Business Highlights

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Huawei unveils phone system that could replace Android

BEIJING — Chinese tech giant Huawei has unveiled its own operating system for smartphones that could replace Android if U.S. sanctions on the company cut off access to Google's system. The company says it will release its first smartphone based on the new HarmonyOS on Saturday. The head of the company's consumer unit says Huawei wants to keep using Android but can "immediately switch" to HarmonyOS if needed. Washington has labeled Huawei a security risk and limited its access to U.S. technology.

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Walmart pulls violent game displays but will still sell guns

NEW YORK — Walmart has ordered workers to remove violent marketing material, unplug Xbox and PlayStation consoles that show violent video games and turn off any violence depicted on screens in its electronics departments. A spokesman says the retailer is taking the steps out of respect for the 22 people killed in the mass shooting at its El Paso, Texas, store. Walmart will still sell the violent video games and hasn't made any changes to its gun sales policy, despite pressure to do so.

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US-China trade war weakening demand for oil

PARIS — The International Energy Agency says the U.S.-China trade war and a decline in world economic growth are weakening demand for oil. The Paris-based agency, which advises many developed countries on energy policies, cut its forecast for oil demand growth this year to 1.1 million barrels a day and next year to 1.3 million barrels a day.

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Alaska budget woes prod debate over oil-wealth fund checks

JUNEAU, Alaska — Alaska faces a budget dilemma linked to its uneasy reliance on oil. The situation has politicians weighing changes to the annual dividend paid to residents from Alaska's nest-egg oil-wealth fund. The checks once were considered almost untouchable. But the budget reality, and differences over taxes and spending, has politicians and residents choosing between the size of the checks and public services many expect.

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UN food agency to boost aid for 4 Central American countries

GENEVA — The World Food Program says it's planning to nearly quadruple the number of people that the U.N. agency helps in four central American countries affected by drought, seen as one of the drivers of migration through the region. WFP spokesman Herve Verhoosel says the agency aims to provide food assistance to 700,000 people in El Salvador, Guatemala, Honduras and Nicaragua — up from 160,000 helped already this year.

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Stocks fall again on trade-war worries, capping wild week

NEW YORK — Stocks capped a turbulent week with another decline Friday as investors worry that a resolution in the U.S.-China trade dispute is a long ways off. The Dow Jones Industrial Average fell as much as 280 points, rallied to a slight gain, then slipped in the closing minutes to end with a loss of 90 points. Technology and retail companies had some of the biggest losses. Escalating tension between the U.S. and China over trade was the catalyst for the big swings in the market this week.

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Documents: Epstein ducked sex abuse questions in deposition

NEW YORK — Newly released court documents show that financier Jeffrey Epstein repeatedly declined to answer questions about sex abuse as part of a lawsuit. A partial transcript of the September 2016 deposition was included in hundreds of pages of documents placed in a public file Friday by a federal appeals court in New York. The 66-year-old has pleaded not guilty to sex trafficking charges.

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UK economy shrinks for first time since 2012 as Brexit bites

LONDON — The British economy shrank in the second quarter for the first time in six and a half years as Brexit uncertainties weighed on business investment and firms reduced their stockpiling of goods after Britain was granted an extension to its departure from the European Union, official figures showed Friday. The decline, the first since the fourth quarter of 2012, was a surprise, with most economists expecting the economy to flat-line.

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US wholesale prices rise just 0.2% in July

WASHINGTON — U.S. wholesale prices ticked up just 0.2% in July, the latest sign that inflationary pressures are largely in check. The Labor Department says the producer price index — which measures price changes before they reach the consumer — increased 1.7% last month compared with a year ago, the same as in June.

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Trump defends Hamptons fundraiser billionaire host

SOUTHAMPTON, N.Y. — President Donald Trump is attending a pair of fundraisers in the Hamptons amid increased scrutiny of the high-dollar donors helping to finance his re-election campaign. Among them is Stephen Ross, the billionaire real estate developer whose Related Companies owns Equinox and SoulCycle. Ross is hosting one of the events. He is also the majority owner of the Miami Dolphins.

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The S&P 500 index fell 19.44 points, or 0.7%, to 2,918.65. The Dow Jones Industrial Average dropped 90.75, or 0.3%, to 26,287.44. The Nasdaq fell 80.02 points, or 1%, to 7,959.14. The Russell 2000 index fell 19.09, or 1.2%, to 1,513.04.

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Other News

Asian stocks drift pending fresh news; oil takes a breather

Aug 16, 2016

Asian stock markets drifted sideways on Tuesday as the price of oil took a breather from a three-day rally

Miner BHP Billiton suffers $6.4 billion loss for 2015-16

Aug 16, 2016

The world's biggest miner, BHP Billiton, on Tuesday reported a $6.4 billion loss _ the Anglo-Australian company's worst ever full-year result

US stocks dip as phone stocks fall; earnings hit retailers

Aug 17, 2016

US stocks fall, with the biggest losses again going to phone and utility companies

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