BC-Business News Preview
Among the stories Wednesday from The Associated Press:
FACEBOOK-PRIVACY SCANDAL — Chinese mobile phone maker Huawei says it has never collected or stored Facebook user data, after the social media giant acknowledged it shared such data with Huawei and other manufacturers. The news comes as the former head of the defunct political consultant Cambridge Analytica is due to testify to British lawmakers investigating the use of Facebook data in election campaigns. SENT: 300 words, photo. UPCOMING: Will be updated from hearing scheduled for 10 a.m.
EUROPE-US-TARIFFS — The European Union says it will start imposing duties from July on a list of U.S. products in response to President Donald Trump’s decision to slap tariffs on steel and aluminum imports from Europe. By Lorne Cook. SENT: 280 words.
EUROPE-US-IRAN —Britain, France and Germany have joined forces to urge the United States to exempt European companies from any sanctions the U.S. will slap on Iran after pulling out of an international nuclear agreement. By Pan Pylas. SENT: 510 words, photos..
SMALLBIZ-SMALL TALK-TEEN ENTREPRENEURS — It’s an age-old issue for young people who start companies in their teens or at college. Many find they’re not taken seriously or trusted by customers and investors. But there are advantages. Young owners often don’t have their own families to distract them, and they bring fresh eyes to creating products and services. By Joyce M. Rosenberg. UPCOMING: 1,100 words by noon, photos.
MARKETS & ECONOMY:
FINANCIAL MARKETS Stocks are opening slightly higher in the U.S., led by gains in big banks and energy companies. SENT: 680 words, photos. UPCOMING: 700 words by 5 p.m.
TRADE GAP — Record exports shaved the U.S. trade deficit in April for the second straight month. But so far this year, the deficit is up 11.5 percent from a year ago despite President Donald Trump’s vow to close the gap through new tariffs on imports and renegotiated trade deals. By Paul Wiseman. SENT: 580 words, photo.
PRODUCTIVITY — .S. productivity grew at an annual rate of just 0.4 percent in the first quarter, even weaker than initially estimated, while labor costs rose at a bit faster pace. By Martin Crutsinger. SENT: 390 words, photos.
EARNS-BROWN-FORMAN — Brown-Forman Corp. reported yearlong net sales growth across its spirits lineup — including its flagship Jack Daniel’s Tennessee Whiskey brand — but said fourth-quarter earnings declined due to costs associated with the creation of a charitable foundation and operating expenses. By Bruce Schreiner. SENT: 630 words, photo.
ATHENAHEALTH-CEO DEPARTURE — The co-founder and CEO of Athenahealth is stepping down and the medical billing software company is exploring a potential sale. SENT: 130 words.
EPA-PRUITT — Environmental Protection Agency chief Scott Pruitt had an agency staffer reach out to Chick-fil-A on government email about a “potential business opportunity,” emails show. The opportunity, according to one former EPA senior staff member, was exploring the possibility of a Chick-fil-A franchise for Pruitt’s wife. By Ellen Knickmeyer. SENT: 740 words, photo. First moved Tuesday night.
FLOOD-PRONE BOOMTOWN — In Boston’s booming Seaport District, some question rapid development of the flood-prone area. By Philip Marcelo. SENT: 950 words, photos.
TECHNOLOGY & MEDIA:
CHINA-FOXCONN — The CEO of Taiwan’s Foxconn, which assembles Apple iPhones and other products for tech companies, said Wednesday that Washington’s dispute with China is over technology rather than trade. By Kelvin Chan. SENT: 360 words, photos.
HARVEY WEINSTEIN-LAWSUIT — A Delaware bankruptcy judge says six women who have accused Harvey Weinstein of sexual misconduct can proceed with their class action lawsuit against the television and film company he co-founded. SENT: 130 words, photo.
ON THE MONEY-PHARMACY OVERPAYMENTS — Using insurance can actually drive up your pharmacy bill, but experts say there are ways around the problem. UPCOMING: 620 words by 11 a.m., photo.
BEHIND THE WHEEL-OFF-ROADERS — Edmunds recommends seven off-road-ready vehicles straight from the showroom floor that are ideal for getting out into nature this summer. By Travis Langness of Edmunds. SENT: 680 words, photos.
EUROPE-ECONOMY — A top European Central Bank official said Wednesday that policymakers will begin discussions next week on withdrawing the bank’s bond-purchase stimulus — suggesting the ECB isn’t overly worried by the recent political upheaval in Italy. SENT: 370 words.
JAPAN-PATERNITY SUIT — New father takes brokerage firm to court in Japan, alleging paternity harassment in case seen as rarity in country where policies protect new parents but company loyalty is highly valued. By Yuri Kageyama. SENT: 860 words, photos.
AUSTRALIA-CHINA — Australia’s trade minister says that weeks of delays at Chinese ports of Australian wine exports were an “irritation” in a bilateral trade relationship that was thriving despite diplomatic tensions. By Rod McGuirk. SENT: 620 words, photo.
BREXIT — British and European businesses are sounding increasingly urgent warnings about the economic damage the U.K.‘s exit from the European Union could cause, as the U.K.’s two biggest political parties acknowledged Wednesday that they remain deeply divided over post-Brexit trade and customs arrangements. By Jill Lawless. SENT: 680 words, photo.
MALAYSIA-POLITICS — Malaysia’s central bank governor has become the latest senior official to resign amid a corruption probe of the former government that appointed them. By Eileen Ng. SENT: 490 words, photos.
INDIA-ECONOMY — India’s central bank raises its benchmark lending rate to tamp down rising inflation following an increase in oil prices. SENT: 190 words.