NEW YORK (AP) — Stocks are rising in early afternoon trading on Wall Street after two days of losses. Worries over the timing of a U.S. interest rate hike and economic weakness in China have kept trading subdued. China’s manufacturing growth in August and imports unexpectedly shrank by 2.4 percent.
NEW YORK (AP) — Apple stock is up almost 3 percent, a day after it announced a new smartwatch, a bigger iPhone and a new mobile-payment system. But eBay fell 3 percent over fears its PayPal division will lose business to Apple’s payment system.
LOS ANGELES (AP) — Federal authorities have arrested nine people and seized roughly $65 million in a crackdown on suspected laundering of drug money in the fashion district of Los Angeles. The U.S. attorney’s office says about 1,000 law enforcement agents raided dozens of businesses in the downtown fashion district early today. Authorities allege that individuals working with drug cartels arranged for cash to be delivered to businesses for goods sold abroad to launder drug money.
SALT LAKE CITY (AP) — Federal authorities say an upscale hotel chain has agreed to pay $2 million to settle allegations that 43 Utah employees working in the country illegally returned to work after they were flagged by an immigration audit and fired. U.S. Immigration and Customs Enforcement says midlevel and lower-level managers at Salt Lake City’s Grand America Hotel formed temporary employment agencies to rehire the fired workers. Prosecutors say 43 workers returned to their jobs within days using false names and documents.
WARSAW, Poland (AP) — Poland’s gas monopoly says Russian natural gas deliveries to Poland have dropped by almost a quarter this week, forcing it to stop supplying gas on to Ukraine. The reason for the drop isn’t clear. Some commentators believe it to be retaliation by Moscow against Poland for its decision to help Ukraine with gas. An energy company in neighboring Germany also says it registered small reductions in deliveries of Russian gas, but not enough to affect its supply situation.
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