BC-APFN-Business News Preview
Among the stories Friday from The Associated Press:
PAPA JOHN’S-FOUNDER — Papa John’s plans to pull founder John Schnatter’s image from marketing materials following reports he used a racial slur. By Candice Choi. SENT: 370 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.
MARKETS & ECONOMY:
FINANCIAL MARKETS — Stocks are opening slightly higher on Wall Street as the market heads for a second straight week of healthy gains. SENT: 130 words, photos. UPCOMING: Will be updated through 5 p.m.
FEDERAL RESERVE-ECONOMY 7/8— The Federal Reserve releases its latest Monetary Policy Report to Congress ahead of Chairman Jerome Powell’s testimony next week. By Martin Crutsinger. UPCOMING: 130 words after embargo lifts at 11 a.m. 350 words by 11:45 a.m.
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. EDT.
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.
EARNS-JPMORGAN CHASE — JPMorgan Chase says second-quarter profits rose by 18 percent from a year ago, as the bank 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: 360 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: 570 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 — The British pound fell and U.K. politicians reeled from the tornado-blast of U.S. President Donald Trump, who humiliated Prime Minister Theresa May, dashed hopes of a quick U.S.-U.K. trade deal and praised May’s opponents in the high-stakes battle over Brexit. By Jill Lawless. SENT: 790 words, photos.