BC-APFN-Business News Digest
Here are AP Business News’ latest coverage plans, top stories and promotable content. All times EST. For up-to-the minute information on AP’s coverage, visit Coverage Plan at newsroom.ap.org.
STUDENT LOANS-DECEPTIVE PRACTICES — Navient, one of the nation’s largest student loan servicing companies, may have driven tens of thousands of borrowers struggling with their debts into high-cost repayment plans. That’s the finding of a Department of Education audit that has until now been hidden from the public. The report, obtained by The Associated Press, appears to support federal and state lawsuits that accuse Navient of boosting profits by steering borrowers into high-cost plans without discussing less costly options. By Ken Sweet. UPCOMING: 1,300 words by 2 p.m., photos.
GLOBAL ECONOMY-SLOWDOWN — After galloping along the past two years, the global economy is showing worrisome signs of weakening, from China to Europe to Latin America. Few economists foresee an outright global recession within the next year. But the synchronized growth that had been driving the international economy appears to be waning just as threats from a trade war are injecting new risks. By Josh Boak. SENT: 1,230 words, photos.
FACEBOOK-SANDBERG — For the past decade, Sheryl Sandberg has been the poised, reliable second-in-command to Facebook CEO Mark Zuckerberg, building up Facebook’s business while also cultivating her own brand as a feminist leader that is beyond her role at the social network. But with growing criticism over the how the company has handled a series of crises around privacy and elections interference, her carefully cultivated brand is starting to show some cracks. By Barbara Ortutay. SENT: 1,030 words, photos.
AMAZON-BRAIN DRAIN — When tech giants like Amazon expand, other companies don’t just worry about losing business. They also fret about hanging on to their employees. Some of the industries that have defined New York City and the Washington area will face increased competition for talent as Amazon seeks 50,000 new employees for two new headquarters at time of fierce demand for software engineers, mobile app developers and other technology professionals. By Alexandra Olson. SENT: 1,200 words, photos.
JAPAN-NISSAN-GHOSN — Japanese prosecutors are considering whether to file formal charges against Nissan Motor Co.’s chairman Carlos Ghosn amid a probe into allegations he misused company assets and under-reported millions of dollars of income. By Mari Yamaguchi. SENT: 680 words, photos.
NISSAN ALLIANCE-GHOSN — Carlos Ghosn forged an unprecedented transcontinental alliance between Renault and Nissan, two companies that long struggled to make money. Now Ghosn’s arrest in Japan for alleged financial improprieties at Nissan could put the nearly 20-year-old alliance in jeopardy. By Tom Krisher and Angela Charlton. SENT: 600 words, photo.
MARKETS & ECONOMY:
FINANCIAL MARKETS —Stocks are skidding Tuesday as weak results from retailers and mounting losses for big technology companies push the market back into the red for the year. By Marley Jay. SENT: 930 words, photos. UPCOMING: Will be updated through 5 p.m.
HOME CONSTRUCTION — U.S. home construction improved a slight 1.5 percent in October, but in a troubling sign, ground breakings for single-family houses fell. By Josh Boak. SENT: 370 words, photo.
EARNS-RETAILERS — Shoppers are spending freely heading into the holidays, but heavy investments and incentives like free shipping by retailers are giving Wall Street pause. By Anne D’Innocenzio. SENT: 690 words, photos. Incorporates BC-Earns-Target, BC-Earns-Best Buy, BC-Earns-Kohls, BC-Earns-TJX.
TOYS R US-HARDSHIP FUND — Two private equity owners of the iconic Toys R Us toy chain will be handing over a $20 million hardship fund to the thousands of former workers left jobless and without severance after the chain liquidated in June. By Anne D’Innocenzio. SENT: 480 words, photos.
EUROPE-COAL — Environmental groups say 10 utility companies are responsible for the majority of premature deaths caused by emissions from coal-fired power plants in Europe. By Frank Jordans. SENT: 330 words, photos.
SIEMENS-LONDON UNDERGROUND — German firm Siemens AG has landed a 1.5 billion pound ($1.9 billion) order for new trains for the London Underground’s busy Piccadilly line, which brings 700,000 people in and out of central London every day. SENT: 140 words.
BOEING-NEW PLANE — Analysts say Boeing Co. is canceling a conference call that it scheduled to discuss issues around its newest plane, which has come under close scrutiny after a deadly crash in Indonesia. SENT: 510 words.
HOLIDAY TRAVEL — Fair skies over much of the country are helping get the Thanksgiving travel rush off to a good start. Relatively few flights were canceled Tuesday. Auto club AAA predicts that 54.3 million Americans will travel at least 50 miles from home over the holiday, with most of them driving. That’s about a 5 percent increase over last year. SENT: 130 words.
TECHNOLOGY & MEDIA:
MARTHA STEWART-FIRST UBER RIDE — Martha Stewart posts her first Uber ride on Instagram, saying it was a mess. SENT: 130 words, photo.
ISRAEL-ARBNB — Israel is threatening vacation rental company Airbnb with high taxes and legal repercussions over its decision to remove listings from Jewish West Bank settlements. SENT: 140 words, photos.
NERDWALLET-HOTEL PERKS — Hotel loyalty benefits — such as access to room upgrades, late checkout and other amenities — aren’t reserved only for the most faithful, highest-spending customers anymore. With the right credit card, you can get them, too. By NerdWallet columnist Claire Tsosie. SENT: 820 words, photos.
BREXIT — British Prime Minister Theresa May gets a reprieve in one of her Brexit battles as party rebels said they did not yet have the strength for a leadership challenge. But she faced a new headache as parliamentary allies warned they could remove support from May’s minority government if she does not alter her divorce deal with the European Union. By Jill Lawless. SENT: 830 words, photos.
— BRITAIN-ECONOMY — The Bank of England will publish its economic analysis of Prime Minister Theresa May’s Brexit deal next week as well as an assessment of what would happen if Britain crashes out of the European Union with no deal. By Pan Pylas. SENT: 620 words, photo.
PHILIPPINES-CHINA’S XI VISITS — Chinese President Xi Jinping received a red-carpet welcome in the Philippines as he paid his first visit to the U.S. treaty ally with offers of infrastructure loans and new accords to prevent clashes and possibly explore for oil and gas in the disputed South China Sea. By Jim Gomez. SENT: 820 words, photos.
PAPUA NEW GUINEA — Disgruntled police, military and prison guards stormed Papua New Guinea’s Parliament on Tuesday in a violent pay dispute stemming from an international summit hosted by the impoverished South Pacific island nation over the weekend, a lawmaker said. By Ciaran McQuillan. SENT: 700 words, photos.
RUSSIA-MEDIA — A Moscow court has ruled to fine an independent magazine $335,000, a move seen by Kremlin critics as retribution for reporting that is critical of the government. SENT: 120 words.
MONEY & MARKETS SUMMARY:
Target’s stock is having its worst day in more than a year after the retailer’s latest quarterly results fell short of Wall Street’s forecasts.
You got a raise! Investors wince.
Workers are finally making bigger paychecks. That’s good for them but an “uh-oh” for investors. Rising wages can hurt companies’ profits and lead to inflation.
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: email@example.com, 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