Business Briefs – October 29, 2018

As Stocks Plunge, Should You Overhaul Your Financial Plan?

NEW YORK (AP) – Stocks are spiraling lower again, bonds are losing money and everything suddenly feels very shaky. Time to overhaul your financial plan, right? Financial advisers hope your answer is an emphatic “no.” Ideally, you already set up your plan with the understanding that something as common as a 10 percent tumble in stocks would occur again and again.

Lion Air Crash Renews Concerns About Indonesia Airlines

(AP) – The fatal crash of a Lion Air jet is renewing safety questions about Indonesian airlines, which were banned from the U.S. and Europe for several years. Like other countries in Asia, Indonesia is seeing a boom in air travel, putting pressure on airlines, government overseers and infrastructure to keep up. The plane involved is a new version of Boeing’s popular 737.

IBM’s $34B Red Hat Deal Is Risky Bid to Boost Cloud Business

NEW YORK (AP) – IBM’s plan to buy Red Hat is both the biggest acquisition in IBM’s century-long history and a risky effort to position itself as a major player in cloud computing. Cloud computing is big for IBM, but it has been overshadowed by Amazon, Microsoft and others. The Red Hat deal could allow IBM to reset the landscape.

U.S. Election Integrity Depends On Security-Challenged Firms

The real guardians of U.S. elections are a trio of privately held companies with a history of technical problems and security vulnerabilities in the election technology they sell. Experts say the companies have long skimped on security in favor of convenience, making it difficult to detect intrusions or tampering. The businesses face scant federal oversight and operate under a shroud of technical and financial secrecy.

Google to Give Away $25 Million To Fund Humane AI Projects

SUNNYVALE, Calif. (AP) – Google will give away $25 million to projects that propose ways to use the artificial intelligence of computers to help create a more humane society. The grant program announced Monday is part of a broader Google initiative called “AI for Social Good” aimed at easing mounting concerns that steady advances in artificial intelligence will eliminate jobs and perhaps even be autonomously deployed by the military to kill people. Google’s nonprofit arm will announce the AI grant winners next spring.

Economist: NKorea Eying Swiss, Singaporean-Style Success

PYONGYANG, North Korea (AP) – A senior government economist has told The Associated Press that North Korea is exploring a grand plan to become a regional transportation hub, inspired in part by the successes of Singapore and Switzerland. The economist said Pyongyang would also be open to joining world financial institutions such as the International Monetary Fund, but said that could only happen if current member states give up their “hostile” policies toward the North.

Mexico Referendum Cancels Partly Built $13 Billion Airport

MEXICO CITY (AP) – Mexico’s president-elect said Monday he will respect the result of a referendum that rejected a partly built new airport for Mexico City, effectively ending the $13 billion project.

“The decision taken by the citizens is democratic, rational and efficient,” Andres Manuel Lopez Obrador said after 70 percent voted against the plan. “The people decided.”

It is unclear what will be done with the enormous foundations already built on the site, a former lake bed known as Texcoco.

Organizers of the referendum reported late Sunday that just over 1 million people voted in the referendum. The vote has been criticized in part because only about one of every 90 registered Mexican voters participated.