BC-Business News Digest
Business News at 2 p.m.
6 a.m.-6 p.m. Charles N. Sheehan and Michael A. Lee
6 p.m.-8:30 p.m. Dorothea Degen.
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All times EDT.
DETROIT — Traditional automakers plan to gradually roll out autonomous driving technologies over the next decade, while Google wants to deliver the full self-driving package by 2020. Your first experience with a car that drives itself may depend on which approach wins out. By Dee-Ann Durbin. SENT: 1,100 words, photos.
— SELF-DRIVING REVOLUTION-Q&A — Raj Rajkumar, a leader in Carnegie Mellon's efforts to develop an autonomous car, discusses the challenges and the promise of the technology. SENT: 570 words.
ATHENS, Greece — Hopes that Greece can get a rescue deal that will prevent a catastrophic exit from the euro rose on Thursday, after key creditors said they were open to discussing how to ease the country's debt load, a long-time sticking point in their talks. By Elena Becatoros and Derek Gatopoulos. SENT: 850 words, photos.
LISBON, Portugal — Eurozone governments taking a tough line on Greece's demand for debt relief and easier bailout terms fear ceding too much ground could ignite a broader political crisis by infuriating people in other bailed-out countries in the currency bloc. By Barry Hatton. SENT: 740 words, photos.
— GREECE-FINANCE MINISTER-PROFILE — A look at Greece's new finance minister, Euclid Tsakalotos, who is taking the lead in bailout talks — and getting good feedback from European counterparts, in stark contrast to his much-criticized predecessor. By Derek Gatopoulos. SENT: 750 words, photos.
— GREECE-BAILOUT-THE LATEST — Live updates by The Associated Press.
WASHINGTON — China's stock market has long been untethered from economic reality. The disconnect, which reflects the government's oversize role in the Chinese economy, is now a bit of a relief as stocks plunge. The market's freefall is not expected to do much economic damage. By Paul Wiseman. UPCOMING: 800 words by 3 p.m.
CHINA-FREEZING THE MARKET
HONG KONG — Faced with a stomach-turning slide in share prices, many Chinese companies are taking matters into their own hands with a tactic that experts say is bound to backfire: they're pressing the pause button. About half of the 2,800 stocks on mainland Chinese markets have been suspended from trading as companies attempt to stem further losses by sitting out the upheaval. By Kelvin Chan. SENT: 930 words, photos.
NEW YORK — As neighborhoods across the country transform from shabby to trendy, rising rents have forced independent retailers and other small businesses to move — and in some cases — remake their businesses to fit their new locales. By Joyce Rosenberg. SENT: 780 words, photos.
MARKETS & ECONOMY:
NEW YORK — The New York Stock Exchange says an outage of more than three hours was caused by problems associated with a software upgrade on the exchange's computers. By Ken Sweet. SENT: 140 words. UPCOMING: Will be updated.
NEW YORK — U.S. stocks are moving higher in midday trading, bouncing back from losses a day earlier, as investors speculate that last-ditch talks between Greece and its creditors will produce an agreement. By Steve Rothwell. SENT: 450 words, photos, video. UPCOMING: 700 words by 5 p.m.
WASHINGTON — The International Monetary Fund says the U.S. economy's stumble at the start of 2015 is dragging down the world's growth prospects. By Paul Wiseman. SENT: 370 words, photo.
WASHINGTON — The number of people seeking unemployment benefits rose last week to the highest level since late February. But the increase likely reflected temporary auto plant shutdowns rather than any underlying labor market weakness. By Martin Crutsinger. SENT: 470 words, photo.
WASHINGTON — Average long-term U.S. mortgage rates fell this week, retreating from high levels for the year amid economic turbulence overseas. The lower rates brought an incentive for prospective purchasers toward the end of the spring home buying season. By Marcy Gordon. SENT: 300 words, glance.
— EARNS-PEPSICO — PepsiCo says revenue rose for each of its Frito-Lay North America and PepsiCo Americas Beverages units during the second quarter, despite flat volume. SENT: 370 words, photo.
Walgreens Boots Alliance has named Stefano Pessina CEO, making permanent a role the veteran executive has filled since he helped create a drugstore behemoth that may not be done growing. By Tom Murphy. SENT: 680 words, photo. Incorporates EARNS-WALGREENS BOOTS ALLIANCE .
NEW YORK — Shark Week, which launched into its 28th year on Discovery Channel on Sunday, has taken on a more serious tone this year, considering a spate of bites off summer beaches. But that hasn't put a damper on product frenzy. By Leanne Italie. SENT: 770 words, photos.
DALLAS — A United Airlines captain threw bullets in a trash bin and later flushed them down a toilet on board a flight he was piloting to Germany. United isn't identifying the pilot and says he hasn't been fired. By David Koenig. SENT: 130 words. UPCOMING: Will be updated.
— DIET PEPSI-ASPARTAME — The artificial sweetener in Diet Pepsi is about to change, but fans of the old formula may still be able to get it. By Candice Choi. SENT: 270 words, photo.
— CUBA-CRUISE SHIPS — Cruise ship tourism to Cuba spiked more than five-fold over the last three years and is up even higher so far in 2015, government officials report. SENT: 500 words.
— JAPAN-HONDA-AIR BAG RECALL — The recalls at Honda Motor Co. over defective Takata air bags have grown by another 4.5 million vehicles, raising the tally at the Japanese automaker to 24.5 million. By Yuri Kageyama. SENT: 460 words.
— COTY-PROCTER & GAMBLE — Coty is buying 43 beauty brands from Procter & Gamble Co., including Miss Clairol, Covergirl and Max Factor. SENT: 400 words, photo.
— EUROPE-MASTERCARD-ANTITRUST — The European Commission suspects credit card company MasterCard of slugging customers in the European Union with artificially high fees. SENT: 150 words.
— BIRD FLU-FROZEN CUSTARD — Rita's stores across the country are pulling frozen custard due to an egg shortage. SENT: 130 words.
— STATE OF CITIES — Economic development, infrastructure and public safety were top concerns as U.S. mayors summed up the state of their cities this year, but current events helped frame those longstanding issues in discussions of race and inequality, a new study finds. SENT: 340 words, glance.
TECHNOLOGY & MEDIA:
DIGITAL LIFE-REVIEW-MICROSOFT OFFICE
We use multiple devices in our daily lives, and we want things to look and feel the same across devices. Microsoft seems to be navigating that shift well with the release of Microsoft Office 2016 for Mac. By Anick Jesdanun. UPCOMING: 800 words at 3 p.m., photos.
T-MOBILE-NORTH AMERICA CALLING
NEW YORK — T-Mobile is now offering its U.S. customers the ability to talk, text and browse the Internet in Canada and Mexico without paying extra charges. By Bree Fowler. SENT: 130 words. UPCOMING: 600 words in mobile-friendly format by 2 p.m., photos.
— FACEBOOK-WHAT YOU SEE — Facebook wants you to see more of what you want to see. New tools will help you weed through the clutter of boring, unwanted information, often from long-forgotten acquaintances. By Barbara Ortutay. SENT: 230 words, photo.
— MASTERCARD-DATA SECURITY SURVEY — While the safety of their private financial information is a big deal for a lot of people, when it comes to protecting it, many are actually pretty lax, a new survey says. By Bree Fowler. SENT: 350 words.
— BRITAIN-ECONOMY — The Bank of England leaves interest rates at the record low of 0.5 percent as the current turmoil in Greece underscored the wariness about the strength of the economic recovery. SENT: 130 words.
— SKOREA-ECONOMY — South Korea's central bank cuts its economic growth forecast, citing a severe drought and the spread of Middle East respiratory syndrome. By Youkyung Lee. SENT: 350 words, photos.
— CHINA-INFLATION — China's consumer inflation edges up to a still-low 1.4 percent in June, leaving room for Beijing to cut interest rates or take other steps to stimulate slowing economic growth. SENT: 150 words.
— GERMANY-ECONOMY — Germany's trade surplus widens to a new record in May as exports from Europe's largest economy increase strongly, outpacing a rise in imports. SENT: 140 words, photo.
OF MUTUAL INTEREST-FOREIGN FUNDS
Investors have heavily favored putting their money in foreign stocks over U.S. stocks over the last year, and now they're getting tested. Big worries in Greece, China and elsewhere are causing lots of stress, but fund managers say they're sticking with international markets. By Stan Choe. UPCOMING: 800 words by 5 p.m.
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A Grecian drop
Investors have been pouring into international stock mutual funds for years, leaving many to wonder whether they have any investments in Greece, where worries are raging about the country's debt problems. Yes, your mutual fund may own some Greek stocks. No, most likely not a lot. UPCOMING: Graphic expected by 6 p.m.
Walgreens names permanent CEO
Walgreens Boots Alliance names Stefano Pessina as its permanent CEO and reports a better-than-expected third-quarter profit. UPCOMING: Graphic expected by 6 p.m.