Sep 16, 2014 3:26 AM
Update on the latest in business:
The Associated Press
Asia stocks lower on caution over Fed meeting
TOKYO (AP) Asian stock markets were mostly lower today as investors played it safe ahead of a potentially pivotal Federal Reserve meeting.
Fed policy makers start a two-day meeting that many investors expect will bring it closer to raising its key interest rate as the economy strengthens. The Fed has held the rate close to zero for more than five years, and stocks have surged against that backdrop.
The caution was reflected on Wall Street yesterday. The Dow Jones industrial average rose 0.3 percent to 17,031.14, while the Standard & Poor's 500 dropped 0.1 percent to 1,984.13. The Nasdaq composite dropped 48.70 points, or 1.1 percent, to 4,518.90.
The dollar gained against the yen but fell against the euro. Benchmark U.S. crude oil slipped to remain under $93 a barrel.
ECONOMY-THE DAY AHEAD
Major business and economic events scheduled for Tuesday
WASHINGTON (AP) Federal Reserve policymakers begin a two-day meeting to set interest rates today, but today's one major economic report isn't likely to spur them to raise rates.
Labor Department releases the Producer Price Index for August this morning. The index rose just 0.1 percent in July, and in the past year, prices at the wholesale level have risen just 1.7 percent, slightly below the Federal Reserve's target.
TRUMP PLAZA CLOSING
Trump Plaza: 4th Atlantic City casino shutdown
ATLANTIC CITY, N.J. (AP) Atlantic City is down to eight casinos today with the closing of Trump Plaza.
The casino at the center of the Boardwalk and the end of the Atlantic City Expressway has been declining for years, performing worse than any of the city's other casinos.
It joins the Atlantic Club, the Showboat and Revel, each of which has closed this year.
And the contraction might not yet be over: Trump Plaza's parent company is threatening to close its sister casino, the Trump Taj Mahal, in November.
The closings are mainly due to growing competition in nearby states in the saturated northeastern U.S. gambling market.
Atlantic City began the year with 12 casinos.
Alibaba raises IPO price range on strong demand
NEW YORK (AP) Alibaba now plans to raise up to $25.03 billion in its upcoming IPO, making what was expected to be the biggest stock market debut even bigger.
The Chinese e-commerce company says it plans to sell 368.1 million shares at $66 to $68 apiece, according to a regulatory filing. Previously it had set the range for $60 to $66 apiece.
Alibaba has emerged as a hot commodity because of its e-commerce bazaar, a shopping magnet for businesses and consumers alike as China's economy steadily grows. The company's network of sites includes Taobao, Tmall, and AliExpress, as well as Alibaba.
Alibaba has been meeting with potential investors over the past week, and demand spurred the increase. Alibaba is expected to start trading later this week under the ticker 'BABA' on the NYSE.
BP Alaska plans layoffs following Hilcorp sale
JUNEAU, Alaska (AP) BP Alaska, a major player in the state's oil industry, is planning to lay off 275 employees and contractors early next year.
Spokeswoman Dawn Patience says the business in Alaska will be smaller due to the previously announced sale of interests in four North Slope oil fields to Hilcorp.
Patience says the layoffs, combined with the 200 individuals who have accepted jobs with Hilcorp., represents about 17 percent of the total number of BP employees and contractors in the state.
The company's regional president, in announcing the sale in April, said it would allow for BP to focus on maximizing production from Prudhoe Bay and advancing plans for a major liquefied natural gas project. BP is working on the latter with the state, Exxon Mobil Corp., ConocoPhillips and TransCanada Corp.
United offers up to $100K if workers leave
CHICAGO (AP) United Airlines says it will offer flight attendants up to $100,000 in severance if they leave the company.
The lump-sum payments will be offered in order of seniority to some of United's 23,000 flight attendants.
United and the Association of Flight Attendants announced the deal on Monday.
United says the early-outs will help it match staffing to its flight schedule and produce a labor contract with the union.
Airlines and other companies have used early-out bonuses to entice employees to leave voluntarily. If enough employees accept, it can reduce or avoid layoffs and remove senior, more-expensive employees from the payroll.
US labor board orders CNN to rehire fired workers
WASHINGTON (AP) The National Labor Relations Board is finding against the CNN cable television network in an 11-year-old labor dispute, ordering the network to rehire or compensate about 300 workers and former workers.
The NLRB agreed with a November 2008 ruling by one of its administrative judges that CNN improperly replaced a unionized subcontractor, Team Video Services (TVS), with in-house non-union staffers, claiming "anti-union" bias.
The board gave CNN 14 days to rehire the former TVS employees for "their former positions or, if those jobs no longer exist, to substantially equivalent positions."
It also told CNN to pay bargaining union employees for any adverse tax consequences that may result from the lump-sum reimbursements.
A CNN statement said the network disagrees with the NLRB decision and is evaluating options.
APNewsBreak: NY bid to halt Alzheimer's drug swap
ALBANY, N.Y. (AP) New York's attorney general is trying to stop a manufacturer from discontinuing its drug widely used to treat Alzheimer's patients. He argues the manufacturer is illegally driving patients to its newer patented drug to avoid losses from cheaper generic alternatives coming out next year.
Attorney General Eric Schneiderman (SHNEYE'-dur-muhn) alleges both anti-trust and state law violations in the federal suit filed Monday in Manhattan against Dublin-based Actavis PLC and New York subsidiary Forest Laboratories.
The manufacturer has announced plans to withdraw Namenda, which generates more than $1 billion in annual revenues, and convinced 40 percent of patients and prescribing physicians to switch to newer Namenda XR.
Schneiderman says the company is "manipulating vulnerable patients" to protect profits.
The company says its new drug, taken once daily instead of twice, is better.
COAL EXPORT TERMINAL
Corps halts review of Oregon coal export terminal
PORTLAND, Ore. (AP) The U.S. Army Corps of Engineers has brought its review of a proposed coal export terminal to an immediate halt, a blow to the Australian company trying to get coal from the Northern Rockies to an eager Asian market.
Last month, Oregon state regulators rejected the proposed terminal on the Columbia River because it would potentially interfere with tribal fishing rights.
On Monday, the Corps announced it had put its review on hold while a judge considers an appeal of the state's decision.
An Australian company, Ambre Energy, proposed to have coal shipped by rail from Wyoming and Montana to the terminal in northeast Oregon.
There the coal would be loaded onto barges headed for another terminal closer to the mouth of the river and then exported.
Radisson suspends Minnesota Vikings sponsorship
MINNETONKA, Minn. (AP) The Radisson hotel chain is suspending its sponsorship of the Minnesota Vikings after star running back Adrian Peterson was charged with child abuse in Texas.
In a statement Monday, Minnetonka-based Radisson said it "takes this matter very seriously particularly in light of our long-standing commitment to the protection of children."
Radisson says it's suspending its limited sponsorship of the Vikings "while we evaluate the facts and circumstances."
Radisson's sponsorship includes a press banner that is behind those speaking at Vikings news conferences.
Peterson is accused of using a wooden switch to spank his 4-year-old son. The running back says he was using a form of discipline his father used on him as a boy.
A Vikings spokesman says the team has "respectfully honored" Radisson's request.