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AT&T (NYSE:T) set a sales record with the Apple (NASDAQ:AAPL) iPhone 5 over the weekend. It is now the fastest-selling iPhone the company has offered. Customer activity represented the most for AT&T iPhone pre-orders for any previous model and during the weekend. A new Barclays analysis forecasts large year-over-year Chinese export gains in September and October, assisted by iPhone 5 sales.
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U.S. regulators are supposedly investigating whether JP Morgan Chase (NYSE:JPM) failed to properly monitor transactions, enabling criminals to launder money. The Office of the Comptroller of the Currency is overseeing the money-laundering investigation. This comes as a time when JPM’s share price moved back to levels last seen before May 10 news of the London Whale trading debacle.
Royal Dutch Shell (NYSERDS.A) (NYSE:RDS.B) will delay its hunt for oil off the Alaskan Arctic until 2013 after a dome that would be used to hold oil in the instance of a spill, had been damaged in testing. Shell said it will continue working in this area but it will drill the top portion of wells before temporarily shutting holes and returning next year. With the short drilling season in the Arctic’s Chuckhi Sea, Shell continues waiting for final permits to enable them to proceed.
The U.S. Treasury Department is supposedly unwilling to sell the government’s General Motors (NYSE:GM) stake because a sale would result in large investment losses. Earlier this year, GM reportedly floated a plan with Treasury officials to repurchase 200 million of the approximate 500 million shares held by the U.S. government of the company, with the Treasury selling the remaining shares via a public offering; the government is disinterested in GM’s offer at the current price. With GM’s Friday close share price at $24.14, the U.S. would lose almost $15 billion on the GM bailout if the entire stake was sold.
Over the weekend, anti-Japanese protests exploded in China during a territorial dispute that could affect trade ties between the large Asian economies. Toyota (NYSE:TM) and Honda (NYSE:HMC) said arsonists badly damaged their stores in the eastern port city of Qingdao, and Canon (NYSE:CAJ) and Panasonic (NYSE:PC) will halt some China-based production from safety concerns. The two countries have a long dispute over a group of uninhabited islands in the East China Sea; this contains the potential for large natural gas reserves.
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