Business Briefs – May 6, 2018

Analysts: U.S. Trade Demands Could Make Deal With China Harder

BEIJING (AP) – A list of hard-line demands that the Trump administration handed China this week could make it even more difficult to resolve a trade conflict between the world’s two largest economies. That’s the view of trade analysts who say the U.S. insistence that Beijing shrink America’s gaping trade deficit with China by a hefty $200 billion by the end of 2020, among other demands, are more likely to raise tensions than to calm them.

Trump Says U.S. Needs ‘Fairness’ on China Trade

BEIJING (AP) – President Donald Trump says there’s a need to “bring fairness to trade between the U.S. and China” and his administration will be “doing something one way or the other.” He told reporters the Trump administration is “going to have some incredible trade deals announced.”

Allianz to Stop Insuring Coal Plants, Phase Out Investments

BERLIN (AP) – Allianz says it will stop insuring coal-fired power plants and coal mines as part of its contribution to combating climate change. Europe’s biggest insurer says it’s also set itself a goal of phasing out investments in coal companies and increasing its use of renewable energy by 2040.

Wells Fargo Agrees to Pay $480M To Settle Shareholder Suits

SAN FRANCISCO (AP) – Wells Fargo says it has agreed to pay $480 million to resolve class-action lawsuits brought by shareholders who claim the bank misstated or failed to disclose details about its sales practices. The San Francisco-based bank said Friday that the agreement is in principle, and must be approved by the court before it’s finalized. Wells Fargo denies the claims and allegations in the lawsuits, which were filed in federal court in Northern California. It says it elected to settle the complaints to avoid the cost and disruption of further litigation.

California Now World’s 5th Largest Economy, Surpassing U.K.

SACRAMENTO, Calif. (AP) – California’s economy has surpassed that of the U.K. to become the world’s fifth largest, according to new federal data. California’s gross domestic product rose by $127 billion from 2016 to 2017, surpassing $2.7 trillion, the data said. Meanwhile, the U.K.’s economic output slightly shrunk over that time when measured in U.S. dollars.