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Monday Afternoon Business Brief

September 24, 2012, 1:12 PM

Monday Afternoon Business Brief

Stocks are slightly lower on Wall Street. Weakness in Apple shares has led the Nasdaq to lower ground as well.

  • Discover Bank will pay millions of dollars to settle accusations by regulators that it pressured credit card customers to buy payment protection and credit monitoring services. Consumers affected can expect credits to their accounts or a check in the mail.
  • International Monetary Fund chief Christine Lagarde says leaders in the U.S. and Europe need to follow through on promises they've made to ensure the global economy doesn't tank. In her speech today, Lagarde said urgent action is needed most in Europe, the epicenter of the crisis. But she also says the U.S. must avoid the so-called fiscal cliff at the beginning of next year.
  • The company that makes Apple's iPhones suspended production at a Chinese factory after a brawl by as many as 2,000 employees at a dormitory injured 40 people. The cause of the fight is not yet known.
  • Apple says that it sold more than 5 million units of the iPhone 5 in the three days since its launch. That's lower than some analysts expected, but more than what was seen for the previous model, the 4S.

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