BC-APFN-Business News Preview
Among the stories Wednesday from The Associated Press:
AMUSEMENT PARK BOSS
SANDUSKY, Ohio — The head of one of the nation’s biggest amusement park chains says roller coasters that go higher and faster aren’t the only ways to keep crowds coming back. Cedar Fair Entertainment’s Matt Ouimet (WEE’-meht) has spent his first two years on the job making sure the company’s 11 theme parks across the country have plenty of attractions for all ages. By John Seewer. SENT: 700 words, photos.
MARKETS & ECONOMY
NEW YORK — Stocks inch higher in early trading, reversing a two-day decline, as the quarterly earnings season got underway with some positive news from the giant aluminum company Alcoa. By Ken Sweet. SENT: 280 words, photos. UPCOMING: 700 words by 5 p.m.
— OIL PRICES — Oil prices inch down toward $103 a barrel as supply concerns dissipated and investors awaited the release of figures on U.S. stockpiles of crude and refined fuels that will be a key indicator of demand. SENT: 230 words. UPCOMING: 350 words by 3:30 p.m.
— EUROPE-PHARMA FINE — The European Union’s antitrust body is imposing a fine of 428 million euros ($580 million) on France’s pharmaceutical company Servier and five producers of generic medicines for distorting competition. SENT: 160 words.
— CHINA-AUTO SALES — Car sales in China cool in June, with domestic brands falling further behind their foreign rivals in the world’s biggest auto market. SENT: 330 words.
— GERMANY-LUFTHANSA — Germany’s Lufthansa says it plans to expand its budget airline operation to offer long-haul flights, possibly in cooperation with Turkish Airlines. SENT: 140 words.
— CLIPPERS-STERLING — Donald Sterling, battling to stop the sale of his beloved Los Angeles Clippers, turns a courtroom into his personal stage, railing at a lawyer questioning him, denouncing doctors who deemed him incompetent and insisting he can get far more than the $2 billion price offered for the team. SENT: 650 words, photos, video. UPCOMING: Court set to resume at 4:30 p.m., will be updated.
WASHINGTON — By its own estimate, the government made about $100 billion in payments last year to people who may not have been entitled to receive them — tax credits to families that didn’t qualify, unemployment benefits to people who had jobs and medical payments for treatments that might not have been necessary. By Stephen Ohlemacher. SENT: 1,060 words, photo.
— SCHOOLS-FINANCIAL LITERACY TEST — The United States runs in the middle of the pack when it comes to the financial knowledge and skills of 15-year-old boys and girls, according to an international study. By Jennifer C. Kerr. SENT: 480 words, photo.
TECHNOLOGY & MEDIA
— GOOGLE GLASS-NONPROFITS — Google has chosen five charities to develop ideas using Web-connected Google Glass to enhance their work. After receiving 1,300 proposals, Google is announcing five nonprofits Wednesday that’ll get a free pair of the glasses, a $25,000 grant and support from developers. SENT: 160 words, photo.
— BRITAIN-SECURITY — Britain is imposing enhanced security measures will authorize security staff to require any airline traveler — not just those bound for the United States — to power on electronic devices to guard against hidden explosives. SENT: 150 words.
BEIJING — The United States and China vow to improve their economic and security cooperation, saying they wouldn’t let persistent differences over maritime claims, cyberhacking and currency hamper a relationship critical to global peace and prosperity. By Bradley Klapper. SENT: 820 words, photos.
— CHINA-US-CLIMATE CHANGE — China and the United States take small steps toward their shared goal of fighting climate change, but the world’s No. 1 and No. 2 carbon emitters remain significantly apart over a wider global plan to cut emissions. SENT: 430 words, photos.
— CHINA-ECONOMY — China’s finance minister says that the country is not planning any new stimulus measures and it is up to the United States to drive the global economy. SENT: 400 words, photo.
MUMBAI, India — India’s new government presents its inaugural budget this week in the first substantive test of whether Prime Minister Narendra Modi will deliver on ambitious promises to revive stalled economic growth. By Kay Johnson. SENT: 690 words, photo.
— LIBYA — A Libyan oil official says production at one of the country’s largest oilfield has restarted, pumping at more than 90 percent of its capacity in a boost to the troubled North African nation. SENT: 140 words.
— GREECE-ECONOMY — Greece will tap bond markets again soon, with the issue of a three-year bond, following up on its success in April in raising money from international investors after a four-year absence. Borrowing rates have dropped in recent months for Greece, as well as many indebted European countries, making this the perfect time for the country to raise money and re-establish a presence in bond markets as it emerges from an economic depression. SENT: 420 words, photos.
— CHINA-INFLATION — China’s inflation rate eases to 2.3 percent in June as politically sensitive food prices softened, giving authorities room to cut interest rates or use other measures if needed to shore up the slowing economy. SENT: 230 words.
— VATICAN BANK — A French financier is appointed as the new president of the Vatican’s long-troubled bank. SENT: 280 words.