Money & Markets

Apple drops iPhone bombshell on already reeling stock market

SAN FRANCISCO — Apple acknowledged that demand for iPhones is waning, confirming investor fears that the company’s most profitable product has lost some of its luster. The reckoning came in a letter from Apple CEO Tim Cook to the company’s shareholders released after the stock market ...

3 things small business owners should know for 2019

NEW YORK — Now that the new year is here, small business owners may find themselves trying to understand changes brought about by federal and state laws. Here are three things owners need to know for 2019: — Tax filing season. Business owners will learn what impact the new tax law is ...

Trump’s promise of a wall may not be fulfilled as advertised

WASHINGTON — Three confidantes of President Donald Trump, including his departing chief of staff, are indicating that the president’s signature campaign pledge to build a wall along the U.S.-Mexico border would not be fulfilled as advertised. Trump sparked fervent chants of “Build that ...

GOP and Democrats trade blame for shutdown, no deal in sight

WASHINGTON — The partial government shutdown will almost certainly be handed off to a divided government to solve in the new year, as President Donald Trump sought to raise the stakes Friday and both parties traded blame in the weeklong impasse. Agreement eludes Washington in the waning ...

Trade war, profits, marijuana: Markets saw it all in 2018

Wall Street started 2018 strong, buoyed by a growing economy and corporate profits. It isn’t ending that way. U.S. stocks climbed to new highs early, shook off a sudden, steep drop by spring and rode a wave of tax cut-juiced corporate earnings growth to another all-time high by September. ...

FBI concerned by money mules roped into fraud schemes

WASHINGTON — The email caught the executive at a small company by surprise one morning in 2016. The company’s owner, or so he thought, was requesting a money transfer to pay for supplies from a new vendor. It wasn’t until that night when the executive, hours after the money had been ...

Indian casinos across US wary of betting on sports books

LAS VEGAS — Two dozen large-screen TVs showing football and other sports line the walls. There’s beer on tap, bar top seating and leather chairs. Chicken wings are on the menu. And at this American Indian casino in the heart of college-football mad Mississippi, you can legally bet on the ...

Profiting off presidency? Trump biz takes hit since election

NEW YORK — When workers pried the Trump name off another Manhattan building earlier this year, it capped a bad few weeks for the president’s businesses. Donald Trump’s golf resorts in Scotland had just posted millions of dollars in losses, one of his hotels in Panama had rebranded ...

Breaking up (with Facebook) is hard to do: Here’s how

NEW YORK — Every relationship has a breaking point. Even yours with Facebook. There’s a way out, though the social network will try to win you back with promises to do better. Maybe even flowers. For some users, though, the past two years of privacy scandals, election manipulation by ...

US miscalculated benefit of better train brakes

BILLINGS, Mont. — President Donald Trump’s administration miscalculated the potential benefits of putting better brakes on trains that haul explosive fuels when it scrapped an Obama-era rule over cost concerns, The Associated Press has found. A government analysis used to justify the ...

Fed lifts rates for 4th time this year but sees fewer hikes

WASHINGTON — The Federal Reserve raised its key interest rate Wednesday for the fourth time this year to reflect the U.S. economy’s continued strength but signaled that it expects to slow its rate hikes next year. Despite the forecast for fewer hikes, investors sent stocks plunging once ...

Stock market woes raise a nagging fear: Is a recession near?

BALTIMORE — Fears of a recession have been mounting with the U.S. stock market appearing to be headed for its worst December since 1931 — during the Great Depression. Wall Street’s sustained slump has been fueled by investor concerns about lower corporate profits, higher corporate debt, ...

US sportswear traced to factory in China’s internment camps

HOTAN, China — Barbed wire and hundreds of cameras ring a massive compound of more than 30 dormitories, schools, warehouses and workshops in China’s far west. Dozens of armed officers and a growling Doberman stand guard outside. Behind locked gates, men and women are sewing sportswear ...

Kushner-linked firm targets richer areas in program for poor

WASHINGTON — A real estate investment firm co-founded by President Donald Trump’s son-in-law and adviser, Jared Kushner, is betting big on the administration’s Opportunity Zone tax breaks but isn’t that interested in steering its investors to the poorest, most-downtrodden areas that the ...

Scandal-plagued CBS grants $20M to 18 women’s rights groups

NEW YORK — CBS on Friday pledged to give $20 million to 18 organizations dedicated to eliminating sexual harassment in the workplace as the network tries to recover from a scandal that led to the ouster of its top executive, Les Moonves. The announcement comes as the network’s crisis ...

Virgin Galactic tourism rocket ship reaches space in test

MOJAVE, Calif. — Virgin Galactic’s tourism spaceship climbed more than 50 miles high above California’s Mojave Desert on Thursday, reaching for the first time what the company considers the boundary of space. The rocket ship hit an altitude of 51 miles (82 kilometers) before beginning ...

Virgin Galactic aims to reach space soon with tourism rocket

MOJAVE, Calif. — Richard Branson’s Virgin Galactic is gearing up to finally send its tourism rocket ship to the edge of space. If successful, it would be a major step toward the long-delayed dream of commercial space tourism. The next test flight could come as early as Thursday with two ...

China suspected in huge Marriott data breach

WASHINGTON — Investigators believe hackers working on behalf of China’s main intelligence agency are responsible for a massive data breach involving the theft of personal information from as many as 500 million guests of the Marriott hotel chain, a U.S. official said ...

AP: Ivanka, Kushner could profit from tax break they pushed

WASHINGTON — At an Oval Office gathering earlier this year, President Donald Trump began touting his administration’s new real estate investment program, which offers massive tax breaks to developers who invest in downtrodden American communities. He then turned to one of the plan’s ...

China ups pressure as tech exec’s hearing goes into Tuesday

VANCOUVER, British Columbia — A jailed Chinese technology executive will have to wait at least one more day to see if she will be released on bail in a case that has raised U.S.-China tensions and complicated efforts to resolve a trade dispute that has roiled financial markets and threatened ...