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BC-APFN-Business News Digest

October 11, 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:

FINANCIAL MARKETS-TECH TUMBLE — Technology and internet stocks have led the way for much of Wall Street’s bull market run, propelling the stocks of big names like Apple, Amazon and Google’s parent company sharply higher along the way. Now those high-flying stocks are at the forefront of a wave of selling as investors fret about the possible impact of a recent surge in interest rates. By Alex Veiga. SENT: 730 words, photo. UPCOMING: Will be updated.

With:

FINANCIAL MARKETS — U.S. stocks are sinking again a day after their biggest drop since February. Some early relief over a tame report on inflation gave way to renewed selling. By Marley Jay. SENT: 1,000 words, photos. UPCOMING: Will be updated through 5 p.m.

ECONOMY-INTEREST RATES — The global economy has a new foe that threatens to choke off growth: rising interest rates. Financial markets around the world have engaged in a massive sell-off as the U.S. government’s cost of borrowing have steadily increased amid stronger economic growth, slightly higher inflation and the Federal Reserve’s unwinding of the unprecedented support it provided global markets after the financial meltdown a decade ago. As a result, countries that borrowed in U.S. dollars are finding their growth slow, U.S. homebuyers are becoming cautious as mortgage rates climb and stocks are tumbling. By Josh Boak. UPCOMING: 800 words by 4 p.m.

With:

MORTGAGE RATES — Long-term U.S. mortgage rates leaped this week to their highest levels in seven years amid global anxiety over rising interest rates that has gripped financial markets. SENT: 410 words, photos.

TRUMP-FEDERAL RESERVE — President Donald Trump escalates his attack on the Federal Reserve’s interest rate increases, asserting that “the Fed is out of control” and blaming it for this week’s plunge in stock prices. Trump’s continuing criticism of the Fed, which is led by his hand-picked chairman, has raised concerns that it threatens the Fed’s need to operate free of political pressure to properly manage rates. By Martin Crutsinger. UPCOMING: 700 words by 3:30 p.m.

WORLD ECONOMY — The heads of the World Bank and IMF appeal to the U.S. and China to cool their dispute over technology policy and play by world trade rules, as tumbling share prices drove home potential perils from a clash between the world’s two biggest economies. By Elaine Kurtenbach. SENT: 1,030 words, photos.

And:

TRUMP TARIFFS-COMPANIES GRAPPLE WITH UNCERTAINTY — The trade war between the United States and China has made for a nerve-wracking summer of uncertainty in Wisconsin, where manufacturing has long been in decline yet remains a vital part of the state’s economy. At Johnson Level and Tool in suburban Milwaukee, the Trump administration’s thrust-and-parry trade moves with China and other countries have left the company bracing for up to $3.7 million in extra costs annually because of higher tariffs on imports, including some of its levels that are made in China. By Ivan Moreno. SENT: 1,200 words, photos.

SMALLBIZ-COMPETING WITH AMAZON — Amazon’s plans to pay employees at least $15 an hour is putting pressure on small business owners, even those that aren’t retailers who directly compete with the huge company. By Joyce M. Rosenberg. SENT: 820 words, photo.

BLOWOUT-TEXAS OIL BOOM — Drilling rigs tower over suburban backyards as a new fossil fuel boom has engulfed West Texas, driven by demand not from other U.S. states but instead from overseas. America has become a huge exporter of oil and gas around the world. Amid this frenzy, many communities in the Permian Basin -- an oil-rich seabed that spans West Texas and southeastern New Mexico -- are dealing with air pollution, housing shortages and other impacts. Story written and reported by The Texas Tribune and the Center for Public Integrity as part of a collaboration with Newsy and The Associated Press. Photos by Texas Tribune. This is the first installment in a continuing series. SENT: 2,700 words, photos. An abridged version of 900 words also was sent.

MARKETS & ECONOMY:

SOCIAL SECURITY-COLA — Tens of millions of Social Security beneficiaries and other retirees can expect an increase in benefits next year as inflation edges higher. By Ricardo Alonso-Zaldivar. SENT: 920 words, photo.

Also:

TRUMP-MEDICARE-FACT CHECK — A fact check of President Donald Trump’s op-ed column in USA Today on Democrats’ ‘Medicare for All’ plan. By Ricardo Alonso-Zaldivar. SENT: 900 words, photos.

CONSUMER PRICES — Consumer prices edged up a slight 0.1 percent in September as energy prices retreated after a big gain in August. By Martin Crutsinger. SENT: 600 words, photos.

EARNINGS:

OFF THE CHARTS-EARNINGS PREVIEW — Can earnings season come to the rescue again for stocks? When the S&P 500 suffered steep losses back in the spring, similar to what it’s seeing now, a much better-than-expected earnings season helped turn the momentum. Expectations are high for this earnings season, which ramps up Friday, but several warning signs indicate it may be a disappointment. By Stan Choe. UPCOMING: 500 words by 2 p.m., photos, graphics.

EARNS-DELTA AIR LINES — Delta is topping third-quarter profit expectations with strong travel demand pushing ticket prices higher. SENT: 170 words, photo.

INDUSTRY:

SEARS-STOCK SLIDE — Sears is being pummeled before the opening bell on a report that banks are pushing the 130-year-old retailer to liquidate. SENT: 210 words, photo.

AP Exclusive:

TOXIC JEWELRY — Jewelry with the toxic metal cadmium is showing up on the shelves of national retailers including Ross, Nordstrom Rack and Papaya, according to newly released test results. By Ariel Tu. SENT: 900 words, photo, video.

BMW-CHINA — German automaker BMW is taking a majority stake in its China joint venture and investing 3 billion euros ($3.5 billion) in factories there, underscoring the importance of the Chinese market as the company prepares to meet increased demand for electric vehicles. By David McHugh. SENT: 330 words, photo.

SEC-ELON MUSK — If Tesla CEO Elon Musk wants to return as chairman, shareholders will have to vote on it. SENT: 130 words.

SINGAPORE-LONGEST FLIGHT — The world’s longest direct commercial flight is back and taking travelers from Singapore to the New York region. By Annabelle Liang. SENT: 550 words, photos.

ORGANIC FRAUD-CHARGES — Three farmers have agreed to plead guilty to fraudulently marketing non-organic corn and soybeans as certified organic as part of a lengthy, multi-million-dollar scheme. SENT: 140 words.

TECHNOLOGY & MEDIA:

SEXUAL MISCONDUCT-HARVEY WEINSTEIN — Manhattan’s district attorney dropped part of the criminal sexual assault case against Harvey Weinstein on Thursday after evidence emerged that a police detective had coached a witness to stay silent about evidence that cast doubt on the account one of his three accusers. By Michael R. Sisak and Tom Hays. SENT: 910 words, photos, video.

PERSONAL FINANCE:

NERDWALLET-SAVING COLLEGE RETIREMENT — Single mom masterminds $700K swing from debt to savings. By NerdWallet columnist Kevin Voigt. SENT: 920 words, photos.

INTERNATIONAL:

CHINA-US-SPY-AVIATION SECRETS — China says that accusations against an alleged Chinese spy accused of attempting to steal trade secrets from American aviation and aerospace companies were “made out of thin air.” By Christopher Bodeen. SENT: 500 words, photo.

EUROPE-ECONOMY — Top European Central Bank officials expressed confidence at their last meeting that inflation is trending toward levels consistent with a strong economy — more confirmation that their 2.5 trillion-euro ($2.9 trillion) stimulus program will cease at year end. By David McHugh. SENT: 520 words.

PAKISTAN-IMF — The head of the International Monetary Fund says it will send a team to Pakistan in the coming weeks after the government requested emergency bailout loans. By Munir Ahmed. SENT: 320 words, photos.

FRANCE-INDIA-AIRCRAFT DEAL — India’s defense minister is travelling to Paris amid controversy over a multi-billion dollar deal in which France will sell 36 fighter jets to India. SENT: 340 words, photos.

INDONESIA ASEAN — Leaders from the Association of Southeast Asian Nations, or ASEAN, regional bloc meet on the sidelines of the IMF World Bank meetings. UPCOMING, timing uncertain.

GERMANY-ECONOMY — The German government has cut its forecast for the country’s economic growth this year to 1.8 percent from 2.3 percent, in part because of rising global trade tensions. SENT: 140 words.

JAPAN-FISH MARKET — Tokyo’s famous fish market reopened Thursday at a new location but retained its most famous tradition: the tuna auction. By Yuri Kageyama. SENT: 600 words, photos.

GREECE-ACROPOLIS STRIKE — The ancient Acropolis in Athens and most of Greece’s archaeological sites and publicly-run museums are closed to the public because of a 24-hour strike called by a union of Culture Ministry employees. SENT: 130 words, photos.

PAPUA NEW GUINEA-LUXURY CARS — The Papua New Guinea government has taken delivery of a fleet of 40 luxury Maserati cars to drive world leaders around during a summit next month, but has also assured the poor South Pacific island nation’s taxpayers that they won’t pay for the extravagance. SENT: 310 words.

GERMANY-MISSING BILLIONAIRE — German retail group Tengelmann says a search for longtime CEO Karl-Erivan Haub has officially been called off, six months after he went missing during a skiing trip in the Swiss Alps. SENT: 130 words, photo.

GREECE-GERMANY — German President Frank-Walter Steinmeier has apologized for “horrors” committed during the Nazi occupation in Greece, as that country prepares to relaunch claims for hundreds of billions of euros in World War II reparations. SENT: 130 words.

SPAIN-BUDGET — Spain’s Socialist minority government has agreed with an anti-austerity party to raise the country’s minimum wage and increase taxes for the rich if next year’s national budgets get parliamentary approval. SENT: 330 words.

BRITAIN-PAY GAP — The British government is considering making companies reveal the pay gap between white and non-white workers, in a bid to end disadvantages faced by employees from ethnic minorities. SENT: 150 words.

MONEY & MARKETS SUMMARY:

SPOTLIGHT

L Brands’ shares jumped after the parent company for Victoria’s Secret and other retail chains reported strong sales trends and announced plans to divest its La Senza business.

CENTERPIECE

Facebook phones home

Facebook is launching its own smart-home device. Such devices are in demand, but Facebook’s Portal debuts after months of growing mistrust in the social media service.

Business News Supervisor Alexandra Olson (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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