Thursday Morning Business Brief – August 11


Global stocks have been mixed today amid concerns over falling oil prices and a forecast easing of world demand for it. In Asia, there was some disappointment over New Zealand central bank’s interest rate cut and volumes were affected by the closure of Japan’s stock exchange for a holiday. Wall Street is expected to open higher this morning.

WASHINGTON (AP) – Investors will be reviewing today the latest government report on last week’s unemployment claims. Also, Freddie Mac will release the weekly mortgage rates. And Macy’s will report its quarterly financial results before the market opens.

CANBERRA, Australia (AP) – Australia has announced it plans to block Chinese bidders from leasing a major Sydney electricity grid on national security grounds. Treasurer Scott Morrison says that Chinese state-owned State Grid Corp. and Hong Kong-registered Cheung Kong Infrastructure Group have until next Thursday to respond to his preliminary view that their leasing a 50.4 percent stake in Ausgrid over 99 years would not be in the national interest.

MEMPHIS, Tenn. (AP) – A federal appeals court on Wednesday overturned a Federal Communications Commission ruling allowing city-owned broadband services to expand into areas overlooked by commercial providers. The decision comes as part of a dispute between the FCC and two states, Tennessee and North Carolina, about expanding superfast internet service in their respective cities of Chattanooga and Wilson to surrounding areas.

LOS ANGELES (AP) – Two rare one-cent coins from the earliest days of the U.S. Mint have sold for a pretty penny. The copper coins, both dating to 1792, went for a combined total of $869,500 at the auction held Wednesday in Anaheim, California. One of them, known as the “Birch Cent,” sold for $517,000. The other, known as the “Silver Center Cent,” went for $352,500.

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