US fight over gunman’s locked iPhone could have big impact
WASHINGTON (AP) — A U.S. magistrate’s order for Apple Inc. to help the FBI hack into an iPhone used by the gunman in the mass shooting in San Bernardino, California, sets up an extraordinary legal fight with implications for ordinary consumers and digital privacy.
It brings to a head a long-simmering debate between technology companies insistent on protecting digital privacy and law enforcement agencies concerned about becoming unable to recover evidence or eavesdrop on the communications of terrorists or criminals.
Apple CEO Tim Cook said that the order would force the company to build a “backdoor” to bypass digital locks protecting consumer information on its popular iPhones.
As deaths rise, so do chances of total Takata air bag recall
DETROIT (AP) — As the Takata air bag saga drags on, concerns are growing that tens of millions of U.S. drivers with cars that haven’t been recalled could be at risk of death or injury from the potentially defective devices.
Federal safety regulators last month confirmed that a South Carolina man’s death in December was caused by a driver’s air bag inflator that wasn’t under recall. It was the ninth Takata-related fatality in the U.S.
Critics say the government’s current approach of issuing recalls piecemeal, “appears to be confusing many consumers” who wonder if their cars have an unsafe air bag that hasn’t been recalled.
Iran snubs Doha proposal, won’t freeze oil output
TEHRAN, Iran (AP) — Iran appeared Wednesday to back a plan laid out by four influential oil producers to cap their crude output if others do the same, though it offered no indication that it has any plans to follow suit itself.
The agreement reached in Doha the day before by Qatar, Saudi Arabia, Russia and Venezuela is aimed at stabilizing global oil prices, which recently plunged to less than $30 a barrel, a 13-year low. But Iran is keen to ramp up exports to regain market share now that sanctions related to its nuclear program have been lifted under a landmark agreement.
US factory output rises in January by most in 6 months
WASHINGTON (AP) — U.S. factories cranked out more autos, furniture and food last month, boosting production by the most since July.
Manufacturing output rose 0.5 percent in January, after falling in four of the previous five months, the Federal Reserve said Wednesday. Overall industrial production, which includes mining and utilities, added 0.9 percent, the biggest jump in 14 months.
The data could raise hopes that manufacturing may be stabilizing after output declined for much of last year.
US housing starts fall in notably cold and snowy January
WASHINGTON (AP) — Cold winter weather appears to have cut into homebuilding in the Midwest and Northeast, causing the pace of construction to tumble in January.
Housing starts slipped 3.8 percent last month to a seasonally adjusted annual rate of 1.1 million homes, the Commerce Department said Wednesday.
The setback occurs after months of improvement for the real estate market. For all of 2015, builders broke ground on 1.1 million properties, the most since 2007 when the housing bubble was beginning to burst into a broader recession.
US producer prices up 0.1 percent in January
WASHINGTON (AP) — U.S. producer prices edged up slightly in January as the biggest rise in food costs in eight months offset a further decline in energy prices. The tiny overall increase indicated that inflation pressures remain modest.
The Labor Department said Wednesday that its Producer Price Index rose 0.1 percent in January after having fallen 0.2 percent in December. Over the past year, the PPI, which measures inflation pressures before they reach the consumer, is down 0.2 percent.
Minutes show Fed worried by global turmoil
WASHINGTON (AP) — Federal Reserve policymakers expressed growing concerns at their meeting last month about potential threats to the U.S. economy, including turbulence in financial markets, plunging oil prices and slowing growth in China and other emerging markets.
Minutes of their discussions released Wednesday showed Fed officials acknowledging that the developments made it difficult to forecast growth and inflation.
The officials said their outlook had grown more uncertain, and they stressed that the pace of any interest-rate increases would hinge on the latest economic data. The Fed raised rates from record lows in December, the first hike in nearly a decade.
Nike drops Manny Pacquiao in wake of anti-gay statements
Manny Pacquiao’s latest disparaging comments about gays have cost him a contract with Nike.
It may not be the only endorsement Pacquiao loses, even as he and promoter Bob Arum scramble to contain the damage done by a television interview in the Philippines in which the boxer said gay people “are worse than animals.”
Nike issued a brief statement Wednesday saying it was severing its ties with the boxer over his comments about gays. The company said it no longer will have any business dealings with the boxer.
Bombardier to cut about 7,000 jobs, hire for growth areas
NEW YORK (AP) — Bombardier says it plans to cut approximately 7,000 jobs — or about 10 percent of its global workforce— over two years, even as it adds jobs in growing areas of its business.
The company said Wednesday that the job cuts will include production and non-production employees, with 2,000 of the positions being contractors. It had 70,900 employees worldwide at 2015’s end, according to Bombardier.
The positions to be eliminated are mostly in Canada and Europe.
China‘s Tianjin Tianhai buying Ingram Micro for $6 billion
WASHINGTON (AP) — Chinese shipping company Tianjin Tianhai says it is buying U.S. logistics firm Ingram Micro Inc. for roughly $6 billion.
The all-cash deal amounts to $38.90 per share for Ingram, which distributes information technology products and services.
Tianjin Tianhai said in a statement that the combination should expand its geographic reach as well as its product and service offerings.
Toyota recalls over 1.1M SUVs for possible seat belt failure
DETROIT (AP) — Toyota is recalling more than 1.1 million small SUVs in the U.S. because the seat belts might fail in a crash.
The recall covers RAV4 SUVS from the 2006 through 2012 model years, as well as the RAV4 electric vehicle from 2012 through 2014.
Toyota says it’s possible that the belts in both second-row outside seats could come in contact with the metal seat cushion frame in a severe frontal crash. If that happens, the belts could become cut and would not restrain passengers.
The Dow Jones industrial average rose 257.42 points, or 1.6 percent, to 16,453.83. The Standard & Poor’s 500 index picked up 31.24 points, or 1.7 percent, to 1,926.82. The Nasdaq composite index gained 98.11 points, or 2.2 percent, to 4,534.06.
The price of U.S. crude jumped $1.62, or 5.6 percent, to $30.66 a barrel in New York. Brent crude, a benchmark for international oils, rose $2.32, or 7.2 percent, to $34.50 a barrel in London.
In other energy trading, wholesale gasoline rose 3.3 cents to $1 a gallon. Heating oil rose 6.1 cents, or 5.9 percent, to $1.088 a gallon. Natural gas added 3.9 cents, or 2 percent, to $1.942 per 1,000 cubic feet.