BC-APFN-Business News Digest
Business News at 5 p.m.
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All times EDT.
—Adds: SPAIN-PANAMA-CANAL, CHRISTIE-SPORTS-BETTING, TINDER-LAWSUIT, EMIRATES-WEST AFRICA INVESTMENTS, APPLE EVENT-MOBILE PAYMENTS, SKI TITANS-LAWSUIT, AUTO LOANS-LATE PAYMENTS,RICE VIDEO-SPONSORS, STEAMY ROMANCE NOVEL-LAWSUIT, SELF-DRIVING CAR, TVEYES-FOX COPYRIGHT,
—Updates: OIL EXPORTS-GASOLINE PRICES, APPLE-EVENT, MICRON CEO PLANE CRASH, TRUMP ENTERTAINMENT-BANKRUPTCY, FINANCIAL MARKETS, CONGRESS-EXPORT-IMPORT BANK, PILOTS-DRUGS, JOB OPENINGS,
TOP STORIES:
APPLE-EVENT
SAN FRANCISCO — For the first time in years, Apple's iPhones aren't the star of the show. Apple unveils a smartwatch, a wearable device that marks the company's first major entry in a new product category since the iPad's debut in 2010. By Michael Liedtke and Anick Jesdanun. SENT: 1,300 words, photos.
STRONGER DOLLAR
NEW YORK — In the world of currencies, the dollar is starting to look like a safe home in a tough neighborhood. A strengthening U.S. economy, combined with a gloomy outlook for growth elsewhere in the world, is pushing the U.S. currency sharply higher. The dollar is up 6.4 percent against a group of major currencies since the start of May and has risen in three of the past four months. The U.S. currency climbs to its highest level in six years against the Japanese yen, and it's trading at its highest level in 14 months against the euro. A continued run-up could mean lower prices for imported cars and crude oil. On the other hand, it could also crimp profits for U.S. companies as their goods become pricier overseas. By Steve Rothwell. SENT: 850 words, photos.
AUTOS-SMART PARKING
DETROIT — With a thumb swipe on a smart phone, your car soon will be able to drive into a parking deck, find an open spot and back into a space — all by itself. The fully-automated system is still about a decade away, so valet jobs are safe for now. But the benefits are plenty. Drivers will save time searching through vast decks for open spaces, and parking lots can squeeze more vehicles into limited space, raising more revenue. By Tom Krisher. SENT: 620 words, photos, video.
CARS-RECALL LIMBO
DETROIT — In July, two scary notices arrived in Amaris McGee's mailbox. They came from General Motors, and told her the gray 2005 Chevy Malibu she drives to work every day is being recalled for safety problems. Neither problem can be fixed yet because the parts aren't ready. Like millions of others caught in GM's massive recall crisis, McGee faces a tough question: keep driving and hope the safety problems don't affect her, or rent a car until the dealer gets parts, which can take months or even a year? Tips on how to handle an auto recall when parts aren't ready. By Tom Krisher. SENT: 820 words, photos.
With:
— CARS-RECALL LIMBO-GLANCE — What to do if your car is recalled for safety problem, but parts aren't available. SENT: 250 words.
— CHRYSLER-MINIVAN PROBE — A man's complaint that his Chrysler minivan stalled unexpectedly after refueling has brought an inquiry from U.S. safety regulators. SENT: 210 words.
SCOTLAND-BRITAIN'S RISKS
BERWICK-UPON-TWEED, England — All Gavin Jones has to do is scan the shelves of his impossibly quaint shop on England's border with Scotland to know he'll have a big problem if the Scots declare independence next week. There are teddy bears in Campbell clan tartans and shelves of shortbread from Scotland — just above the red jams made in England. After independence, the Scottish goods would be subject to import duties, and customers would likely pay in two different currencies. Business in Berwick-upon-Tweed, England's northernmost town, could soon be crushed by bank transaction costs. "If Scotland chooses independence, it changes our concept of local," he said. "There are then barriers put in place." By Martin Benedyk and Danica Kirka. SENT: 1,000 words, photos.
With:
— BRITAIN-ECONOMY — Bank of England Governor Mark Carney signals that Britain's interest rates could start rising early next year. SENT: 130 words.
MARKETS & ECONOMY:
FINANCIAL MARKETS
NEW YORK — Stocks fall for a second straight day as investors were left unimpressed by Apple's latest batch of product announcements. Negative news out of Home Depot and McDonald's also weigh on the market. By Ken Sweet. SENT: 800 words, photo.
WORLD ECONOMY-SURVEY
WASHINGTON — The Great Recession officially ended more than five years ago. Yet the feeling of many people around the world can be summarized in one word: Gloom. In a survey of 48,643 people in 44 countries, the Pew Research Center found that 60 percent say their own country's economy is performing poorly. By Paul Wiseman. SENT: 380 words.
JOB OPENINGS
WASHINGTON — The number of U.S. job openings remain near the highest level in 13 years in July, and companies also stepped up hiring that month to the fastest pace in nearly seven years, two signs the job market is slowly healing. By Christopher S. Rugaber. SENT: 570 words, photo.
INDUSTRY:
TRUMP ENTERTAINMENT-BANKRUPTCY
ATLANTIC CITY, N.J. — Trump Entertainment Resorts files for bankruptcy and threatens to shut down the Taj Mahal Casino Resort, which would make it the fifth casino to close this year. The company owns Trump Plaza, which is closing in a week, and the Taj Mahal, which has been experiencing cash-flow problems and had been trying to stave off a default with its lenders. The company said the Taj Mahal could close Nov. 13 if it doesn't win salary concessions from union workers. By Wayne Parry. SENT: 730 words, photo.
OIL EXPORTS-GASOLINE PRICES
NEW YORK — A study commissioned by the Brookings Institution is the latest to suggest that exporting U.S. crude would lower the price at the gas pump by lowering global oil prices. U.S. refiners and some politicians oppose lifting the 1970s-era restrictions. By Jonathan Fahey. SENT: 600 words, photo.
UPS PLANE CRASH
WASHINGTON — A fatal UPS cargo plane crash last year was caused by a series of pilot errors, a federal safety board concludes. Investigators said the pilots were likely suffering fatigue but more stringent work-hour regulations wouldn't have prevented the accident. Such tightened rules are being sought by the pilots' union and are being resisted by UPS. By Joan Lowy. SENT: 780 words, photo.
With:
— PILOTS-DRUGS — Tests of pilots killed in plane crashes over more than two decades show an increasing use of both legal and illegal drugs, including some that could impair flying, according to a draft study by the National Transportation Safety Board. SENT: 570 words.
— MCDONALD'S-SALES — McDonald's says a key global sales figure fell 3.7 percent in August, driven lower as the world's biggest hamburger chain's unit that includes the Asia-Pacific region dropped 14.5 percent due to a food-safety scandal in China. SENT: 410 words, photo.
— SWEDEN-IKEA — Ikea, the world's largest furniture retailer, says its sales are growing globally, with China now its fastest growing market. SENT: 130 words.
— GERMANY-LUFTHANSA STRIKE — A union representing Lufthansa's pilots say they will walk off the job at Munich airport for eight hours, preventing departures by Germany's biggest airline from its second-busiest airport. SENT: 140 words.
— DELPHI-CEO RETIRES — Auto parts maker Delphi Automotive says CEO Rodney O'Neal will retire on March 1 of next year. SENT: 130 words.
— CONGRESS-EXPORT-IMPORT BANK — Speaker John Boehner says the House will extend the authority of the Export-Import Bank this month and it may be done as part of a government-wide funding bill needed to prevent a shutdown at month's end. SENT: 370 words.
— MICRON CEO PLANE CRASH — Federal investigators say the likely causes of an airplane crash that killed Micron CEO Steve Appleton in 2012 are a reduction in engine power during takeoff and Appleton's ill-fated decision to turn around rather than make an emergency landing. SENT: 500 words.
— CHRISTIE-SPORTS-BETTING — New Jersey Gov. Chris Christie says the state government will have no role in regulating or taxing sports betting if casinos or racetracks begin offering it. SENT: 430 words.
— SKI TITANS-LAWSUIT — One of Utah's largest resorts will open its slopes this upcoming ski season after agreeing to pay a $17.5 million bond that a judge said it must pay to keep the slopes open. SENT: 550 words.
— AUTO LOANS-LATE PAYMENTS — As U.S. sales of cars and trucks have grown this year, so has the late-payment rate on auto loans. SENT: 470 words.
— STEAMY ROMANCE NOVEL-LAWSUIT — A Utah author says a schoolteacher plagiarized her Christian romance novel, added graphic sex scenes and passed it off as her own. SENT: 680 words.
— SELF-DRIVING CAR — Honda has developed a car that can drive itself on the freeway. SENT: 130 words.
TECHNOLOGY & MEDIA:
RICE VIDEO-SPONSORS
Ray Rice's indefinite suspension from the NFL for domestic violence will cost him income from endorsements in addition to his $4 million in salary. SENT: 600 words, photo. Incorporates BC-US--Nike-Rice Video, BC-US--Electronic Arts--Rice Video.
— EUROPE-GOOGLE — Google Chairman Eric Schmidt and a panel of experts held the first of seven public sessions to help the company define how it should enforce a new "Right to be Forgotten" under which Europeans can seek the removal of seemingly irrelevant or embarrassing search results. SENT: 330 words.
— JAPAN-RAKUTEN-EBATES — Rakuten Inc. says it plans to buy U.S. based cash-back site Ebates for $1 billion, part of a series of overseas acquisitions aimed at building what the Japanese e-commerce company says will be the "world's largest product line-up." SENT: 350 words.
— TINDER-LAWSUIT — IAC/InterActiveCorp says it settled a sexual harassment and discrimination lawsuit filed by a co-founder of dating app Tinder. SENT: 190 words.
— TVEYES-FOX COPYRIGHT — A New York judge says a company distributing television clips and snippets of transcripts to customers including the White House and members of Congress has not violated broadcasters' copyrights. SENT: 130 words.
INTERNATIONAL:
— CHINA-FOREIGN BUSINESS — Beijing needs to speed up economic reform and curb the dominance of state companies or risk an economic slowdown and a possible crisis, the biggest European business group in China says. SENT: 470 words.
— GREECE-PORTUGAL-BAILOUT — Portugal's prime minister says he supports Ireland's bid for an early pay back of bailout loans to the International Monetary Fund, but added his country could only take a similar initiative if market conditions further improved. SENT: 130 words, photos.
— POLAND-US-TRADE — Poland's Deputy Economy Minister says a mission she will lead to New York will seek deals in the food, gas and investment sectors. SENT: 140 words.
— IRAN-RUSSIA — Russian officials travel to Iran's capital to boost economic ties between the two countries. SENT: 120 words.
— SPAIN-PANAMA-CANAL — Panama's president says the major expansion of the Panama Canal will be completed in time to open for business in the beginning of 2016. SENT: 130 words.
— EMIRATES-WEST AFRICA INVESTMENTS — Eight West African nations have secured $19 billion worth of infrastructure projects at a conference held in the Gulf country of the United Arab Emirates. SENT: 460 words.
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CENTERPIECE
Euro woes
The falling euro is great news for U.S. tourists visiting Europe. Not so much for U.S. businesses. Consider Harman International, the Connecticut-based company that makes loudspeakers, in-dash navigators for automobiles and other equipment. It gets nearly a third of its revenue from Germany, more than it does from the United States. If Harman sells 1,000 euros of equipment in Germany to BMW today, it's worth $1,290 after translating it into dollars. But that's $25 less than those same 1,000 euros were worth just last Wednesday. UPCOMING: Graphic expected by 6 p.m.
COMPANY SPOTLIGHT
Burlington raises outlook
Shares of Burlington Stores rise after the discount retailer boosted its full-year earnings outlook. UPCOMING: Graphic expected by 6 p.m.