Briefs: Apple could unveil smartwatch, new iPhone at Sept. 9 event; Teens ditch Abercrombie & Fitch
Here's what's happening in the world of business on Aug. 28, 2014.
Apple's next big product event will take place on Sept. 9, the company announced on Thursday. Apple is expected to introduce new iPhone models, but could release its much-anticiapted smartwatch.
Russian hackers are being investigated in a breach at JPMorgan Chase and four other banks. The bank told Bloomberg News that the hackers targeted customer's account information, but no accounts had lost money. Investigators are probing whether the hacking was in retaliation for U.S. sanctions in Russia over the Ukraine crisis.
Shelves are being filled at Market Basket after a six-week standoff ended Wednesday with the reinstatement of Arthur T. Demoulas as CEO, who workers backed. Demoulas and his cousin, Arthur S. Demoulas, had been locked in a family feud over the New England supermarket chain.
Dollar General isn't taking 'no' for an answer. The discount retailer said its $9 billion bid for Family Dollar, though rejected by the company in favor of Dollar Tree's smaller $85. billion bid, could pick up investor backing.
Teens aren't swooning over Abercrombie & Fitch any more, and the company's stock took a beating Thursday after releasing sales number that show the trend. Sales at stores open more than a year fell 11 percent in the quarter. But not just A&F that's getting the cold shoulder from teens. Aeropostale is also suffering, as teens are spending less time at malls.
Canadians are a little worried that their beloved Tim Hortons will change now that it will be owned by Burger King, but the coffee and baked goods retailer that accounts for 75 percent of all coffee served in Canada has launched a major ad campaign promising it will stay the same.
L.L. Bean is closing a call center in Bangor, Maine, because it says more people are ordering online, instead of calling in. The outdoors clothing and equipment retailer said it will cut 220 jobs, but many workers could be given other positions in the company.
Chicken cutlets distributed by New Jersey-based Tnuva USA may be contaminated with listeria, and the company has issued a recall on about 8,300 pounds of the product.
It's the economy
The U.S. economy grew faster than expected in the second quarter, climbing 4.2 percent between April and June, after heavy winter weather caused the economy to shrink. Economists think the weak first quarter will hurt the growth average for 2014, and are predicting a 2.1 percent increase for the full year, less than 2013. Still, the good news hasn't changed the opinion of many Americans, who are largely pessimistic about where the economy is headed.
Bank earnings are up by about 5.2 percent in the second quarter, the Federal Deposit Insurance Corp. said, with U.S. institutions pulling in $40.2 billion. Only 7 percent lost money in the quarter.
Home contract signings are also up in July as home prices rose at a slower rate.
Alibaba says sales are surging before the Chinese Internet retailer's initial public offering. The company reported it earned $2 billion in the latest quarter on $2.54 billion sales.
Apple's move to block nine Samsung phones from being sold because they use copyrighted Apple tech was blocked by a federal judge who argued that Samsung's theft hasn't hurt Apple's sales or reputation. Samsung was fined $119 for infringing on Apple patents.
News with wheels
Production of the very sleek 2015 Ford Mustang has started, and the Detroit automaker said it plans to build about 300,000 of them to sell across the world.
South Korean diners have lost their appetites for dog meat, especially in younger generations. The shift in tastes has forced the country's oldest restaurant serving dog meat to close.