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.
OIL AND THE ECONOMY — Higher oil prices hurt consumers, but modest increases don’t have to crimp the economy. The negative effects of rising oil prices are partly offset by increased spending as the growing U.S. energy sector searches for more oil and natural gas. By David Koenig. SENT: 880 words, photos.
APPLE-CHEAPER IPHONES — Apple’s $1,100 price tag on its latest iPhone got much of the attention during the company’s unveiling event. But for 60 percent less, you can still get a good camera and what used to be the iPhone’s standard size in the two-year-old iPhone 7. As the new phones go on sale Friday, here’s a look at what you’re getting with each model. By Anick Jesdanun. SENT: 900 words, photos.
TROPICAL WEATHER-AGRICULTURE — Hurricane Florence is testing the resolve of farmers in the Carolinas, who could face billions of dollars in agricultural damage while still feeling the sting from Hurricane Matthew in 2016. By Gary D. Robertson and Emery P. Dalesio. SENT: 910 words, photos.
IRAN-STALLING CAR INDUSTRY — As Iran’s rial currency suffers precipitous falls against the U.S. dollar, cars are growing more and more expensive as foreign manufacturers pull out of the country and foreign-produced parts become harder to find. By Nasser Karimi. SENT: 1,050 words, photos.
MARKETS & ECONOMY:
FINANCIAL MARKETS —U.S. stocks moved broadly higher in early trading, extending gains from a day earlier when the market climbed to all-time highs. By Alex Veiga. SENT: 550 words, photos. UPCOMING: Will be updated through 5 p.m.
PUERTO RICO-ECONOMIC CRISIS — A federal control board overseeing Puerto Rico’s finances has finalized a debt-restructuring deal that represents nearly a quarter of the U.S. territory’s $70 billion public debt load. SENT: 140 words.
THAILAND-FORD MOTOR — A Thai court has ordered Ford Motor Co. to pay 291 customers a total of about $720,000 in compensation for selling cars equipped with faulty transmissions. By Tassanee Vejpongsa. SENT: 500 words, photos.
PEABODY ENERGY-MINE PURCHASE — The St. Louis-based coal company Peabody Energy has agreed to purchase Shoal Creek metallurgical coal mine from Drummond Co. Inc. for $400 million. SENT: 120 words.
MUSLIM FASHION EXHIBITION — The head covering is among the most identifiable elements of Muslim women’s dress and most likely to be portrayed as drab and restrictive to the Western eye. By Janie Har. SENT: 760 words, photos.
CREDIT FREEZE-FREE — Consumers can now freeze their credit for free under a new federal law. A credit freeze restricts access to your credit file, essentially halting anyone from opening any new credit in your name. The rules used to vary by state, but previously it could cost up to $10 to put a freeze in place. That fee often had to be paid again when someone wanted to unfreeze it for any legitimate uses. By Sarah Skidmore Sell. SENT: 480 words, photos.
TECHNOLOGY & MEDIA:
MICRON-TARIFFS — Micron’s stock is down nearly 6 percent ahead of the opening bell with collateral damage from the U.S.-China trade war overshadowing a strong performance from the chipmaker in its most recent quarter. SENT: 130 words, photo.
GROWING UP DIGITAL-YOUTUBE PRIVACY — Two members of Congress are calling on Google to address concerns that YouTube might violate children’s privacy. By Matt O’Brien. SENT: 360 words, photos.
SARAH PALIN-NEW YORK TIMES — A federal appeals panel seems poised to reinstate a defamation lawsuit Sarah Palin brought against The New York Times. SENT: 140 words.
BREXIT — British Prime Minister Theresa May accused the European Union on Friday of creating an “impasse” in divorce negotiations by bluntly rejecting her blueprint for Brexit, sending the value of the pound plunging as worries about a chaotic U.K. exit from the EU soared. By Jill Lawless. SENT: 1,100 words, photos.
WTO-US-CHINA — A World Trade Organization arbitrator will step into a years-old dispute brought by China over U.S. anti-dumping measures. SENT: 140 words.
RUSSIA-US — The Kremlin dismisses the latest round of U.S. sanctions that affected an aircraft-making factory as an “unfair” move to undercut Russia as a major arms exporter. SENT: 130 words, photo.
CROATIA-DUBROVNIK-TOURIST CRUSH — The Croatian town of Dubrovnik, which has been used to film ‘Game of Thrones,’ is a prime example of the negative effects of mass tourism. By Dusan Stojanovic. SENT: 700 words, photos.
CHINA-CORRUPTION — The head of China’s energy planning agency has been snared in President Xi Jinping’s marathon anti-corruption campaign. SENT: 200 words, photo.
GERMANY-FOREST STANDOFF — A German energy executive whose company plans to clear an ancient forest to expand a lignite strip mine says it’s an “illusion” to think the woodland can be saved, and halting the project would cost his firm up to 5 billion euros ($5.9 billion). SENT: 140 words, photo.
MONEY & MARKETS SUMMARY:
Micron Technology shares fell after making a disappointing first-quarter forecast and warning that new U.S. tariffs on China would squeeze its profitability.
As economy grows, deficit does too
A growing economy typically shrinks the government’s annual budget deficit, but not this time. The U.S. budget is on track to top $1 trillion next year. Now, economists fear that budget gap could push interest rates higher and boost inflation.
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