Business Highlights

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China retaliates on tariffs, stock markets go into a slide

BEIJING (AP) — Deepening its trade battle with the U.S. and sending financial markets spinning, China announced tariff hikes Monday on $60 billion of American goods in retaliation for President Donald Trump's latest penalties on Chinese products. Punitive charges of 5% to 25% on thousands of American products including batteries, spinach and coffee will take effect June 1, the Finance Ministry said.

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Escalating US-China trade war sends stocks plunging

NEW YORK (AP) — The Dow Jones Industrial Average plunged more than 600 points Monday as investors sought shelter from an escalating trade war between the U.S. and China. The selling was widespread and heavy, handing the benchmark S&P 500 index its biggest loss since January. The Dow and the S&P 500 each fell more than 2% as investors sold trade-sensitive shares. The sell-off extended the market's slide into a second week. The losses so far in May have now erased the market's gains from April.

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Apps cost too much? Court allows suit adding to Apple's woes

WASHINGTON (AP) — The Supreme Court said Monday that consumers can pursue a lawsuit complaining that iPhone apps cost too much. The decision adds to Apple's woes that already include falling iPhone sales and a European investigation. The lawsuit could have major implications for the tech giant's handling of the more than 2 million apps in its App Store, where users get much of the software for their smartphones. While most of those apps are free to download, some impose fees.

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Expert: San Francisco face ID ban would be warning to police

SAN FRANCISCO (AP) — Skeptics of face recognition say an outright ban of the technology in San Francisco would send a strong warning to police. Other cities and states are also considering legislation to limit the use of face ID technology for criminal investigation and business purposes. San Francisco is home to tech innovators such as Airbnb and Uber, but officials are big on privacy and want to curb a quickly developing technology that is making its way into retail stores, motor vehicle departments and airports.

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Amazon offers to help employees start delivery business

NEW YORK (AP) — Amazon, which is racing to deliver packages faster, is turning to its employees with a proposition: Quit your job and we'll help you start a business delivering Amazon packages. The offer comes as Amazon seeks to speed up its shipping time from two days to one for its Prime members. Amazon says it will cover up to $10,000 in startup costs for those who decide to quit their Amazon jobs and start a delivery business, plus three months' worth of their salary.

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Tankers reported damaged off UAE on major oil trade route

FUJAIRAH, United Arab Emirates (AP) — Two Saudi oil tankers and a Norwegian-flagged vessel sustained damage in what Gulf officials describe as a "sabotage" attack off the coast of the United Arab Emirates. While details of the incident remain unclear, it raises risks for shippers in a region vital to global energy supplies amid increasing tensions between the U.S. and Iran over its unraveling nuclear deal with world powers.

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Facebook to pay US content reviewers more amid criticism

SAN FRANCISCO (AP) — Facebook is raising how much it pays U.S. contractors who do some of the social network's most taxing work, including watching violent and other objectionable material for possible removal from the service. The content review jobs are psychologically taxing. Facebook has been criticized for not paying the workers enough and nor providing enough support.

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'Empire' to get 1 more season on Fox amid schedule shake-up

NEW YORK (AP) — The Fox network says "Empire" will be back this fall for its final season. But Fox executives in announcing the 2019-20 season say that Jussie Smollett's future in the show unclear. Fox Entertainment CEO Charlie Collier says there is an option to have Smollett in the show's sixth year but there is no plan right now to include him. Fox, the lowest-rated network among the big four broadcasters, is retooling its schedule by canceling eight shows and adding 10 new ones this fall.

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France, New Zealand to launch a call to end online extremism

PARIS (AP) — The leaders of France and New Zealand will make a joint push to eliminate acts of violent extremism from being shown online, in a meeting with tech leaders in Paris on Wednesday. French President Emmanuel Macron and New Zealand Prime Minister Jacinda Ardern will launch the "Christchurch call." It's named after the New Zealand city where 51 people were killed in a March 15 attack on mosques.

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The broader S&P 500 index fell 69.53 points, or 2.4%, to 2,811.87. The Dow Jones Industrial Average dove 617.38 points, or 2.4%, to 25,324.99. The Nasdaq composite 269.92 points, or 3.4%, to 7,647.02. The Russell 2000 index of small company stocks lost 49.99 points, or 3.2%, to 1,523.

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