China’s yuan weakens after signs of stability calm world markets
BEIJING — China’s yuan has weakened again after the central bank told companies the currency would not be allowed to continue to fall sharply. The yuan edged down on Wednesday to about 0.4% below its level late the previous day. Financial markets tumbled after Beijing allowed the yuan to fall Monday to an 11-year low against the dollar.
U.S. stocks erase most early losses
Stocks overcame a big loss on Wall Street Wednesday, though the market’s recovery left plenty of signs of worry among investors. An afternoon rally lifted most of the major stock indexes out of the red, reversing most of an early slide that briefly pulled the Dow Jones Industrial Average down more than 580 points. Bond yields fell, the price of oil tanked and the price of gold surged as traders sought safe-haven holdings.
Lyft continues to post losses
NEW YORK — Lyft is reporting strong revenue growth but deep losses in its second quarter, a trend that it has so far been unable to reverse. The ride-hailing company on Wednesday posted revenue of $867.3 million, up 72% from the same time last year. However, the San Francisco-based company lost $664.2 million during the quarter, which was worse than what analysts polled by FactSet expected. They had predicted Lyft would lose $445 million.
Samsung ditches headphone jacks
NEW YORK — Samsung’s newest smartphone won’t have a headphone jack. The Galaxy Note 10 loses that, even though Samsung executives have long poked fun at rivals for ditching it. The Note 10 squeezes in more battery power and other goodies. That’s forcing the company to do an about-face and declare that many people use wireless headphones anyway. Samsung is releasing the Note 10 in two sizes on Aug. 23.
Japan: Export step not aimed at Seoul
TOKYO — A spokesman said Japan’s downgrading of South Korea’s trade status is not intended as retaliation for disputes over court rulings ordering Japanese companies pay compensation for their treatment of Korean laborers during World War II. The move to drop South Korea from a list of countries granted preferred trade status became official Wednesday, and will take effect on Aug. 28.
Perdue: U.S. farmers will regain markets
U.S. Agriculture Secretary Sonny Perdue is telling nervous farmers he’s confident they’ll eventually regain the markets they’ve lost in the Trump administration’s trade war with China. Perdue spoke Wednesday at a trade show in Minnesota. After hearing criticism from farmers about the trade war, Perdue said he believes U.S. farmers will get the China market back. But he says it’s got to be a fair, reciprocal and free trade environment.