Business Highlights

Posted September 11


Apple may test the bounds of iPhone love with a $1,000 model

Apple is expected to sell its fanciest iPhone yet for $1,000, crossing into a new financial frontier that will test how much consumers are willing to pay for a device that's become an indispensable part of modern life. The unveiling of a dramatically redesigned iPhone will likely be the marquee moment Tuesday when Apple hosts its first event at its new Cupertino, California, headquarters.


Getting up to speed on the Equifax data breach scandal

Equifax has been scrambling to explain itself since disclosing last week that it exposed vital data about 143 million Americans. It's come under fire come from members of Congress, state attorneys general, and people who are getting conflicting answers about whether their information was stolen. Equifax is trying again to clarify language about people's right to sue, and said Monday it has made other changes to address customer complaints.


Harvey and Irma to slow US economy but rebound should follow

Damage estimates from the two storms are still early, particularly for Irma. Hurricane Harvey will likely cost up to $108 billion, according to Bank of America Merrill Lynch. Mark Zandi of Moody's Analytics estimates that Irma will cause $64 billion to $92 billion in damage.


Stocks jump as relieved investors buy banks, insurers, tech

US stocks make their biggest gain in four months, led by financial and technology companies, as investors are relieved Hurricane Irma is weakening and didn't cause as much damage as many had feared. Travel companies and insurers also rose. Bond prices fell, sending yields higher. Home-improvement companies like Lowe's and Home Depot, which rallied last week, fell.


Car-centric Houston struggles after loss of countless autos

The wreckage from Hurricane Harvey has forced Houstonians to scramble to try to rent or borrow cars or to work from home — if they can. Some have it worse: They can't return to work until they resolve the transportation problems, depriving many of them of income and slowing the city's return to business as usual.


States sue Trump administration over fuel economy fines

New York, California and three other states are suing the Trump administration, saying it must put in place higher penalties for automakers who violate federal fuel economy standards. The U.S. Department of Transportation more than doubled civil penalties for fuel economy violations last year after Congress ordered agencies to adjust their fines for inflation.


Diesels on display in Frankfurt auto show despite scandal

German automakers stung by scandal and controversy about excessive diesel emissions will be touting their electric, high-tech and emissions free credentials at their home auto show in Frankfurt. Yet diesels will still be lurking under the hood of many a car — though carmakers may not feel like broadcasting that just at the moment.


Pope blasts climate change doubters: cites moral duty to act

Pope Francis has sharply criticized climate change doubters, saying history will judge those who failed to take the necessary decisions to curb heat-trapping emissions blamed for the warming of the Earth. Francis was asked about climate change and the spate of hurricanes that have pummeled the U.S., Mexico and the Caribbean recently as his charter plane left Colombia and flew over some of the devastated areas.


UK govt warns of Brexit chaos if lawmakers don't back bill

The British government says Brexit will descend into chaos if lawmakers reject a bill designed to lay the legislative groundwork for the country's EU exit. Lawmakers are voting on the European Union (Withdrawal) Bill, which aims to convert some 12,000 EU laws and regulations into domestic statute when Britain leaves the bloc in March 2019. Opponents have branded it a power grab by the government.


The Standard & Poor's 500 index made its biggest gain since late April as it rose 26.68 points, or 1.1 percent, to finish at a record high of 2,488.11. The Dow Jones industrial average gained 259.58 points, or 1.2 percent, to 22,057.37. The Nasdaq composite jumped 72.07 points, or 1.1 percent, to 6,432.26, three points below the record closing high it set Sept. 1. The Russell 2000 index of smaller-company stocks added 15.40 points, or 1.1 percent, to 1,414.83.

Benchmark U.S. crude rose 59 cents, or 1.2 percent, to $48.07 a barrel in New York while Brent crude, used to price international oils, added 6 cents to $53.84 a barrel in London. Wholesale gasoline lost 1 cent to $1.63 a gallon. Heating oil fell 2 cents to $1.74 a gallon. Natural gas rose 6 cents to $2.95 per 1,000 cubic feet.


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