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Business Highlights

The Associated Press

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Why they fight: US and China brawl over high technology

WASHINGTON (AP) -- To understand why the United States and China stand on the brink of a trade war, consider the near-death experience of American Superconductor Corp. The company, known as AMSC and based in Massachusetts, was reeling after a Chinese partner stole its technology — the electronic brains that run wind turbines. The loss was devastating: AMSC's stock shed $1 billion in value, and the company cut 700 jobs, more than half its workforce.

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How much house you can afford depends on where you live

How much home can you afford? It depends where you live. Someone earning a typical income in Decatur, Illinois, can afford a typical home relatively easily. But homes in San Jose, California, are hard to afford. Here are some of the most and least affordable housing markets.

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How much all-seeing AI surveillance is too much?

BOSTON (AP) -- Advances in the field of computer vision have accelerated the race for self-driving cars, powered popular photo-tagging features on Facebook or Google and spawned the no-checkout retail store. But the creepier uses of artificial intelligence systems that interpret the real world have given some startups qualms. Some are saying no to lucrative markets that feel a little too much like "1984."

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Former Malaysian leader arrested, to be charged with graft

KUALA LUMPUR, Malaysia (AP) -- Former Malaysian Prime Minister Najib Razak was arrested Tuesday by anti-graft investigators and will be charged over his alleged role in the multibillion-dollar looting of a state investment fund, officials said. A government task force probing alleged theft and money laundering at the 1MDB state investment fund said Najib's arrest was linked to the suspicious transfer of 42 million ringgit ($10.6 million) into his bank account from SRC International, a former 1MDB unit.

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Iran issues oil warning as UAE says production can rise

TEHRAN, Iran (AP) -- Iran has issued a new warning over Mideast oil supplies. Meanwhile, the United Arab Emirates said on Tuesday that it could increase its own production. These are the latest remarks to follow President Donald Trump's demand for lower global energy prices from OPEC. U.S. benchmark crude is now trading around $75 a barrel.

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Trump courting other motorcycle companies after Harley

WASHINGTON (AP) -- President Donald Trump says the administration is in talks with motorcycle companies that want to move to the U.S. after Harley-Davidson said it will move some assembly overseas. Harley-Davidson drew Trump's wrath after it announced the move and blamed it on tariffs imposed by the European Union to retaliate for tariffs imposed by Trump.

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Need a loan? Advice? Many business owners give staffers help

NEW YORK (AP) -- When staffers need loans or personal advice, many business owners willingly will lend money or give emotional support. These owners want a friendly, relaxed atmosphere, unlike the ambience of a big corporation. They also want staffers to feel validated and appreciated; owners are aware that employees are less likely to leave when they're being treated well. But labor lawyers warn there can be legal consequences when a boss is generous and staffers who didn't benefit feel discriminated against.

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Report: Federal Facebook probe now includes FBI, SEC

WASHINGTON (AP) -- The Washington Post reports that a federal probe into Facebook's sharing of user data with Cambridge Analytica now involves the FBI, the Securities and Exchange Commission and the Justice Department. The Post report said representatives from those agencies have joined the Federal Trade Commission in examining the actions and statements of Facebook and its executives, including CEO Mark Zuckerberg. It cited five unnamed people familiar with the matter. Facebook says it is cooperating.

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US stocks finish lower in light trading ahead of US holiday

U.S. stocks closed lower Tuesday following a swift sell-off in the final minutes of a shortened trading session ahead of the Independence Day holiday. The losses snapped a three-day winning streak for the stock market, wiping out modest gains from earlier in the day. Technology companies and banks led the market slide, outweighing gains in health care and energy stocks.

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What's new for Amazon's Prime Day? Deals at Whole Foods

NEW YORK (AP) -- Amazon's Prime Day deals are coming to the aisles of Whole Foods as the online retailer seeks to lure more people to its Prime membership after recently hiking up the price. This year's sales event, which starts July 16, will be six hours longer than last year's and offer new products that can't yet be bought elsewhere. Amazon is hoping it can keep Prime attractive for current and would-be subscribers after raising the annual membership fee by 20 percent to $119.

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Brazilian businessman Eike Batista convicted of corruption

SAO PAULO (AP) -- A Brazilian businessman who amassed and then lost a multi-billion-dollar fortune has been convicted of corruption and sentenced to 30 years in jail. Eike Batista was found guilty of paying around $16.5 million in bribes to the former governor of Rio de Janeiro to gain an advantage in government contracts.

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The S&P 500 index fell 13.49 points, or 0.5 percent, to 2,713.22. The Dow Jones Industrial Average slid 132.36 points, or 0.5 percent, to 24,174.82. The Nasdaq lost 65.01 points, or 0.9 percent, to 7,502.67. The Russell 2000 index picked up 5.33 points, or 0.3 percent, to 1,660.42.

Benchmark U.S. crude added 20 cents to $74.14 a barrel in New York. Brent crude, used to price international oils, rose 46 cents to $77.76 a barrel in London. Heating oil gained 1 cent to $2.16 a gallon. Wholesale gasoline added a penny to $2.12 a gallon. Natural gas rose a penny to $2.87 per 1,000 cubic feet.