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September 10, 2014 05:46 AM

Wednesday Morning Business Brief

Beijing, China

International stock markets sank today under the weight of worries about the possible timing of a U.S. rate hike, economic weakness in China and an impending referendum on Scottish independence. Futures point to more Wall Street losses at this morning's opening. Benchmark U.S. crude oil fell to just above $92.50 a barrel. The dollar gained against the euro and the yen.

  • Apple is betting that people want to pay with a tap of the phone rather than a swipe of the card. The technology company has introduced a new digital wallet service called Apple Pay that is integrated with its Passbook credential-storage app and its fingerprint ID security system. The announcement came as Apple introduced several new products including a new, larger iPhone 6 and a watch.
  • Nevada wants Tesla and Gov. Brian Sandoval is expected to call state lawmakers into a special session Wednesday to consider an extraordinary package of tax breaks and incentives worth up to $1.3 billion to seal a factory construction deal. Sandoval says the plant and its 6,500 workers would generate more than 20,000 construction and other related jobs and up to $100 billion for Nevada's economy over the next 20 years.
  • France's finance minister says the country will miss the European Union's deficit target for three more years and he is lowering growth projections for this year and next. Finance Minister Michel Sapin said France's deficit would be around 4.3 percent of GDP in 2015 and would not dip under the 3 percent target for EU countries until 2017. He revised down the country's growth figures yet again to 0.4 percent this year and 1 percent for next year.
  • Venezuela's central bank has acknowledged what anyone watching the prices on the shelves already knew. The South American country's inflation rate is continuing to soar. After withholding monthly inflation data through the summer, the central bank says inflation over the past 12 months has reached 63.4 percent. It's believed to be the world's fiercest inflation. Venezuela's bolivar currency plunged to a record low in black market trading. The weakening currency has hurt investment and makes basic goods hard to find.
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