Business News at 1:40 p.m.
Business News at 1:40 p.m.
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WASHINGTON Ending a two-day discussion, the Federal Reserve is expected to announce the end of its monthly bond buying program. It's also expected to signal that it remains in no hurry to raise its key short-term interest rate. By Martin Crutsinger. SENT: 810 words. UPCOMING: 130 words after Fed statement is released at 2 p.m., 800 words by 4 p.m.
FED STIMULUS-Q&A After 5 years and $4 trillion, the Federal Reserve is expected to announce the end of its unprecedented stimulus program known as quantitative easing, or QE. How well did the stimulus work and what happens when it goes away? SENT: 550 words.
NEW YORK NASA pays it billions. Astronauts soon expect to ride its rockets into space. And its nearly $2 billion deal to resupply the International Space Station had gone well until this week. Aerospace company Orbital Sciences Corp. suffered a big failure Tuesday when its unmanned rocket bound for the station exploded moments after liftoff. Here's a profile of the Virginia-based company what it makes, who its customers are, and how damaging the failure could be to its business. By Michelle Chapman and Ken Sweet. UPCOMING: 500 words by 4 p.m. Incorporates ORBITAL SCIENCES-STOCK.
NEW YORK Workers in five states could get a raise after Election Day. Minimum wage referendums are on Tuesday's ballots in Alaska, Arkansas, Illinois, Nebraska and South Dakota and higher minimums were already approved this year in 10 states, the District of Columbia and Seattle. Next week's elections highlight a divide: Some small business owners say raising the minimum wage will pressure their companies, forcing them to cut employees' hours or jobs. Others say it's the right thing to do for workers and the economy. By Joyce M. Rosenberg. SENT: 640 words, photo.
SMALLBIZ-MINIMUM WAGE VOTES-GLANCE A look at minimum wage proposals and changes.
MILAN Fiat Chrysler Automobiles will spin off sports car maker Ferrari into a separate company, a move to unlock the luxury brand's value and distinguish it from its mass-market parent. The spinoff aims to raise money to support the newly merged carmaker's plans to invest 48 billion euros ($61 billion) over five years to compete with global giants Toyota and Volkswagen. Shares in Fiat Chrysler soared on the news. By Colleen Barry. SENT: 590 words, photos. Incorporates ITALY-EARNS-FIAT CHRYSLER.
DIGITAL LIFE-REVIEW-PAYING FOR ONLINE TV
NEW YORK I dropped my cable TV service more than a year ago and have been relying on Netflix, Hulu and other services to fill my television needs. But those services offer shows at least a day after they are broadcast. CBS is bucking industry trends in offering live TV and much more for $6 a month. There's no password you need from a pay-TV provider. It's a good start, but the network needs to do more to make the CBS All Access service worth the monthly fee especially as HBO and other channels start to compete for our online dollars. By Anick Jesdanun. UPCOMING: 700 words by 2 p.m., photos.
MARKETS & ECONOMY:
WASHINGTON Is U.S. economic growth finally accelerating? And if so, which groups of Americans really stand to benefit? Those are two of the questions surrounding Thursday's report on the economy's growth in the July-September quarter. If growth reaches 3 percent or higher, it will be the fourth quarter in the past five to top that level evidence of an economy strengthening far more than that of other major industrial nations. By Christopher S. Rugaber. SENT: 780 words, photos.
NEW YORK Major U.S. stock indexes slip in afternoon trading as investors waited for word from the Federal Reserve and mulled over a mixed batch of corporate earnings results. By Matthew Craft. SENT: 600 words, photos. UPCOMING: 700 words by 5 p.m.
BEIJING China's growth could decline to close to 7 percent next year but Beijing should focus on overhauling its economy instead of trying to stick to official growth targets, the World Bank said. By Joe McDonald. SENT: 470 words, photos.
INDIANPOLIS What a difference a year can make. Insurers began the year cautious about a major coverage expansion initiated by the health care overhaul, the federal law that aims to cover millions of uninsured people. Investors and company executives were worried because they didn't know how expensive new customers would be for insurers. They also were concerned that the law adds costs to insurers, while trimming some government funding to them. Additionally, it prevents insurers from balancing costs by excluding high-risk patients. But a year later, these challenges are starting to appear manageable, and investors see much less uncertainty ahead for insurers. By Tom Murphy. UPCOMING: 700 words by 2 p.m. Incorporates WELLPOINT-FORECAST.
EBOLA-US HEALTH CARE PREPAREDNESS
The U.S. health care apparatus is so unprepared and short on resources to deal with the deadly Ebola virus that even small clusters of cases could overwhelm parts of the system, according to an Associated Press review of readiness at hospitals and other components of the emergency medical network. Experts broadly agree that the chances of a widespread outbreak across the country are extremely unlikely, but they also concur that it is impossible to predict with certainty. And Ebola is not the only possible danger that causes concern; experts say other deadly infectious diseases ranging from SARS, to an unforeseen new strain of the flu could crash the health care system. By Jeff Donn and Garance Burke. SENT: 3,000 words, photos, video. Also SENT: Abridged version, 840 words, photos, video.
EBOLA-US HEALTH CARE PREPAREDNESS-FUNDING The nation's preparedness effort has been under-funded and lacking in political will and commitment. By Michael Kunzelman and Holbrook Mohr. SENT: 770 words, photos.
UPS-HOLIDAY SHIPMENTS UPS expects to deliver more than 34 million packages on the busiest day of the holiday season, double the amount on a normal day. The Atlanta company expects the peak day to be Monday, Dec. 22. SENT: 220 words, photos.
CALIFORNIA DROUGHT-RICE HARVEST
WOODLAND, Calif. California's deepening drought is shrinking its rice harvest, and that's bad news for farmers, migratory birds and sushi lovers. The $5 billion industry exports rice to more than 100 countries and specializes in premium grains used in risotto, paella and sushi. Nearly all U.S. sushi restaurants use medium-grain rice grown in the Sacramento Valley. By Terrence Chea. SENT: 650 words, photos, video.
RADIOSHACK-ADVISER RadioShack hires former Treasury Department adviser Harry J. Wilson to help with its turnaround efforts. SENT: 320 words.
ISRAEL-SODASTREAM A representative for Israeli drink maker SodaStream International Ltd. says its factory in an Israeli settlement in the West Bank will be relocated next year to southern Israel. SENT: 270 words, photo.
SHELL-MIDSTREAM-IPO Shell Midstream Partners LP is soaring in its debut on the New York Stock Exchange. Its common units jumped $9.04, or 39.3 percent, to $32.04 in Wednesday morning trading. SENT: 300 words.
BRITAIN-TESCO Britain's Serious Fraud Office launches a criminal investigation into accounting procedures at Tesco, in a case in which the retailer acknowledged it had overstated its projected profits. SENT: 150 words.
FRANCE-SANOFI French drugmaker Sanofi sacks its CEO following a board room rift over the handling of one of France's largest publicly traded companies. SENT: 350 words, photo.
NFL IN LONDON An NFL franchise in London could generate more than $250 million a year for Britain, according to a study. The study by accountancy firm Deloitte, commissioned by the NFL and a London marketing agency, also casts doubt on the feasibility of a Super Bowl in the British capital and warns of a negative reaction from the United States. SENT: 610 words, photos.
3 WORLD TRADE CENTER Developer Larry Silverstein has secured the funds to build his long-planned 3 World Trade Center. Silverstein has sold $1.6 billion worth of tax-exempt bonds, paving the way for construction of the tower by 2018. SENT: 100 words.
SUPREME COURT-HEALTH OVERHAUL-SUBSIDIES
WASHINGTON Supreme Court justices have their first chance this week to decide whether they have the appetite for another major fight over President Barack Obama's health care law. Some of the same players who mounted the first failed effort to kill the law altogether now want the justices to rule that subsidies that help millions of low- and middle-income people afford their premiums under the law are illegal. By Mark Sherman. SENT: 700 words, photo.
SKOREA-EARNS-LG ELECTRONICS South Korea's LG Electronics Inc. says its third-quarter profit jumped 87 percent over a year earlier as smartphone sales set a record high. By Youkyung Lee. SENT: 350 words, photos.
WELLPOINT-FORECAST WellPoint raises its 2014 earnings forecast again after trumping analyst expectations for the third quarter, as health insurers continue to ease earlier concerns that the nation's health care overhaul would hamstring the industry. SENT: 580 words, photo.
GOODYEAR-RESULTS Goodyear Tire's third-quarter net income slips 3 percent, but its adjusted earnings easily beat Wall Street expectations. SENT: 190 words, photo.
EARNS-VISA Visa Inc. reports quarterly financial results after the market closes. UPCOMING: 130 words after release.
GERMANY-EARNS-DEUTSCHE BANK Deutsche Bank loses 92 million euros ($116 million) in the third quarter as the bank faced ongoing financial burdens from lawsuits, new regulations and its effort to shed risky past investments. SENT: 450 words.
FRANCE-EARNS-TOTAL French oil company Total SA says its earnings dropped in the third quarter due to the falling global price of oil. SENT: 140 words.
NORWAY-EARNS-STATOIL Norwegian energy company Statoil says impairment charges and lower oil and gas prices pushed it into net loss of 4.8 billion kroner ($727 million) in the third quarter. SENT: 130 words.
ITALY-EARNS-FIAT CHRYSLER Fiat Chrysler Automobiles returns to a profit in the third quarter thanks to a good performance by its luxury brands and gains in North America and Asia. SENT: 130 words.
FRANCE-RENAULT-SALES Renault sales grew in the third quarter but registrations of new cars stagnated and the company lost market share at home and in South America. SENT: 140 words.
DETROIT Fiat Chrysler is recalling more than 566,000 trucks and SUVs in two recalls for malfunctioning fuel heaters that can cause fires and a software glitch can disable the electronic stability control. The recalls bring the newly merged company's total for the year to 6.4 million vehicles worldwide and 5.1 million in the U.S. as it continues to struggle with reliability problems. SENT: 440 words, photos.
FORD-RECALL Ford is recalling about 205,000 SUVs in cold-weather states and parts of Canada to fix gas tanks that can rust, leak and cause a fire. The recall affects Ford Edge and Lincoln MKX vehicles from the 2007 and 2008 model years. SENT: 170 words, photo.
CHINA-VOLKSWAGEN-RECALL Volkswagen and a Chinese partner are recalling 270,000 cars in China to repair a software problem that might prevent air bags from activating properly. SENT: 150 words.
BEHIND-THE-WHEEL-GMC YUKON The full-size, 2015 GMC Yukon Denali is a no-excuses sport utility vehicle that's both capable and pampering. The fuel-thirsty SUV updated this year with more luxury features, a more powerful engine and new styling also is well-timed, as declining U.S. gasoline prices reached a four-year low. SENT: 920 words, photo, box.
TECHNOLOGY & MEDIA:
SMART PAYMENT TERMINAL
SAN FRANCISCO A Silicon Valley startup is hoping an upcoming transition to smarter credit and debit cards will persuade millions of U.S. merchants to buy savvier payment terminals for their stores, too. That's the point of Poynt, a versatile terminal built to take advantage of rules requiring stores to be equipped to handle payment cards with computer chips by October 2015 to avoid financial liability for fraudulent transactions. By Michael Liedtke. SENT: 470 words, photo.
WASHINGTON With the growing prevalence of retail cyberattacks, more Americans than ever are facing identity theft. The potential for financial fraud is only one headache. Less publicized is the emotional impact of having one's personal data stolen and used by criminals. Victims say the violation brings anger, anxiety, sadness, shame and even suicidal thoughts. By Marcy Gordon. UPCOMING: 500 words by 3 p.m., photo.
POLAND-AMAZON Ahead of Christmas, popular U.S. online retailer Amazon has opened three logistics centers in western Poland, completing a network that covers the European market. SENT: 130 words.
ANTWERP, Belgium One sells a cheeseburger whose patty is 100 percent cheese, another sells meatballs the size of baseballs and a third tempts palates with insects on a skewer. Belgium takes its food seriously and adventurously so when the American-style food trucks rolled in, there was little doubt the result would be a bit different. By Virginia Mayo. SENT: 490 words, photos.
BRUSSELS The European Union's energy chief is hoping talks between Ukraine and Russia will yield the breakthrough needed to guarantee Russian gas will continue to flow to Ukraine and, by extension, parts of the EU this winter. By Raf Casert. SENT: 130 words. UPCOMING: 500 words, photos.
GERMANY-RUSSIA-SANCTIONS German exports to Russia drop by more than a quarter in August over the same month a year ago as sanctions over Ukraine took an increasing toll. SENT: 140 words, photo.
CHINA-PORT POLLUTION China's busy ports fail to regulate heavy emissions of sulfur oxide and other pollutants mostly from cargo ships although they're the biggest source of air pollution in port cities such as Hong Kong, according to a new report. SENT: 410 words.
HONG KONG-TYCOON EXPULSION A Hong Kong tycoonis expelled from China's top government advisory body after he voiced doubts about the city's Beijing-backed leader, who is struggling to end monthlong democracy protests. By Kelvin Chan. SENT: 500 words, photos.
TAX EVASION Fifty-one countries sign an agreement to share financial data and boost efforts to crack down on tax evasion. SENT: 150 words.
INDIA-CORRUPTION India's government hands over the names of more than 600 Indians with foreign bank accounts to the Supreme Court after public outrage over rampant tax evasion. SENT: 450 words, photos.
TURKEY-MINE DISASTER Rescue workers have been pumping water out of a coal mine in southern Turkey all night as relatives wait anxiously nearby after surging waters trapped 18 Turkish miners deep underground. SENT: 230 words, photos.
ON THE MONEY-STUDENT DEBT
University students who graduated this past spring and used loans to pay for their education will face their first bill in coming weeks as the six-month grace period on federal and private education loans winds down. Tackling a hefty new monthly expense can be daunting, particularly for recent grads who haven't landed a well-paying job. We look at several ways new grads can manage their student loan debt. By Alex Veiga. UPCOMING: 700 words by 4 p.m.
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Homeownership in decline
The national homeownership rate fell to 64.3 percent in the third quarter, its lowest point in almost 20 years. UPCOMING: Graphic expected by 6 p.m.
Goodyear shares jump
Investors snap up shares of Goodyear Tire & Rubber after the company's reported earnings that easily beat Wall Street expectations. UPCOMING: Graphic expected by 6 p.m.