BC-APFN-Business News Digest
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.
BRITAIN-SKY — Comcast and 21st Century Fox will settle their battle for control of broadcaster Sky through a rare auction designed to put an end to months of offers and counteroffers from the American media empires seeking a foothold in the European pay TV market. The auction will begin after the London stock market’s close on Friday and end sometime Saturday evening. By Danica Kirka. SENT: 550 words, photos. UPCOMING: May be updated.
OF MUTUAL INTEREST-S&P 500 CHANGES— The S&P 500 index is getting a makeover of sorts. Tech giants Google and Facebook will join Netflix and 15 other companies in a new communications services sector. The move will somewhat dilute the impact of the tech sector, which had grown to a quarter of the S&P’s market value. By Marley Jay. SENT: 800 words, photos.
MARKETS & ECONOMY:
FINANCIAL MARKETS — An early wave of buying sent U.S. stocks solidly higher on Wall Street Thursday, pushing the Dow Jones Industrial Average above the all-time high it closed at in January. By Alex Veiga. SENT: 380 words, photos. UPCOMING: Will be updated through 5 p.m.
FINANCIAL MARKETS-POT STOCKS — Wall Street appears to have new mania: pot stocks. Shares of Canadian cannabis companies are soaring with Tilray Inc. leading the pack after recently being cleared to export medical marijuana to the U.S. for research. Tilray is now valued at about $21 billion, greater than American Airlines and Hershey. By Marley Jay. SENT: 700 words, photos.
HOME SALES — U.S. sales of existing homes were unchanged in August, as a shortage of houses priced at less than $250,000 — a level considered to be affordable for the middle class — has become a drag on the real estate market. By Josh Boak. SENT: 470 words, photos.
MORTGAGE RATES — Long-term U.S. mortgage rates are up for the fourth consecutive week, with the key 30-year rate reaching its highest level since May. By Marcy Gordon. SENT: 310 words, photos.
NET WORTH —Solid stock market returns lifted U.S. household wealth to a record $106.9 trillion in the April-June quarter, a culmination of a decade of economic recovery but a gain that is concentrated largely among the most affluent. By Christopher Rugaber. SENT: 500 words, photos.
UNDER ARMOUR-JOB CUTS — Under Armour will cut about 400 jobs, part of a restructuring that the sports gear maker announced earlier this year. SENT: 100 words, photo.
BRITAIN-ASTON MARTIN — Aston Martin Lagonda, the maker of James Bond’s favorite sports car, plans to raise as much as 1.27 billion pounds ($1.67 billion) when it sells shares to investors for the first time. SENT: 140 words, photos.
NISSAN-RECALL — Nissan recalled more than 215,000 cars and SUVs in the U.S. due to a fire risk and is advising people to park the vehicles outdoors in rare cases. SENT: 270 words, photos.
MARIJUANA MUSEUM — A museum celebrating all things cannabis with displays that include a 24-feet-tall bong — touted as the largest in the world — and giant faux marijuana buds is the newest tourist attraction in Las Vegas. By Regina Carcia Cano. SENT: 570 words, photos.
NASCAR-LEADERSHIP CHANGE — NASCAR has promoted Steve Phelps to president, the latest leadership change for the slumping motorsports series. SENT: 150 words.
TROPICAL WEATHER-TOXIC SITES — Duke Energy activated a high-level emergency alert at a retired coal-fired power plant in North Carolina as floodwaters from the nearby Cape Fear River overtopped an earthen dike at the facility and inundated a large lake. By Michael Biesecker and Alan Suderman. SENT: 870 words, photos.
GROUND BEEF RECALL — A Colorado meatpacker is recalling more than 132,000 pounds (60,000 kilograms) of ground beef after an E. coli outbreak killed one person and sickened 17. SENT: 140 words, photos.
GAP-ATHLETIC CLOTHING — The Gap is stepping in to the men’s athleisure wear game, which has exploded in recent years. SENT: 140 words, photos.
TECHNOLOGY & MEDIA:
EUROPE-ONLINE REGULATION — The European Union’s consumer protection chief says she’s growing impatient with Facebook’s efforts to improve transparency with users about their data, warning it could face sanctions for not complying. By Kelvin Chan and Raf Casert. SENT: 500 words, photos.
JAPAN-CRYPTOCURRENCY — A Japanese digital currency exchange has been hacked, and $60 million worth of cryptocurrencies are gone. Tech Bureau Corp. says a server for its Zaif exchange was hacked for two hours last week, and some digital currencies were unlawfully relayed from what’s called a “hot wallet,” where virtual coins are stored at such exchanges. By Yuri Kageyama. SENT: 320 words, photos.
JD-CHINESE BILLIONAIRE ARRESTED — Minneapolis police have finished their initial investigation into a sexual assault allegation against Chinese billionaire Richard Liu and have turned the case over to prosecutors for possible charges, prosecutors announced. By Amy Forliti. SENT: 310 words, photos.
NERDWALLET-DEBT DIARY — For this civil engineer, digging out of nearly $100,000 of college and car loans means working two jobs, plus side hustles. She chronicled her daily spending during a recent week to illustrate what paying off that much debt looks like day to day. Here are her entries, plus tips for debt-ridden readers. By NerdWallet columnist Teddy Nykiel. SENT: 1,190 words, photos.
BREXIT — Britain and its European Union partners fail to secure a breakthrough in Brexit talks largely because of seemingly intractable divisions over the best way to avoid a hard border on the island of Ireland. By Lorne Cook. SENT: 740 words, photos.
JAPAN-ABE’S THIRD TERM — Shinzo Abe’s third term: What lies ahead for Japan’s long-serving prime minister. By Mari Yamaguchi. SENT: 630 words, photos.
INDONESIA-PALM OIL — Indonesia’s president has signed a moratorium on new palm oil development and ordered a review of existing plantations in a blow to an industry blamed for environmental destruction and worker exploitation. SENT: 340 words.
TURKEY-ECONOMY — Turkey expects lower economic growth in coming years amid concerns over inflation and a sliding currency. SENT: 290 words, photos.
MONEY & MARKETS SUMMARY:
Furniture maker Herman Miller’s stock hit a nearly eight-month high after the Michigan-based manufacturer reported surprisingly strong first-quarter earnings.
Private markets push
Prominent companies are increasingly opting to avoid going public. One possible response: a plan floated by Securities and Exchange Commission head Jay Clayton to open up private capital-raising markets to Main Street investors.
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