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BC-Business News Digest

August 2, 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:

TRILLION DOLLAR APPLE — Apple has become the world’s first publicly traded company to be valued at $1 trillion. By Michael Liedtke. SENT: 360 words, photos.

With:

TRILLION DOLLAR APPLE-MILESTONES — Milestones on Apple’s journey to becoming the first publicly traded company to be worth $1 trillion. SENT: 510 words.

FACEBOOK-POLITICAL ADS-Q&A — With less than three months to go before the midterm elections, Facebook is enforcing strict new requirements on digital political ads. Among other things, they force political ad buyers to verify their identities by receiving mail at a known U.S. address. By Barbara Ortutay and Mae Anderson. SENT: 900 words, photo.

CBS-IN TURMOIL — CBS will report second quarter earnings on Thursday as turmoil swirls around the media company. It faces an investigation of its CEO and is in the middle of a lawsuit against its parent company as the all-important fall TV season approaches. By Mae Anderson. SENT: 670 words. UPCOMING: Will be updated with financial results.

US-CHINA-TARIFFS — China’s foreign minister says U.S. threats to hike tariffs run against the trend toward globalization and will hurt U.S. businesses and consumers. By Joe McDonald and Annabelle Liang. SENT: 330 words. UPCOMING: Will be updated.

And:

FINANCIAL MARKETS — World stocks indexes are falling after the Trump administration said it will consider an even higher tax rate of 25 percent on $200 billion in imports from China, raising the stakes in the trade war between the two largest economies. By Marley Jay. SENT: 690 words, photos. UPCOMING: Will be updated through 5 p.m.

PAPA JOHN’S-FOUNDER — The founder of Papa John’s says the pizza chain does well with him as its public face, and that it was a mistake for the company to scrub him from its marketing materials after he acknowledged using a racial slur last month. By Candice Choi. SENT: 690 words, photo.

POLITICAL DONOR-ALLIED WALLET — How a business servicing online pornography, offshore gambling and illegal payday loans put millions of dollars behind Democrats — and then switched to Trump. By Jake Pearson and Jeff Horwitz. SENT: 3,200 words, photos. An abridged version of 1,080 words also is available.

TRUMP-MILEAGE STANDARDS — The Trump administration has proposed rolling back tougher Obama-era gas mileage requirements that are set to take effect after 2020. The administration also filed notice Thursday that it wants to revoke the authority of California and other states to set their own, stricter mileage standards — independent of federal ones. By Ellen Knickmeyer and Tom Krisher. SENT: 680 words, photos.

MARKETS & ECONOMY:

MORTGAGE RATES — Long-term U.S. mortgage rates rose for the second straight week, continuing to dampen prospects for potential homebuyers. SENT: 320 words, photos.

EARNINGS:

EARNS-AETNA — Aetna easily topped second-quarter earnings expectations as another drop in benefit expenses and lower taxes helped the nation’s third-largest health insurer. By Tom Murphy. SENT: 360 words, photo.

EARNS-BMW — BMW’s profit fell 6 percent in the second quarter as it spent more on developing new technologies for electric, autonomous and digitally connected automobiles. By David McHugh. SENT: 570 words, photo.

EARNS-SIEMENS — Industrial equipment and technology company Siemens saw net profit fall 14 percent in the most recent quarter as higher taxes and lagging profits at its oil and gas business weighed on earnings. SENT: 300 words, photo.

ITALY-EARNS-UNICREDIT — Italy’s largest bank reports quarterly results. UPCOMING: 250 words after release of report at about 5 a.m.

YUM-RESULTS — The company that owns KFC, Taco Bell and Pizza Hut is reporting healthy second-quarter profits, though sales at existing stores could create some unease. SENT: 250 words, photos.

INDUSTRY:

BROOKSTONE-BANKRUPTCY — Brookstone, the ubiquitous seller of cool but largely unneeded things, is filing for Chapter 11 bankruptcy protection again. SENT: 240 words, photos.

RAM TRUCKS-RECALL — Fiat Chrysler is recalling more than 1.4 million Ram pickups in the U.S. and Canada because tailgates with power locks can open while the trucks are moving. SENT: 110 words.

AUSTRALIA-SUPERMARKET PLASTICS — A major Australian supermarket chain set a third deadline for ending free plastic bags for shoppers, balancing customer anger at an additional shopping expense with environmentalists’ demands for corporate action against plastic pollution. By Rod McGuirk. SENT: 440 words.

TRADE-NAFTA TALKS — Gathering strength for a potentially brutal trade war with China, the United States is trying to patch things up with its friends. U.S. and Mexican negotiators are meeting Thursday and Friday to work on a rewrite of the North American Free Trade Agreement -- a deal that looked virtually dead a few months ago. And last week the Trump administration reached a cease-fire with Europe in a dispute over autos. By Paul Wiseman. UPCOMING: 130 words at 3 p.m. 600 words by 3:30 p.m.

NUCLEAR REACTORS-SOUTH CAROLINA — A federal judge refused Thursday to end a lawsuit by a private South Carolina utility that also is seeking to stop a temporary rate cut for customers who continue to pay for an abandoned nuclear reactor project. Jeffrey Collins. SENT: 560 words.

TECHNOLOGY & MEDIA:

CHINA-STARBUCKS-ALIBABA — Starbucks and Chinese e-commerce giant Alibaba Group announced a coffee delivery venture that adds to growing competition in China’s booming delivery industry. SENT: 250 words, photos.

SPOTIFY-ALEX JONES — The music streaming service Spotify says it has removed some episodes of “The Alex Jones Show” podcast for violating its hate content policy. The move followed a backlash on social media. SENT: 240 words, photos.

SWITZERLAND-DRONE JACKETS — Scientists, engineers and robotics experts at Switzerland’s Ecole Polytechnique Federal de Lausanne university have developed a jacket that allows for hands-free flying of drones. By Jamey Keaten. SENT: 700 words, photos.

CHINA-FAN BINGBING — X-Men actress Fan Bingbing has disappeared from social media amid rumors she has been barred from leaving China during a tax evasion investigation. SENT: 360 words, photos.

UNITED NATIONS-TRUMP-MEDIA — Experts appointed by the U.N. Human Rights Council and the Inter-American Commission on Human Rights are condemning what they describe as “strategic” attacks on the press by U.S. President Donald Trump. SENT: 140 words, photos.

GOOGLE-CHINA — Google is reportedly working on a mobile version of its search engine that will comply with strict censorship controls in China. SENT: 130 words.

CANADA-NEWSPAPER TARIFF — The U.S. Commerce Department is going ahead with a tax on Canadian newsprint, a threat to the already-struggling American newspaper industry. SENT: 140 words.

PERSONAL FINANCE:

OF MUTUAL INTEREST - SMALL-CAP REITS — Sal Bruno, chief investment officer at IndexIQ, weighs in on what investors can expect from small-cap real estate investment trusts after a strong rebound in the second quarter. By Alex Veiga. SENT: 600 words, photos.

INTERNATIONAL:

BRITAIN-ECONOMY — The Bank of England raised its main interest rate Thursday for only the second time since the 2008 financial crisis as it weighed a strong jobs market and high inflation against growing concerns about Brexit. By Danica Kirka. SENT: 560 words, photoS.

SOUTHEAST ASIA — China’s top diplomat says an initial draft of a proposed pact with Southeast Asia aimed at preventing fighting in the disputed South China Sea was a “breakthrough” in talks that can progress further without outside interference. By Annabelle Liang and Jim Gomez. SENT: 770 words, photos.

FRANCE-EIFFEL TOWER — Visitors descending upon the Eiffel Tower at the peak of the August tourist season are voicing frustration that the beloved Paris monument is closed. SENT: 130 words, photos.

SPAIN-JOBS — Official statistics show that new summer contracts have brought the number of unemployed in Spain to 3.13 million, the lowest level in nearly a decade and 2 million below peak levels during the financial crisis. SENT: 130 words, photo.

IRAN-PROTESTS — Scattered protests broke out in several Iranian cities on Thursday over the dramatic drop of the country’s currency and other economic problems ahead of the imposition of renewed American sanctions, Iran’s state-run IRNA news agency reported. SENT: 220 words.

ICELAND-WHALES — One of Iceland’s top whaling companies says it has stopped hunting minke whales this year, in response to a new government regulation that enlarged the protected area for baleen whales. SENT: 320 words.

MONEY & MARKETS SUMMARY:

SPOTLIGHT

Throwing in the apron?

Blue Apron shares slumped to a nearly four-month low after the meal kit company said it lost customers in the second quarter and revenue was weaker than Wall Street expected.

CENTERPIECE

Too much of a good thing?

Centene is counting on the Affordable Care Act’s insurance exchanges for a big slice of its growth, and that’s stirring some concern.

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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