Business Briefs – January 8, 2019

World Bank Cuts Forecast for World Economic Growth in 2019

WASHINGTON (AP) — The World Bank is downgrading its outlook for the global economy this year, citing rising trade tension, weakening manufacturing activity and growing financial stress in emerging-market countries. In a report titled “Darkening Skies,” the anti-poverty agency said Tuesday that it expects the world economy to grow 2.9 percent in 2019, down from the 3 percent it forecast back in June. It would be the second straight year of slowing growth: The global economy expanded 3 percent last year and 3.1 percent in 2017.

What’s in a Name? 5G Wireless Claims, But No Real Network

NEW YORK (AP) — 5G E? 5G Plus? 5G Ultrawideband? Will the real 5G please stand up?

AT&T has drawn ridicule by relabeling the network used by some of its phones as “5G E” to signal that the next-generation wireless network is here.

Problem is, phones capable of connecting to 5G aren’t coming for another few months, and a national 5G network won’t be deployed until 2020 or 2021.

But Verizon, which complained Tuesday about AT&T’s move, did something similar when it launched a residential wireless service with the 5G moniker using its own proprietary technology. Although there are now industry standards specifying exactly what 5G networks must meet, dubbed “5G NR,” there are still some grey areas, particularly when it comes to marketing.

Carriers are using all tools at their disposal as they race to try to convince consumers they’ll be “first” with 5G.

Nissan’s Ex-Chair Ghosn Appears In Court, Asserts Innocence

TOKYO (AP) — The former chairman of Japan’s Nissan Motor Co. has told a Tokyo court that he was “wrongfully accused” of false financial reporting and other allegations. In his first public appearance since he was detained on Nov. 19, Ghosn denied any wrongdoing and proclaimed his loyalty to the company. Explaining Ghosn’s lengthy detention, the judge said he was considered a flight risk.

Consumer Borrowing Growth Up $22.1 Billion in November

WASHINGTON (AP) — Americans slowed their pace of borrowing slightly in November, but it still grew by a robust $22.1 billion. Solid auto and student loans offset some of the decline in the category that covers credit cards.

U.S. Medical Marketing Reaches $30 Billion, Drug Ads Top Surge

WASHINGTON (AP) — A new analysis shows annual spending by the U.S. health industry on ads and promotions has reached $30 billion. That includes spending on advertisements for prescription drugs that appeared 5 million times in 2016. The analysis published Tuesday found spending on consumer-focused ads climbed fastest over two decades. But marketing to doctors and other health professionals grabbed the biggest share.