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Business Highlights

By The Associated Press
November 07, 2016 08:23 PM

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Print newspapers are dead? Not after historic elections

NEW YORK (AP) — Print newspapers may be disappearing like the home telephone, but not after Election Day.

Remembering the frenzy for old-fashioned papers the morning after Barack Obama's historic win in 2008, newspapers are printing extra copies and setting up temporary retail stands this year, regardless of whether the nation elects the first woman or reality TV star as president.

Many people now rely on Facebook and apps for news, but a screenshot doesn't have quite the same romance as a newspaper's front page.

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US stock market notches biggest gain in 8 months; oil rises

The U.S. stock market rebounded from a nine-day losing streak Monday, posting its biggest gain in eight months.

The gains came as investors mostly focused on the latest developments in the U.S. presidential race a day before the general election.

The FBI announced late Sunday that its review of newly discovered Hillary Clinton emails found no evidence warranting charges. That appeared to ease the market's anxiety, which ratcheted up in recent weeks over signs that the presidential race was tightening, triggering the longest losing streak for the S&P 500 since 1980.

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Oil leaders meet in Abu Dhabi, hoping market now at bottom

ABU DHABI, United Arab Emirates (AP) — The international oil market has hit its bottom, though how long it will be there remains in question, leaders in the industry said at an Abu Dhabi conference on Monday.

As they walked among stands offering a variety of new equipment, those who attended the annual Abu Dhabi International Petroleum Exhibition & Conference no doubt kept the price per barrel in mind, which now sits under $50, down from over $100 in mid-2014.

Oil producers would love to see higher prices, but OPEC so far has been unable to cut output.

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US consumer borrowing rose in September

WASHINGTON (AP) — American consumers boosted their borrowing in September, a potential sign that recent job growth and wage gains have left them slightly more comfortable with holding debt.

The Federal Reserve said Monday that total consumer borrowing in September rose to $3.7 trillion outstanding. Consumer debt has climbed at an annual pace of 6.3 percent.

Revolving credit, which covers credit cards, posted an annual gain of 5.2 percent to $978.8 billion. The non-revolving category, which includes auto and student loans and makes up the bulk of consumer debt, has risen 6.7 percent over the past year to $2.7 trillion.

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Ferrari raises forecasts after record third-quarter earnings

MILAN (AP) — Italian luxury sports car maker Ferrari NV revised its earnings guidance upward on Monday after reporting a record third-quarter profit of 113 million euros ($126 million), up 20 percent over last year.

The company, based in the northern Italian city of Maranello, raised its estimate for full-year earnings before interest, taxes and amortization to above 850 million euros, from above 800 million euros previously. It lowered its estimated debt at the end of the year to below 700 million euros.

CEO Sergio Marchionne told analysts that there would be a "fundamental shift" in Ferrari's powertrains toward hybrids beginning in 2019.

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Tesla to end unlimited free use of supercharging stations

DETROIT (AP) — Electric car maker Tesla Motors has decided to stop offering unlimited free use of its 734 fast charging stations worldwide.

Tesla Motors Inc. says cars ordered after Jan. 1, 2017 will get roughly 1,000 miles worth of credits each year for use at the Supercharger stations. But after the credits are used, owners will have to pay fees. Vehicles ordered or sold on or before Jan. 1 would still get unlimited free charging.

The move means that those who buy Tesla's Model 3, which is due to go on sale next year, won't get unlimited free charging.

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For 1st time, CoverGirl ads feature woman wearing a hijab

CoverGirl is featuring a woman wearing a hijab in its advertising for the first time in the makeup line's history.

Beauty blogger Nura Afia is featured wearing the traditional Muslim head covering in an ad campaign for a new line of mascara that also includes singer Katy Perry and actress Sofia Vergara.

Afia says in a statement released by CoverGirl that she never thought she would see Muslim women represented on this scale after "growing up and being insecure about wearing the hijab."

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Report of different Samsung phone model exploding

PARIS (AP) — A Samsung phone user in France says her Galaxy J5 smartphone caught fire and exploded on Sunday. The model is different from the Galaxy Note 7 that has been recalled worldwide.

Lamya Bouyirdane told The Associated Press on Monday that she noticed the phone was very hot after she asked her four-year-old son to pass it over during a family gathering at her home. She said she threw the phone away when she realized it had "swollen up" and smoke was coming out. The phone then caught fire and the back blew off.

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Windstream to buy EarthLink for about $673 million

NEW YORK (AP) — Windstream is buying rival EarthLink for about $673 million in stock as internet service providers try to bulk up and cut costs with revenue under pressure.

Revenue at EarthLink, which reported earnings as well Monday, fell 13 percent in the third quarter.

Both companies provide internet service, cloud computing and other services. The combined company will keep the Windstream name and be based at its headquarters in Little Rock, Arkansas. EarthLink Holdings Corp. is based in Atlanta.

The companies value the deal, expected to close in the first half of next year, at $1.1 billion when debt is included.

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Japan authorities raid Dentsu in overwork suicide case

TOKYO (AP) — Japanese authorities raided the country's top advertising agency Dentsu on Monday as they launched a criminal investigation into the suicide of a 24-year-old employee due to overwork on suspicion of systematic illegal overtime at the company.

In Japan, labor officials can conduct criminal investigations and hand over cases to prosecutors for possible indictments.

The government recognized in September that the employee died of "karoshi" — death from overwork. Karoshi causes hundreds of deaths and illnesses every year in Japan despite efforts to curb overwork.

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The Dow Jones industrial average climbed 371.32 points, or 2.1 percent, to 18,259.60. The Standard & Poor's 500 index gained 46.34 points, or 2.2 percent, to 2,131.52. The Nasdaq composite added 119.80 points, or 2.4 percent, to 5,166.17.

U.S. benchmark crude oil rose 82 cents, or 1.9 percent, to close at $44.89 a barrel in New York. Brent crude, which is used to price international oils, gained 57 cents, or 1.3 percent, at $46.15 a barrel in London. Other energy futures were mixed. Wholesale gasoline slipped a penny to $1.37 a gallon, while heating oil added a penny to $1.44 a gallon. Natural gas rose 5 cents to $2.82 per 1,000 cubic feet.

Credits

By The Associated Press

Copyright 2016 The Associated Press. All rights reserved.

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