BC-APFN-Business News Digest
Here are AP Business News’ latest coverage plans, top stories and promotable content. All times EST. For up-to-the minute information on AP’s coverage, visit Coverage Plan at newsroom.ap.org.
FEDERAL RESERVE-POWELL — Federal Reserve Chairman Jerome Powell says he’s pleased with the state of the U.S. economy but cautions that some forms of corporate debt have reached risky levels. At the same time, Powell says the financial system and markets appear far sturdier than they did before the 2008 crisis. By Martin Crutsinger. SENT: 760 words.
FEDERAL RESERVE-FINANCIAL STABILITY — The Federal Reserve is signaling potentially vulnerable spots in the financial system, citing U.S. businesses’ debt at the highest levels in more than two decades and risky debt growing. By Marcy Gordon. SENT: 460 words, photos.
IMMIGRATION-IMPERILED SPONSORS — A coalition of civil-liberties and immigrant-rights groups cries foul over quietly introduced federal info-sharing that can effectively turn migrant children into snitches on relatives in the U.S. illegally. The agency that finds foster care for asylum-seeking children has been feeding data on prospective sponsors into a Homeland Security database used to deport relatives. An AP Exclusive By Frank Bajak. SENT: 1,260 words, photos.
IKEA’S TRANSFORMATION — Ikea, the retailer known for big-plan warehouse stores, is going small. It plans to open 30 small stores in major city centers as it adapts to changing consumer habits. Shoppers are increasingly likely to be living in urban areas and not have a car, and often want a nearby location to look at goods in person before ordering them online. By Vanessa Gera. SENT: 830 words, photos.
MARKETS & ECONOMY:
FINANCIAL MARKETS— U.S. stock indexes rose sharply as investors welcomed remarks by Federal Reserve Chairman Jerome Powell. Powell hinted that the Fed might be willing to raise interest rates at a slower pace next year, a potential relief for investors worried about slowing economic growth. By Marley Jay. SENT: 950 words, photo. UPCOMING: Will be updated through 5 p.m.
ECONOMY-GDP — The U.S. economy expanded at a solid 3.5 percent annual rate in the July-September quarter, led by lower but still strong consumer spending and more business investment than previously estimated. By Christopher Rugaber. SENT: 570 words, photos.
NEW HOME SALES — Sales of new U.S. homes plummeted 8.9 percent in October, as the number of newly built, unsold homes sitting on the market climbed to its highest level since 2009. By Josh Boak. SENT: 340 words, photos.
WORLD HUNGER — Feeding a hungry planet is growing increasingly difficult as climate change and depletion of land and other resources undermine food systems, the U.N. Food and Agricultural Organization said Wednesday as it renewed appeals for better policies and technologies to reach “zero hunger.” By Elaine Kurtenbach. SENT: 490 words, photos.
SMALLBIZ-SMALL TALK-INFLATION — Small businesses are struggling with inflation as labor and other costs keep rising. Many have a tough decision to make about whether to pass along higher prices to customers. By Joyce M. Rosenberg. UPCOMING: 950 words by 2 p.m., photos.
SMALLBIZ-INFLATION-TIPS — How business owners can protect their profits at a time when costs are rising. UPCOMING: 350 words by 2 p.m.
LUXURY RETAIL-WHERE’S CHINA? — Tiffany & Co. is noticing that there is something missing in its stores: Chinese tourists. For the second time in a many months, a big seller of high-end goods noticed that a particularly crucial demographic of its shopping base had made itself sparse. On Wednesday, shares of Tiffany & Co. plunged 12 percent after reporting weaker-than-expected sales in its third quarter. CEO Alessandro Bogliolo said that Chinese tourists have failed to show up. By Michelle Chapman and Anne D’Innocenzio. SENT: 750 words, photos. Incorporates BC-US--Earns-Tiffany.
INDONESIA-LION AIR CRASH — Faulty equipment and Indonesian carrier Lion Air’s own safety failures had pilots fighting for control of their Boeing 737 MAX 8 as it plunged into the Java Sea on Oct. 28, killing all 189 people aboard, investigators said Wednesday. By Niniek Karmini and David Koenig. SENT: 840 words, photos.
STREET SELLERS — After a decade of debate and compromise, the Los Angeles City Council will consider an ordinance Wednesday that would grant permits to sidewalk vendors. By John Rogers. SENT: 440 words, photos.
WINE WAR — Pinot noir is one of the finickiest grapes, but with proper nurturing it produces an amazing wine. Officials in Oregon and at a U.S. government agency are similarly finicky, and are stomping on a California winery’s claims it makes an Oregon pinot. By Andrew Selsky. SENT: 760 words, photos.
SPORTS BETTING — Professional sports leagues, which once vehemently fought the prospect of legal sports betting, are now scrambling to get in on it. By Wayne Parry. SENT: 590 words, photos.
STUDENT LOAN OFFICIAL-NEW ORGANIZATION — A former top government official who oversaw the $1.5 trillion student loan market has decided to start a new private organization that he believes will do a better job protecting student borrowers than his current government counterparts. By Ken Sweet. SENT: 390 words.
ADVANCE AUTO PARTS-HEADQUARTERS — Advance Auto Parts Inc. is moving its headquarters from the Virginia city that was its home for nearly 90 years to North Carolina’s tech-heavy capital city, the company announced Wednesday. By Emery P. Dalesio. SENT: 350 words.
FORD-SUV PRODUCTION — Ford is shuffling workers at its factories so it can make more hot-selling full-size SUVs. SENT: 230 words.
WORKER COMPENSATION — Michigan’s Republican-led Legislature began voting Wednesday on bills that would substantially scale back citizen-initiated minimum wage and paid sick leave laws that a business lobby criticized as too expensive and burdensome, setting up expected court challenges if GOP Gov. Rick Snyder signs them before making way for a Democrat in January. By David Eggert. SENT: 550 words.
PATAGONIA-ENVIRONMENTAL DONATION — Patagonia, the outdoor gear company, is passing along the $10 million it saved from tax cuts to non-profit environmental groups. SENT: 140 words.
TECHNOLOGY & MEDIA:
FACEBOOK-LOCAL NEWS — Facebook is cautiously expanding a feature that shows people local news and information, including missing-person alerts, road closures, crime reports and school announcements. SENT: 610 words, photos.
NEW ZEALAND-HUAWEI BAN — New Zealand’s international spy agency halts mobile company Spark from using Huawei equipment in its planned 5G upgrade, saying it posed a “significant network security risk.” By Nick Perry. SENT: 460 words, photo.
CYBER EXTORTION SCHEME — Two Iranian computer hackers were charged Wednesday in connection with a multimillion-dollar cybercrime and extortion scheme that targeted government agencies, cities and businesses, the Justice Department said. By Michael Balsamo. SENT: 390 words, photos.
IVANKA TRUMP — Ivanka Trump is defending her use of a private email account as she was moving into an adviser’s position in her dad’s administration, saying “Lock her up!” doesn’t apply to her. President Donald Trump’s daughter told ABC News for an interview aired Wednesday that using her private email account can’t be compared to ex-Secretary of State Hillary Clinton’s use of a private email server. Ivanka Trump says her emails were archived and contained no classified information. SENT: 550 words, photos.
TRUMP-SUMMIT — Russia says it still expects a meeting between President Vladimir Putin and President Donald Trump to go ahead as planned. Trump said earlier in an interview with The Washington Post he may cancel the sit-down with Putin in Argentina following Russia’s seizure of three Ukrainian naval ships last weekend. A Kremlin spokesman said on Wednesday that the meeting is on and that Russia has not received any other information from its U.S. counterparts. By Zeke Miller. SENT: 940 words, photos.
TRUMP-BORDER WALL — With a partial government shutdown possible on Dec. 7, President Donald Trump has met with Republican leaders to hash out a spending plan that includes money for Trump’s proposed border wall with Mexico. SENT: 700 words, photos.
PORSCHE-NEW 911 — Porsche says its future is in electric cars but for now it is rolling out a more powerful version of its internal combustion mainstay, the sleek 911 sports car. By David McHugh. SENT: 300 words, photo.
BEHIND THE WHEEL-GAP INSURANCE — About 85 percent of new car buyers will use some sort of financing to pay for their vehicle, according to credit reporting company Experian. If you’re such a buyer, you can expect that during your purchase a car dealership will try to sell you gap insurance. By Matt Jones of Edmunds. SENT: 800 words, photos.
BREXIT — Britain’s Treasury chief says leaving the European Union on any terms will leave the economy worse off than remaining in the bloc. By Jill Lawless. SENT: 790 words, photos.
BRITAIN-ECONOMY — The Bank of England publishes its economic assessment of Prime Minister Theresa May’s Brexit deal with the European Union as well as an assessment of what would happen to the British economy in the event of no deal. UPCOMING, timing uncertain.
CLIMATE — Three years after sealing a landmark global climate deal in Paris, world leaders are gathering again to agree on the fine print. By Frank Jordans and Monika Scislowska. SENT: 1,040 words, photos.
SPAIN-CHINA — Chinese President Xi Jinping issues an impassioned defense of free markets’ ability to combat economic uncertainty as he sought allies amid his nation’s worsening trade dispute with the United States. By Aritz Parra. SENT: 530 words, photos.
NETHERLANDS-HOLOCAUST REPARATIONS — The Dutch national railway company says it will set up a commission to investigate how it can pay individual reparations for its role in mass deportations of Jews by Nazi occupiers during World War II. By Mike Corder. SENT: 430 words, photos.
GREECE-STRIKE — Train and island ferry services in Greece were suspended Wednesday and most Athens public transport was idle as the country’s biggest labor union held a strike against persisting austerity measures. SENT: 240 words, photos.
MONEY & MARKETS SUMMARY:
Spread too thin?
Jam maker J.M. Smucker Co. suffered its worst drop in three months after cutting its annual profit and sales forecasts following a weak second quarter.
Companies cut back
U.S. businesses are slowing their spending on capital equipment — items like bulldozers, power generators and computers — a trend that is likely to hamper the economy in the last three months of the year.
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