1. Trump heads to G-20 summit to discuss trade and other key issues
President Trump is off to join other world leaders at the Group of 20 summit in Osaka, Japan, where tense negotiations are expected on trade, climate change, Iran, and other global issues. Trump will meet with one-on-one with eight leaders on the sidelines of the summit, including Russian President Vladimir Putin and Chinese President Xi Jinping. "We're going to be meeting with a lot of people from different countries — many of whom have been taking advantage of the United States, but not so much anymore," Trump said Wednesday as he boarded Marine One to start the trip. "In fact, not at all anymore." Trump and Xi are aiming to get past sticking points in collapsed negotiations to end their trade war.
2. Wayfair workers walk out over sale of beds for controversial shelters
Wayfair employees walked out of the online home-furnishing retailer's Boston headquarters on Wednesday to protest the company's sale of more than $200,000 worth of bedroom furniture to a government contractor that runs shelters where migrant children are detained. The walkout came following reports that children in some detention facilities are being held in unsanitary conditions without adequate clothing or food. Sleeping Giants, a Twitter account with 235,000 followers formed to oppose far-right groups after the 2016 election, shared a tip about the Wayfair order earlier this week. Wayfair didn't immediately comment on the protest.
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3. FAA finds new flaw in Boeing 737 Max jets
The Federal Aviation Administration said in a tweet Wednesday that it had found a new flaw in Boeing's grounded 737 Max jets that could delay the return of the once top-selling planes to the air. The FAA said it discovered the "potential risk" in simulator tests. The regulator did not provide further specifics but said "Boeing must mitigate" the problem. The FAA previously said it could approve by late June changes Boeing made to fix problems suspected of contributing to two fatal crashes in recent months. Airlines once hoped they would be able to return their Boeing 737 Max airliners to service this summer, but the date has been pushed back to later in the year. Boeing shares fell by 2.1 percent in pre-market trading.
4. Stocks struggle for footing ahead of Trump, Xi meeting
U.S. stock index futures were mixed early Thursday as President Trump headed to the Group of 20 summit in Osaka, Japan, where he will meet Saturday with Chinese President Xi Jinping, seeking a breakthrough toward ending their trade war. Futures for the Dow Jones Industrial Average were down by less than 0.1 percent, while those of the S&P 500 and the Nasdaq were up by about 0.2 percent. Trump said Wednesday that he and Xi could pave the way for a deal, but warned he could impose more tariffs on Chinese goods if the talks fail. The Wall Street Journal reported that Xi was expected to present Trump with terms for settling the trade dispute. One of his demands reportedly is for the U.S. to lift its ban on technology sales to Chinese tech giant Huawei.
5. Pier 1 Imports to close 57 stores
Pier 1 Imports said Wednesday it planned to close 57 stores in the current fiscal year, up slightly from the 45 stores it estimated in April that it would shutter. Interim CEO Cheryl Bachelder said during the retailer's quarterly earnings call with analysts that the company might have to close as many as about 150 of the 965 stores it has in the U.S. and Canada. "If we are unable to achieve our performance goals, sales targets, and reductions in occupancies and other costs, we could close up to 15 percent of our portfolio," she said. After Pier 1 reported first-quarter results in April, credit rating agency S&P Global Ratings said the retailer could be headed for bankruptcy restructuring.
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