Amazon emerges as most valuable U.S. firm amid turmoil
SAN FRANCISCO — Amazon has eclipsed Microsoft as the most valuable publicly traded company in the U.S. as a see-sawing stock market continues to reshuffle corporate America’s pecking order.
The shift occurred Monday after Amazon’s shares rose 3 percent to close at $1,629.51 and lifted the e-commerce leader’s market value to $797 billion. Meanwhile, Microsoft’s stock edged up by less than 1 percent to finish at $102.06, leaving the computer software maker’s value at $784 billion.
It marks the first time Amazon has held the top spot and ends Microsoft’s brief return to the pinnacle after it surpassed Apple in late November .
The repositioning has been triggered by mounting concerns that the Trump administration’s trade war with China and rising interest rates will bog down the worldwide economy. If that were to happen, it’s likely to slow the growth of companies in technology and other industries that generate a substantial chunk of their revenue outside the U.S.
North Korea confirms Kim’s departure to China for summit
SEOUL, South Korea — North Korean leader Kim Jong Un is making a four-day trip to China, the North’s state media reported Tuesday, in what’s likely an effort by Kim to coordinate with his only major ally ahead of a summit with U.S. President Donald Trump that could happen early this year.
Kim departed for China on Monday afternoon with his wife Ri Sol Ju and other top officials, the North’s Korean Central News Agency said. It said Kim is visiting China at the invitation of Chinese President Xi Jinping.
South Korean media reported that Kim’s distinctive armored train was expected to reach Beijing on Tuesday morning, which happens to be Kim’s birthday.
China’s official Xinhua News Agency issued a nearly identical report, while Beijing’s North Railway Station was cocooned in security, with dozens of police and paramilitary troops patrolling outside. What appeared to be official cars were seen driving past the security cordon into the station, although journalists on the scene were too far away to identify them clearly.
Nissan’s ex-chair Ghosn appears in court
TOKYO — The former chairman of Japan’s Nissan, Carlos Ghosn, appeared in court on Tuesday and asserted his innocence while demanding the reason for his prolonged detention.
The hearing was Ghosn’s first public appearance since his Nov. 19 arrest.
Ghosn, appearing in a dark suit without a tie and wearing plastic slippers and looking thinner than he had before his arrest, denied any wrongdoing.
“Your honor, I am innocent of the accusations against me,” he said. “I am wrongfully accused,” he said, reading from a prepared statement.
Prosecutors have charged Ghosn with falsifying financial reports in underreporting his income. Widely respected for having saved the Japanese automaker from near bankruptcy, Ghosn said the company’s and his own finances were harmed by the global financial crisis a decade ago.
Woman sentenced to life as teen in killing wins clemency
NASHVILLE, Tenn. — A woman who says she was a 16-year-old sex trafficking victim when she killed a man in 2004 was granted clemency Monday by Tennessee’s governor and will be released from prison later this year.
Tennessee Gov. Bill Haslam granted clemency to Cyntoia Brown, who had been serving a life sentence but who will be released on parole on Aug. 7 — 15 years from the date she was first arrested.
“Cyntoia Brown committed, by her own admission, a horrific crime at the age of 16. Yet, imposing a life sentence on a juvenile that would require her to serve at least 51 years before even being eligible for parole consideration is too harsh, especially in light of the extraordinary steps Ms. Brown has taken to rebuild her life,” Haslam said in his statement.
Brown, 30, will remain on parole supervision for 10 years on the condition she does not violate any state or federal laws, holds a job, and participates in regular counseling sessions.
Brown’s case has attracted national attention from criminal justice reform advocates, and the attention has amped up as Haslam’s second and final term nears an end. He leaves office Jan. 19.
By wire sources