Business News

Aug 18, 6:02 PM EDT

Business Highlights


Hollywood's hacking pains are bigger than movie leaks

NEW YORK (AP) - Piracy is a long-running and even routine issue for Hollywood, whether its street vendors hawking bootleg DVDs on street corners or video uploaded to file-sharing sites like Pirate Bay. Now cybercriminals going after Hollywood's goodies have also put company plans and people's personal information at risk - a reputational risk that's difficult to calculate.


The real revolution in NKorea is rise of consumer culture

PYONGYANG, North Korea (AP) - Three generations into the Kim family's ruling dynasty in North Korea, markets have blossomed and a consumer culture is taking root. The country had little choice but to accept the markets after enduring a devastating famine in the 1990s. But giving up a measure of control over the economy has consequences. So does growing dependent on Chinese imports. The North may be hitting an economic bubble and may face political instability.


Fox's James Murdoch slams Trump's Charlottesville response

NEW YORK (AP) - The CEO of 21st Century Fox has denounced racism and terrorists and expressed concern over President Donald Trump's reaction to the violence in Charlottesville, Virginia. James Murdoch also told friends in a personal email that he and his wife, Kathryn, will donate $1 million to the Anti-Defamation League. Murdoch is the son of media mogul and Trump ally Rupert Murdoch.


11 US states added jobs in July

WASHINGTON (AP) - Hiring increased in 11 U.S. states in July, while the unemployment rate tumbled to record lows in two states. The Labor Department says that unemployment rates were relatively stable in most states. They fell in 15 states and rose in 23, but many of the changes were statistically insignificant.


Eclipse mania sends Americans scurrying to find safe glasses

SALT LAKE CITY (AP) - Eclipse mania is building and so is demand for the glasses that make it safe to view the first total solar eclipse to cross the U.S. in 99 years. Complicating the rising demand from last-minute shoppers was a recent recall by Amazon that forced libraries and health centers around the country to recall glasses they gave away or sold.


China to limit overseas investments in real estate, sports

BEIJING (AP) - The Chinese government is moving to curb domestic companies' investments abroad in property, sports, entertainment and other fields. The move follows a series of high-profile, multibillion-dollar acquisitions by Chinese companies that have drawn heavy scrutiny. A document released Friday by the State Council, China's Cabinet, was the latest move by regulators to tap the brakes on a string of foreign acquisitions by Chinese conglomerates, citing concerns they might be taking on too much debt.


A midday rally fades as sporting goods stocks are penalized

NEW YORK (AP) - US stocks can't maintain a midday rally and finish lower as sporting goods companies sink. Foot Locker plunged in heavy volume after issuing a weak sales forecast. Farm equipment maker Deere also fell. Stocks were coming off their worst day in three months.


Hot stock tip: Chicken Soup for the Soul

NEW YORK (AP) - "These are the times that try men's souls," was written more than two centuries ago, but given events this week, they could have popped up in any blog or tweet in recent days. What better time then, for a little Chicken Soup for the Soul? The provider of positive vibes is becoming a publicly traded company Friday.


Former Uber CEO lashes out at VC firm suing company

SAN FRANCISCO (AP) - Former Uber CEO Travis Kalanick is skewering a lawsuit filed by a former ally, describing it as a malicious attempt to sever his remaining ties to the ride-hailing service that he co-founded. Kalanick lashed out in legal documents filed late Thursday in response to a lawsuit filed against Uber last week by one of its major investors and a former Kalanick supporter, Benchmark Capital.


A sports rout on Wall Street

NEW YORK (AP) - Sporting goods retailers can't shake their losing streak. Shares of sporting goods stores plummeted Friday after Foot Locker and smaller rival Hibbett Sports reported a drop in sales. Both companies also offered gloomy outlooks for the rest of the year.


The S&P 500 lost 4.46 points, or 0.2 percent, to 2,425.55. The Dow Jones industrial average fell 76.22 points, or 0.3 percent, to 21,674.55. The Nasdaq composite shed 5.39 points, or 0.1 percent, to 6,216.53. The Russell 2000 index of smaller-company stocks gave up 1.15 point, or 0.1 percent, to 1,357.79. The index has fallen 6 percent since July 25.

Benchmark U.S. crude oil jumped $1.42, or 3 percent, to $48.51 a barrel in New York. Brent crude, the international standard, added $1.69, or 3.3 percent, to $52.72 a barrel in London. Wholesale gasoline rose 4 cents to $1.62 a gallon. Heating oil added 4 cents to $1.62 a gallon. Natural gas lost 4 cents to $2.89 per 1,000 cubic feet.

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