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.
INSURGENT BRANDS — The guys who founded Harry’s shaving club spend a lot time thinking about what shoppers hate buying. Armed with $112 million in new financing, the internet-savvy shaving company that took on razor giants Gillette and Schick is investigating what other sleepy products might be ripe for disruption. Harry’s is one of an array of insurgent brands which are shaking up the way people buy everything from mattresses to prescription acne remedies, eating into the market share of big consumer product companies. By Alexandra Olson. SENT: 1,950 words, photos. An abridged version of 860 words also is available.
FEDERAL RESERVE — The Federal Reserve issues its latest policy statement and updates its interest-rate and economic projections before Chairman Jerome Powell holds a news conference. The Fed is expected to modestly raise its benchmark short-term interest rate for the third time this year, a reflection of a steadily resilient economic expansion. By Martin Crutsinger. UPCOMING: 130 words at 2 p.m. 500 words by 2:30 p.m.
FED-THE LATEST — Running updates.
INTEREST RATES-IMPACT BY AGE — Higher interest rates can mean different things to people, depending on where they are in life. For people borrowing money, it means life is getting more expensive. For savers, it means bigger rewards. A look at some of the effect as the Federal Reserve is expected to raise rates for the third time this year. By Stan Choe and Sarah Skidmore Sell. UPCOMING: 750 words by 6 a.m., photos.
ON THE MONEY-USED CAR PRICES — For more than three years, prices of used sedans have been falling in the U.S. as gas prices dropped and people shifted toward SUVs and trucks. But so far this year, compact and midsize cars have been appreciating as people who can’t afford new vehicles or used SUVs began buying in great numbers. By Tom Krisher. SENT: 850 words, photos.
FRANCE-FIGHTING AIRBNB — Parisians and City Hall officials are expressing deep qualms about having so many visitors directly in their midst, no longer largely corralled in hotels but instead living, albeit temporarily, cheek-by-jowl with locals in properties rented online. By John Leicester. SENT: 840 words, photos.
— AUSTRALIA-AIRBNB DEATH — An Australian judge sentenced two men to prison over the fatal beating of their Airbnb guest who owed rent. SENT: 310 words.
MARKETS & ECONOMY:
FINANCIAL MARKETS —Stocks are moving slightly higher as investors wait for word from the Federal Reserve on interest rates. By Stan Choe. SENT: 570 words, photos. UPCOMING: Will be updated through 5 p.m.
NEW HOME SALES — Sales of new U.S. homes climbed 3.5 percent in August, snapping a two-month decline as buying surged in the pricey Northeast and West housing markets. By Josh Boak. SENT: 330 words, photos.
PUERTO RICO-HURRICANE MARIA — A study has found that the bulk of federal funds slated for post-hurricane reconstruction efforts in Puerto Rico are going to mainland companies, despite a federal law that states local companies should receive priority. SENT: 140 words.
TRADE WARS — A fierce global trade war would hurt the United States economy significantly, making households poorer and destroying jobs, while China would not suffer as much, according to a simulation carried out by economists at the European Central Bank. By David McHugh. SENT: 560 words, photo.
ASIA-ECONOMY — Trade conflicts, rising debt and the potential impact from rising interest rates in the U.S. will likely dampen growth in the coming year, the Asian Development Bank says, in an update of its regional economic outlook report. By Elaine Kurtenbach. SENT: 540 words, photos.
CHINA-TRADE — China announced more tariff cuts Wednesday on construction machinery and other goods but no action on U.S. complaints about its technology policy that are fueling an escalating trade battle. By Joe McDonald. SENT: 740 words, photos.
QATAR-2022 WORLD CUP — A contractor involved in building the marquee stadium for Qatar’s hosting of the 2022 World Cup did not pay its workers, leaving them stranded thousands of miles from home, according to a report. By Jon Gambrell. SENT: 640 words, photo.
ZINC-AIR BATTERIES — Remote villages in Africa and Asia are receiving electricity using a little-known type of technology: zinc-air batteries. By Cathy Bussewitz. SENT: 230 words.
SMALLBIZ-SMALL TALK-RETAIL OUTLOOK — Many small retailers are upbeat about the fourth quarter as customers are more confident and spending freely, especially on non-essentials stores struggled to sell during the recession and its aftermath. And while booming online sales have taken business away from many retailers, small stores with unique merchandise or services are having a sales surge that allows them to stock up. Still, there are pockets of uncertainty including retailers uneasy about the Trump administration’s import tariffs. By Joyce M. Rosenberg. SENT: 930 words, photos.
TECHNOLOGY & MEDIA:
CONGRESS-DATA PRIVACY — cshCongress wants to pass national rules governing how companies can use consumers’ data — though a major goal might simply be to block states from enacting stronger protections on their own.” By Marcy Gordon and Matt O’Brien. SENT: 810 words, photos.
AMAZON-WHOLE FOODS DELIVERY — Amazon continues to expand delivery from its Whole Foods grocery stores, announcing new service in 10 cities while broadening delivery areas where it’s already operating. SENT: 130 words, photos.
CBS-INTERIM CEO — CBS says it has named media industry veteran Richard Parsons as interim chairman of the board as the company moves to reshape itself following the ouster of longtime chief Les Moonves. SENT: 120 words, photo. First moved late Tuesday.
CHINA-LENOVO — Interview with chief technology officer of Lenovo Group, Yong Rui, about the computer maker’s artificial intelligence plans. On merits.
NORWAY-OBAMA — Former US President Barack Obama to speak at the Oslo Business Forum conference titled The Future of Technology and Sustainability.
OLD APPLE COMPUTER-AUCTION — A computer built in the 1970s that helped launch the personal computer age as well as a trillion-dollar company has sold for $375,000. SENT: 140 words.
FOX-SKY — 21st Century Fox will sell its remaining stake in British pay TV provider Sky to Comcast in the latest financial wrangling as Disney prepares to acquire Fox’s entertainment assets. SENT: 140 words, photos.
DAIMLER-CEO — Daimler CEO Dieter Zetsche, who unwound a troubled merger with Chrysler Corporation and led the German automaker to a string of record profits, will hand off next year to Ola Kallenius, a longtime insider who heads vehicle development for the Mercedes-Benz brand. By David McHugh. SENT: 440 words, photos.
BEHIND THE WHEEL-ELECTRIC VEHICLES — Even though electric vehicles account for just a fraction of overall car sales, they are slowly gaining favor with buyers, particularly as second cars for daily commuting. By Carroll Lachnit of Edmunds. SENT: 800 words, photos.
ASIA ELECTIONS-CHINA — Three Muslim-majority Asian countries have elected leaders who campaigned on a promise to temper China’s growing influence, but analysts say reducing the foothold of the world’s second-largest economy won’t be easy because of the billions of dollars in development projects that are already underway. By Emily Schmall. SENT: 1,250 words, photo.
UNITED NATIONS-SYRIA-RUSSIA’S LONG GAME — The same day that Russian diplomats struck a deal with Turkey over a demilitarized zone in Syria’s last rebel-run region, dozens of Russian businessmen were flying home from Damascus, contracts in hand for trade with a postwar Syria. By Angelica Charlton. SENT: 670 words, photos.
MALAYSIA-CORRUPTION — The wife of Malaysian former Prime Minister Najib Razak arrives at the anti-graft agency for questioning over alleged theft and money laundering involving the 1MDB state investment fund. SENT: 480 words, photos.
ISRAEL-EHUD BARAK — Former Israeli Prime Minister Ehud Barak has been appointed chairman of an Israeli medical marijuana company. SENT: 140 words.
GREECE-TAXES — The Greek government is owed so much in tax arrears from households and companies that it could pay off more than half its massive public debts if it collected it all. SENT: 170 words, photo.
CZECH-ECONOMY — The Czech Republic’s central bank has raised its key interest rate for the third time since June, by a quarter point to 1.50 percent. SENT: 120 words.
ITALY-BUDGET — Italy’s economy minister says the first budget of the new Italian government will include a basic income scheme sought by one of the governing parties, the 5-Star Movement. By Colleen Barry. SENT: 450 words, photos.
BRITAIN-LABOUR — British opposition leader Jeremy Corbyn rallied his Labour Party on Wednesday, calling for a clampdown on unfettered capitalism and a huge investment in public services as he tried to refocus attention on domestic policies after an annual conference dominated by Brexit. By Jill Lawless. SENT: 490 words, photos.
TURKMENISTAN-UTILITIES — Turkmenistan’s president has ordered a complete end to free natural gas, electricity and water, which residents of the Central Asian nation have enjoyed for a quarter century. SENT: 140 words.
MONEY & MARKETS SUMMARY:
A wrinkle in Cintas’ earnings
Cintas shares sank Wednesday after the uniform supplier reported weaker-than-expected growth in its rental business.
Insurers face Florence
Insurers could be facing another third quarter of costly casualty losses in the wake of Hurricane Florence lashing North Carolina and the surrounding region.
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