Global stocks slump … Apple closing iPhone security gap used by law enforcement … KY bourbon company returns home
SEOUL, South Korea (AP) – Global stocks slumped today after the U.S. Federal Reserve raised its key interest rate and said it would pick up the pace of future increases. In early trading, Britain’s FTSE 100 retreated 0.7 percent, France’s CAC 40 fell 0.4 percent and Germany’s DAX was down 0.3 percent. Japan’s Nikkei 225 closed down 1 percent while South Korea’s Kospi plunged 1.8 percent. Hong Kong’s Hang Seng index dropped 0.9 percent. A lackluster start is expected on Wall Street, with S&P and Dow futures flat.
SAN FRANCISCO (AP) – Apple is closing a security gap that allowed outsiders to pry personal information from locked iPhones without a password. The change may thwart law enforcement agencies that exploited the vulnerability to collect evidence in criminal investigations. The loophole will be shut down in a forthcoming update to Apple’s iOS software, which powers iPhones. Apple says it respects the jobs of law enforcement officials, but believes it must protest its customers from “intrusions into their personal data.”
LONDON (AP) – A survey says that the amount of shares that companies list on stock exchanges fell by a fifth in the first half of 2018 due to geopolitical tensions like Brexit and the threat of trade wars. In a report released today, law firm Baker McKenzie cites the lack of progress in Britain’s exit from the European Union and President Donald Trump’s decision to impose tariffs on several countries.
CHICAGO (AP) – Chicago has chosen a company founded by Tesla CEO Elon Musk to build an express service from downtown to O’Hare International Airport reaching speeds up to 150 mph. A spokesman for Mayor Rahm Emanuel confirms the selection of The Boring Company. Adam Collins says the service will transport passengers between O’Hare and downtown in roughly 12 minutes using electric vehicles that will run through two underground tunnels.
LOUISVILLE, Ky. (AP) – Old Forester, the bourbon that launched a family dynasty and a spirits company, has returned to its pre-Prohibition Kentucky home in a newly renovated building that symbolizes the brand’s comeback from years of decline. The Old Forester Distilling Co. opens its doors to tourists Friday along a stretch of downtown Louisville known as Whiskey Row for its historic ties to Kentucky’s bourbon industry.