gasoline gained 1 cent to $1.66 a gallon. Heating oil rose 2 cents to $1.60 a gallon. Natural gas climbed 7 cents, or 2.3 percent, to $3.33 per 1,000 cubic feet.

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