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WAYLAND, Mich. — A Native American tribe is planning a $100 million expansion of its western Michigan casino that will include adding new dining, entertainment and gaming space. reported Thursday that the Gun Lake Tribe says preliminary site work has started at the casino in Wayland.

About 76,000 square feet (7,060 sq. meters) of space will be added to the casino, which has been open since 2011. The expansion will accommodate more than 2,000 slot machines and 47 games tables and is expected to open in summer 2021.

The casino employs 1,100 people and officials say the expansion will lead to an additional 125 hires.

The announcement comes after the U.S. Supreme Court ruled last year it properly ended a lawsuit over the tribe’s Michigan casino.


Information from: The Grand Rapids,

The Associated Press

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Stocks moved broadly higher in afternoon trading on Wall Street Thursday after several large companies delivered surprisingly good results.

A breakthrough in negotiations over Britain’s exit from the European Union also injected confidence into markets and prompted investors to move money into riskier holdings.

Health care and communication services stocks drove most of the market’s gains, outweighing a slide in technology and energy companies. The gains had the market on track to claw back modest losses from a day earlier.

Netflix rose after handily beating Wall Street’s third-quarter profit forecasts. Solid earnings from conglomerate Honeywell and railroad CSX lifted industrial stocks.

Traders also bid up shares in Morgan Stanley after the bank reported reporting solid third-quarter results.

Bond prices were little changed. The yield on the 10-year Treasury note held at 1.74%.

The technology sector was the weakest spot in the market. IBM fell 5.7% and dragged the sector lower after giving investors a weak third-quarter revenue report. Chipmaker Intel fell 1.5%.

Investors have shifted their focus this week to the latest round of corporate earnings after weeks of trade war-related swings. Companies have turned in surprisingly good results and have so far managed to ease some of investors’ concerns over the economy with their forecasts.

Coca-Cola, American Express and Schlumberger report their results Friday.

KEEPING SCORE: The S&P 500 index was up 0.3% as of 1:34 p.m. Eastern time. The Dow Jones Industrial Average added 23 points, or 0.1% to 27,025. The Nasdaq gained 0.4%. The Russell 2000 index of smaller stocks did much better than other indexes and rose 0.9%.

STREAMING PROFIT: Netflix rose 3.5%. The profit beat came even as revenue and subscriber growth fell short of forecasts, though some investors had been bracing for an even bigger letdown.

The company is facing major threats to its video streaming service from Apple and Disney, among others. That, and investors’ concerns about subscriber growth, have been weighing on the stock recently, pulling it down 22% from a recent peak in early July.

FEELING HEALTHY: October has been good for health care stocks, and this week is now exception. The sector is up 2.3% for the month so far and 2.6% this week. By comparison, the S&P 500 index is up about 1% for the week and 0.8% for the month.

Even with the recent gains, health care stocks are well behind most other sectors, with only a 6.6% gain for the year. Most other sectors are up by double digit percentages.

RIGHT TRACK: CSX rose 2.2% after the railroad beat Wall Street’s third-quarter profit forecasts. The company compensated for a 5% decline in shipping volume by cutting costs.

OVERSEAS: Major stock indexes in Europe edged mostly lower after Britain and the European Union reached a tentative deal over their pending separation. Britain is set to leave the trading bloc on Oct. 31 and both sides want a deal to regulate trade and other issues.

The deal must still be approved by the bloc and ratified by the European and U.K. Parliaments. It faces a potentially tough road to approval in Britain’s Parliament.


AP Business Writer Damian J. Troise contributed.

Alex Veiga, The Associated Press

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FLAGSTAFF, Ariz. — A U.S. task force has been given more time to recommend ways to revive domestic uranium mining as it lags amid low prices and global competition.

The Nuclear Fuel Working Group had been expected to deliver recommendations to President Donald Trump last week. But the Commerce Department says Trump granted a 30-day extension.

Uranium mining interests say the global market for uranium ore is vulnerable to political turmoil.

They want Trump to boost U.S. demand to help domestic suppliers. But the president rejected a requested quota during the summer and gave the task force 90 days to come up with other ideas.

Uranium is a vital component for the country’s nuclear arsenal, submarines and nuclear power plants. Most of the U.S. supply comes from Canada and Australia, followed by Russia and former Soviet republics.

The Associated Press

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OMAHA, Neb. — The slowing economy and ongoing trade disputes are dragging railroad profits down in the second half of the year.

Two railroads, Union Pacific and CSX, have reported declining profit and revenue this week as they hauled less grain, imported goods and other products.

Union Pacific’s freight volume slid 8% in the quarter.

Kansas City Southern reports quarterly results Friday and Norfolk Southern reports next week.

“It feels to me like the industrial economy is weakening. I don’t think it’s negative just yet,” Union Pacific CEO Lance Fritz said.

That weakening is playing out across the industry with deteriorating shipping volumes implying a pullback by U.S. companies.

The Association of American Railroads reported this Wednesday that in the first 41 weeks of this year, overall freight volume has declined 4%.

North American rail volume last week that includes 12 U.S., Canadian and Mexican railroads, fell 7.6%.

In its most recent quarter, Union Pacific earned $1.56 billion net income, or $2.22 per share. That’s 7 cents short of what industry analysts had expected, according to a survey by Zacks Investment Research. Profit fell 2% compared with the same period last year.

Edward Jones analyst Jeff Windau said the economy and railroad profits should improve if the trade dispute with China is resolved sometime in the next year or two, but there are no definitive signs the two sides are moving closer to an agreement now.

China appealed to Washington for a quick end to their trade war but gave no indication Thursday what additional steps Beijing might want before carrying out what President Donald Trump says is a promise to buy up to $50 billion of American farm goods.

Tariff hikes by both sides on billions of dollars of imports have battered factories and farmers, weighing on global economic growth. Trump delayed a tariff due to take effect Tuesday on $250 billion of Chinese goods but another increase on $160 billion of imports still is scheduled for Dec. 15.

The dispute has already led to notable declines in exports, including American agricultural goods.

China bought 20 million tons of U.S. soybeans this year, according to the country’s foreign ministry spokesman, Geng Shuang. China imported about 33 million tons of American soybeans annually before the tariff fight and collapsed to 16.6 million tons last year.

On Thursday, Union Pacific said that over the past three months, agricultural shipments fell 2%. Shipments of containers of goods fell 11% as the economy slowed and trade disputes curbed imports.

“The best thing for us to do as an economy, as a nation, is get some of this trade overhang behind us,” Fritz said.

Union Pacific Corp., based in Omaha, Nebraska, said it expects similar overall volume declines in the final quarter of the year

Weak coal demand also hurt railroad results as more utilities move away from using the fuel. Union Pacific coal shipments fell 17% in the quarter.

Overall revenue fell 7% to $5.52 billion, also short of the $5.62 billion analysts expected.

Union Pacific controlled costs well, said Citi analyst Christian Wetherbee, but not enough to offset deteriorating freight volumes.

The railroad cut its expenses by 10% to $3.28 billion in the quarter. Union Pacific has been working to streamline its operations by running trains on a tighter schedule, so it can use fewer locomotives, cars and employees to move the same freight.

The company operates 32,400 miles of track in 23 Western states.

Shares of Union Pacific gained 1% in afternoon trading.


AP Business Writer Joe McDonald contributed to this story from Beijing.


Elements of this story were generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on UNP at

Josh Funk, The Associated Press

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WASHINGTON — The International Monetary Fund’s new leader says a trade truce between the United States and China could trim expected losses to the world economy but won’t be enough to produce strong global growth.

Before last week’s tentative trade agreement, the IMF had estimated that higher trade tariffs would mean eight-tenths of a percentage point of lost economic input by the end of next year. The IMF’s managing director, Kristalina Georgieva, now says a new estimate that factors in the U.S.-China deal slightly reduces that lost input, to a still-significant 0.6%.

She says more must be done by the world’s two biggest economies to resolve their disputes, and all countries must try to overhaul trade rules.

She says “our hope is to move from a trade truce to a trade peace.”

Martin Crutsinger, The Associated Press

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