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BC-Business News Digest

January 3, 2019

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 :

TOP STORIES:

APPLE-IPHONE SALES-CHINA — Apple Inc.’s $1,000 iPhone is a tough sell to consumers in China unnerved by an economic slump and the trade war with the U.S. CEO Tim Cook said in a letter to shareholders that demand for iPhones is waning and revenue for the last quarter of 2018 will fall well below projections, a decrease he traced mainly to China. By Joe McDonald. SENT: 960 words, photos.

With:

APPLE-IPHONE SALES-CHINA-THE LATEST — Running updates.

And:

FINANCIAL MARKETS — Stocks went into a steep slide after Apple reported a slowdown in iPhone sales over the holidays in China, a hugely important market for the company. By Marley Jay. SENT: 870 words, photos. UPCOMING: Will be updated through 5 p.m.

Also:

PEAK SMARTPHONE — Behind Apple’s disconcerting news of weak iPhone sales lies a more sobering truth: The tech industry has hit Peak Smartphone, in which adoption has saturated, feature innovation has slowed and most people no longer see a reason to keep upgrading frequently. Some manufacturers have boosted prices to keep up profits, although Apple’s shortfall in China may highlight the limits of that strategy. By Mae Anderson and Tali Arbel. UPCOMINIG: 600 words by 4 p.m., photos.

BRISTOL-MYERS SQUIBB-CELGENE — Bristol-Myers Squibb is spending $74 billion on fellow drugmaker Celgene in a deal aimed at stocking the combined company’s development pipeline with cancer, immunology and cardiovascular treatments. SENT: 290 words, photos.

YE-MUTUAL FUNDS-YEAR IN REVIEW — A recap of how mutual funds did in 2018. By Stan Choe. SENT: 800 words, photos.

GROWING UP DIGITAL-SMARTPHONE PSYCHIATRY — Smartphones have been blamed for contributing to anxiety, depression and suicidal behavior in susceptible teens. But what if they could be used instead to identify kids at risk? By Lindsey Tanner. SENT: 1,280 words, photos.

TESLA SALES — Tesla made about 9,300 more vehicles than it delivered last year, raising concerns among industry analysts that inventory is growing as demand for the company’s electric cars may be starting to wane. By Tom Krisher. SENT: 740 words, photos. A version of this story ran in a previous cycle.

MARKETS & ECONOMY:

ECONOMY-MANUFACTURING — American factories grew last month at the slowest pace in more than two years. By Paul Wiseman. SENT: 380 words, photos.

ADP-EMPLOYMENT — Payroll processor ADP reports says U.S. businesses added a robust 271,000 jobs in December. By Josh Boak. SENT: 330 words, photos.

MORTGAGE RATES — U.S. long-term mortgage rates fell this week, starting the year with an inducement to prospective homebuyers. SENT: 320 words, photos.

SMALLBIZ-HIRING — Small business hiring surged at year-end, with payroll company ADP counting 89,000 new jobs at its small business customers. SENT: 190 words.

INDUSTRY:

GENERAL MOTORS-PRESIDENT — General Motors has promoted product development chief Mark Reuss (Royce) to company president. SENT: 130 words.

BLACK FARMERS-SOYBEAN LAWSUIT — Some black farmers from Mississippi and Tennessee are returning to federal court for a hearing on their lawsuit claiming a seed company sold them faulty soybean seeds because of their race. SENT: 130 words. UPCOMING: Will be updated from morning hearing.

AIRBUS-US PLANT — Airbus says it will fulfill two new aircraft orders at an expanding manufacturing operation on the U.S. Gulf Coast. SENT: 130 words.

DELTA AIR LINES-OUTLOOK — Airlines are getting pummeled after a major carrier trimmed its revenue expectations for the fourth quarter. SENT: 170 words, photos.

GENERAL MOTORS-UNION LAWSUIT — The United Auto Workers union is accusing General Motors of violating a national contract by using temporary workers instead of employing full-timers who were laid off from its factories. SENT: 140 words.

TECHNOLOGY & MEDIA:

SELF-DRIVING SNACK DELIVERY — Forget vending machines, PepsiCo is testing a way to bring snacks directly to college students. By Joseph Pisani. SENT: 220 words, photos.

ESPORTS-GETTING WOMEN IN THE GAME — The Entertainment Software Association reported this year that 45 percent of U.S. gamers are female, yet women make up a scant portion of the professional esports player pool. The industry has grappled with harassment and toxic behavior since the Gamergate scandal of 2014, when a group of male gamers organized to target women throughout the industry. By Jake Seiner. SENT: 1,350 words, photos.

PERSONAL FINANCE:

NERDWALLET-ZERO MONEY TRAVEL — Travel accommodations can be costly. Slash the cost of yours by exploring alternative forms of lodging, such as couch-surfing, home exchanges or housesitting. SENT: 780 words, photos.

WASHINGTON:

GOVERNMENT SHUTDOWN —The partial government shutdown entered a 13th day Thursday with House Democrats prepared to pass their plan to reopen government and President Donald Trump accusing them of playing politics with an eye on the 2020 election. By Lisa Mascaro and Catherine Lucey. SENT: 990 words, photos, audio, video.

INTERNATIONAL:

SOUTH KOREA-JAPAN-FORCED LABOR — Lawyers for South Koreans forced into wartime labor have taken legal steps to seize the South Korean assets of a Japanese company they are trying to pressure into following a court ruling to provide them compensation. By Kim Tong-Hyung. SENT: 370 words, photos.

TURKEY-ECONOMY — Official figures show that Turkey’s inflation rate eased for the second consecutive month in December, helped by tax cuts and discounted prices on consumer goods. SENT: 130 words, photo.

MONEY & MARKETS SUMMARY:

SPOTLIGHT

Mixed reviews for Celgene buy

Bristol-Myers Squibb shares slid after the company said it’s buying cancer drugmaker Celgene for about $74 billion.

CENTERPIECE

Smartphone funk

Consumers are holding on to their phones longer before upgrading, and while numbers for the crucial holiday season are still weeks away, most analysts fear smartphones sales fell for the fifth consecutive quarter.

Business News Supervisor Richard Jacobsen (800-845-8450, ext. 1680). For photos (ext. 1900.) For graphics/interactives (ext. 7636.) For access to AP Newsroom and technical issues: customersupport@ap.org, or 877-836-9477. Questions about transmission of financial market listings, call 800-3AP-STOX.

The full digest for AP’s Money & Markets service can be found at markets.ap.org. For questions about M&M content, contact Greg Keller at (212) 621-7958.

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