Business News Digest


Here are AP Business News’ latest coverage plans, top stories and promotable content. All times EDT. For up-to-the minute information on AP’s coverage, visit Coverage Plan at newsroom.ap.org.

TOP STORIES:

VIRUS OUTBREAK-UNEMPLOYMENT BENEFITS — The number of laid-off workers who applied for unemployment benefits declined slightly to 1.48 million last week, the 12th straight drop and a sign that layoffs are slowing but are still at a painfully high level. By Christopher Rugaber. SENT: 1,000 words, photos.

And:

ECONOMY-GDP — The U.S. economy shrank at a 5.0% rate in the first quarter with a much worse decline expected in the current three-month economic period because of the coronavirus pandemic. By Martin Crutsinger. SENT: 540 words, photo.

FINANCIAL MARKETS — Stocks edged higher on Wall Street in early trading Thursday as investors weigh a mixed batch of economic reports highlighting the damage that the coronavirus lockdowns have inflicted on the economy. By Alex Veiga. SENT: 420 words, photos. UPCOMING: Will be updated through trading, about 800 words by 5 p.m.

VIRUS OUTBREAK-TELEPHONE CARE — Worries about coronavirus exposure have pushed some patients into relying on audio-only telephone calls for their care, even as technology and changes in government regulations make video telemedicine easier. Doctors say some of their older and poorer patients lack a fast internet connection, smartphone or computer, which are essential elements for video visits. By Regina Garcia Cano and Tom Murphy. SENT: 910 words, photo.

BUZZWORTHY:

CHUCK E. CHEESE-BANKRUPTCY — Chuck E Cheese, the restaurant chain that became a Mecca for children and a crucible for many of their parents, is filing for bankruptcy protection. SENT: 220 words, photo.

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MARKETS & ECONOMY:

BANKS-STRESS TESTS — The Fed releases the results of the banks’ annual “stress tests,” which assess whether banks have enough capital to lend money to households and businesses even during a recession. This year’s tests also analyze the impact of the coronavirus outbreak on the banks. By Ken Sweet. UPCOMING after 4:30 p.m. embargo lifts.

OFF THE CHARTS-SUSTAINABLE FUNDS — Once derided as a fad that would deliver investors lower returns, sustainable funds that take into account environmental, social and corporate-governance issues have held up better than traditional funds this year. By Stan Choe. SENT: 740 words, photo.

DURABLE GOODS — Orders to American factories for big-ticket goods rebounded last month from a disastrous April as the U.S. economy began to slowly reopen. By Paul Wiseman. SENT: 250 words, photos.

MORTGAGE RATES — Freddie Mac reports on this week’s average U.S. mortgage rates. UPCOMING: 250 words.

More on Virus Outbreak:

HOTEL LOANS-TROUBLE — Since the coronavirus crisis started, hotel owners say they are struggling to get relief on a type of loan that Wall Street investors buy. By Mike Schneider. SENT: 970 words, photos.

US ELECTION-2020-POSTAL SERVICE — The U.S. Postal Service’s famous motto — “Neither snow nor rain nor heat nor gloom of night stays these couriers” — is being tested like never before, by challenges that go well beyond the weather. Its finances have been devastated by the coronavirus. The Trump administration may attach big strings to federal bailouts. By Will Weissert. SENT: 950 words, photo.

With:

BRITAIN-ROYAL MAIL — Royal Mail, the British postal service, is to slash 2,000 management jobs as part of an overhaul of its operations due to the coronavirus pandemic. The group said Thursday that senior executive and non-operational roles will be hardest hit in the plan to save 330 million pounds ($410 million) over two years. By Pan Pylas. SENT: 340 words.

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VIRUS OUTBREAK-BUSINESS FALLOUT — The rapid spread of the coronavirus since it was first reported in China has dealt an unprecedented shock to the global economy. Here’s a look at developments Thursday as central banks, businesses and workers attempt to navigate a global outbreak that has brought economic activity to a standstill. SENT: 800 words, photos. UPCOMING: Will be updated with developments throughout the day.

INDUSTRY:

GERMANY-LUFTHANSA — Lufthansa’s board chairman urged shareholders to let the government take a stake in the company through a 9 billion-euro ($11 billion) rescue package, saying the alternative was bankruptcy for the company and its 138,000 employees. By David McHugh and Geir Moulson. SENT: 320 words. UPCOMING: Will be updated.

PAKISTAN-PLANE CRASH — Pakistan’s state-run airline will ground 150 pilots, accusing them of obtaining licenses by having others take exams for them after a probe into last month’s crash that killed 97 people in Karachi. By Munir Ahmed. SENT: 500 words, photos.

TECHNOLOGY & MEDIA:

CHINA-US-HUAWEI — The United States is willing to help other countries finance purchases of next-generation telecom technology from Western providers so they can avoid Chinese tech giant Huawei, which Washington sees as a security threat, an American official said Thursday. By Joe McDonald. SENT: 450 words.

GOOGLE-NEWS-PAYMENTS — Google says it will start paying some publishers for their news content, in a move that could pave the way for reduced tensions between the internet search giant and the beleagured news industry. SENT: 240 words.

JAPAN-SOFTBANK — Masayoshi Son, the chief executive of Japanese technology company SoftBank Group Corp., said Thursday that he is stepping down from the board of Chinese e-commerce giant Alibaba. By Yuri Kageyama. SENT: 270 words, photo.

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INTERNATIONAL:

GERMANY-ACCOUNTING SCANDAL — An accounting scandal at one of Germany’s fastest-growing blue-chip companies has raised doubts about the national financial watchdog and, coming on top of other high-profile cases of fraud, led to questions about the country’s ability to oversee its corporate titans. By David McHugh. SENT: 940 words, photos.

Business News Supervisor Richard Jacobsen (800-845-8450, ext. 1680). For tos (ext. 1900.) For graphics/interactives (ext. 7636.) For access to AP Newsroom and technical issues: customersupport@ap.org, or 877-836-9477. Questions about transmission of financial market listings, call 800-3AP-STOX.

The digest for AP’s Money & Markets service can be found at markets.ap.org. For questions about M&M content, contact Greg Keller at (212) 621-7958.



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