Business Highlights

AP News
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Posted: Jan 29, 2018 5:55 PM

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More caffeine, please: Keurig is buying Dr Pepper Snapple

NEW YORK (AP) — Keurig is buying Dr Pepper Snapple Group, bringing together the make-at-home coffee brand with the company behind Dr Pepper soda, Mott's apple juice and Snapple iced teas. The combined company, called Keurig Dr Pepper, will have about $11 billion in annual sales, still far smaller than PepsiCo Inc. and Coca-Cola Co.

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Super Bowl ads aim for the heart — and sometimes lower

NEW YORK (AP) — After a year of political and cultural upheaval, Super Bowl advertisers appear to be pulling back from themes of unity and are instead offering more in-game stunts and ads that aim for the heart — and sometimes lower. The stakes are high since marketers are paying more than $5 million per 30-second spot to capture the attention of more than 110 million viewers. They want to strike a chord rather than offending or worse, not being remembered at all.

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US Treasury says government borrowing will hit 8-year high

WASHINGTON (AP) — With the government's budget deficit rising, the Treasury Department says it expects to borrow $441 billion in the current January-March quarter, the largest amount in eight years. The Treasury says this figure compares to actual borrowing of $282 billion in the October-December quarter.

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Some in GOP heed call to return Wynn money, post-allegations

Some Republicans in Congress are donating their contributions from Las Vegas billionaire Steve Wynn to charity in light of sexual misconduct allegations against the former Republican National Committee finance chairman. The announcements come in light of a Wall Street Journal report Friday that Wynn, a casino mogul and prolific Republican donor, sexually harassed several women.

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Fed is likely to hold rates steady at Yellen's final meeting

WASHINGTON (AP) — Janet Yellen's final Federal Reserve policy meeting will likely mark an uneventful end to her four-year tenure as Fed chair but perhaps offer hints of the central bank's approach to interest rates in the months to follow. Yellen, the first woman to lead the world's most influential central bank, will step down when her term ends on Feb. 3. She will be succeeded by Jerome Powell, a Fed board member whose nomination as chairman the Senate approved last week.

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Apple's stock sinks as high hope for iPhone X sales fade

SAN FRANCISCO (AP) — Apple's stock is backtracking from its recent highs amid mounting concerns that iPhone X sales will fall short of the high hopes for a device that ushered in a $1,000 price tag to the company's flagship product line. Speculation about disappointing demand has been swirling for the past week, contributing to a 6 percent decline in Apple's stock since it a record high on January 18. Concrete evidence of how the iPhone X is faring should emerge Thursday when Apple reports its quarterly earnings.

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8 charged with manipulating futures markets by 'spoofing'

WASHINGTON (AP) — Federal prosecutors are charging a group of traders with manipulating U.S. futures markets through a practice known as spoofing. Authorities have announced charges against eight people, some of whom had been employed by HSBC, Deutsche Bank and UBS. "Spoofing" is when a trader places buy or sell orders with the intent to cancel them before the transactions are completed. That creates the illusion of demand, inflating prices to benefit the trader's market positions.

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EU ready to hit back if Trump imposes anti-EU trade measures

BRUSSELS (AP) — The European Union says that if U.S. President Donald Trump would initiate unfair trade measures against the 28-nation bloc, it would stand ready "to react swiftly and appropriately." In a weekend interview, Trump said he was annoyed with EU trade policy since the U.S. cannot sufficiently export to the EU. He said his problems with the EU "may morph into something very big" from a trade standpoint.

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JPMorgan names 2 execs as co-presidents reporting to Dimon

NEW YORK (AP) — JPMorgan Chase says two of its senior executives will share the role of president and chief operating officer of the financial services firm. Daniel Pinto and Gordon Smith will assume those duties Tuesday. The co-presidents and co-chief operating officers will report to Jamie Dimon, the company's chairman and CEO. Dimon says he and the board agree he will continue in his current role for about five more years.

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Technology companies lead modest pullback in US stocks

NEW YORK (AP) — A broad sell-off handed the U.S. stock market its biggest loss in more than four months Monday, pulling the major indexes below their recent record highs. Technology stocks, the biggest gainers in 2017, accounted for much of the slide. Energy companies also fell as crude oil prices finished lower. Utilities and other rate-sensitive sectors declined as bond yields hit their highest level in almost four years. The pullback followed a big rally on Friday.

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The Standard & Poor's 500 index fell 19.34 points, or 0.7 percent, to 2,853.53. The Dow Jones industrial average slid 177.23 points, or 0.7 percent, to 26,439.48. The Nasdaq composite lost 39.27 points, or 0.5 percent, to 7,466.51. The Russell 2000 index of smaller-company stocks gave up 9.95 points, or 0.6 percent, to 1,598.11.

Benchmark U.S. crude fell 58 cents, or about 1 percent, to settle at $65.56 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, dropped $1.06, or 1.5 percent, to close at $69.46 per barrel. Wholesale gasoline was little changed at $1.93 a gallon. Heating oil slid 3 cents to $2.11 a gallon. Natural gas rose 13 cents, or 3.6 percent, to $3.63 per 1,000 cubic feet.