Global Glance: Apple reports revenue drop, Germany to subsidize electric cars

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Here are today’s top business headlines from across the nation and world:

Apple reports iPhone sales down, first revenue drop since 2003

SAN FRANCISCO (AP) — Apple sold more than 51 million iPhones in the first three months of this year – and that’s the problem. That’s 10 million fewer iPhones than the tech giant sold during the same quarter a year ago. As a result, Apple on Tuesday reported its first drop in quarterly revenue in 13 years – and the first-ever year-over-year decline in iPhone sales. Read more


Germany to subsidize electric cars to help own auto industry

BERLIN (AP) — Germany’s auto industry risks being overtaken by foreign competitors unless it receives greater domestic support, the country’s economy minister said Wednesday, announcing a 1 billion euro ($1.13 billion) plan to subsidize electric cars that are seen as the technology of the future. Read more


High product, labor costs lead to decline in Boeing’s profit

CHICAGO (AP) — Aerospace giant Boeing Co. saw its quarterly earnings plunge 9 percent compared to last year, with the Chicago-based company posting $1.2 billion in profits. Revenues were up 2 percent to $22.6 billion but that was not enough to offset higher costs for Boeing’s products and labor. Read more


Stung by low oil prices, Exxon loses ‘AAA’ rating from S&P

NEW YORK (AP) — Low oil prices have helped cost Exxon its pristine “AAA” credit rating from Standard & Poor’s, a label it held for over six decades. The top “AAA” credit rating from S&P means a company’s debt is the safest possible investment. Now only two other U.S. corporations are rated triple-A by S&P: consumer and medical products company Johnson & Johnson and technology company Microsoft Corp. Read more


Chobani giving employees shares in company

NEW YORK (AP) — Chobani says it is giving its employees an ownership stake in the privately held company. The Greek yogurt maker says the shares being distributed would amount to 10 percent of the company’s future value in the event of a sale or initial public offering. It says each of its approximately 2,000 full-time employees will receive shares based on their role and time spent with the company. Read more

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