The daily business briefing: January 6, 2020

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1. Boeing, FAA confirm review of 737 Max jet wiring issue
2. China says trade delegation traveling to U.S. on Jan. 13 to sign deal
3. U.S. stock futures fall further as Iran tensions rise
4. 750,000 Mercedes-Benz vehicles recalled over sunroof problem
5. The Rise of Skywalker dominates the box office for 3rd weekend

published 6 January 2020

1. Boeing, FAA confirm review of 737 Max jet wiring issue

Boeing and the Federal Aviation Administration are examining a wiring issue on the planemaker's grounded 737 Max jets, the company and the regulator confirmed Sunday. Boeing spokesman Gordon Johndroe said the company "identified this issue as part of that rigorous process, and we are working with the FAA to perform the appropriate analysis. It would be premature to speculate as to whether this analysis will lead to any design changes." Two bundles of wiring reportedly are too close together and could cause a short circuit, raising the potential of a crash. The FAA called the issue potentially "catastrophic." The 737 Max jets have been grounded for months following two fatal crashes that occurred within five months and killed a total of 346 people. Those crashes have been linked to problems with a flight control system that is being revamped.

China's top trade negotiators are scheduled to travel to Washington on Jan. 13 to sign the "phase one" agreement intended to de-escalate the U.S.-China trade war, the South China Morning Post reported Sunday. President Trump tweeted on New Year's Eve that the signing ceremony would take place at the White House on Jan. 15. The Chinese trade delegation, led by Vice Premier Liu He, is scheduled to return home on Jan. 16. Beijing had not settled on a date for the signing, but reportedly decided to go along with the timing Trump unilaterally announced via Twitter. Trump also said that once the first phase of the deal is finalized "talks will begin on Phase Two!"

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U.S. stock index futures fell sharply early Monday as rising tensions between the U.S. and Iran continued to worry investors. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were down by about 0.7 percent or more several hours before the opening bell. All three of the main U.S. indexes fell by 0.7 percent or more on Friday as geopolitical tensions spiked after the U.S. killed a top Iranian military commander, Qassem Soleimani, in a Baghdad drone strike. Iran has vowed a harsh response, stoking fears of military escalation that could disrupt global crude supplies. Oil prices have soared, hitting their highest level since September.

German automaker Daimler is recalling about 750,000 Mercedes-Benz vehicles due to reports of faulty sunroofs. The recall involves Mercedes C-Class, E-Class, CLK-Class, and CLS-Class vehicles made from 2001 to 2011. The models included in the move came with optional sunroofs that have a defect causing some to detach and fly off, a potential threat to road safety. Mercedes plans to contact owners of the vehicles on or after Feb. 14 to notify them of the plans to inspect the sunroofs and replace them if necessary, all free of charge. Owners who already have paid for sunroof repairs will be able to ask the company for reimbursement.

Star Wars: The Rise of Skywalker led the domestic box office for the third straight weekend, with $33.7 million in ticket sales across North America. The haul brought the film's global total to $918 million, keeping it on track to become Disney's seventh billion-dollar release of 2019 although it continued to trail predecessor Star Wars: The Last Jedi. The first nationwide new release of 2020 — Sony horror movie The Grudge — brought in just $11.3 million in its domestic debut as it was overshadowed by The Rise of Skywalker and other holdovers. Jumanji: The Next Level was No. 2 with $26.5 million in its fourth weekend. Little Women came in third with $13.6 million. Its take fell by just 19 percent in its second weekend.

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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.