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BC-Business News Digest

September 6, 2018

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.

TOP STORIES:

WAGES-BIG RAISES FOR SOME — American workers who quit to take new jobs have been enjoying pay raises that are one-third larger than raises for workers who stay put — producing a gap that is the widest since the Great Recession. At the same time, retail and restaurant workers are receiving more generous raises than manufacturing workers are. And America’s CEOs are receiving some of the biggest pay gains of all. At a time when the average annual wage increase for U.S. workers as a whole — 2.7 percent — remains surprisingly sluggish, some categories of workers are doing much better than average. By Christopher Rugaber. SENT: 1,380 words, photos.

TRADE-CHINA-TARIFFS — The Trump administration may be about to slap tariffs of up to 25 percent on an additional $200 billion in Chinese goods, escalating a confrontation between the world’s two biggest economies and likely squeezing U.S. companies that import everything from handbags to bicycle tires. By Paul Wiseman and Anne D’Innocenzio. SENT: 600 words, photos.

With:

— US-CHINA TARIFFS — China is ready to retaliate if U.S. President Donald Trump goes ahead with a tariff hike on Chinese goods and is confident it can maintain “steady and healthy” economic growth, a government spokesman says. SENT: 250 words, photos.

— TRADE-CHINA-TARIFFS-THE LATEST — Running updates.

Also:

FINANCIAL MARKETS — Technology companies are on pace for their second day of sharp losses Thursday, and U.S. stocks are down for the third day in a row. By Marley Jay. SENT: 910 words, photo. UPCOMING: Will be updated through 5 p.m.

UBER CEO-Q&A — Dara Khosrowshahi took the reins at Uber a year ago and inherited a ride-sharing company plagued with scandals. He has made safety the top priority and is trying to rebuild its culture. He envisions Uber becoming a one-stop shop for transportation planning including Uber cars, bikes, scooters and mass-transit. By Cathy Bussewitz. SENT: 820 words, photos.

OF MUTUAL INTEREST-HOMEBUILDERS — A recent batch of weak housing data suggest the housing market is losing momentum, despite an otherwise solid economy, adding to an already tough year for homebuilders. Shares for most builders are down more than 15 percent this year. By Alex Veiga. SENT: 310 words, photos.

ICELAND-DIGITAL FREE ZONE — Iceland’s Hornstrandir Nature Reserve is one of the last digital-free frontiers in the Nordic nation ranked as the world’s most-wired, and many people want to keep it that way now that internet service is on the horizon. By Egill Bjarnson. SENT: 920 words, photos.

ITALY-STARBUCKS — Starbucks is opening its first store in Italy on Friday, betting that premium brews and novelties like a heated marble-topped coffee bar will win customers in a country fond of its daily espresso rituals. By Luca Bruno and Frances D’Emilio. SENT: 440 words, photos.

MARKETS & ECONOMY:

ADP-EMPLOYMENT — Payroll processor ADP reports how many jobs private employers added in August. By Christopher Rugaber. SENT: 310 words, photo.

PRODUCTIVITY — The Labor Department issues revised data on productivity in the second quarter. By Josh Boak. UPCOMING: 160 words, photo.

ECONOMY-SERVICES — U.S. services companies grew at a faster pace in August as business activity and new orders rebounded. SENT: 220 words, photos.

MORTGAGE RATES — Long-term U.S. mortgage rates ticked up this week for the second straight week, remaining substantially higher than a year ago amid strength in the economy. SENT: 290 words, photos.

INDUSTRY:

DISNEY-LABOR — Thousands of Walt Disney World workers are voting on whether to accept a contract proposal that would increase the starting minimum wage to $15 an hour over the next three years while enabling Disney to use more part-time workers and require new workers to stay in their positions longer before transferring. By Mike Schneider. SENT: 520 words, photo. UPCOMING: Will be updated after vote tally at 8 p.m.

HOSPITALS-MAKING DRUGS — Several major hospital groups launch their own generic drug company to tackle chronic shortages and high prices. By Linda A. Johnson. SENT: 320 words, photos.

FORD-PICKUP RECALL — Under pressure from U.S. safety regulators, Ford is recalling about 2 million F-150 pickup trucks in North America because the seat belts can spark and cause fires. By Tom Krisher. SENT: 600 words, photos.

LITHUANIA-WALMART-SOVIET SYMBOL — Lithuania has lashed out at retailing giant Walmart for using the letters USSR and Soviet Union emblems on T-shirts and other products for sale online, and is demanding that the goods be removed. By Liudas Dapkus. SENT: 450 words, photos.

BRITAIN-FARFETCH IPO — Online luxury e-commerce company Farfetch says it expects to reap $446.5 million in its upcoming initial U.S. stock sale. SENT: 270 words.

BRITAIN-BURBERRY-FUR — The British luxury fashion brand Burberry will stop using real fur in its products. SENT: 270 words, photos.

OBIT-DEVOS — Billionaire Richard DeVos, co-founder of direct-selling giant Amway, owner of the Orlando Magic and father-in-law of Education Secretary Betsy DeVos, died Thursday. He was 92. By Corey Williams. SENT: 540 words, photos.

LITHUANIA-WALMART-SOVIET SYMBOL — Three Baltic countries have lashed out at retail giant Walmart for selling online T-shirts and other products with Soviet Union emblems on them, and demanded that the goods be removed. By Liudas Dapkus. SENT: 450 words.

GOOP-EGGS SETTLEMENT — Gwyneth Paltrow’s lifestyle company goop has agreed to pay $145,000 in civil penalties over products including egg-shaped stones that are meant to be inserted into the vagina to improve health. SENT: 140 words, photos.

BOUNDARY WATERS-MINING — The Trump administration has lifted a roadblock to copper-nickel mining near the Boundary Waters Canoe Area of Minnesota. By Steve Karnowski. SENT: 140 words, photos.

TECHNOLOGY & MEDIA:

CONGRESS-SOCIAL MEDIA-DORSEY — A chill, bearded and nose-ringed Jack Dorsey appeared unflappable as he faced hours of questioning from members of Congress Wednesday on issues as wide-ranging as political bias, hate speech, school safety and election manipulation. By Barbara Ortutay. SENT: 710 words, photos. First moved in a previous cycle.

SONY HACK — The Justice Department is preparing to announce charges in connection with the hack of Sony Pictures Entertainment in 2014. By Eric Tucker. SENT: 280 words, photos.

EUROPE-APPLE-SHAZAM — The European Union has approved Apple’s acquisition of song-recognition app Shazam after a months-long investigation found it wouldn’t hurt competition in the music streaming market. SENT: 120 words, photos.

ELECTION SECURITY-REFORM REPORT — An expert panel of the National Academy of Sciences is calling for fundamental reforms to ensure the integrity of the U.S. election system, which is handicapped by antiquated technology and under stress from foreign destabilization efforts. By Frank Bajak. SENT: 490 words, photos.

NY FASHION WEEK-TOM FORD — Gigi Hadid took a dramatic twirl on the runway and Cardi B took a seat on Tom Ford’s front row as he kicked off New York Fashion Week with a ready-to-wear collection that was both romantic and hard-edged. SENT: 500 words, photos, video.

PERSONAL FINANCE:

NERDWALLET-COLLEGE MAJOR DEBT — If you don’t know what you want to study, you can choose a major that won’t leave you with student loans you can’t repay. By NerdWallet columnist Anna Helhoski. SENT: 840 words, photos.

INTERNATIONAL:

BRITAIN-MUSIC SALES — The body representing British music is warning that the industry’s financial fortunes, currently buoyed by the likes of Ed Sheeran, could be harmed in the event of a “bad Brexit deal.” By Pan Pylas. SENT: 460 words.

GERMANY-ECONOMY — Official data show German factory orders dropped for a second month in a row despite increasing domestic demand. SENT: 130 words.

SOUTH AFRICA-CORRUPTION PROBE — South African President Cyril Ramaphosa has ramped up an anti-corruption drive, authorizing an investigation of alleged wrongdoing in the national water department’s dealings with German software firm SAP. SENT: 160 words.

ASIA-STORM — A major Japanese airport flooded by a typhoon is expected to partially reopen Friday after officials promised round-the-clock work to repair damage and make the travel hub ready for passengers. SENT: 180 words, photos.

MONEY & MARKETS SUMMARY:

SPOTLIGHT

Burberry ditches fur

British luxury fashion brand Burberry said that it will stop using real fur in its products and also stop destroying products that it cannot sell.

CENTERPIECE

Long-term bet on aging octogenarians

Real estate developers gearing up for a boom in demand for senior housing and care facilities have built a glut of properties, which has dampened occupancy levels for health care real estate investment trusts, or REITs.

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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