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BC-Business News Digest

August 23, 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 PICTURE-GETTING AHEAD OF DOWNTURN — The economy is growing, the stock market is soaring and unemployment remains low. It’s the perfect time to prepare for the worst. AP spoke to some experts about what steps to take now while things are hot to better position yourself for when they, inevitably, are not. By Sarah Skidmore Sell. UPCOMING: 750 words by 2 p.m., photos.

OF MUTUAL INTEREST-BULL HAS LEGS — A look at the reasons the current bull market, now the longest ever, could still have room to run. By Alex Veiga. SENT: 310 words, photos, graphic.

DON’T CALL IT VEGAN — They’re new foods that don’t contain eggs, dairy or meat. Now, the word “vegan” is also missing. As companies look to lessen American’s reliance on animals for food, the term “plant based” is replacing “vegan” and “vegetarian” — partly because of unappetizing or polarizing associations the v-words might have. By Candice Choi. SENT: 630 words, photos.

With: Q&A IMPOSSIBLE FOODS CEO — Impossible Foods CEO Pat Brown insists his meatless burger is meat, explains why the product drew criticism from PETA, and admits he isn’t the best taste tester for his own product.

MARKETS & ECONOMY:

FINANCIAL MARKETS — Stocks veered lower on Wall Street as losses in banks and energy companies offset gains elsewhere in the market. By Alex Veiga. SENT: 700 words, photos. UPCOMING: Will be updated through 5 p.m.

NEW HOME SALES — Sales of new U.S. homes slumped 1.7 percent in July, the second straight monthly decline as the broader housing market appears to have lost some of its momentum despite an otherwise solid economy. By Josh Boak. SENT: 350 words, photos.

MORTGAGE RATES — Long-term U.S. mortgage rates fell this week for the third consecutive week, yet they remain significantly higher than a year ago. By Josh Boak. SENT: 110 words, photos.

CONSUMER WATCHDOG-NOMINEE —The Senate Banking Committee has approved Kathy Kraninger to run the Consumer Financial Protection Bureau with a 13-12 party-line vote. By Ken Sweet. SENT: 550 words, photos.

US-CHINA TARIFFS — The United States and China went ahead with tariff hikes on billions of dollars of each other’s automobiles, factory machinery and other goods Thursday in an escalation of a battle over Beijing’s technology policy that companies worry will chill global economic growth. By Joe McDonald. SENT: 700 words, photos.

RUSSIA-SANCTIONS — The Russian ruble briefly fell Thursday to its lowest level against the dollar since April 2016 amid fears of new economic sanctions by the United States. SENT: 340 words.

INDUSTRY:

GUN CONTROL MARCH — Massachusetts students will march 50 miles to the headquarters of gun manufacturer Smith & Wesson to call for stricter gun control in the aftermath of U.S. school shootings. By Philip Marcelo. SENT: 640 words, photos.

LAS VEGAS SHOOTING-LAWSUITS — Stadiums, corporate buildings and other facilities around the U.S. have strengthen their security since the 9/11 terrorist attacks, and in return, have earned liability protections under an obscure law in the event that their security fails to prevent a mass casualty incident. But hotels, including Las Vegas’ world-famous casinos — long known to be of interest to terrorists — have not demonstrated the federal government that their security deserves that protection. By Regina Garcia Cano. UPCOMING: 1,000 words.

FIAT CHRYSLER-RECALL — Fiat Chrysler is recalling nearly 209,000 minivans and SUVs worldwide to fix a brake problem that can cause longer stopping distances. SENT: 110 words.

HEALTH OVERHAUL-SIGN-UPS — A congressional watchdog said the Trump administration needs to step up its management of sign-up seasons for former President Barack Obama’s health care law after mixed results last year in the throes of a failed GOP effort to repeal it. By Ricardo Alonso-Zaldivar. SENT: 620 words, photos.

VOLKSWAGEN-CAR SHARING — Volkswagen says it’s launching an all-electric car sharing service in Berlin using its battery powered Golf and Up! models as it seeks to build a business serving people in big cities who don’t own cars. SENT: 140 words, photos.

MAERSK-NORTHERN SEA ROUTE — Danish shipping group A.P. Moller-Maersk said Thursday it will send a cargo vessel through the Russian Arctic for the first time as a result of melting sea ice. By Jan M. Olsen. SENT: 340 words, photos.

BRITAIN-RYANAIR — Ryanair and one of Ireland’s main unions have struck an agreement following a 22-hour negotiating session, paving the way for a ballot of pilots engaged in a long-running dispute with the airline. SENT: 130 words.

KROGER-PLASTIC BAGS — The nation’s largest grocery chain will phase out the use of plastic bags in its stores by 2025. SENT: 430 words, photos.

SEARS-STORE CLOSINGS — Sears Holdings Corp. is closing another 13 Kmart stores and 33 Sears stores as sales shrink and losses grow. SENT: 140 words.

SPORTS BETTING — PlaySugarHouse.com launched online sports betting integrated with its online casino on Thursday, the latest entrant into New Jersey’s surging sports betting market. By Wayne Parry. SENT: 330 words.

TECHNOLOGY & MEDIA:

REVIEW-SAMSUNG NOTE 9 PHONE — For $1,000, the Galaxy Note 9 is a superb phone that’s the best Samsung has to offer. For a few hundred less, the S9 offers many of the features the Note 9 is now getting. By Anick Jesdanun. UPCOMING: 500 words by 2 p.m., photos.

AUSTRALIA-HUAWEI — Chinese-owned telecommunications giant Huawei has been blocked from rolling out Australia’s 5G network due to security concerns. SENT: 410 words, photos.

FACEBOOK-APP BANNED — Facebook banned a quiz app from its platform for refusing an inspection and concerns that data on as many as 4 million users was misused. By Kelvin Chan. SENT: 490 words, photos.

FORBES-HIGHEST-PAID ACTORS — George Clooney can raise a glass even if he’s not starring in any hit movies. The 57-year-old tops the 2018 Forbes’ list of highest-paid actors with $239 million in pretax earnings. SENT: 150 words, photos.

TECH COMPANIES-ELECTION HELP — Tech companies want to protect U.S. political candidates from Russian hackers ahead of the midterm elections, but could that free help count as an illegal campaign contribution? By Matt O’Brien. SENT: 460 words, photos.

PERSONAL FINANCE:

NERDWALLET-COLLEGE CREDIT CARD — Before paying college bills with plastic, be aware of school “convenience fees,” which could cost more than the value of any rewards or bonuses you’re hoping to rack up on your card. And that’s not even counting the interest that could mount up if you don’t get rid of your balance fast. Here’s what to weigh before using one type of credit to get another. By NerdWallet columnist Brianna McGurran. SENT: 640 words, photos.

INTERNATIONAL:

BREXIT — Britain will unilaterally accept some European Union rules and give EU financial services firms continued access to the U.K. market in order to maintain stability if the country crashes out of the bloc without a deal, the country’s top negotiator said Thursday. By Jill Lawless. SENT: 920 words, photos.

With:

BRITAIN-AP EXPLAINS — The British government has published a series of documents laying out its plans for what it will do in the event it fails to secure a deal on its future relationship with the European Union following Brexit. SENT: 770 words, photos.

EUROPE-ECONOMY — European Central Bank policymakers are viewing slower than expected growth as a temporary hiccup and think that the 19-country eurozone’s upswing remains solid amid strengthening wage growth. By David McHugh. SENT: 480 words, photos.

EUROPEAN CENTRAL BANK — German news media report has stirred new speculation about who will succeed Mario Draghi as head of the European Central Bank, one of the world’s most powerful economic policy posts. By David McHugh. SENT: 600 words, photos.

JAPAN-TRADE MINISTER — President Donald Trump’s tariff policies reflect a serious misunderstanding of the importance of free trade and Japanese companies’ contributions to the U.S. economy, Japan’s trade minister said Thursday. By Yuri Kageyama. SENT: 880 words, photos.

TURKEY TOURISM — Battered by past bombings and a 2016 attempted coup, Turkey’s tourism has made a comeback since last year. It helps that the lira is shaky, giving foreigners more value for money. It’s different for construction and other Turkish industries with foreign currency debts that are increasingly hard to pay back. Christopher Torchia. SENT: 920 words, photos.

SWEDEN-NORDEA — Sweden’s financial supervisory authority on Thursday granted permission to the Nordic region’s largest bank to move its administrative headquarters from the Swedish capital to Helsinki in Finland, which is part of the European banking union. SENT: 210 words.

UNITED STATES-IRAN — Republican lawmakers are calling for Iran to be expelled from the main financial system that oversees international bank transfers, as the Trump administration steadily re-imposes sanctions on the country following the U.S. withdrawal from the Iran nuclear deal. By Matthew Lee. SENT: 450 words.

MONEY & MARKETS SUMMARY:

SPOTLIGHT

Home cooking

Williams-Sonoma surged to its biggest gain in seven years as investors grew more hopeful that the cookware and home furnishings company is back on track.

CENTERPIECE

Measuring loyalty

Hotel loyalty programs have hundreds of millions of members. But the jury is still out on how much they help hotels.

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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