Maine lobster marketers to put premium on flavor, origins
Maine’s lobster marketing group will refocus on the flavor and origins of the state’s signature seafood item to try to sell more of the crustaceans. The Maine Lobster Marketing Collaborative’s recent ad campaigns have included trying to stimulate interest in ‘‘new shell’’ lobsters, which are softer-shelled lobsters typically in heavy supply in the summer. The group says a new strategy will focus on the ‘‘key product benefits of sweet flavor, sustainable sourcing and Maine origin, while recognizing that the new shell serves as an important indicator of seasonality.’’ The collaborative, created by the state, is funded by lobstermen, dealers, and processors. — ASSOCIATED PRESS
China vows to continue opening financial markets
China said it would continue to open up its financial markets and encourage foreign investment amid reports the Trump administration is considering restrictions on fund flows to China. “We will take further steps . . . to boost the competitiveness and dynamism of the domestic financial system,” said a summary from a Financial Stability and Development Committee meeting. A US crackdown on capital flows would present a new pressure point in the US-China trade dispute and could cause disruptions well beyond the hundreds of billions of dollars in tariffs the two sides have levied on each other. Bloomberg News reported Friday that the Trump administration is considering measures including delisting Chinese companies from US stock exchanges, limiting Americans’ exposure to the Chinese market through government pension funds, and putting caps on Chinese companies included in stock indexes managed by US firms. The US Treasury said in a statement on Saturday that the administration “is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time.” The statement did not address or rule out other possibilities.
— BLOOMBERG NEWS
Luxury cars seized from African leader’s son are auctioned in geneva
A fleet of supercars said to have been seized by Swiss authorities in a money laundering investigation involving the son of the leader of Equatorial Guinea was auctioned Sunday in Switzerland. The vehicles were among 25 luxury cars sold for more than $27 million at Bonhams auction house, the Associated Press reported. The cars had been estimated to bring in more than $13 million. Many of the cars once belonged to Teodoro Nguema Obiang Mangue, according to news reports, vice president of Equatorial Guinea and a son of its longtime leader. In 2007, two nongovernmental organizations and an association of Congolese citizens abroad filed a criminal complaint accusing three African heads of state — including Obiang’s father, Teodoro Obiang Nguema Mbasogo, the country’s president for the past four decades — of embezzling state money to buy properties in France illegally. Authorities began seizing Obiang’s property in 2011, including 11 luxury cars like two Bugatti Veyrons, a Mercedes Maybach, an Aston Martin, a Ferrari Enzo, a Ferrari 599 GTO, a Rolls-Royce Phantom, and a Maserati MC12. Obiang was convicted of money laundering and embezzlement of more than $100 million by a Paris court in 2017, but the case has been appealed. The Geneva prosecutor’s office announced in February that it had closed its case against him. The State of Geneva offered the collection for sale. The proceeds were expected to be donated to a charity in Equatorial Guinea, an oil-rich but impoverished West African country. — NEW YORK TIMES
Average US price of gasoline spikes 10 cents per gallon
The average price of regular-grade gasoline has spiked 10 cents per gallon over the past two weeks, to $2.73. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the jump results mostly from a drone attack this month on Saudi Arabia’s key oil facility, which briefly slashed the nation’s crude production in half. Still, the price at the pump is 18 cents lower than it was a year ago. The highest average price in the nation is $3.94, in San Francisco. The lowest is $2.24, in Baton Rouge, La.
— ASSOCIATED PRESS