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Business Highlights

By The Associated Press

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Apple to produce line of Macs in the US next year

Apple CEO Tim Cook says the company will move production of one of its existing lines of Mac computers to the U.S. next year.

Industry watchers said the announcement is both a cunning public-relations move and a harbinger of more manufacturing jobs moving back to the U.S. as wages rise in China.

The company and its manufacturing partner Foxconn Technology Group have faced significant criticism this year over working conditions at the Chinese facilities where Apple products are assembled.

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Wells Fargo boss talks bank fees, economy, taxes

John Stumpf is a survivor. The Wells Fargo CEO kept his job as peers fell after the 2008 financial crisis, expanded his company while others shrank theirs and is a personable banker at a time of great anger toward his industry.

In a wide-ranging Q&A with The Associated Press, Stumpf sounds off about the economy, bank fees and tax policy.

He says the economy needs "more planning and more leadership."

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ECB cuts growth outlook for eurozone, holds rates

The European Central Bank warned of another gloomy year for the 17 European Union countries that use the euro, cutting its forecast for economic growth in 2013 from plus 0.5 percent to minus 0.3 percent.

Even so, the bank left rates unchanged at its meeting Thursday, and ECB head Mario Draghi gave little sign he was leaning toward any more cuts to stimulate growth.

The ECB's revised forecasts come as the eurozone's economy is caught in a recession.

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SUPERSTORM-BOOM AND BUST

Landscaping crews use heavy equipment to repair damage from Superstorm Sandy, racking up overtime pay at a time of year when many are typically looking for part-time jobs to carry them through the winter. Just down the road, business is more subdued at a restaurant where the word "OPEN" in black spray paint greets the few customers.

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