Five things to know from Business


Tensions threaten global growth, G-20 leaders warn

Trade tensions threaten global growth as the engines of leading economies fall out of sync, the world’s top finance chiefs warned Sunday. Global growth remains robust but risks have increased, finance ministers and central bankers from the Group of 20 nations said Sunday in a statement at the end of their two-day summit in Buenos Aires. The main risks are “rising financial vulnerabilities, heightened trade and geopolitical tensions, global imbalances, inequality and structurally weak growth,” the statement read. Emerging markets also face threats including market volatility and capital outflows. Trade dominated the discussions; President Trump threatened on Friday to levy tariffs on more imports from China worth billions. While Australia and Canada said the United States remains committed to free trade, Europeans had tougher language. French Finance Minister Bruno Le Maire urged the United States to return to reason and said the European Union won’t negotiate trade issues “with a gun to the head.” Officials reaffirmed exchange-rate commitments they made in March, when they pledged to refrain from competitive currency devaluations. Prospects of an intense debate on currencies had dramatically increased on Friday, when Trump accused the EU and China of manipulating their exchange rates and said the Federal Reserve’s interest-rate increases were undermining US competitiveness. Treasury Secretary Steven Mnuchin (above) said Trump was not trying to intervene in the currency market and supports the Fed’s independence. But ‘‘trade tensions remain high, and they threaten to escalate further.’’ said European financial affairs commissioner Pierre Moscovici. “Protectionism, I want to insist on that, is good for no one. Trade wars . . . create no winners, only casualties.’’ — GLOBE WIRES


Uber-Lyft driver secretly live-streamed his passengers

Sitting in the back of a cab can have a confessional allure: Sealed off, you can take a private moment for yourself or have a conversation — casual or intimate — with a driver you will never see again. Now imagine finding out days later that those moments were being streamed live on the Internet. What’s more, some of them paid to watch you, commented on your appearance, sometimes explicitly, or mused about your livelihood. This was the reality for potentially hundreds of passengers in St. Louis, according to The St. Louis Post-Dispatch. In its story, Jason Gargac, 32, a driver for Uber and Lyft, described a $3,000 rig of cameras he used to live-stream passengers’ rides to the video platform Twitch. Sometimes homes and names were revealed. Gargac told the newspaper he sought out passengers who might make entertaining content; he said he earned $3,500 from the streaming, via subscriptions, donations, and tips. At first, he informed passengers he was recording them, but those videos felt “fake” and “produced.” On Sunday, as news of Gargac’s scheme circulated online, his actions were repeatedly summarized in one word: creepy. He could not be reached for comment Sunday. Uber reportedly suspended him, but the company did not respond to requests for comment. Lyft said Gargac had been “deactivated.” On Saturday, Gargac tweeted that “transparency is always key” and that “I’ve had a few offline conversations with some folks, and they suggested getting rid of the stored vods as step #1 of trying to calm everyone down. I’ve done that,” he added, “for now.” — NEW YORK TIMES



For Fiat Chrysler’s new CEO, it’s mostly about Jeep

The company is called Fiat Chrysler. But its success depends on another iconic brand: Jeep. That explains why Mike Manley, a 54-year-old Briton, was picked to replace Sergio Marchionne, who left the post of chief executive to a sudden deterioration of his health. Manley has been head of the Jeep brand since 2009, the linchpin in a plan to double profit in five years. Jeep and Ram were responsible for 67 percent of US volume in 2017. Marchionne was to retire in April 2019. His illness accelerated the timeline. Manley has a lot on his do-list — electrifying the vehicle lineup, boosting luxury brands Alfa Romeo and Maserati, and raising Jeep’s profile in China, for example. He also must meet rigorous fuel-economy standards in Europe and China. He’ll start immediately, underscoring the decline of Marchionne, 66, after complications from shoulder surgery. Colleagues describe Manley as serious and a ferociously hard worker. “When he sits in a room, if you’re not a guy that works 80 hours a week, you’re going to have a tough time keeping up with him,’ said David Kelleher, a Philadelphia-area auto dealer. “He doesn’t know what a weekend is; he’s very much a protege of Mr. Marchionne.” Fiat Chrysler had been facing questions about Marchionne’s health for almost a month — his last public appearance was June 26, in Rome. — BLOOMBERG NEWS



All shell, no shock: Lobster prices strong as season picks up

New England’s lobster industry faces big new challenges in selling to Europe and China, but the trouble hasn’t caused prices to budge much for US consumers. Summer is often when prices tend to fall a bit, because it’s when most lobsters are caught. But prices haven’t declined much. Retailers are selling live lobsters in the $7 to $12 per pound range in Maine, where the US lobster industry is based. That’s not far behind recent summers’ prices. ‘‘It’s starting to pick up, so of course the price is dropping. But that’s pretty normal,’’ said William Adler, a lobsterman in Green Harbor, Mass. ‘‘Now it’s starting to come alive, and prices are still good right now.’’ The industry is concerned about new tariffs applied by China to US seafood; that country is a major lobster buyer. Canada also recently brokered a deal with the European Union to remove tariffs on Canadian lobster exports to Europe; the United States has no such agreement. But the tariffs do not appear to be hurting the US business right now, in part because summer is more about domestic consumption, said Kristan Porter, president of the Maine Lobstermen’s Association. One reason tariffs aren’t affecting US lobster prices is that lobstermen catch a lot of soft-shell lobsters in summer, Porter said. Hard-shell lobsters are preferable for shipping. Yet some are concerned about what will happen with the volume of catch this year, along with new tariffs. About four-fifths of the US lobster catch comes to land in Maine, and the state’s haul dropped by about 16 percent last year. — ASSOCIATED PRESS



Papa John’s Board ponders a ‘Poison Pill’ plan

Papa John International’s board was planning to discuss and possibly vote Sunday on whether to adopt a “poison pill” plan to prevent founder John Schnatter from gaining a controlling interest, The Wall Street Journal reported, citing people familiar with the matter. A company spokesman wasn’t immediately available to comment. Last week, the pizza chain’s board put more distance between the company and its outspoken founder over his use of a racial slur, agreeing to review all ties to him, evict him from the headquarters, and remove him from all marketing materials. A special committee of independent directors ordered the termination of a so-called founder’s agreement that designated Schnatter as the brand’s face and voice and is requesting he cease media appearances, the company said. Though Schnatter resigned as chairman and no longer holds a formal management role, he remains on the board and owns about 30 percent of the company’s shares. — BLOOMBERG NEWS