BC-APFN-Business News Preview
Among the stories Wednesday from The Associated Press:
US-CHINA-TARIFFS — China’s government vows to take “firm and forceful measures” as the U.S. threatens to expand tariffs to thousands of Chinese imports like fish sticks, apples and French doors, the latest salvo in an escalating trade dispute that threatens to chill global economic growth. By Joe McDonald. SENT: 800 words, photos.
SMALLBIZ-SMALL TALK-TRADE TARIFFS — The pain at some small businesses started long before new trade tariffs were imposed. Customers in other countries began canceling orders at the first hints that trade troubles were ahead. Now that the U.S. has set tariffs on steel, aluminum and other imports from China, Canada, Mexico and Europe, and those places have responded in kind, distillers, boat makers, metals producers and more are seeing higher costs or an effect on sales. By Joyce M. Rosenberg. UPCOMING: 900 words by noon, photos.
CHINA-TESLA — Electric car producer Tesla will build its first factory outside the United States in Shanghai under an agreement signed Tuesday, becoming the first wholly foreign-owned automaker in China. By Joe McDonald. SENT: 630 words, photo.
— CHINA-AUTO SALES— China’s auto sales decelerated in June, adding to economic pressure on Beijing amid a worsening trade battle with Washington. By Joe McDonald. SENT: 370 words, photo.
FOX-SKY — Media mogul Rupert Murdoch’s 21st Century Fox increases its bid to take full control of lucrative European pay TV service Sky in a prolonged battle with U.S. rival Comcast. By Gregory Katz and Danica Kirka. SENT: 320 words, photo.
FACEBOOK PRIVACY SCANDAL — Facebook is facing its first financial penalty for allowing the political consultancy Cambridge Analytica to forage through the personal data of millions of unknowing Facebook users. By Danica Kirka. SENT: 750 words, photo.
ON THE MONEY-ORGANICS — Is the “organic” seal worth the extra price? Reports of fraud and disputes over standards may have some questioning organic foods are worthwhile. Experts still recommend organic foods, but understanding the industry’s problem may help give more confidence about shopping decisions. By Candice Choi. UPCOMING: 620 words by noon, photos.
MARKETS & ECONOMY:
FINANCIAL MARKETS — Stocks are opening lower on Wall Street, following declines in Europe and Asia, after Washington threatened to expand tariffs on Beijing and China said it would retaliate. SENT: 490 words, photos. UPCOMING: 700 words by 5 p.m.
PRODUCER PRICES — U.S. wholesale prices rose 0.3 percent in June, a slight slowing from May. But the 12-month gain was the fastest in more than six years, adding to evidence that inflation is beginning to rise after years of weak price gains. By Martin Crutsinger. SENT: 330 words.
LIBYA-OIL — Libya will resume oil exports after the U.N.-backed government reached a deal with a powerful militia that controls key terminals in the east. SENT: 130 words.
PFIZER — The drugmaker Pfizer, facing an aging population and shifting risks from the loss of patents, is reshaping its structure into three businesses. SENT: 270 words, photo.
DUNKIN’ BRANDS-CEO — Dunkin’ Brands Group CEO Nigel Travis is retiring and will be replaced by David Hoffmann. SENT: 80 words.
AC MILAN-TAKEOVER — Elliott Management has promised to inject 50 million euros ($66 million) in capital after taking over Italian club AC Milan. SENT: 500 words, photo.
BEHIND THE WHEEL-Q5 OR X3 — In the realm of compact luxury SUVs, competition between the Audi Q5 and the BMW X3 is neck and neck. By Carlos Lago of Edmunds. SENT: 760 words, photos.
TECHNOLOGY & MEDIA:
CHINA-CAMBODIA-CYBERATTACKS — The U.S. cybersecurity firm FireEye says it has found evidence that a Chinese hacking team it believes is linked to Beijing has penetrated computer systems belonging to Cambodia’s election commission, opposition leaders and media. By Gerry Shih. SENT: 900 words, photo.
UGANDA-SOCIAL MEDIA TAX — Ugandan police have used tear gas and bullets to break up a protest against a new tax targeting social media users. SENT: 130 words.
ENVIRONMENTAL JOURNALISM AWARD — The New York Times has won the 2018 John B. Oakes Award for Distinguished Environmental Journalism. SENT: 160 words.
BRITAIN-BBC — A list of top earners at the BBC shows that men dominate the highest paid jobs despite pledges to grant women equal pay. SENT: 130 words.
TRUMP — In a combative start to his NATO visit, President Donald Trump asserted Wednesday that a pipeline project has made Germany “totally controlled” by and “captive to Russia” and blasted allies’ defense spending, opening what was expected to be a fraught summit with a list of grievances involving American allies. By Jonathan Lemire and Jill Colvin. SENT: 1,240 words, photos, video. Incorporates GERMANY-US.
GREECE-BAILOUT — European Commission officials say Greece will still be subject to quarterly inspections from creditors after the bailout program ends in late August. By Derek Gatopoulos and Lorne Cook. SENT: 360 words, photo.
INDIA-SOUTH KOREA — India and South Korea are expanding their business ties with an aim to increase bilateral trade to US $50 billion by 2030. SENT: 250 words, photos.
VIETNAM-CORRUPTION — A former chairman of one of Vietnam’s largest mobile phone operators and a senior Communications Ministry official have been arrested for alleged economic mismanagement, the latest to fall in a widening crackdown on corruption by communist authorities. SENT: 350 words.
MALAYSIA-GRAFT — Malaysian police say that fugitive businessman Low Taek Jho, a suspect in the looting of state investment fund 1MDB, has fled Macau to an unknown destination. SENT: 360 words, photos.
THAILAND-LABOR DISPUTE — A court in Thailand has dismissed criminal defamation charges brought against 14 migrant workers by their former employer, a poultry farm they had accused of labor and human rights violations. SENT: 440 words.