Business News at 1:30 p.m.
Business News at 1:30 p.m.
The supervisor is Charles Sheehan (800-845-8450, ext. 1680). For photos, ext. 1900. For graphics and interactives, ext. 7636. Expanded AP content can be obtained from http://www.apexchange.com .
For access to AP Exchange and other technical issues, contact firstname.lastname@example.org or call 877-836-9477.
If you have questions about transmission of financial market listings, please call 800-3AP-STOX.
A selection of top photos can be found at: http://bit.ly/APTopPhotos.
Eds: All times ET.
Ford has a message for Lincoln dealers: Ditch the parking lot barbecue and start serving wine and cheese. After decades of selling hulking Town Cars to retirees, Ford wants its Lincoln brand to appeal to hipper, more affluent buyers who prefer a $4 latte to a cup of Folgers. To make that happen, the automaker is prodding dealers to make expensive updates to their showrooms and sending them to seminars where they learn the likes and dislikes of so-called "progressive luxury" buyers. By Dee-Ann Durbin.
SAN JOSE, Calif. Twice as fast as an airplane, cheaper than a bullet train and completely self-powered: That's the mysterious transportation system that inventor and entrepreneur Elon Musk is promising to reveal design plans for Monday. Dubbed "The Hyperloop," Musk has been dropping hints about this system for more than a year, mentioning that it could never crash, that it would be immune to weather and that it would move people from Los Angeles to San Francisco in half an hour. By Martha Mendoza. Eds: Will be updated from design release expected at 3 p.m. ET., conference call scheduled for 5 p.m.
LONDON City officials have demanded that an advertising firm stop using a network of high-tech trash cans to track people walking through London's financial district. The trash cans join a host of everyday objects from televisions to toilets that are being manufactured with the ability to send and receive data, opening up new potential for interaction and surveillance. By Raphael Satter.
MARKETS & ECONOMY:
NEW YORK JPMorgan Chase is under investigation by a host of regulators and two of its employees could face criminal charges over a $6 billion trading loss. Here's what the bank is battling on the legal front. By Christina Rexrode and Marcy Gordon.
WASHINGTON The Treasury reports on the budget deficit for July. Treasury reported a rare surplus of $116.5 billion in June, the largest for a single month in five years. The Congressional Budget Office estimates this year's annual deficit will be $670 billion, the lowest in five years. By Martin Crutsinger. Eds: Report due at 2 p.m.
NEW YORK Mining companies and a handful of acquisitions are in focus on an otherwise quiet day on the stock market. Newmont Mining and Cliffs Natural Resources are among the biggest gainers in the Standard & Poor's 500 index after the price of gold and silver advances. By Steve Rothwell.
OIL PRICES The price of oil stabilizes near $106 a barrel after enjoying big gains last week, when improved Chinese economic data suggested demand for crude might increase.
WALTHAM, Mass. A new bid to buy a legendary piano maker could be music to the ears of its shareholders. Steinway Musical Instruments Inc. says an investment firm has offered to pay $38 per share, or about $477 million, for the company, topping an earlier bid from Kohlberg & Co.
PARSIPPANY, N.J. Pinnacle Foods, maker of Vlasic pickles and Birds Eye frozen foods, is buying Wish-Bone salad dressings from Unilever for $580 million.
DOLE FOOD-CEO BUYOUT Dole Food says it will be taken private by its CEO in a deal that values the company at approximately $1.21 billion.
CAMPBELL-EUROPE Campbell Soup says it's in final negotiations to sell its European soups and sauce businesses to private equity firm CVC Capital Partners.
BLACKOUT ANNIVERSARY-TRIMMING TREES
WALTON HILLS, Ohio An aggressive, national tree-trimming campaign since the blackout of 2003 appears to have had the intended effect. But the applause over the power-industry equivalent of a buzz cut isn't rising from at least one part of the republic: tree lovers. By Thomas J. Sheeran.
OBAMA-ELECTRIC GRID As cost of weather-related power outages rises, White House says grid should be made tougher.
TRINIDAD CASINO OWNER-TAXES A New Jersey man is charged with failing to pay taxes on nearly $4 million in earnings from a casino he owned in Trinidad.
TECHNOLOGY & MEDIA:
TORONTO Struggling smartphone maker BlackBerry will consider selling itself. The company's board has formed a special committee to explore "strategic alternatives" in hopes of boosting the adoption of its BlackBerry 10 smartphone. By Rob Gillies.
BITCOIN-INVESTIGATION New York is investigating the "Wild West" atmosphere of virtual currency such as Bitcoin to create new regulations against its use in crimes.
MEXICO CITY Mexican President Enrique Pena Nieto is making the most daring gamble yet of his 8-month-old presidency with a proposal to lift a decades-old ban on private companies investing the state-run oil industry, a cornerstone of Mexico's national pride that's seen production plummet in recent decades. By Mark Stevenson and Adriana Gomez Licon.
SEOUL, South Korea Standing by a French chateau's window, the young bride-to-be glows in the afternoon sun as she gazes into her fiancι's eyes. This Chinese couple's fairy tale moment, however, isn't unfolding at a Bordeaux estate. The 20-something Beijing lawyers and fans of South Korean pop idol Rain are part of a small but growing number of affluent Chinese for whom the craze for all things South Korean means flying to Seoul for the weekend just to have wedding pictures taken. The draw for many of the well-healed Chinese isn't Seoul's ancient palaces or the fiery cuisine. It's an elegant urban style that Chinese increasingly want and which is exemplified by Seoul's tony Gangnam district. By Elizabeth Shim.
AP photos, video.
TOKYO Japan's economy grows a slower-than-expected 2.6 percent last quarter as companies wary over the prospects for a sustained recovery keep a tight rein on investment. By Business Writer Elaine Kurtenbach.
GREECE-FINANCIAL-CRISIS Greece is beating its budget targets by a wide margin this year, although the country is still deep in recession. AP photos
TURKEY-ALCOHOL WARNINGS Bottles and cans of alcohol sold in Turkey must soon bear warnings similar to those on cigarette packages, including the phrase "Alcohol is not your friend."
A sampling of Money & Markets modules is below. The full digest for AP's Money & Markets service can be found at markets.ap.org. For questions about Money & Markets content, please contact Trevor Delaney (800-845-8450, ext. 1807). For technical support: Todd Balog (816-654-1096). After 6 p.m., contact the AP Business News desk (800-845-8450, ext. 1680) for content questions; 1-800-3AP-STOX for technical support and 212-621-1905 for graphics help.
Cashing in on cars
Americans are keeping their cars and trucks longer than ever, and that's great news for auto parts retailers. The average age of the 247 million vehicles on U.S. roads hit a record 11.4 years, and the average is expected to keep rising for at least the next five years, according to Polk, a market research firm. Here's a look at three auto parts retailers that are well positioned to profit from the nation's aging cars.
WebMD begins buying shares
WebMD Health has begun to buy back up to 5 million of its shares at $34 per share, which is slightly above its Friday closing price.