BC-APFN-Business News Digest
Here are AP Business News’ latest coverage plans, top stories and promotable content. All times EDT. For up-to-the minute information on AP’s coverage, visit Coverage Plan at newsroom.ap.org.
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.
US-CHINA TARIFFS-CONSUMER GOODS — Now consumers are in the cross-hairs. Americans may be about to find out how much of what they buy actually comes from China, because many such items could soon cost more. In its previous announced tariffs against its China, the Trump administration had scrupulously avoided targeting consumer goods, but late Tuesday it released a list of 6,000 items that may eventually be slapped with 10 percent duties, and the list is chock-full of consumer goods, including handbags, vacuum cleaners, toilet paper and furniture. By Christopher Rugaber. UPCOMING: 900 words by 4 p.m.
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. SENT: 630 words, photos.
OIL PRODUCTION-US — The U.S. government is offering the latest forecast that the United States will soon become the world’s top oil producer. SENT: 120 words. UPCOMING: Will be updated.
PUERTO RICO-POWER COMPANY — The CEO of Puerto Rico’s bankrupt power company has resigned just months after he was chosen to oversee its privatization as the U.S. territory struggles to restore electricity to the last of those who remain in the dark nearly 10 months after Hurricane Maria. By Danica Coto. SENT: 440 words, photos.
MARKETS & ECONOMY:
FINANCIAL MARKETS —Global stock indexes are falling after the Trump administration released a list of $200 billion in goods that could be hit with tariffs and China said it would to retaliate. Energy and industrial companies and basic materials makers are taking some of the worst losses. By Marley Jay. SENT: 820 words, photos. UPCOMING: Will be updated through 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: 360 words, photos.
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.
TARIFFS-SENATE — Lawmakers have finally acted on their frustration with the Trump administration’s growing use of tariffs. By Kevin Freking. SENT: 140 words, photos.
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.
WEINSTEIN BANKRUPTY — A Delaware judge has approved a revised plan for the sale of the Weinstein Co., the studio forced into bankruptcy by the sexual misconduct scandal that brought down Hollywood mogul Harvey Weinstein. By Randall Chase. SENT: 140 words, photos.
INTERNATIONAL FOLK ART ENTREPRENEURS — Nobel laureate and financier to the poor Muhammad Yunus is taking his campaign against the concentration of wealth to the International Folk Art Market in Santa Fe, New Mexico, where artisans from dozens of countries are encouraged to think like entrepreneurs. UPCOMING, timing uncertain.
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.
TRUMP-HEALTH OVERHAUL — For the second time in days, the Trump administration is taking action to undercut the Obama-era Affordable Care Act. SENT: 140 words.
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. By Danica Kirka. SENT: 410 words, photos.
OVERWATCH LEAGUE-ESPN — Esports are coming to ESPN. The network will air the inaugural Overwatch League Grand Finals in prime time this month as part of a multiyear agreement to bring esports to the biggest sports platform on American television. By Jake Seiner. SENT: 470 words, photos.
UBER-EXECUTIVE DEPARTURE — Uber’s chief human resources officer has abruptly stepped down. Liane Hornsey told employees in an email Wednesday that she is leaving the company but gave no reason. The email was obtained by The Associated Press. SENT: 120 words.
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: 340 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.
MONEY & MARKETS SUMMARY:
Minnesota-based industrial fastener maker Fastenal jumped to a four-month high after delivering forecast-beating earnings in the second quarter.
Hooked on Humira
Arthritis treatment Humira is the world’s top-selling drug by revenue, with sales last year of $18.4 billion. And rarely has one medicine meant as much as Humira does to its maker, AbbVie.
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