US markets rebound a day after big plunge
NEW YORK (AP) — U.S. stocks rebounded Wednesday, recovering a significant portion of their losses from the day earlier. Investors remain on edge after the latest market plunge, which was triggered by more signs of slowing growth in China.
The market still has a lot of ground to make up following last week’s major declines.
The market has been bouncing around sharply the last few weeks following signs of weakness in China and uncertainty over when the Federal Reserve will begin raising interest rates. Triple-digit moves in the Dow have been an almost daily occurrence in the past month.
Egg group scrambled over eggless mayo maker
NEW YORK (AP) — A California company that makes an eggless mayonnaise alternative has the U.S. egg industry scrambling.
The American Egg Board, which is responsible for the “Incredible, Edible Egg” slogan, waged a campaign to counter the emergence of Hampton Creek’s Just Mayo spread, and even tried to prevent its sale at Whole Foods grocery stores, according to documents provided to The Associated Press.
India SUV maker rides into US market … on a scooter
ANN Arbour, Mich. (AP) — India’s largest SUV maker is ready to make its debut on U.S. roads. But it’s starting with two wheels, not four.
Mahindra hopes to win over city and campus dwellers with a $2,999, Vespa-like electric scooter called the GenZe, which goes on sale this fall in California, Oregon and Michigan. Sales could soon expand to other states and Europe.
If buyers like it, Mahindra could use the GenZe as a springboard into the car market, just as Honda made the leap from motorcycles to cars here in the 1970s.
Apple wants to guide your news consumption with News app
Apple wants to be a central part of how you consume news.
The iPhone maker has forged partnerships with CNN, National Geographic and others — more than 50 companies so far, representing hundreds of outlets. Apple will launch a News service on iPhones and iPads as part of a free software update this month. That means millions of devices will get the app on the home screen, with no separate download required.
Report: Some top baby monitors lack basic security features
NEW YORK (AP) — Several of the most popular Internet-connected baby monitors lack basic security features, making them vulnerable to even the most basic hacking attempts, according to a new report from a cybersecurity firm.
The possibility of an unknown person watching their baby’s every move is a frightening thought for many parents who have come to rely on the devices to keep an eye on their little ones. In addition, a hacked camera could provide access to other Wi-Fi-enabled devices in a person’s home, such as a personal computer or security system.
Is N. Korean airline world’s worst? It may be the quirkiest
PYONGYANG, North Korea (AP) — If an Air Koryo passenger ignores its no-photography rule, a flight attendant might take the camera and delete the pictures herself. Crumpling up a newspaper bearing the image of North Korean leader Kim Jong Un can earn travellers a stern lecture, or worse.
Those are among many quirks that may help explain why North Korea’s airline has earned a singular distinction: It’s been ranked the world’s worst airline for four straight years.
US factory orders edge up 0.4 per cent in July
WASHINGTON (AP) — Orders to U.S. factories posted a modest gain in July, helped by the biggest rise in motor vehicles orders in a year and a solid gain in a category that tracks business investment plans.
Factory orders rose 0.4 per cent in July, the Commerce Department reported Wednesday. Orders had increased a much larger 2.2 per cent in June.
The modest increase in factory orders in July suggests that manufacturing is still grappling with a variety of challenges, from falling energy prices to a stronger dollar, which hurts exports.
Survey: US businesses hired at steady pace in August
WASHINGTON (AP) — U.S. businesses added jobs at a steady pace last month, with construction and manufacturing showing solid gains, a private survey found.
Payroll processor ADP said Wednesday that businesses added 190,000 jobs last month, up from 177,000 in July, but below a six-month high in June of 231,000.
The figures suggest that turmoil in the financial markets and worries about faltering growth in China have not yet had much impact on the U.S. job market. The government will release its official jobs report for August on Friday. Economists forecast it will show that employers added 220,000 jobs, and the unemployment rate slipped to 5.2 per cent from 5.3 per cent.
US productivity up 3.3 per cent in spring, labour costs fall
WASHINGTON (AP) — U.S. productivity in the spring rose at the fastest pace since late 2013, while labour costs declined.
Worker productivity increased at an annual rate of 3.3 per cent in the April-June quarter, the Labor Department reported Wednesday. That was a rebound from the first quarter when productivity had fallen at a 1.1 per cent rate and a sizeable upward revision from the government’s first estimate of a 1.3 per cent growth rate.
Labour costs fell at a 1.4 per cent rate in the second quarter, indicating that wages are not rising even as unemployment declines.
Fed report shows autos and housing fueling US growth
WASHINGTON (AP) — While U.S. housing and auto sales showed strength over the summer, manufacturers were feeling pressure from China’s economic slowdown and the oil industry was squeezed by lower energy prices.
That’s the U.S. economic picture that emerges from the Federal Reserve’s latest look at business conditions around the country. The Fed said 11 of its 12 regional banks reported that the economy grew at least modestly in July through mid-August. One of the Fed’s regions — Cleveland — reported only slight growth.
Shell president: ‘Oil will be required for a long time’
ANCHORAGE, Alaska (AP) — The president of Shell Oil Co. said that exploratory drilling off Alaska’s northwest coast is going well despite stormy weather last week that caused the company to halt operations for a few days.
And in an interview with The Associated Press, Marvin Odum said he expects further protests against the company’s plans for Arctic drilling like the ones in Seattle and Portland where activists in kayaks tried to block Shell vessels.
Arctic offshore drilling is bitterly opposed by environmental groups that say a spill cannot be cleaned in ice-choked waters and that industrial activity will harm polar bears, walrus and ice seals already harmed by diminished sea ice.
Sony, back in the crosshairs, defends ‘Concussion’
NEW YORK (AP) — Nearly a year after the devastating hacking attack that leaked thousands of emails, Sony Pictures Entertainment again finds itself trying to justify its own inner dealings, this time over the upcoming Will Smith film about head trauma and the NFL, “Concussion.”
The question surrounds just how hard-hitting is “Concussion,” a film due out in December that dramatizes the forensic pathologist, Dr. Bennet Omalu, who uncovered the fatal effects that repeated head trauma has had on many NFL players. After a New York Times report on Tuesday based on leaked emails that Sony blunted parts of the film to avoid upsetting the NFL, Sony hit back on Wednesday.
SodaStream chief accuses boycotters of anti-Semitism
IDAN HANEGEV INDUSTRIAL PARK, Israel (AP) — The chief executive of SodaStream, the beverage maker that is shuttering its West Bank factory in the face of international boycott calls, accused his company’s critics Wednesday of anti-Semitism and hurting the interests of the Palestinian workers they claim to protect.
SodaStream, which produces machines that allow people to make fizzy drinks, has been targeted by an international campaign calling for boycotting, divesting and sanctioning Israeli companies. Citing financial reasons, SodaStream announced it was closing the West Bank factory last year, but the so-called BDS movement declared victory and said its pressure was behind the decision
By The Associated Press=
The Dow Jones industrial average added 293.03 points, or 1.8 per cent, to 16,351.38. The Standard & Poor’s 500 rose 35.01 points, or 1.8 per cent, to 1,948.86. The Nasdaq composite gained 113.87 points, or 2.5 per cent, 4,749.98.
U.S. crude rose 84 cents to close at $46.25 in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, rose 94 cents to close at $50.50 in London. Wholesale gasoline rose 2.9 cents to close at $1.425 a gallon. Heating oil rose 3.1 cents to close at $1.609 a gallon. Natural gas fell 5.4 cents to close at $2.648 per 1,000 cubic feet.