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.
PAPA JOHN’S-FOUNDER —Papa John’s, which has featured founder John Schnatter in logos and TV ads, is pulling his image from its marketing after reports he used a racial slur. By Candice Choi. SENT: 520 words, photos.
IMMIGRATION-BILLION-DOLLAR BUSINESS — Detaining immigrant children has morphed into a surging industry in the U.S. that now reaps $1 billion annually — a tenfold increase over the past decade, an Associated Press analysis finds. By Martha Mendoza and Larry Fenn. SENT: 1,070 words.
FEDERAL RESERVE-ECONOMY 7/8_The Federal Reserve says it expects low unemployment and rising inflation will keep it on track to raise interest rates at a gradual pace over the next two years. By late 2019, the Fed says its key policy rate should be at a level that will be slightly restrictive for growth. By Martin Crutsinger. SENT: 850 words, photos.
OIL PRODUCTION-US — The U.S. has nosed ahead of Saudi Arabia and is on pace to surpass Russia to become the world’s biggest oil producer for the first time in more than four decades. By David Koenig. SENT: 670 words.
MARKETS & ECONOMY:
FINANCIAL MARKETS —U.S. stock indexes are inching higher as energy companies rise with oil prices. Industrial companies and household goods makers are also higher. By Marley Jay. SENT: 830 words, photos. UPCOMING: Will be updated through 5 p.m.
COMMERCE-SECRETARY ETHICS — Will Commerce Secretary Wilbur Ross’s complete sale of his stock holdings satisfy ethics questions from lawmakers and regulators? By Marcy Gordon. UPCOMING: 600 words.
NORTHEAST CORRIDOR TUNNELS — A $13 billion project to build a new rail tunnel into New York is scrambling to stay in the running for key federal funding as a July 14 deadline looms. SENT: 140 words.
SOC-WCUP MARKETING-US ABSENCE — Budweiser has a boat on the Moskva River and a disco. Coke set up an installation in Gorky Park and entertained 5,000 guests during the monthlong tournament. Visa built a campaign around former Swedish star Zlatan Ibrahimovic. Business went on at the World Cup without the presence of the U.S. national team, although the tournament’s visibility decreased across America. By Ronald Blum. UPCOMING: 800 words, photos, by 3 p.m.
NISSAN-AIR BAG RECALL — Nissan is recalling nearly 105,000 small cars to replace Takata passenger air bag inflators that can explode and hurl shrapnel at drivers and passengers. SENT: 130 words, photos.
REFINERY-NATIONAL PARK — Three environmental groups are suing North Dakota over an air quality permit that allows construction of an $800 million oil refinery about 3 miles (5 kilometers) from Theodore Roosevelt National Park. By Blake Nicholson. SENT: 140 words, photos.
SCAM LETTERS-FDA WARNING — U.S. health authorities are alerting consumers to a new scam involving fake government warning letters sent to people who tried to buy medicines online or over the phone. By Matthew Perrone. SENT: 130 words.
PENCE-GAS STATION EMPIRE — Vice President Mike Pence turns nostalgic when he talks about growing up in small-town Columbus, Indiana, where his father helped build a Midwestern empire of more than 200 gas stations that provided an upbringing on the “front row of the American dream.” Bh Brian Slodysko. SENT: 1,970 words, photos. An abridged version of 1,000 words also was sent.
EARNS-JPMORGAN CHASE —JPMorgan Chase’s second-quarter profits rose by 18 percent from a year ago, as the nation’s largest bank by assets and revenue continues to benefit from higher interest rates and a lower tax bill following last year’s passage of President Donald Trump’s tax law. By Ken Sweet. SENT: 460 words, photos.
EARNS-WELLS FARGO — Wells Fargo & Co., which has been mired in investigations related to its business practices since 2016, said Friday that its second-quarter earnings fell to $5.19 billion from $5.86 billion a year ago. The bank also revised its first-quarter earnings downward after agreeing in April to pay $1 billion in fines to federal regulators. SENT: 480 words, photos.
EARNS-CITIGROUP — Citigroup’s second-quarter profits jumped 16 percent from a year earlier, the bank said Friday, helped by a much lower tax bill and higher revenue earned on loans and interest. By Ken Sweet. SENT: 200 words, photos.
TECHNOLOGY & MEDIA:
COAST GUARD-CYBERSECURITY — The U.S. Coast Guard Academy is introducing a major on cyber studies, its first new academic program in over 20 years, in a reflection of the service’s growing emphasis on defending cyberspace and protecting infrastructure.
CHINA-TRADE — China’s June trade grew by double digits amid mounting tension with Washington but Beijing warned its exporters face “rising instabilities and uncertainties.” By Joe McDonald. SENT: 520 words, photos.
CHINA-NORTH KOREA-TRADE — China’s imports from North Korea plunged 92.6 percent in June compared with a year earlier under U.N. sanctions imposed to stop Pyongyang’s nuclear and missile programs, the customs agency said Friday. By Joe McDonald. SENT: 380 words, photos.
BRITAIN-TRUMPED —Britain has had a sharp lesson in dealing with U.S. President Donald Trump’s appetite for disruption. The British pound fell, then rallied, and U.K. politicians reeled, then steadied as Trump showered praise on Prime Minister Theresa May on Friday — hours after an interview in which he criticized her, praised a rival and gave her hard-won Brexit roadmap a battering. By Jill Lawless. SENT: 910 words, photos.
MONEY & MARKETS SUMMARY:
J&J loses big in asbestos suit
Johnson & Johnson shares slipped after a St. Louis jury awarded nearly $4.7 billion in total damages to 22 women and their families who claimed asbestos in the company’s talcum powder contributed to their ovarian cancer.
Seeking investor input
The SEC is conducting a nationwide roadshow to gather input on its proposed change to rules governing investors’ relationships with advisers and brokers, with hundreds of billions of dollars in retirement savings at stake on the outcome.
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