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.
FEDERAL RESERVE-WAGE PUZZLE — Halfway through a news conference Wednesday, the head of the world’s most powerful central bank was asked a question weighing on the minds — and the checking accounts — of Americans everywhere: When will people finally start getting meaningful pay raises? Jerome Powell, the chairman of the Federal Reserve, had no satisfactory answer. By Josh Boak. SENT: 830 words.
BATTLE FOR FOX-DEALS COMPARED — Competing bids from Comcast and Disney for the bulk of Twenty-First Century Fox come as the media landscape changes and companies get more involved in both creating and distributing content. Each bid raises different regulatory concerns, though this week’s approval of AT&T’s takeover of Time Warner signals that regulators might have a hard time stopping mega-mergers. Here’s how the companies would match up. By Mae Anderson. SENT: 920 words, photos.
BATTLE FOR FOX — Comcast is making a $65 billion bid for Fox’s entertainment businesses, setting up a battle with Disney to become the next mega-media company. By Mae Anderson. SENT: 830 words, photo. UPCOMING: Will be updated.
AMAZON TRUCKS — Amazon, which sells just about anything online, also hawks discounted beef, seafood and Panini presses from the back of trucks. The Treasure Truck, as it is called, is a quirky way for Amazon to connect with shoppers in person, further expand its physical presence and help promote itself. By Joseph Pisani. SENT: 740 words, photos, video.
OF MUTUAL INTEREST-BOND RISKS — Index funds are surging in popularity due to their low costs and relatively good performance. But many bond index funds also carry an additional risk that investors should keep in mind as more dollars flow into the field: Many of the biggest are likely to be hurt more than other bond funds when interest rates rise. By Stan Choe. UPCOMING: 750 words by 2 p.m.
FISHY BUSINESS — An Associated Press investigation finds that leading sustainable seafood distributor Sea To Table — who promised wild-caught, domestic fish traceable back to a dock — has been duping chefs across the U.S. By Robin McDowell, Margie Mason and Martha Mendoza. SENT: 3,000 words, photos, video. An abridged version of 980 words also is available.
MARKETS & ECONOMY:
FINANCIAL MARKETS — U.S. stocks rose Thursday after Europe’s central bank became the latest to spell out how it will close the spigot on the emergency stimulus it’s flooded the market with in recent years. By Stan Choe. SENT: 910 words, photos. UPCOMING: Will be updated through 5 p.m.
IMF-US ECONOMY — The International Monetary Fund believes the U.S. economy will post solid growth this year and next, helped by a sizable boost from tax cuts. But then it says growth will slide as huge budget deficits drag growth far below the Trump administration’s goals. By Martin Crutsinger. SENT: 140 words, photos.
FED-BANK RISKS — The Federal Reserve is expected to ease limits that were intended to address one of the leading causes of the 2008 financial crisis: The buildup of loans extended to one another by the biggest Wall Street financial giants. By Marcy Gordon. UPCOMING: 130 words by 2:45 p.m., 500 words by 3:30 p.m.
RETAIL SALES — U.S. retail sales rose by the most in six months in May, as consumers spent more at home and garden stores, gas stations and restaurants. By Christopher Rugaber. SENT: 520 words, photos.
MORTGAGE RATES —Long-term U.S. mortgage rates jumped this week after two straight weeks of declines, reaching their second-highest level this year. By Marcy Gordon. SENT: 350 words, photos.
GLOBAL STOCK LISTINGS — A survey shows that companies’ initial public offerings of shares fell by a fifth in the first half of 2018 due to geopolitical tensions like Brexit and the threat of trade wars. SENT: 130 words, photo.
BOURBON HOMECOMING — Old Forester, the bourbon that launched a family dynasty and a spirits company, has returned to its pre-Prohibition Kentucky home in a newly renovated building that symbolizes the brand’s comeback from years of decline. By Bruce Schreiner. SENT: 620 words, photos.
SPORTS BETTING — In 1978, the Democratic governor of New Jersey threw the first dice at an Atlantic City casino to kick off an era of legal gambling in the state. Forty years later, another Democratic governor will place the state’s first legal bet on a sporting event. By Wayne Parry. SENT: 710 words, photo.
BRITAIN-ROLLS-ROYCE — Rolls-Royce plans to cut 4,600 jobs over the next 2 years as part of a major restructuring effort by the British plane engine manufacturer. SENT: 130 words.
SLAVE CEMETERIES — A major oil company is taking steps to honor once-forgotten slaves buried on its land west of New Orleans in an area where sugar plantations once abounded, an effort that some hope will grow into a larger movement to recognize and protect such cemeteries around the country. By Kevin McGill. SENT: 970 words, photos, video.
CHICAGO- O’HARE EXPRESS — Chicago has chosen a company founded by Tesla CEO Elon Musk to build an express service from downtown to O’Hare International Airport reaching speeds up to 150 mph. SENT: 600 words, photos.
EUROPE-AVIATION-BLACK LIST — The European Union says it has removed all Indonesian airlines from its safety blacklist after they made air safety improvements. SENT: 130 words.
EMIRATES-ETIHAD-EARNS — The United Arab Emirates’ flagship carrier Etihad has posted losses of $1.52 billion despite a slight bump in revenue compared to the previous year. SENT: 240 words.
CHICAGO-O’HARE EXPRESS — The Boring Company, founded by Tesla CEO Elon Musk, has been selected to build a high-speed underground transportation system that it says will whisk passengers from downtown Chicago to O’Hare International Airport in mere minutes. SENT: 500 words, photos.
TRUMP FOUNDATION-INVESTIGATION — New York’s attorney general says President Donald Trump’s foundation served as a personal piggy bank for his businesses, legal bills and presidential campaign. By Jennifer Peltz. SENT: 470 words, photos.
TECHNOLOGY & MEDIA:
JAPAN-MAPPING TECHNOLOGY — Technology companies are racing to develop ultra-precise digital maps that can guide self-driving cars within inches of where they should be — a hurdle the industry needs to clear if it hopes to deliver on its promise of widespread use of driverless vehicles. By Yuri Kageyama. SENT: 780 words, photos.
APPLE-SECURITY LOCKDOWN — Apple is closing a security gap that allowed outsiders to pry personal information from locked iPhones without a password, a change that will thwart law enforcement agencies that have been exploiting the vulnerability to collect evidence in criminal investigations. By Michael Liedtke. SENT: 500 words, photo.
SKOREA-SAMSUNG-RENEWABLE ENERGY — Samsung Electronics Co., the world’s biggest smartphone maker, joins a growing list of companies that are promising to increase their use of solar and other renewable energy to help curb global warming. By Youkyung Lee. SENT: 440 words, photo.
ETSY-FEES — Etsy’s stock is soaring at the opening bell after the online crafts company announced an increase in fees and boosted its revenue outlook for the year. SENT: 120 words, photos.
RIDE-HAILING INSURANCE — Grabbing a ride from Uber or Lyft? Now you can get an insurance policy from your phone for the ride too. By Sarah Skidmore Sell. SENT: 140 words.
MICROSOFT-AUTOMATED CHECKOUT — Microsoft is working on automated checkout technology that could help retailers compete with Amazon’s new cashier-less stores. By Matt O’Brien. SENT: 120 words.
NERDWALLET-COLLEGE MONEY LESSON — More than two-thirds of college students at all levels said in a survey that they feel stressed about their personal finances. Learning some financial best practices and turning them into habits now can help ease money worries. By NerdWallet columnist Anne Helhoski. SENT: 830 words, photos.
CHINA-US-TRADE — China’s government renews its threat to scrap deals with Washington aimed at defusing a sprawling trade dispute as the White House prepared to release a list of Chinese goods targeted for tariff hikes. SENT: 460 words, photos.
EUROPE-ECONOMY —Two of the globe’s most powerful central banks are gradually withdrawing the easy money policies that helped repair the damage wrought by the Great Recession and push stock markets to record highs. It’s a sign of confidence in the economy, but with uncertain consequences for consumers and businesses. By David McHugh. SENT: 870 words, photos.
CANADA-US-STILL BEST FRIENDS? — For the first time in decades, one of the world’s most durable and amicable alliances faces serious strain as Canadians — widely seen as some of the nicest, politest people on Earth — absorb Donald Trump’s insults against their prime minister and attacks on their country’s trade policies. By Rob Gillies and David Crary. SENT: 1,080 words, photos.
GREECE-BAILOUT — Greece and its creditors are working on reaching a final deal next week on the country exiting its international bailout this summer, the European Commission’s vice president says, adding that the bailout exit was “delicate yet perfectly doable.” By Elena Becatoros. SENT: 500 words, photos.
JAPAN-NUCLEAR — The operator of a nuclear power plant in northeast Japan that suffered meltdowns seven years ago said for the first time publicly that it will start making concrete plans to decommission another plant in Fukushima that narrowly escaped the crisis. By Mari Yamaguchi. SENT: 550 words, photos.
BRITAIN-IMMIGRATION — Britain said Thursday it will lift a cap on the number of visas granted to foreign doctors and nurses to help ease staffing shortfalls in the country’s National Health Service. SENT: 230 words, photos.
MONEY & MARKETS SUMMARY:
Fees and forecasts boost Etsy
Etsy made its biggest gain in three years after the Brooklyn online crafts marketplace raised its annual revenue forecast and said it will hike the fees paid by its users.
Twitter rose last week when the social media company’s stock was added to the S&P 500 index. But that was nothing new: long a stock investors avoided, over the last year Twitter’s made an enormous rally.
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