BC-Business News Preview
Among the stories Friday from The Associated Press:
FEDERAL RESERVE POWELL — Federal Reserve Chairman Jerome Powell speaks at an annual gathering of central bankers, economists and policymakers in Jackson Hole, Wyoming. By Martin Crutsinger. UPCOMING: 130 words after embargo on prepared remarks lifts at 10 a.m. 400 words by 10:45 a.m.
TAX OVERHAUL HIGH TAX STATES Q&A — A newly announced rule from the IRS could hit high-tax states hard. A federal policy will thwart states’ efforts to help residents work around a new cap on how much of their state and local taxes they can deduct on their federal income-tax returns. Here are questions and answers about the IRS rule announced Thursday, what it means for states and how high-tax states might respond. By Geoff Mulvihill. SENT: 575 words, photo.
MARKETS & ECONOMY:
FINANCIAL MARKETS MARKETS RIGHT NOW — US stocks are rising as technology companies climb and energy companies continue to rally along with oil prices. SENT: 145 words, photo.
DURABLE GOODS — Orders for long-lasting U.S. factory goods fell 1.7 percent in July, the third decrease in the past four months. The Commerce Department says that durable goods orders — items meant to last at least three years such as autos and appliances — totaled $246.9 billion last month. Much of that decline came from a steep 35.4 percent drop in orders for nondefense aircraft, a volatile category on a monthly basis. By Josh Boak. SENT: 239 words, photo.
AP POLL TRUMP TRADE — Fewer than half of Americans expect President Donald Trump’s tariffs will do much to help the U.S. economy. That’s according to a new poll from The Associated Press-NORC Center for Public Affairs Research. Majorities of Americans also doubt the recently announced taxes on imports will increase jobs or wages at home. The survey found that 35 percent of Americans think the tariffs will leave them worse-off financially, while only 19 percent expect improvement. By Josh Boak and Emily Swanson. SENT: 970 words, photos.
FOR PROFIT COLLEGES — As Education Secretary Betsy DeVos crafts a shift in the regulatory landscape that stands to benefit for-profit colleges, lawsuits and complaints against the multibillion-dollar industry are unfolding. It’s a complete turn-around from the Obama administration, which pushed to police for-profit schools more aggressively and to forgive student debt for those who were charged top dollar for degrees that turned out to be worthless pieces of paper. By Richard Lardner and Collin Binkley. SENT: 1616 words, photo.
LEBANON SQUEEZED ECONOMY — Nearly four months after Lebanon’s first parliamentary elections in nine years, Prime Minister-designate Saad Hariri has not succeeded in forming a new Cabinet due to political bickering between rival groups increasing pressure on the country’s economy. The political paralysis adds to a years-long crisis made worse by Syria’s war, the influx of a million Syrian refugees and massive debt that has made Lebanon the third-worst indebted country in the world. By Fadi Tawil. SENT: 913 words, photos.