Business News at 1:45 p.m.
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All times EDT.
Fears about China's slowdown and a coming Federal Reserve rate hike have sent U.S. stocks down 12 percent since mid-July. But why? China's economy has been slowing for four years. And a Fed hike has been long expected. In a word: Uncertainty. Investors grew used to zero rates and a fast-growing China. It's unclear what the world will look like without them. By Paul Wiseman and Ken Sweet. UPCOMING: 850 words by 2 p.m.
CHATTANOOGA, Tenn. — Inside Volkswagen's only U.S. assembly plant, there's little hint of the diesel emissions cheating scandal embroiling the German automaker around the world. By Erik Schelzig. SENT: 780 words, photos.
— VOLKSWAGEN — A Volkswagen engine plant in Germany is cutting back one shift per week in response to the emissions-rigging scandal and its financing division has put a halt on hiring as the company evaluates the fallout. SENT: 300 words, photo.
— VOLKSWAGEN-THE LATEST — The latest developments in the Volkswagen emissions scandal.
DATA CENTERS-TAX BREAKS
KANSAS CITY, Mo. — An Associated Press analysis has found that states have given nearly $1.5 billion in tax breaks to high tech companies in an increasingly competitive attempt to attract the massive computer centers that store vast troves of consumer and business data. The actual cost to taxpayers likely is much higher, and the benefits they return are debatable. By David A. Lieb. SENT: 1,200 words, photos.
— DATA CENTERS-STATE LAWS — A state-by-state look at incentives offered to attract data centers. SENT.
NEW YORK — In a world flush with free information, some young people — 40 percent — are still willing to shell out for some of the news they read. By Tali Arbel. SENT: 950 words, photos.
MARKETS & ECONOMY:
WASHINGTON — IMF Managing Director Christine Lagarde says global growth will likely be weaker this year as the world economy confronts a host of problems, including a refugee crisis in Europe, an economic slowdown in China and a pending rise in U.S. interest rates. By Martin Crutsinger. SENT: 260 words, photos.
WASHINGTON — Buoyed by strong consumer spending and steady home sales, U.S. businesses add jobs at a healthy pace in September, according to a private survey. By Christopher S. Rugaber. SENT: 350 words, photo.
WASHINGTON — Federal Reserve Chair Janet Yellen gives opening remarks to a community banking conference in St. Louis, Missouri. Concerned about low inflation and global headwinds, the Fed held off on raising interest rates at its last meeting in September. By Martin Crutsinger. UPCOMING: 130 words when embargo on prepared remarks lifts at 3 p.m. 350 words by 3:30 p.m.
NEW YORK — U.S. stocks are rising in afternoon trading following big gains in Asia and Europe, but major indexes are still heading for their worst quarterly close in four years. By Bernard Condon. SENT: 540 words. UPCOMING: 700 words by 5 p.m.
— CHINA-HANERGY — The chairman of a troubled Chinese solar panel manufacturer denies wrongdoing and blames short-selling by hedge funds for a plunge in the price of its Hong Kong-traded shares. By Joe McDonald. SENT: 520 words, photo.
— CHINA-STOCK MARKET SLIDE — China's securities regulator announces the first penalties for violators of a ban imposed in July on stock sales by major shareholders as part of frantic government efforts to stem a slide in prices. SENT: 320 words.
WHOLE FOODS-PRISON LABOR
NEW YORK — Whole Foods will stop selling products made using a prison labor program after a protest against the practice at one of its stores in Texas. By Candice Choi. SENT: 560 words, photo.
RALPH LAUREN-LOOKING AHEAD
NEW YORK — Ralph Lauren Corp.'s shares extend their rally, a day after the fashion company announced it was hiring Old Navy's top talent to take over the CEO job. By Anne D'Innocenzio. SENT: 480 words.
SEOUL, South Korea — AmorePacific, one of the country's most valuable companies but little known in the West, owes its financial success to a range of beauty products that have developed an almost cult-like following among the young in East Asia. By Youkyung Lee. SENT: 780 words, photos.
— TARGET-PRICE MATCH — Starting Thursday, Target will now match its online prices with more than two dozen online competitors including Amazon.com and Walmart.com. By Anne D'Innocenzio. SENT: 450 words.
— AMTRAK-BAGGAGE FEES — Amtrak is boarding a baggage fee bandwagon that has generated billions in revenue for the airline industry. SENT: 260 words.
— CHEMICAL LEAK — Federal investigators say their probe of a poisonous gas leak that killed four workers at a Houston-area chemical plant in November has found weaknesses and failures in the facility's safety planning and procedures. By Juan Lozano. SENT: 550 words. UPCOMING: Will be updated.
— TRAVEL-BRIEF-CARNIVAL-CUBA — Carnival's proposed cruises to Cuba will include two colonial cities outside Havana, Cienfuegos and Santiago de Cuba, in addition to the Cuban capital. SENT: 210 words.
— NWSL-NIKE — Nike extends its sponsorship deal with the National Women's Soccer League through 2019. SENT: 320 words.
— UAW-CHRYSLER — It appears that United Auto Workers union members have voted down a four-year contract deal with Fiat Chrysler. SENT: 130 words, photo.
— FORD-RECALL — Ford is recalling some older Windstar minivans to because a previous rear-axle recall repair might not work. SENT: 250 words, photo.
— BEHIND THE WHEEL-2016 KIA SORENTO — Buyers typically don't associate Kia with luxury, but its 2016 top-level Sorento SX-Luxury model is so robust in its looks, pleasing in its ride and stocked with features that it feels like a luxury SUV. By Ann M. Job. SENT: 570 words, photo, box.
TECHNOLOGY & MEDIA:
NEW YORK — With one press of a button on the remote, TiVo's new digital video recorder will skip the entire commercial break. That's quicker than the 30-second forward feature found on previous TiVos. By Anick Jesdanun. SENT: 490 words, photos.
— SIRIUS-FOX HEADLINES — Fox News is collaborating with SiriusXM to launch a 24-hour news service that will update satellite radio listeners and mobile device users on headlines every 15 minutes. By David Brauder. SENT: 440 words, photos.
— FRANCE-UBER — Two Uber executives face up to five years in prison in France as tensions grow over sharing economy. By Lori Hinnant. SENT: 700 words, photos.
— EUROPE-ECONOMY — Consumer prices across the 19-country eurozone fall in September for the first time in half a year as energy prices tank. By Pan Pylas. SENT: 680 words.
— GERMANY-ECONOMY — Official data show that Germany's unemployment rate fell to 6.2 percent in September, a decline that was expected as hiring picked up after the summer break and underlines the healthy state of Europe's biggest economy. SENT: 140 words.
— FRANCE-ECONOMY — The French government is presenting its 2016 budget, which includes 11 billion euros ($12.3 billion) in tax cuts, in an effort to loosen up an economy burdened with 10 percent unemployment. SENT: 270 words, photos.
— SPAIN-ECONOMY — The Bank of Spain says strong domestic demand helped the economy grow 0.8 percent in the third quarter, its ninth consecutive quarterly growth figure. SENT: 140 words.
— CYPRUS-BANKS — The European Bank of Reconstruction and Development agrees to acquire a 5.4 percent stake in Hellenic Bank, Cyprus' second-largest lender, for 20 million euros ($22.4 million) in newly-issued shares. SENT: 140 words.
ON THE MONEY-CADILLAC TAX
The taxman is coming to employer-sponsored health insurance, and his visit may trigger changes to your benefits. The health care overhaul calls for a 40-percent tax starting in 2018 on the value of some employer-sponsored coverage, so your boss may unveil some changes in benefits this fall for 2016. By Tom Murphy. UPCOMING: 750 words by 3 p.m.
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Chesapeake cuts as commodities slump
Chesapeake Energy is laying off 740 employees, about 15 percent of its workforce, to cope with falling oil prices. UPCOMING: Graphic expected by 6 p.m.
Big hopes brewing
Keurig Green Mountain's shares have cooled considerably, but it hopes its new at-home machine that makes Coke, flavored waters and other cold beverages will jumpstart sales. UPCOMING: Graphic expected by 6 p.m.