Business News

Feb 23, 5:15 PM EST

Business Highlights


US factory CEOs to Trump: Jobs exist; skills don't

WASHINGTON (AP) - President Donald Trump brought two dozen manufacturing CEOs to the White House on Thursday and declared their collective commitment to restoring factory jobs lost to foreign competition. Yet some of the CEOs suggested that there were still plenty of openings for U.S. factory jobs but too few qualified people to fill them.


Mnuchin says goal is to pass tax reform by August

WASHINGTON (AP) - Treasury Secretary Steven Mnuchin says the administration is committed to getting major tax reform legislation through Congress by August. In an interview with CNBC, he says President Donald Trump's economic proposals will boost growth significantly to annual rates above 3 percent.


Stocks end mixed as investors seek safety; industrials slide

NEW YORK (AP) - US stock indexes finish mixed as investors sell industrial companies and other stocks that stand to benefit from faster economic growth. With those companies down and bond yields falling, investors are buying big dividend-payers like utilities.


NAFTA in Trump era is focus at US-Mexico trade forum

EL PASO, Texas (AP) - Mexican and U.S. trade industry leaders have gathered in El Paso to discuss business in the era of U.S. President Donald Trump, who says he wants renegotiate or dismantle the North American Free Trade Act. Many at Mexico Now's Manufacturing Supply Chain Summit on Thursday agreed that the 23-year-old NAFTA trade agreement between the U.S., Mexico and Canada will be renegotiated.


Manufacturing CEOs differ on border tax in talks with Trump

WASHINGTON (AP) - A senior White House official says several U.S. manufacturing CEOs pushed for a controversial tax on imports during their meeting with President Trump Thursday. The tax, known as the "border-adjusted tax," would also exclude exports from taxation. House Republican leaders are pushing it as a corporate tax reform.


Lawmakers renew push for drilling in Alaska wildlife refuge

ANCHORAGE, Alaska (AP) - Petroleum drilling in Alaska's Arctic National Wildlife Refuge wasn't a consideration under President Barack Obama, but it's getting renewed attention under the new administration. Sen. Lisa Murkowski and other members of Alaska's congressional delegation are pushing legislation to allow drilling on the refuge's coastal plain. Federal researchers estimate the coastal plain holds up to 16 billion barrels of oil. Critics say it's important wildlife habitat, and they want it managed as wilderness.


Plight of company towns: finding a new identity

PEORIA, Ill. (AP) - Company towns like Peoria, Illinois, have long relied on major employers to provide generations of locals with jobs and give the cities their central identity. Now many of those midsize communities are looking to redefine themselves as more companies trade longtime hometowns for major cities with easier access to global markets and the lifestyle that talented young workers want, with nightlife and public transit.


US musician makes mics in Russia using Kalashnikov machinery

TULA, Russia (AP) - Californian musician David Brown and fan Pavel Bazdyrev are a rare example of success in Russia's consumer goods industry. They have been making high-end microphones in Russia since 2014, taking advantage of cheap labor and second hand machinery from Kalashnikov arms plants. But theirs is a rare tale in Russia, which is struggling to change its business climate to help companies thrive outside the country's dominant oil and gas sector.


Former House speaker predicts 'Obamacare' won't be repealed

WASHINGTON (AP) - Former House Speaker John Boehner, who oversaw a government shutdown aimed at taking money away from President Barack Obama's health care law, now says a full repeal and replace won't happen. Boehner says he started laughing when he heard Trump and Republicans pledge swift action on undoing the health law.


Homeland Security chief: No use of military for deportations

MEXICO CITY (AP) - U.S. Homeland Security Secretary John Kelly says there will be "no mass deportations" and "no use of military forces" in enforcing President Donald Trump's immigration crackdown. Kelly is speaking in Mexico City after he and U.S. Secretary of State Rex Tillerson met their Mexican counterparts.


The Dow Jones industrial average added 34.72 points, or 0.2 percent, to 20,810.32. The Standard & Poor's 500 index rose 0.99 points to 2,363.81. The Nasdaq composite lost 25.12 points, or 0.4 percent, to 5,835.51.

Benchmark U.S. crude oil futures rebounded, rising 86 cents, or 1.6 percent, to $54.45 a barrel in New York. Brent crude, the standard for pricing international oils, rose 61 cents to $56.58 a barrel in London. Wholesale gasoline gained 2 cents to $1.53 a gallon. Heating oil rose 3 cents to $1.66 a gallon. Natural gas picked up 3 cents to $2.62 per 1,000 cubic feet.

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