BC-APFN-Business News Preview
Among the stories Tuesday from The Associated Press:
ONLINE DATING-NEW WORLD
NEW YORK — So, a lady walks into a bar...Wait, scratch that. A lady takes out her phone. With a left swipe of her finger she dismisses Alex, 26 and Robert, 48. She swipes right when a photo of James, 24, pops up. It’s a match. James had swiped right too. They chat. Welcome to the new world of dating. As the rise of smartphones has made people more comfortable with disclosing their locations, a new class of mobile dating applications has emerged. By Barbara Ortutay. SENT: 1,260 words, photos.
WASHINGTON — Credit Suisse AG’s guilty plea and $2.6 billion payment in a high-profile case brought by the Justice Department are being held out as a warning to foreign banks believed to be helping U.S. taxpayers conceal assets. Culminating a yearslong criminal investigation, Switzerland’s second-largest bank pleaded guilty to helping wealthy Americans avoid paying taxes through secret offshore accounts. Credit Suisse was the largest bank to plead guilty in more than 20 years. By Marcy Gordon and Eric Tucker. SENT: 940 words, photo.
— SWITZERLAND-CREDIT SUISSE — Switzerland’s government says it is relieved that Credit Suisse’s settlement with the U.S. will allow the nation’s second-biggest bank to put its criminal investigation behind it but notes other banks remain in the crosshairs. Finance Minister Eveline Widmer-Schlumpf says financial groups including the regional cantonal lenders remain in talks to resolve charges of misconduct as part of a U.S. crackdown on foreign banks believed to be helping American tax cheats. SENT: 130 words, photos. UPCOMING: 300 words by noon.
MARKETS & ECONOMY:
— EUROPE-BANK CARTEL — European Union regulators charge banks JPMorgan, HSBC and Credit Agricole with colluding to manipulate the price of financial products linked to interest rates. SENT: 230 words, photos.
NEW YORK — Dismal earnings from major retailers help drag U.S. stocks lower in early trading. By Alex Veiga. SENT: 360 words. UPCOMING: 700 words by 5 p.m.
— OIL PRICES — The price of oil is steady above $102 a barrel as the threat of further violence in Libya threw into question the country’s ability to ramp up its crude exports. SENT: 350 words. UPCOMING: 350 words by 3:30 p.m.
NEW YORK — Target fires the president of its troubled Canadian operations, Tony Fisher, and is replacing him with a 15-year U.S. company veteran. The executive shakeup in Canada comes two weeks after the abrupt resignation of Target’s CEO and Chairman Gregg Steinhafel. The third-largest U.S. retailer said that Mark Schindele, 45, who was senior vice president of merchandising operations, will now run the Canadian operation. By Anne D’Innocenzio. SENT: 680 words.
— BRITAIN-PFIZER-ASTRAZENECA — AstraZeneca shareholder Schroders urges the pharmaceutical firm to reconsider its rejection of a takeover offer from U.S. drugmaker Pfizer. The fund manager, which holds a 2 percent stake in AstraZeneca, is the biggest shareholder to call publicly for renewed takeover talks. SENT: 150 words, photo.
— OBAMA-INVESTMENTS — President Barack Obama is hosting executives from 11 foreign and U.S.-based companies that have chosen to open new plants or relocate overseas operations in the United States. The gathering is designed to illustrate growing interest in the United States by firms capable of creating high-paying jobs. SENT: 420 words, photo. Will be updated from meeting, scheduled for 10:45 a.m.
— DETROIT BANKRUPTCY-KOCH BROTHERS — Americans for Prosperity, the conservative advocacy group supported by the Koch brothers, has launched an effort to torpedo a proposed settlement in the Detroit bankruptcy case, potentially complicating chances for completing the deal just as its prospects seemed to be improving. SENT: 760 words, photos.
— LAWYER-MILLIONS MISSING — A South Florida attorney is facing a prison sentence after she was convicted for playing a role in Ponzi schemer Scott Rothstein’s $1.2 billion fraud scam. SENT: 140 words.
— EARNS-HOME DEPOT — Home Depot’s fiscal first-quarter net income climbed 12 percent, helped by better sales, but results fell short of expectations as a cold and rainy spring hurt results. SENT: 450 words, photo.
TECHNOLOGY & MEDIA:
BEIJING — China warns the United States is jeopardizing military ties by charging five Chinese officers with cyberspying and tried to turn the tables on Washington by calling it “the biggest attacker of China’s cyberspace.” The testy exchange marked an escalation in tensions over U.S. complaints that China’s military uses its cyber warfare skills to steal foreign trade to help the country’s vast state-owned industrial sector. By Joe McDonald. SENT: 900 words, photos.
— CHINA-CYBERSPYING-Q&A — The Obama administration has brought unprecedented criminal charges against five officials in the Chinese military for hacking into private U.S. companies’ systems and stealing trade secrets. What happened and why is it significant? SENT: 1,100 words.
— UNITED STATES-CHINA-TROUBLED TIES — The indictment of five Chinese military officials on cyber espionage charges will intensify friction between Beijing and Washington that has been growing as China gets bolder in asserting its territorial claims in disputed seas in East Asia. SENT: 930 words, photo.
— CHINA-WINDOWS 8 — China’s government says it will avoid buying computer equipment that runs on Windows 8 in a setback for Microsoft’s efforts to promote the operating system. SENT: 120 words.
SHANGHAI — President Vladimir Putin meets with China’s president in a diplomatic boost for the isolated Russian leader but the two sides had yet to agree on a widely anticipated multibillion-dollar natural gas sale. The Russian leader is hoping to extend his country’s dealings with Asia and diversify markets for its gas, which now goes mostly to Europe. By Louise Watt. SENT: 830 words, photos.
— KENYA-TOURISM THREATENED — Mombasa and its sandy white coastline beckon vacationers, but on a recent day Harald Kampa watched helplessly as more than 100 guests checked out of his hotel, heeding a British government warning that the coastal region should be avoided because of fears that a terrorist attack might be imminent. The alert from Britain and similar warnings from the U.S., France and Australia are impacting Kenya’s tourism industry, with the possibility of layoffs looming. SENT: 610 words.
— THAILAND-POLITICS — Thailand’s powerful army declared martial law and deployed troops into the heart of Bangkok in a dramatic move it said was aimed at stabilizing the Southeast Asian country after six months of turbulent political unrest. The military insisted a coup d’etat was not underway. By Thanyarat Doksone and Todd Pitman. SENT: 1,300 words, photos, video.
— UNITED NATIONS-FORCED LABOR — Forced labor produces illegal profits of $150 billion a year, the United Nations’ labor agency says as it appealed for global eradication of the abuse. SENT: 370 words, photo.
— ALGERIA-LIBYA UNREST — An official close to Algeria’s state oil giant Sonatrach says authorities have decided to evacuate the company’s employees from Libya due to the deteriorating security situation. SENT: 150 words.