Tuesday Afternoon Business Brief
September 10, 2013, 1:38 PM
- Stocks are rising and oil prices are falling as the risk of a U.S. attack on Syria seems to be fading. Stocks set new highs in early August, but worries over Syria have pushed them lower since then. And even though Syria isn't a big oil producer, the possibility of a wider conflict in the region drove oil prices to two-year highs last week.
- Apple says it's planning to release two new iPhone designs later this year. The iPhone 5C comes in five colors, has a 4-inch Retina display and is powered by Apple's A6 chip. It also has an 8 megapixel camera, live photo filters and a rear cover that lights up. The iPhone 5S will run on a new chip, the A7, which is up to twice as fast as the A6. Apple also announced that its next mobile operating system, iOS 7, will be available as a free download on Sept 18.
- Wal-Mart is launching a smartphone trade-in program later this month that will help consumers trade up to the newest phones available. The world's biggest retailer says shoppers who trade in their working, undamaged phone will receive a credit of $50 to $300 toward the purchase of a new phone. Wal-Mart says consumers can receive $300 credit for an Apple iPhone 5, $175 for a Samsung Galaxy SIII and $52 for a Samsung Galaxy S2.
- The Food and Drug Administration says at least 89 people have reported getting sick after eating Chobani Greek yogurt manufactured in Twin Falls, Idaho. No link has been confirmed between the illnesses and the yogurt, but the FDA says it's working with the company to hasten its voluntary recall. Chobani last week told grocery stores to destroy 35 varieties of yogurt reported to have been contaminated by a mold associated with dairy products.
- The income gap between the richest 1 percent and the rest of America last year reached the widest point since the Roaring Twenties. The top 1 percent of U.S. earners collected 19.3 percent of household income in 2012, their largest share since 1928. And the share held by the top 10 percent of earners last year reached a record 48.2 percent. That's according to an analysis of IRS figures dating to 1913 by economists at the University of California, Berkeley, the Paris School of Economics and Oxford University.
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