Chinese govt complicates TikTok sale ordered by US govt
NEW YORK (AP) — The Chinese government is complicating the U.S.-government-ordered sale of U.S. TikTok assets. China on Friday introduced export restrictions on artificial intelligence technology, including the type that TikTok uses to choose which videos to spool up to its users. That means TikTok’s Chinese owner, ByteDance, would have to obtain a license to export any restricted technologies to a foreign company. The Trump administration has threatened to ban TikTok and ordered ByteDance to sell it, claiming national security risks. TikTok denies it is a national security risk and is suing to stop the administration from the threatened ban. Prospective buyers for U.S. TikTok assets include Microsoft and Walmart and, reportedly, Oracle.
Amazon wins FAA approval to deliver packages by drone
NEW YORK (AP) — Getting an Amazon package delivered from the sky is closer to becoming a reality. The Federal Aviation Administration said Monday it has granted Amazon approval to deliver packages by drones. Amazon says the approval is an important step, but added that it is still testing and flying the drones. It did not say when it expected drones to make deliveries to shoppers. The FAA said Amazon is the third drone delivery service to win flight approval. Delivery company UPS and a company owned by search giant Google won approval last year.
Delta, American join United in dropping most US change fees
ATLANTA (AP) — Delta and American are following the example set by United Airlines and saying they will drop an unpopular $200 fee on customers who change a ticket for travel within the United States. The moves come as airlines try desperately to lure people back to flying. Although air travel has recovered slightly since April, it is still down sharply. Normally in summer, 2 million or more people pass through security checkpoints at U.S. airports each day. That number hasn’t been above 900,000 since the early days of the pandemic in mid-March. But in dropping change fees, airlines are abandoning a lucrative extra.
Stocks end a bumpy day mostly lower, still notch August gain
NEW YORK (AP) — Stocks ended mostly lower on Wall Street Monday as the market gave back some of its recent gains following a five-week winning streak. The S&P 500 lost 0.2% as declines in banks and industrial stocks offset more gains for technology companies. It still managed to end August up 7%, its fifth monthly gain in a row and its biggest since April. It was the first day of trading after stock splits for Apple and Tesla, and also the first day for a revamped Dow Jones Industrial Average. Saleforce.com, Honeywell and Amgen have joined the blue chip club. Treasury yields fell.
Zoom rides pandemic to another quarter of explosive growth
SAN RAMON, Calif. (AP) — Zoom’s videoconferencing service is deepening its integral role in life during the pandemic as thousands more businesses and other users pay for subscriptions to get more control over their virtual meetings. The surge in paying customers enabled Zoom to hail another quarter of astounding growth in a report released Monday. The company’s revenue for the May-July period more than quadrupled from the same time last year to $663.5 million while its profit soared too. Zoom also forecast its revenue for the rest of the year will be much higher than expected, sending its already lofty stock price to new highs after the results came out.
Pandemic tests shopper loyalty for clothing brands
NEW YORK (AP) — A slew of once-beloved brands from Lord & Taylor to Ann Taylor have filed for Chapter 11 since the pandemic. Many shoppers will see these iconic labels vanish or become mere shadows of themselves as they drastically shrink their businesses or get acquired. But while loyal customers bemoan their loss, the brands themselves have been clearly losing favor for years. Even before the pandemic, shoppers faced an abundance of choices online and were becoming less loyal to clothing labels. Now they pay close attention to not just fit and style but quick deliveries, curbside pickup and an overall better online experience.
Survey: China manufacturing logs feeble growth in August
BEIJING (AP) — A survey shows China’s manufacturing activity held steady in August while domestic demand helped to offset weaker sales in exports markets that are struggling with the coronavirus pandemic. The monthly purchasing managers’ index released by the Chinese statistics agency and an industry group declined to 51 from July’s 51.1 on a 100-point scale on which numbers above 50 indicate activity increasing.
Administration: 70% of relief payments to the dead recovered
WASHINGTON (AP) — The Trump administration says that it has recovered nearly 70% of the relief payments that went to dead people. The Government Accountability Office said Monday that it had been told by the Treasury Department that it had recovered nearly 70% of the $1.6 billion in relief payments that had mistakenly gone to dead people. The economic stimulus payments included payments of $1,200 for individuals who had income levels low enough to qualify and were were part of a $2.6 trillion bailout package lawmakers passed in March.
The S&P 500 fell 7.70 points, or 0.2%, to 3,500.31. The Dow Jones Industrial Average lost 223.82 points, or 0.8%, to 28,430.05. The Nasdaq rose 79.82 points, or 0.7%, to 11,775.46. The Russell 2000 index of small company stocks fell 16.47 points, or 1%, to 1,561.88.