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CLIMATE CHANGE-PRIVATE SECTOR
NEW YORK — The key to slowing climate change is making it more costly for businesses to pollute, according to hundreds of companies, pension funds, insurance companies and other investors. They are calling on world leaders gathered for a U.N. climate summit this week to adopt policies that give polluters strong financial incentives to clean up their act. By Jonathan Fahey. UPCOMING: 750 words by 2:30 p.m., photos.
WEALTH GAP-ASIA-UNEQUAL CITIES
JAKARTA, Indonesia — Down a concrete path, between rail tracks that buzz with each approaching train and a river choked by plastic and raw sewage, Asih Binti Arif cradles her baby and reflects on dreams gone dark. Five years ago, Arif and her husband left impoverished Madura Island, joining migrants throughout the Indonesian archipelago seeking a better life in the capital. Across the developing world, migration from country to city has long been a potential path out of poverty. Less and less is that true for Arif and millions of others in Asia, where the wealth gap is growing in many of the most densely populated cities in history. By Elaine Kurtenbach and Margie Mason. Sent: 1,500 words, photos. Abridged version, SENT: 980 words.
LONDON — Tesco, the world's second-largest supermarket chain after Walmart, suspends four executives and launched an accounting investigation after admitting that its half-year profit was overstated by 250 million pounds ($407 million). The scandal deepens the financial woes for the British company, which had to issue its third profit warning in two years as it struggles to compete with low-cost rivals. The announcements shocked investors, with shares plunging 11.6 percent. By Danica Kirka. SENT: 470 words, photos.
SAN FRANCISCO —Yahoo's stock falls sharply as investors grapple with uncertainty about the Internet company's future, following last week's record-setting Wall Street debut by the Chinese e-commerce giant Alibaba. Yahoo reaped more than $9 billion from selling some of its shares in Alibaba and promised to return at least half of the after-tax proceeds to shareholders. Yahoo's remaining shares in Alibaba are worth more than $34 billion, but at least some investors are fleeing Yahoo now that they're able to buy directly into Alibaba. Many also lack optimism about CEO Marissa Mayer's chances at gaining market share back from rivals like Google and Facebook. By Brandon Bailey. UPCOMING: 700 words by 3:30 p.m., photos.
FRANKFURT, Germany — German drug company Merck says it has agreed to buy St. Louis-based chemical firm Sigma-Aldrich Corp. for $17 billion in a deal Merck says will strengthen its business in chemicals and laboratory equipment. Darmstadt-based Merck KGaA says it's paying $140 per share in cash for all of Sigma-Aldrich's shares — a premium of 37 percent over Friday's closing price of $102.37. By David McHugh. SENT: 500 words.
BERLIN — The German economy is doing well, almost too well. While some European countries are struggling with record youth unemployment, many employers in Germany have trouble finding young people to hire. The apprenticeship, a once-respected career path, is falling out of favor with Germany's dwindling pool of young people, many of whom prefer to go to university than leave school at 16 for low status jobs. By Frank Jordans. SENT: 920 words, photos.
MARKETS & ECONOMY:
WASHINGTON — Fewer Americans bought homes in August, as investors retreated from real estate and first-time buyers remained scarce. By Josh Boak. SENT: 780 words, photo.
NEW YORK — US stocks are on track for their biggest loss in more than six weeks as investors worried about signs of weakness in China's economy. By Steve Rothwell. SENT: 620 words, photo. UPCOMING: 700 words by 5 p.m.
— FED-PLOSSER — Charles Plosser, a leading inflation "hawk" at the Federal Reserve, says he plans to retire March 1. SENT: 380 words, photo.
— GENERAL MOTORS-IGNITION SWITCH DEATHS — The death toll from crashes involving General Motors small cars with faulty ignition switches has risen to at least 21. SENT: 340 words, photo.
— SWITZERLAND-FRANCE-UBS — Swiss bank UBS AG fails to overturn a bail order for 1.1 billion euros ($1.4 billion) set by a French court in a tax evasion and money laundering case. SENT: 130 words.
— THEATER-LION KING RECORD — With a worldwide gross of over $6.2 billion, "The Lion King" stage musical has now achieved the most successful box office total of any work in any media in entertainment history. SENT: 1,000 words.
— SIEMENS-DRESSER-RAND — German electronics and engineering company Siemens AG reaches a deal to acquire oilfield equipment maker Dresser-Rand for $7.6 billion. SENT: 290 words.
— FRANCE-PILOTS STRIKE — Air France pilots are rejecting the company's offer to delay the expansion of its low-cost carrier, Transavia, after a seven-day strike that the airline says is costing it up to 20 million euros ($25 million) a day. SENT: 130 words.
— CLOROX-VENEZUELA — Clorox is shutting down its operations in Venezuela, citing restrictions by the government, supply disruptions and economic uncertainty. SENT: 360 words.
— AUXILIUM PHARMACEUTICALS-ENDO INTERNATIONAL — Auxilium Pharmaceuticals Inc.'s board rejects an approximately $1.4 billion unsolicited takeover offer from Ireland's Endo International PLC. SENT: 140 words.
— CHINA-SUSPECT MEAT — A U.S. meat supplier says it is laying off most of the workforce of a Chinese subsidiary accused of selling expired beef and chicken to McDonald's, KFC and other major restaurant chains. SENT: 370 words.
— WALL STREET-PROTESTS — Hundreds of activists protesting what they say is Wall Street's role in the climate crisis have gathered in lower Manhattan's financial district. SENT: 140 words.
TECHNOLOGY & MEDIA:
DIGITAL LIFE-A CLOSER LOOK-PHONE PRIVACY
— APPLE-IPHONE SALES — Apple says it sold more than 10 million iPhone 6 and 6 Plus models, a record for a new model, in the three days after the phones went on sale. SENT: 130 words, photo.
— SKOREA-SAMSUNG-TIZEN — Samsung Electronics Co., which faces a slowdown in emerging market smartphone sales, will release its long-delayed Tizen-powered handset in India before the end of this year. SENT: 380 words.
— CALL OF DUTY-NORIEGA LAWSUIT — Former New York City Mayor Rudy Giuliani is joining a video game company's legal fight against disgraced Panamanian dictator Manuel Noriega, who is suing Activision over his inclusion in one of its popular "Call of Duty" games. SENT: 640 words, photos.
— SKOREA-LINE IPO — South Korean Internet company Naver Corp. says its popular Line instant messaging app won't go public on a stock exchange this year. SENT: 160 words.
— GERMANY-AMAZON — Workers at four of Amazon.com's German distribution centers start a two-day strike in a long-running dispute over wages. SENT: 140 words.
FRANKURT, Germany — European Central Bank head Mario Draghi defends the bank's new stimulus programs as he warns that the weak economic recovery in the eurozone "is losing momentum." Draghi told members of the European parliament there was "no indication" yet of a halt to the sharp decline in economic figures seen in August. The 18 countries that use the euro saw no economic growth at all in the second quarter — an alarming signal after only four quarters of weak growth. By David McHugh. SENT: 590 words, photos.
— GERMANY-FRANCE — France's prime minister dismisses the view that his country is "sick," and insisted that it is both willing and able to carry out economic reforms. SENT: 300 words, photos.
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High-flying defense stocks
Sequester? Whatever. After stumbling in early 2013 due to worries about budget cutbacks, the stocks of defense contractors have since soared. Shares of General Dynamics, Northrop Grumman and Raytheon are at record highs, and analysts say even more gains may be on the way. UPCOMING: Graphic expected by 6 p.m.
Out of the zone
Sales of new cars are revving up, and that could mean bad news for AutoZone. The auto parts retailer's stock fell to its lowest level since February after it reported weaker revenue growth than analysts expected. UPCOMING: Graphic expected by 6 p.m.