Business Briefs – September 11, 2017

Apple May Test the Bounds of iPhone Love With a $1,000 Model

SAN FRANCISCO (AP) – Apple is expected to sell its fanciest iPhone yet for $1,000, crossing into a new financial frontier that will test how much consumers are willing to pay for a device that’s become an indispensable part of modern life. The unveiling of a dramatically redesigned iPhone will likely be the marquee moment Tuesday when Apple hosts its first event at its new Cupertino, California, headquarters.

Harvey and Irma to Slow U.S. Economy But Rebound Should Follow

WASHINGTON (AP) – Damage estimates from the two storms are still early, particularly for Irma. Hurricane Harvey will likely cost up to $108 billion, according to Bank of America Merrill Lynch. Mark Zandi of Moody’s Analytics estimates that Irma will cause $64 billion to $92 billion in damage.

States Sue Trump Administration Over Fuel Economy Fines

DETROIT (AP) — New York, California and three other states are suing the Trump administration, saying it must put in place higher penalties for automakers who violate federal fuel economy standards. The U.S. Department of Transportation more than doubled civil penalties for fuel economy violations last year after Congress ordered agencies to adjust their fines for inflation.

Getting Up to Speed on the Equifax Data Breach Scandal

NEW YORK (AP) – Equifax has been scrambling to explain itself since disclosing last week that it exposed vital data about 143 million Americans. It’s come under fire come from members of Congress, state attorneys general, and people who are getting conflicting answers about whether their information was stolen. Equifax is trying again to clarify language about people’s right to sue, and said Monday it has made other changes to address customer complaints.

Diesels on Display in Frankfurt Auto Show Despite Scandal

FRANKFURT, Germany (AP) – German automakers stung by scandal and controversy about excessive diesel emissions will be touting their electric, high-tech and emissions free credentials at their home auto show in Frankfurt. Yet diesels will still be lurking under the hood of many a car — though carmakers may not feel like broadcasting that just at the moment.

UK Govt Warns of Brexit Chaos If Lawmakers Don’t Back Bill

LONDON (AP) – The British government says Brexit will descend into chaos if lawmakers reject a bill designed to lay the legislative groundwork for the country’s EU exit. Lawmakers are voting on the European Union (Withdrawal) Bill, which aims to convert some 12,000 EU laws and regulations into domestic statute when Britain leaves the bloc in March 2019. Opponents have branded it a power grab by the government.