1 Million Chinese (and Counting) Pre-Order iPhone

Morning Money Memo:

A huge new market is about to open for Apple. China Mobile, the world's largest cellphone provider, says it has received more than 1 million pre-orders for the iPhone, which goes on sale at its outlets later this week. Apple CEO Tim Cook has called the deal with China Mobile "a watershed moment," according to The Wall Street Journal. Cook told reporters that he is "incredibly optimistic" about the deal with the Chinese carrier. China Mobile has more than 750 million subscribers. Its agreement with Apple was announced last month.

American executives are planning for rising sales and growth. More business travelers are expected to hit the road this year and they'll spend more on hotel rooms and car rentals. A report by the Global Business Travel Association says that U.S. business travel spending is expected to rise 6.6 percent in 2014. A main driver is an anticipated 12 percent jump in spending on trips overseas to $36.7 billion as the eurozone recovers. Europe is the largest overseas market for U.S. firms.

A federal court's decision on net neutrality could allow your Internet provider to block or charge more for certain websites. The court set aside the FCC's net neutrality rules. Wired broadband providers were barred from prioritizing some kinds of Internet traffic over others. But major cable providers have pledged not to do the kinds of things the rules were designed to ban. And the regulations didn't apply fully to wireless providers even as Americans are increasingly using mobile devices to access Internet content.

The stock market bounced back Tuesday after Monday's sharp drop. The Dow Jones Index rose 116 points and futures are up this morning. Intel rose 4 percent after an analyst upgraded the chipmaker's stock. Tesla gained 7 percent. The electric car company reported stronger-than-expected sales.

Battery problems resurfaced on Boeing's 787 after gas was discovered coming out of a battery on a plane parked at Tokyo's main international airport. Boeing said the problem on a Japan Airlines 787 was discovered during scheduled maintenance. No passengers were aboard. The company said it appears that a single battery cell "vented," or released gas.

Richard Davies Business Correspondent ABC News Radio abcnews.com Twitter: daviesnow

Join the Discussion
blog comments powered by Disqus
You Might Also Like...