Business News at 3:45 p.m.
Business News at 3:45 p.m.
The supervisor is Richard Jacobsen (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.
All times EDT.
Adds: SPAIN-UNEMPLOYMENT, ORACLE-EXECUTIVE COMPENSATION
Updates: BEANIE BABIES CREATOR-CHARGED, BURLINGTON-IPO, OIL PRICES, WALL STREET
BUDGET BATTLE-PRIVATE COMPANIES
WASHINGTON As the government's partial shutdown enters a second day, companies across the country are doing business as usual. Yet concern is rising that a prolonged shutdown will cause some work at private companies to dry up and consumers to lose confidence in the U.S. economy. By Scott Mayerowitz and Joyce M. Rosenberg. SENT: 880 words, photo.
BUDGET BATTLE President Barack Obama calls congressional leaders to the White House on Day 2 of the first partial government shutdown in 17 years. It's a slim sign of movement in the political paralysis idling hundreds of thousands of federal workers. SENT: 1,000 words, photos, video. UPCOMING: 1,100 words by 4 p.m., with urgent updates from 5:30 p.m. White House meeting.
NEW YORK Wall Street is sending Washington a message: End the shutdown and move on. Stocks fall as traders, European regulators and even Wall Street CEOs urge Congress to stop the two-day government shutdown that has closed national parks, put hundreds of thousands of federal employees on furlough and forced President Obama to cancel an overseas trip. After shrugging off the first day of the shutdown, Wall Street makes it clear that if a budget fight and a debt ceiling impasse drag on, the more it fears significant damage to the economy. By Steve Rothwell. SENT: 750 words, photos. UPCOMING: 1,000 words by 5 p.m.
INTERNET INVESTMENT FEVER
SAN FRANCISCO Internet stocks are heating up again, just as Twitter is preparing to turn up the temperature with its highly anticipated IPO. The once-scorned stocks of Netflix and Facebook have soared to new highs in the last month and Yahoo's long-languishing stock has regained its vigor. It all bodes well for Twitter's IPO, which could be completed as soon as November. By Michael Liedtke. SENT: 1,400 words. UPCOMING: photo.
NEW YORK Chances are, the nearly 60 million people who work for small businesses will be affected by the new health care law. Whether or not their employers provide health insurance, and regardless of whether companies are subject to the law, employees will need to know what their health insurance options are, and where to find them. Some questions and answers for small business employees. By Joyce M. Rosenberg. SENT: 730 words in Q&A format, photo.
HEALTH OVERHAUL With frustration mounting among consumers, the Obama administration struggles to fix glitches that turned a promising launch of the president's health care law into a disappointment for many. SENT: 1,000 words, photos, interactive.
EMPIRE STATE REALTY-IPO MOVER
NEW YORK Shares of Empire State Realty Trust rise in the company's market debut. The owner of the Empire State Building and 11 other office properties in New York, New Jersey, and Connecticut raised about $754 in its initial public offering. It sold 71.5 million shares for $13 per share, which was at the low end of its projected range. SENT: 300 words, photoS.
BURLINGTON-IPO Shares of Burlington Stores Inc. soar in their trading debut, underscoring investors' appetite for a stake in retailers who sell popular brands at deep discounts. SENT: 350 words
RE/MAX HOLDINGS-IPO Shares of Re/Max jump 18 percent in the real estate brokerage's first day on the New York Stock Exchange. Re/Max Holdings Inc. priced its initial public offering of 10 million shares at $22 each, above its projected range of $19 to $21 per share, and raised $220 million in the offering. SENT: 380 words.
PARIS What was likely Marc Jacob's last ready-to-wear collection for Louis Vuitton looked like a show in mourning black, black and more black. Shortly after the show in Paris' Louvre Museum ended, the visual metaphor was explained: French luxury conglomerate LVMH Moet Hennessy Louis Vuitton announced that Jacobs was stepping down as creative director of its flagship brand. By Thomas Adamson and Sarah DiLorenzo. SENT: 650 words, photos.
MORE BUDGET BATTLE:
WASHINGTON Having failed to persuade their traditional Republican allies in Congress to avert a government shutdown, business leaders fear bigger problems ahead, and they're taking sides with a Democratic president whose health care and regulatory agenda they have vigorously opposed. By Charles Babington and Jim Kuhnhenn. SENT: 1,000 words, photos.
BUDGET BATTLE-AROUND THE COUNTRY
WASHINGTON The government shutdown sets federal workers on edge, wondering if how long it may be before they get paid again and whether they will be retroactively paid for furlough days, as workers were during the last shutdown in 1995. The strain is especially difficult for lower-paid workers like janitors and maintenance staff. Meanwhile, businesses that rely on federal workers as customers in the nation's capital are staring down the prospect of several days of lost revenue. By Jessica Gresko. SENT: 900 words, photos, video. UPCOMING: Updated 600 words by 4 p.m.
BUDGET BATTLE-SOCIAL MEDIA The roiling debate over the U.S. government shutdown is extending to Twitter, Facebook and Instagram as fed-up Americans turn to social media to register their disgust with federal lawmakers for shutting down the government. By Anne Flaherty. SENT: 600 words, photo.
BUDGET BATTLE-ABROAD European Central Bank head Mario Draghi says that the U.S. government shutdown could pose a risk for the U.S. and global economic recoveries if it is dragged out. SENT: 250 words, photo.
MARKETS & ECONOMY:
WASHINGTON A survey shows U.S. businesses added 166,000 jobs last month, a sign of only modest improvement in hiring. Payroll company ADP says that employers added just 159,000 jobs in August and 161,000 in July, both slightly lower than the previous estimates. By Christopher S. Rugaber. SENT: 560 words, photo.
OIL PRICES The price of oil rises the most in two weeks to more than $104 a barrel on the prospect of more oil shipping between a key Midwest hub and the Gulf Coast. SENT: 300 words.
EUROPEAN CENTRAL BANK
PARIS The European Central Bank keeps its key interest rate at a record low 0.5 percent, holding off on more stimulus for the economy of the 17-member euro currency union as it monitors the tentative recovery. By David McHugh. SENT: 570 words.
CUBAN-INSIDER TRADING A financial expert tells jurors in Mark Cuban's insider-trading trial that he talked to the billionaire about a transaction that would lower the value of one of his stock holdings. SENT: 130 words, photo. UPCOMING: Developments from further testimony, xxx words by xx p.m.
GENES-MYSTERY DISEASES, HFR
They were mystery diseases that had stumped doctors for years adults with strange symptoms; children with neurological problems, mental slowness or muscles too weak to let them stand. Now Texas scientists say they have been able to crack one quarter of these cases by decoding the patients' genes. Their study is the first large-scale effort to move gene sequencing out of the lab and into ordinary medical care, and experts say the results show that the high hopes for this technology are finally starting to pay off. By Chief Medical Writer Marilynn Marchione. UPCOMING: Hold for release at 5 p.m.; 700 words, photo.
WASHINGTON Monsanto reports worse-than-expected losses for its fiscal fourth quarter, due to lower sales of its genetically engineered seeds. By Matthew Perrone. SENT: 680 words, photo.
HONG KONG British retail giant Tesco is paying a Chinese state-owned company $558 million to take over its supermarkets in China after failing to make headway on its own since entering the country a decade ago. By Kelvin Chan. SENT: 680 words.
BEANIE BABIES CREATOR-CHARGED
CHICAGO The billionaire who created Beanie Babies breaks down crying in court as he pleads guilty to one count of tax evasion for hiding $25 million in income in secret Swiss bank accounts. By Michael Tarm. SENT: 500 words, photo.
REVLON-CEO Revlon CEO Alan Ennis is leaving the beauty products company to pursue other interests. Former CEO David Kennedy will replace him on an interim basis. SENT: 220 words.
GULF OIL SPILL-TRIAL A BP executive who led the company's efforts to end its massive oil spill in the Gulf of Mexico says its blown-out well could have been sealed sooner if a capping device had been built before the April 2010 catastrophe. SENT: 130 words.
FRANCE-RYANAIR Budget airline Ryanair has been ordered to pay almost 8 million euros ($10.8 million) in damages and interest for breaking French labor law, according to a lawyer for a group of the carrier's French pilots.
ENTERPRISE-JOBS Enterprise Holdings, the nation's largest rental car company, plans to hire 11,000 new full-time workers by the middle of next year, the company says. SENT: 410 words.
TECHNOLOGY & MEDIA:
DIGITAL LIFE-TECH TEST-AMAZON KINDLE FIRE HDX
NEW YORK From a hardware standpoint, Amazon's new Kindle Fire HDX tablet resembles Google's Nexus 7 in many ways from its light weight to its sharp display. They even both have the same starting price tag. The differences end when you turn them on. On the HDX, Amazon's services are front and center, and Google's are nowhere to be found. By Anick Jesdanun. SENT: 1,200 words, photos.
SEATTLE There's a new source to stream movies and other digital content, and it's not a tech company with tens of thousands of titles. It's something more familiar, and might even be just down the street: the public library. By Manuel Valdes. SENT: 720 words, photos.
NEW YORK Evite is going the paper route. The website, which pioneered digital invitations 15 years ago, is launching paper invites for the first time. The company is calling its new line of paper cards Evite Ink. By Joseph Pisani. SENT: 470 words, photo.
SAN FRANCISCO Oracle is trying to ward off a shareholder rebellion against policies that have consistently made its billionaire co-founder, Larry Ellison, one of the best-paid CEOs in the world. By Mike Liedtke. SENT: 130 words. UPCOMING: 500 words by 4:30 p.m.
NETHERLANDS-KPN Shareholders of Dutch telecom Royal KPN NV blasted company managers for their recent performance at a meeting Wednesday but approved the sale of the company's German mobile subsidiary, E-Plus, for $11.4 billion to Telefonica SA of Spain. SENT: 450 words.
ISRAEL-GOOGLE Israel's antitrust authority has opened a review of Google Inc.'s $1 billion acquisition of Israeli navigation app Waze. SENT: 140 words.
ROME Silvio Berlusconi has announced his party will vote to support the government of Premier Enrico Letta, a major turnabout that signals he was defeated in his efforts to bring down the government. By Nicole Winfield. SENT: 910 words, photos.
KUALA LUMPUR, Malaysia Southeast Asia will require $1.7 trillion of investment in energy infrastructure over the next two decades to cope with a sharp surge in demand and counter growing reliance on oil imports, the International Energy Agency says. It predicts coal will become increasingly crucial for power generation in the region. By Eileen Ng. SENT: 490 words.
INDONESIA-CHINA VISIT Chinese President Xi Jinping arrives in Indonesia for his first visit to Southeast Asia since taking office, striving to boost ties and economic partnerships with the region's biggest country. SENT: 410 words, photos.
SPAIN-UNEMPLOYMENT The number of people registered as unemployed in Spain rose by 25,572 in September, bringing an end to a six-month streak of gradual declines. SENT: 200 words. Stands for SPAIN-FINANCIAL-CRISIS on earlier digest.
ASIA-ECONOMY The Asian Development Bank cut its economic growth forecast for developing Asia on Wednesday, citing weakness in region's two largest economies China and India and jitters over plans to scale back U.S. stimulus that destabilized financial markets. SENT: 430 words. Originally moved late Tuesday.
GERMANY-ECONOMY Germany's finance ministry says it expects the country's public debt to fall to 79.5 percent of its annual economic output this year amid strong tax revenues and tight spending controls. SENT: 110 words.
RUSSIA-GREENPEACE Greenpeace says that five of its activists who were detained after protesting at a Russian oil platform have been charged with piracy and could face up to 15 years in prison if found guilty. SENT: 200 words.
BANGLADESH-POWER PLANT Bangladesh has begun building its first nuclear power plant, which eventually is to have two Russian-designed reactors and cost $4 billion. SENT: 260 words.
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.
The bull market remained intact as parts of the federal government shut down for the first time in nearly two decades. Several market indexes set all-time highs, including the S&P Mid-Cap 400. A look at the top 10 stocks in the index so far this year. Of course, a prolonged stalemate in Washington could cause investors to start seeking the safety of larger companies. UPCOMING: Graphic expected by 6 p.m.
Kraft raises dividend
Investors in Kraft Foods Group are set to receive larger dividend payouts. The food and beverage company is boosting its quarterly dividend by 5 percent to 52.5 cents per share from 50 cents. UPCOMING: Graphic expected by 6 p.m.