Business Highlights

By The Associated Press, Associated Press • AP • Updated: May 25, 2018 at 4:46 pm • Published: May 25, 2018

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For CEOs, $11.7 million a year is just middle of the pack

NEW YORK (AP) — Chief executives at the biggest public companies got an 8.5 percent raise last year, bringing the median pay package for CEOs to $11.7 million. Across the S&P 500, compensation for CEOs is often hundreds of times higher than typical workers.

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Source: Trump administration has cut deal with China's ZTE

WASHINGTON (AP) — The Trump administration has told Congress it's reached a deal that would allow Chinese telecommunications giant ZTE Corp. to stay in business, said a source familiar with the talks who spoke on condition of anonymity to discuss a confidential matter.

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Weinstein takes books on theater, film to arrest

NEW YORK (AP) — A lawyer representing one of Harvey Weinstein's alleged victims called his arraignment on criminal charges "an emotional moment." Attorney Carrie Goldberg represents former actress Lucia Evans, who says Weinstein forced her to perform oral sex in his office in 2004. Weinstein was charged Friday with attacking Evans and raping another, unidentified woman at a hotel in 2013.

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Fiat Chrysler warns 5.3M owners: Don't use the cruise

DETROIT (AP) — Fiat Chrysler is recalling more than 5.3 million vehicles in the U.S., Canada and elsewhere because in rare but terrifying circumstances, drivers may not be able to turn off the cruise control. The company is warning owners not to use cruise control until the cars, SUVs and trucks can be fixed with a software update. The recall includes 15 Jeep, Dodge, Chrysler and Ram models from six model years with gasoline engines and automatic transmissions.

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Court: more study needed on Yellowstone-area gold mining

BILLINGS, Mont. (AP) — A gold exploration proposal just north of Yellowstone National Park has suffered a significant setback with a court ruling that says Montana officials understated mining's potential harm to land, water and wildlife. State Judge Brenda Gilbert said in a ruling released Friday that the Montana Department of Environmental Quality should have conducted a more extensive review of the proposal from Lucky Minerals. She says state officials gave too much deference to the company.

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Fed Chair Powell stresses importance of an independent Fed

Federal Reserve Chairman Jerome Powell says the Fed's independence from political pressure plays a key role in enabling the central bank to fight inflation, stabilize the economy, and regulate the financial system. Powell warned against taking that independence for granted given its recent success in keeping inflation low.

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US durable goods drop 1.7 percent in April but key category shows strength

WASHINGTON (AP) — Orders for long-lasting manufactured goods fell in April amid weaker demand for aircraft. But a key category that tracks business investment rose after sliding in March — a sign of health for American industry. The Commerce Department says U.S. orders for durable goods — manufactured items meant to last at least three years — fell 1.7 percent from March.

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Deal dead with investor for Alaska mine project near fishery

JUNEAU, Alaska (AP) — A Canadian company that was courted as a partner in a proposed copper-and-gold mine near one of the world's largest salmon fisheries in Alaska has backed away from the project. Critics of say they hope the end of the partnership signals the end of mining project, but neither company offered any immediate comment.

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Maritime organization approves Bering Strait shipping routes

ANCHORAGE, Alaska (AP) — The International Maritime Organization has approved the first two-way shipping routes into the Arctic Ocean. The IMO accepted routes proposed by the United States and Russia for safe navigation through the Bering Strait between Alaska and Russia's Chukotskiy Peninsula. The routes create lanes for northbound and southbound traffic and take effect Dec. 1. The designation was hailed by environmental groups that pushed for safe shipping measures.

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Stocks dip as oil prices and energy companies fall sharply

NEW YORK (AP) — A sharp drop in crude oil prices sent energy companies skidding to their worst losses in months, weighing down the broader stock market. The drop followed reports that OPEC countries and Russia could start producing more oil after a meeting in June. The prospect of lower fuel prices sent airline stocks higher. Gap plunged after a weak first quarter that included lower sales at its namesake brand.

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The S&P 500 index slid 6.43 points, or 0.2 percent, to 2,721.33. The Dow Jones industrial average fell 58.67 points, or 0.2 percent, to 24,753.09. The Nasdaq composite climbed 9.42 points, or 0.1 percent, to 7,433.85 as consumer-focused companies moved higher. The Russell 2000 index of smaller-company stocks lost 1.29 points, or 0.1 percent, to 1,626.93.

U.S. crude dropped 4 percent to $67.88 a barrel in New York. Brent crude, used to price international oils, fell 3 percent to $76.44 a barrel in London. Wholesale gasoline slid 2.3 percent to $2.18 a gallon. Heating oil lost 2.5 percent to $2.21 a gallon. Natural gas remained at $2.94 per 1,000 cubic feet.

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