Global Glance: China tech giant crippled; Royal Bank of Scotland tentatively settles US claims

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Here are today’s top business headlines from across the nation and world:

China tech giant crippled, US imports held amid trade spat

HONG KONG (AP) — A Chinese tech giant brought to its knees and delays for imported U.S. cars, apples, lumber and other agricultural products are early signs the widening trade dispute between China and the U.S. is exacting a toll on both sides. More talks aimed at resolving the conflict are planned for next week in Washington, while both sides dig in for a fight over their trade imbalance. Read more

Royal Bank of Scotland tentatively settles US claims

LONDON (AP) — Royal Bank of Scotland said Thursday it has agreed to pay $4.9 billion to settle U.S. claims that it misled investors who bought securities backed by risky mortgages in the run up to the 2008 financial crisis. The tentative settlement with the U.S. Department of Justice marks a watershed moment for RBS, which was bailed out by British taxpayers after a series of acquisitions briefly made it the largest bank in the world before it collapsed a decade ago. The British government insisted that the U.S. claims had to be resolved before it could sell its 72 percent stake in RBS. Read more

White House hosts AI summit with tech firms

Top U.S. tech executives and researchers are planning to press the Trump administration to invest in artificial intelligence and craft policies they hope will strengthen the economy without displacing jobs. The White House is hosting the “Artificial Intelligence for American Industry” event Thursday. Google, Amazon, Facebook and Microsoft are among dozens of tech firms attending. Top universities are also pitching for investment in basic research. Read more

Giant California teacher pension system targets gun sellers

WEST SACRAMENTO, Calif. (AP) — One of the largest public pension funds in the nation voted Wednesday to use its financial might to pressure gun retailers across the country to stop selling military-style assault weapons and accessories like rapid-fire “bump stocks” used at the 2017 Las Vegas mass shooting. The $222.5 billion California State Teachers’ Retirement System said it will try to unseat board members at companies that resist and could dump its stock in those retailers if they still refuse to conform to laws already in effect in California. Read more

SKorea, GM agree on funding to help keep local unit afloat

SEOUL, South Korea (AP) — South Korea said Thursday that it has reached an agreement with General Motors to inject $4.35 billion in funding and other measures to turn around the loss-making Korean unit. Finance Minister Kim Dong-yeon told reporters that the American automaker agreed to other measures meant to ensure the company stays in South Korea for at least 10 years. GM will be restricted from selling any shares for the next five years and obligated to retain at least a 35-percent stake in its Korean unit for the following five years. Read more

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