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BC-APFN-Business News Digest

October 12, 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:

ZOMBIE ACCOUNTS-WHAT TO DO — The internet is riddled with long-forgotten accounts on social media, dating apps and various shopping sites used once or twice. Sure, you should delete all those unused logins and passwords. But is it even possible — or worth your time? By Barbara Ortutay. SENT: 880 words, photos.

TOYS AFTER TOYS R US — When Toys R Us closed its doors, customers mourned the loss. But retailers saw an opportunity. Rather than cede that ground to online behemoth Amazon, companies like Target, Walmart and Party City ramped up their offerings. By Anne D’Innocenzio. SENT: 830 words, photos.

MARKETS & ECONOMY:

FINANCIAL MARKETS -WHAT’S NEXT — What could soothe the roiling financial markets after their sharp fall this week? Analysts say it will likely all come down to earnings, and how they are impacted by the U.S. trade fight with China, higher oil prices, and rising interest rates. By Christopher Rugaber and Marley Jay.

With:

FINANCIAL MARKETS — U.S. stocks are climbing after two days of sharp losses as market favorites like Apple lead the way higher. By Marley Jay. SENT: 770 words, photos. UPCOMING: Will be updated through 5 p.m.

And:

FINANCIAL MARKETS-VOLATILITY RETURNS — After months of relative calm, Wall Street has been jolted by a sudden run of turbulent trading. What now? One natural reaction to increased volatility is the inclination to get off the wild ride and sell. If you have a lengthy time horizon for the investment, say a decade, the general recommendation is to resist that temptation. Stocks have historically offered some of the biggest returns over the long term for investors. By Sarah Skidmore Sell and Alex Veiga. SENT: 780 words, photos.

ELECTION 2018-BLACK UNEMPLOYMENT — It’s one of President Donald Trump’s favorite talking points in promoting his administration’s success: the record low rate of black unemployment. But on a recent sunny afternoon in Vernon Park in Philadelphia’s Germantown neighborhood, that victory seemed hollow. By Errin Haines Whack. SENT: 1,050 words, photos.

FEDERAL RESERVE-MNUCHIN — Treasury Secretary Steven Mnuchin says President Donald Trump respects the independence of the Federal Reserve and his recent comments were simply a reflection of the fact that he favors low interest rates. By Martin Crutsinger. SENT: 600 words, photos.

INDUSTRY:

NBA-INTERNATIONAL FOOTPRINT — The NBA has been going overseas to play either preseason or regular season games for 40 years. And the global footprint of the league — not to mention its business interests — continues to expand. The league has opened up 11 international offices, established six academies on four continents and started broadcasting games to more than 200 countries and territories. By Tim Reynolds. SENT: 1,100 words, photos.

ITALY-ALITALIA — Italian Deputy Premier Luigi Di Maio says that the struggling Alitalia airline will be relaunched with the state railway company as a strategic partner. SENT: 130 words.

CHINA-AUTO SALES — China’s auto sales shrank for a third straight month in September, adding to pressure on the country’s leaders who face slowing economic growth and a tariff fight with Washington. SENT: 330 words.

TESLA-TAX CREDIT — Tesla Inc. says buyers must order cars by Monday to get the full federal electric vehicle tax credit of $7,500. SENT: 140 words.

TOYOTA RECALL — Toyota is recalling nearly 188,000 pickup trucks, SUVs and cars worldwide because the air bags may not inflate in a crash. SENT: 120 words, photos.

HYUNDAI-KIA-FIRES — A nonprofit auto safety group is demanding that Hyundai and Kia recall 2.9 million cars and SUVs due to consumer complaints that they can catch fire. By Tom Krisher. SENT: 130 words.

MEDICARE PREMIUMS — Medicare says its “Part B” premium for outpatient care will rise by just $1.50 a month next year. That means retirees should be able to keep more of their recently-announced Social Security cost-of-living increase. SENT: 140 words.

EARNINGS:

EARNS-JPMORGAN CHASE — JPMorgan Chase & Co. said that its third-quarter profits rose by 24 percent from a year ago, helped by a lower tax bill and higher interest rates, which allowed it to charge more for loans to consumers and businesses alike. By Ken Sweet. SENT: 610 words, photos.

EARNS-WELLS FARGO — Wells Fargo & Co. says third-quarter net income rose to $6.01 billion from $4.54 billion a year earlier. SENT: 290 words, photos.

EARNS-CITIGROUP — Citigroup Inc. says third-quarter net income rose to $4.62 billion from $4.13 billion a year ago. By Ken Sweet. SENT: 340 words, photos.

TECHNOLOGY & MEDIA:

FACEBOOK-SECURITY BREACH — Facebook says hackers accessed data from 29 million accounts as part of the security breach disclosed two weeks ago. SENT: 250 words, photos.

HOTEL WORKERS STRIKE-TECHNOLOGY — New technology threatening to make some hotel jobs obsolete is among the concerns that prompted thousands of Marriott workers to walk off their jobs across the U.S. in recent weeks. By Philip Marcelo. SENT: 920 words, photos.

BOOKS-WONKY DONKEY — The country’s hottest book isn’t a hit because of Oprah Winfrey or Donald Trump, but a laughing Scottish grandmother. Thanks to a viral video of Janny Scott reading “Wonky Donkey” to her baby grandson, the 2009 picture book about a three-legged, one-eyed donkey has sold more than 100,000 copies in the U.S. this year, much of that in the past week.

BULGARIA-JOURNALIST KILLED — Hundreds of relatives, friends and colleagues of slain Bulgarian journalist Viktoria Marinova said their goodbyes at a funeral Friday in her hometown, just after German police announced that a suspect has acknowledged attacking her. By Veselin Toshkov and David Rising. SENT: 450 words, photos.

INTERNATIONAL:

BREXIT —With just days to go before a key Brexit summit next week, optimism is growing that a deal can be reached to ensure a smooth transition for Britain’s exit from the European Union. By Raf Casert. SENT: 410 words, photos.

CHINA-TRADE — China’s trade surplus with the United States widened to a record $34.1 billion in September as exports to the American market rose by 13 percent over a year earlier despite a worsening tariff war. By Joe McDonald. SENT: 580 words, photos.

CHINA-US — China said Friday it is in contact with the United States amid reports of a planned meeting between President Xi Jinping and President Donald Trump next month following a dive in the U.S. stock market blamed partly on a growing trade war between the world’s two largest economies. By Christopher Bodeen and Joe McDonald. SENT: 750 words, photos.

WORLD ECONOMY — Indonesian President Joko “Jokowi” Widodo added to a chorus of criticism Friday over trade friction between the U.S. and China, telling financial leaders gathered in Bali, Indonesia, that victory in a trade war would be pointless in a “sinking world.” By Elaine Kurtenbach. SENT: 670 words, photos.

SAUDI ARABIA-BUSINESS IMPACT — Global business leaders are reassessing their ties with Saudi Arabia, stoking pressure on the Gulf kingdom to explain what happened to a dissident writer who disappeared after visiting its consulate in Istanbul. By Danica Kirka. SENT: 470 words, photos.

MONEY & MARKETS SUMMARY:

SPOTLIGHT

Citigroup’s profit vaulted 12 percent in the third quarter as the banking conglomerate slashed expenses and benefited from lower taxes.

CENTERPIECE

Railroad profits on track

Major freight railroads will almost certainly be asked this month about how recent developments in international trade will affect their businesses.

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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