Business News at a Glance
Posted June 3, 2018 9:12 p.m. EDT
U.S.-China Trade Talks End in an Impasse
The United States and China ended trade talks in Beijing on Sunday without any deals and with Chinese officials refusing to commit to buying more American goods without a Trump administration agreement not to impose further tariffs on Chinese exports. “If the United States introduces trade measures, including an increase of tariffs, all the economic and trade outcomes negotiated by the two parties will not take effect,” China said in a statement distributed by the state-controlled media. The apparent impasse left the Trump administration with the issue of what to do about China’s industrial policies.
Trump Faces Angry World Leaders at G-7 Summit
President Donald Trump will come face-to-face with his fellow world leaders at the Group of 7 summit on Friday, just days after imposing steel and aluminum tariffs that threaten to set off a trade war with major U.S. allies. The two-day meeting, being held this year in Canada, is usually a time for pledges of cooperation among seven of the world’s largest economic powers — Canada, France, Germany, Italy, Japan, Britain and the United States. But Trump’s counterparts arrive this year with a long list of grievances, including his protectionist trade policies and his decision to unilaterally abandon the Iran nuclear deal.
Tesla’s Shareholders Could Ask Tough Questions
Tesla holds its annual shareholder meeting Tuesday, and the electric carmaker will most likely face tougher questioning from investors than in previous gatherings. The company’s stock has slipped more than 15 percent in the past 12 months, it is losing money and burning cash, and it is struggling to ramp up production of the Model 3, a compact car that Tesla’s chief executive, Elon Musk, is counting on the make the company profitable. Some institutional investors are even pushing to force Musk to give up his role as chairman, and to vote out three directors seen as close to him, including Musk’s brother.
Prices Keep Rising for Drugs Treating Painful Sex in Women
The drug estradiol is used to improve women’s sex lives by treating a painful, often unspoken condition experienced by older women: a dry vagina, which can cause uncomfortable intercourse and complications like urinary tract infections. Estradiol has been around for decades, but the price of the products that contain the drug has climbed steadily in recent years, according to an analysis by the consumer website GoodRx. This week, the FDA approved a new estradiol product, Imvexxy, a development that in any other market may have offered hope for price relief. But TherapeuticsMD, its maker, said the new product would be sold at “parity” with others on the market.
Facebook Tried to Rein In Fake Ads. It Fell Short in a California Race.
Regina Bateson, a Democrat running for Congress in the California primary Tuesday, opened Facebook on April 1 to find what appeared to be a news article that painted her as trying to torpedo the campaign of a rival. When Bateson clicked through the article, she was directed to a Facebook page run by Sierra Nevada Revolution, a local progressive group. The article was not a news story, she found, but a political ad. And while Facebook rolled out new rules on April 6 mandating that campaign ads be clearly labeled and say who had purchased them, the ad about Bateson continued to be targeted to local voters throughout April without any of those disclosures.