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BC-APFN-Business News Digest

December 24, 2018

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:

FINANCIAL MARKETS — U.S. stocks fell sharply Monday, sending the Dow Jones Industrial Average down more than 650 points and extending the market’s losses after its worst week in more than seven years. By Alex Veiga. SENT: 700 words. UPCOMING: 700 words by 2 p.m.

TRUMP-FEDERAL RESERVE — President Donald Trump lashed out at the Federal Reserve Monday after administration officials spent the weekend trying to assure the public and financial markets that Jerome Powell’s job as Fed chairman was safe. By Josh Boak. SENT: 660 words, photos.

YE-CREEPING TECH DYSTOPIA — We may remember 2018 as the year in which technology’s dystopian potential became clear, from Facebook’s role enabling the harvesting of our personal data for election interference to a seemingly unending series of revelations about the dark side of Silicon Valley’s connect-everything ethos. By Matt O’Brien. SENT: 1,280 words, photos.

GOVERNMENT SHUTDOWN — Both sides in the long-running fight over funding President Donald Trump’s U.S.-Mexico border wall appear to have moved toward each other, but a shutdown of one-fourth of the federal government entered Christmas without a clear resolution in sight. By Darlene Superville. SENT: 1,030 words, photos.

SMALLBIZ-GET STARTED — Many small businesses will see their labor costs increase in 2019. By Joyce M. Rosenberg. SENT: 460 words.

MARKETS & ECONOMY:

TRUMP-PENTAGON — Patrick Shanahan may not be President Donald Trump’s permanent replacement as defense secretary. His biography on the Pentagon’s website does not list military experience for the longtime Boeing executive. But he does have a reputation as a “fix-it” man, and he’s already been working on streamlining Pentagon purchasing. By Lolita C. Baldor. SENT: 980 words, photos.

INDUSTRY:

CHARTER SCHOOLS-BLACK DIVIDED — Amid fierce debate over whether charter schools are good for black students, the heirs to the Walmart company fortune have been working to make inroads with influential leaders in the black community. The Walton Family Foundation is one of the leading supporters of America’s charter schools, which are publicly funded and privately operated. An Associated Press analysis shows the Waltons are spreading financial support to prominent and like-minded black national and community groups. By Sally Ho. SENT: 1,000 words, photos, graphic.

CRAFTS-AMERICAN YARN — The shop-local trend includes knitting. American-made yarn seems to be making a comeback — perhaps driven by environmental and economic concerns. By Shireen Korzan. SENT: 680 words, photo.

TECHNOLOGY & MEDIA:

CYBERSECURITY-CRITICAL INFRASTRUCTURE — The United States is rushing to catch up with what cybersecurity experts say are threats by hackers to systems that operate energy pipelines, hydroelectric projects, drinking water systems and nuclear power plants across the country. The Idaho National Laboratory’s cybercore labs and offices next year will move into a massive cybersecurity building, and another building will house one of the nation’s most powerful supercomputers at a total cost of about $85 million. By Keith Ridler. SENT: 890 words, photos.

PERSONAL FINANCE:

NERDWALLET-LIZ WESTON-SOCIAL-SECURITY-TAXES— Because the taxation of Social Security benefits isn’t indexed to inflation, more recipients than ever before are seeing their benefits taxed. Giving seniors their well-deserved tax break, though, requires bigger fixes. SENT: 800 words, photo.

INTERNATIONAL:

CYPRUS-BANK REGULATORS — Banks in Cyprus are concerned that their adoption of some of the toughest anti-money laundering regulations in the world has not been fully recognized abroad, the chief of the Association of Cyprus Banks said Monday. SENT: 300 words.

SKOREA-BMW FIRES — South Korea said Monday it will fine BMW 11.2 billion won ($9.9 million) and file a criminal complaint against the company with state prosecutors over an allegedly botched response to dozens of engine fires reported in the country. SENT: 280 words.

MONEY & MARKETS SUMMARY:

SPOTLIGHT

Bank stocks fell sharply after Treasury Secretary Steven Mnuchin called the heads of the six big banks over the weekend, a sign that was supposed to reassure investors but instead caused more fear in the financial markets.

CENTERPIECE

Gold’s lost luster

Gold lost some of its glitter this year. The precious metal’s price sank and it failed to live up to its reputation as a safe haven for investors in tumultuous times.

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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