BC-Business News Preview
Among the stories Thursday from The Associated Press:
GOVERNMENT SHUTDOWN-RIPPLE EFFECTS ON BUSINESSES _ Clyde’s restaurant group, which owns a dozen restaurants in the D.C. area, is cutting hours for kitchen staff and waiters as sales have sunk. A Colorado company that makes belt buckles as part of the official uniform of U.S. Forest Service employees, is struggling to stay afloat. A restaurant that caters to federal agencies in Huntsville, Alabama, has suffered a plunge in business. As the partial government shutdown plods through its fifth week, businesses that have lost sales and revenue are themselves cutting back by reducing workers’ hours and resorting to - or at least considering - layoffs and propelling ripple effects through local economies. By Christopher Rugaber. UPCOMING: 850 words by 3 p.m.
GOVERNEMENT SHUTDOWN _ The Senate is taking a new approach to ending the partial government shutdown by actually taking votes. But competing bills appear likely to fail Thursday, caught in a poisonous Washington impasse. By Andrew Taylor and Alan Fram. SENT: 800 words, photo. UPCOMING: Will be updated, votes expected to begin at 2:30 p.m.
TAX SEASON-Q&A _ Tax season is almost here and this one could be tricky. It’s the first year that taxpayers will be filing under the massive tax law overhaul and a partial shutdown of the federal government threatens to complicate things further. The IRS officially begins processing returns for individuals on Monday, here’s what you should know before then. By Sarah Skidmore Sell. SENT: 1,240 words, photo.
OFF THE CHARTS-RETAILERS GET GRINCHED _ The holiday season was a surprisingly brutal one for U.S. retailers, especially department stores. While investors thought most retailers would benefit from solid economic growth, high consumer confidence and low unemployment, companies including Macy’s and Nordstrom struggled badly over the critical December period. By Marley Jay. UPCOMING: 500 words by 2 p.m.
DAVOS _ Europe’s divisions were on display Thursday at the World Economic Forum in the Swiss ski resort of Davos, with key leaders arguing over the region’s big issues, from Brexit to the Italian populist government’s tough approach to the EU. By Pan Pylas and Jamey Keaten.SENT: 500 words, photo. UPCOMING: Will be updated throughout day.
FUTURE OF WORK-ARTIFICIAL INTELLIGENCE _ Robots aren’t replacing everyone, but a quarter of U.S. jobs will be severely disrupted as artificial intelligence accelerates the automation of existing work, according to a new Brookings Institution report. By Matt O’Brien. SENT: 650 words, photos.
VENEZUELA-OIL-Q&A _ As Venezuela plunges deeper into political and economic chaos, a Q&A look at what it could mean for consumers, U.S. energy companies, and other countries that send oil to the U.S. if Washington were to impose sanctions blocking imports from one of its biggest oil suppliers. UPCOMING, timing uncertain.
VENEZUELA-POLITICAL CRISIS _ Venezuelans headed into uncharted political waters with the young leader of a newly united and combative opposition claiming to hold the presidency and socialist President Nicolas Maduro digging in for a fight with the Trump administration. By Joshua Goodman. SENT: 1,100 words, photos, video.
MARKETS & ECONOMY:
FINANCIAL MARKETS _ Stocks are off to a mixed start on Wall Street as gains for American Airlines and other carriers are offset by losses elsewhere. SENT: 500 words, photo. UPCOMING: 700 words by 5 p.m.
UNEMPLOYMENT BENEFITS _ The number of people seeking jobless benefits dropped last week to the lowest level since November 1969, a sign the job market remains strong despite the partial government shutdown, now in its fifth week. By Christopher Rugaber. SENT: 350 words, photo.
MORTGAGE RATES _ Freddie Mac reports on this week’s average U.S. mortgage rates. UPCOMING: 130 words after release of report at 10 a.m. 300 words by 10:45 a.m.
FRANCE-RENAULT _ The board of French carmaker Renault names two new leaders to replace industry veteran Carlos Ghosn, who resigned after weeks of detention in Japan. By Sylvie Corbet. SENT: 440 words, photos.
HOME-PROJECT LOOP _ A new shopping platform announced at the World Economic Forum aims to change the way we buy many brand-name products. Loop, as the platform is called, would do away with disposable containers for things like shampoo and laundry detergent from some of the world’s biggest manufacturers. Instead, those goods will be delivered in sleek, reusable containers that will be picked up at your door, washed and refilled. By Katherine Roth. SENT: 830 words, photos.
JAPAN-WHALING _ Japanese whalers discuss plans to resume their commercial hunting along the northeastern coast on July 1, for the first time in three decades. By Mari Yamaguchi. SENT: 510 words, photos.
FLOUR RECALL _ General Mills is voluntarily recalling some bags of its Gold Medal Unbleached Flour because of salmonella concerns. SENT: 100 words, photo.
EARNS-AMERICAN AIRLINES _ American Airlines reported a fourth-quarter profit of $319 million, slightly higher than analysts expected, as strong travel demand helped the carrier overcome higher fuel prices. SENT: 1280 words, photos.
EARNS-SOUTHWEST AIRLINES _ Southwest Airlines says it has lost $10 million to $15 million so far from the partial government shutdown but overall travel demand remains strong, boosting the carrier’s outlook for first-quarter revenue. SENT: 350 words, photos.
EARNS-STARBUCKS _ Starbucks Corp. reports quarterly financial results after the market closes. UPCOMING: 130 words after release, then expanded.
EARNS-RAILROADS _ Union Pacific and Norfolk Southern railroads will both release their earnings reports Thursday and give investors a glimpse of how strong the economy remains. Last week, CSX railroad said shipping demand remained strong from its customers. By Business Writer Josh Funk UPCOMING: 400-500 words. Incorporates Earns-Union Pacific and Earns-Norfolk Southern stories.
TECHNOLOGY & MEDIA:
CHINA-HUAWEI_ Chinese tech giant Huawei announces plans for a next-generation smartphone that will use its own technology instead of U.S. components, maneuvering to gain a competitive edge and sidestep complaints it is a security risk. By Joe McDonald. SENT: 780 words, photos.
BRITAIN-HUAWEI _ The charity founded by Britain’s Prince Charles says it’s not accepting any more donations from Huawei, the latest setback for the Chinese telecom giant as it battles allegations it’s a cybersecurity risk. SENT: 310 words, photo.
CHINA-SEARCH ENGINE BLOCKED _ Chinese internet users have lost access to Microsoft Corp.’s Bing search engine, setting off grumbling about the ruling Communist Party’s increasingly tight online censorship. SENT: 130 words.
NERDWALLET-SURVIVING RETIREMENT _ Retirement lasts more than 20 years on average for Americans. That’s two decades of expenses you may need to cover while no longer earning a paycheck. Here’s how to calculate how long your savings and other income sources will last, and what to do if you’re in danger of running out of money. By NerdWallet columnist Dayana Yochim.
BRITAIN BREXIT BUSINESSES _ Businesses in Britain are bracing for large-scale disruption as the possibility of leaving the European Union without an exit deal grows each day. In the Midlands, Freshcut Foods, a company with sales of 30 million pounds a year that produces high-end vegetable fillings for sandwiches and pizzas, fears tariffs in case of a ‘no-deal’ could cost them one million pound a year and could jeopardize jobs and growth. Video available.
BREXIT _ The chief executive of Airbus warns that the aviation giant could move its U.K. operations out of the country if Britain leaves the European Union without a deal on trade relations. By Danica Kirka. SENT: 450 words, photo.
EUROPE-ECONOMY _ The European Central Bank has kept its key interest rates and future policy views unchanged despite the worries about Brexit and trade wars stalking the eurozone and global economy. SENT: 130 words, photo.
CHINA-AUSTRALIAN WRITER _ China says it has detained a Chinese-Australian writer on charges of involvement in “criminal activities endangering China’s national security.” Foreign ministry spokeswoman Hua Chunying offered no details about the charges against Yang Hengjun, a novelist and online commentator, in response to a question at a daily news briefing. By Christopher Bodeen and Rod McGuirk. SENT: 880 words, photos.
SPAIN-TAXI PROTEST _ Spanish police say that two taxi drivers protesting for tighter regulations for app-based ride-hailing services have been arrested in clashes with police in Madrid that slightly injured three officers. SENT: 130 words.
IRAQ _ Iraq’s parliament has approved a state budget for 2019 after weeks of wrangling over how to apportion revenue among regions damaged by the war against the Islamic State group. SENT: 130 words, photo.