BC-APFN-Business News Digest
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.
GENERAL MOTORS-CRUISE MANAGEMENT — General Motors’ No. 2 executive is moving from Motor City to Silicon Valley to run the automaker’s self-driving car operations as it attempts to cash in on its bet that robotic vehicles will transform transportation. By Michael Liedtke. SENT: 730 words.
TRUMP-AUTOS-FACT CHECK — President Donald Trump is bragging about an auto industry boom that doesn’t exist. In a tweet Thursday slamming General Motors for plans to lay off workers, Trump wrote that auto companies “are pouring into the U.S.” and GM is “very counter” to the rest of the industry. He also wrote that BMW just announced a major new plant, which isn’t quite true. By Tom Krisher and Josh Boak.
NAFTA 2.0-US POLITICAL FIGHT — The leaders of the United States, Canada and Mexico are expected to sign a new North American trade agreement Friday at the G20 summit in Buenos Aires. Yet passage is hardly assured in Congress, especially with a new Democratic-led House. Democrats may balk at handing President Donald Trump a victory on trade and are already demanding changes that they argue could benefit U.S. workers and factories. By Paul Wiseman. UPCOMING: 800 words, photos at 2 p.m.
G20-TRUMP’S TEST — President Donald Trump canceled a planned meeting with Russian President Vladimir Putin at the Group of 20 Nations summit Thursday, injecting fresh drama into what already promised to be a tense gathering of world leaders. By Zeke Miller and Catherine Lucey. SENT: 350 words, photos.
CHINA-SPYING ON CARS — Electric vehicles sold in China are giving real-time data to the government, providing a powerful surveillance tool without drivers’ knowledge, the AP found. By Erika Kinetz. SENT: 2,200 words, photos, video.
LETTUCE OUTBREAK — After repeated E. coli outbreaks linked to romaine lettuce, the produce industry is scrambling to contain future contaminations. By Candice Choi. UPCOMING: About 850 words by 2 p.m.
GERMANY-DEUTSCHE BANK — German authorities search the headquarters of Deutsche Bank in Frankfurt and other offices on the suspicion bank employees helped clients set up offshore companies in tax havens to launder hundreds of millions of euros, in an investigation brought about from an analysis of online document leaks. By David Rising and Frank Jordans. SENT: 650 words, photos.
MARKETS & ECONOMY:
FINANCIAL MARKETS —U.S. stocks are lower after huge gains the day before. Technology and internet companies are taking some of the largest losses and banks are down with interest rates. The S&P 500 index is coming off its largest rally in eight months and has climbed 3.5 percent this week. By Marley Jay. SENT: 770 words, photos. UPCOMING: Will be updated through 5 p.m.
CONSUMER SPENDING — Consumers boosted their spending in October at the fastest pace in seven months, while their incomes rose by the largest amount in nine months — both good signs for future economic growth. By Martin Crutsinger. SENT: 540 words, photos.
PENDING HOME SALES — Pending home sales sank in October, as higher mortgage rates have worsened the affordability of home ownership and dampened enthusiasm among would-be buyers. By Josh Boak. SENT: 210 words, photos.
MORTGAGE RATES —U.S. long-term mortgage rates barely budged this week after marking the biggest drop in nearly four years a week earlier. SENT: 420 words, photos.
FEDERAL RESERVE-MINUTES — The Federal Reserve releases minutes from its November meeting when it left rates unchanged. By Martin Crutsinger. UPCOMING: 130 words after 2 p.m. release, 350 words by 2:45 p.m.
MCCONNEL-HEMP — Pressed for time and pushed to move quickly on a border wall and criminal justice reform, the Senate’s top leader has his own priority in Congress’ lame-duck session: passing a farm bill that includes a full pardon for hemp, the non-intoxicating cousin of marijuana that’s making a comeback in his home state. By Bruce Schreiner. SENT: 1,050 words, photos.
GERMANY-BAYER — German pharmaceutical giant Bayer AG says it’s cutting 12,000 jobs worldwide as it seeks to reduce costs. SENT: 140 words, photos.
NETHERLANDS-UNILEVER — Paul Polman, CEO of consumer products multinational Unilever, whose brands include Dove soaps and Lipton tea, is retiring at the end of the year. By Mike Corder. SENT: 370 words, photos.
BILLY BASS-ALEXA — Kitsch and high-tech are linking up just in time for Christmas. Big Mouth Billy Bass is programmed to respond to Alexa voice commands through a compatible Amazon Echo device. SENT: 140 words.
ICELANDAIR-WOW AIR — Icelandair is dropping its $18 million purchase of financially troubled Wow Air, a rival Iceland-based budget airline that touts cheap flights between the U.S. and Europe. SENT: 140 words.
COAL TAX-BLACK LUNG — Former Appalachian coal miners and supporters are in Washington this week to urge lawmakers to extend a tax that benefits miners sick with black lung disease. By Dylan Lovan. SENT: 350 words.
TECHNOLOGY & MEDIA:
OFF THE CHARTS-MARKET VALUE BATTLE — Apple and very briefly Amazon eclipsed $1 trillion in market value earlier this year as tech and internet stocks soared. Now, as those stocks fall, Microsoft is challenging for the title of most valuable. UPCOMING: 400 words by 3 p.m., photos.
GERMANY-AMAZON-INVESTIGATION — Germany’s antitrust agency says it has begun an investigation of online retailer Amazon to over complaints it’s abusing its position to the detriment of sellers who use its “marketplace” platform. SENT: 180 words, photos.
RENAULT-NISSAN — Japanese prosecutors say they will detain former Nissan chairman Carlos Ghosn for as long as needed to finish their investigation into suspicions of financial irregularities, as meanwhile the Renault-Nissan-Mitsubishi alliance reaffirmed its partnership. By Mari Yamaguchi. SENT: 510 words, photos.
ITALY-FIAT CHRYSLER — Fiat Chrysler Automobiles says its plants in Italy would return to full employment with a 5 billion-euro ($5.7 billion) investment in new cars and engine technology, including a fully electric version of the 500 city car and a plug-in hybrid Alfa Romeo compact utility vehicle. By Colleen Barry. SENT: 260 words.
NERDWALLET-WORST ENEMY — You’d never set out to sabotage your investment strategy on purpose, yet some of the decisions you make could do just that. Lessons from the field of behavioral economics can help you avoid some common mistakes. By NerdWallet columnist Anna-Louise Jackson. SENT: 800 words, photos.
BREXIT — British Prime Minister Theresa May refused Thursday to rule out Britain leaving the European Union without a deal, after the Bank of England warned that such a scenario could plunge the country into its deepest recession in decades. By Jill Lawless. SENT: 500 words, photos.
GERMANY-ECONOMY — German unemployment fell in November by more than expected as the labor market in Europe’s biggest economy remained robust. SENT: 140 words.
GERMANY-PAKISTAN-FIRE — A German court is hearing a civil suit against a discount German textile company whose clothes were produced in a factory in Pakistan that burned to the ground in 2012, killing more than 250 people. SENT: 130 words, photos.
BRAZIL-GOVERNOR ARRESTED — The governor of the state of Rio de Janeiro is arrested for allegedly taking about $10 million in bribes since 2007, adding to a string of corruption arrests of senior political figures. By Peter Prengaman. SENT: 230 words.
MONEY & MARKETS SUMMARY:
Cost cuts lift Abercrombie
Shares in Abercrombie & Fitch had their best day in more than a year after the teen clothing retailer said its profit climbed as it cut costs in the third quarter, and its sales were better than expected.
iPhone’s echo effect
The specter of sinking iPhone sales is dragging down key Apple suppliers such as Lumentum Holdings, which makes the 3D chips for the facial recognition technology that Apple uses in the latest iPhones and iPad Pros.
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