Friday, May 24, 2024

Business Highlights

by Associated Press

Trump went even further than other uber-rich to shrink taxes

WASHINGTON (AP) — The tax-avoidance strategies that President Donald Trump capitalized on to shrink his tax burden to essentially zero are surprisingly common among major real estate developers and other uber-wealthy Americans. Yet Trump, a property mogul turned politician, characteristically pushed those strategies to the limit, perhaps to the breaking point. So say tax experts in the wake of a New York Times report Sunday that found that Trump paid only $750 in taxes in both 2016 and 2017 — and none at all in 11 of the 18 years that the newspaper examined.

Will the Trump administration be able to ban TikTok?

NEW YORK (AP) — A federal judge on Sunday postponed a Trump administration order that would have banned the popular video sharing app TikTok from U.S. app stores. A more comprehensive ban remains scheduled for November, about a week after the presidential election. But the judge, Carl Nichols of the U.S District Court for the District of Columbia, cast doubt on the merits of the government’s argument that TikTok is a national security threat because of its ties to China. The ruling followed an emergency hearing Sunday morning in which lawyers for the Chinese-owned app argued that the ban would infringe on First Amendment rights and do irreparable harm to the business.

Wall Street claws back some of its losses from September

NEW YORK (AP) — Wall Street rallied Monday as the stock market clawed back some of its sharp losses from September. The S&P 500 rose 1.6%, following up on its first four-week losing streak in more than a year. It’s still down 4.2% for the month. Several companies announced big mergers and acquisitions, which helped to push markets higher. Big Tech stocks, which have been getting the most criticism for getting too expensive following their strong pandemic run, did most of the heaviest lifting. Energy stocks made broad gains after Devon Energy and WPX Energy agreed to combine.

Uber gets 18-month London license after winning court appeal

LONDON (AP) — Uber can keep operating in London after it won its appeal of a decision by the British capital’s transit regulator not to renew its license. The San Francisco-based ride-hailing company had challenged Transport for London’s decision in late 2019 not to renew its operating license over safety concerns involving imposter drivers. Deputy Chief Magistrate Tan Ikram said Monday he found Uber to be “fit and proper” and granted the company an 18-month license with conditions. It’s a crucial legal victory in a lucrative European market as the company struggles to turn a profit.

Cyberattack hobbles major US/UK hospital chain

WASHINGTON (AP) — A major hospital chain operating in the U.S. and Britain says its computer networks were knocked offline by an unspecified security issue. Universal Health Services, which has 400 hospitals and clinics, said on its website Monday that its network was offline and doctors an nurses had to resort to paper records. It said no patient or employee data appeared to have been accessed. People posting online claiming to be employees of the chain said its network was hit by ransomware.

US judge dismisses New Mexico privacy claims against Google

ALBUQUERQUE, N.M. (AP) — A U.S. district judge has dismissed New Mexico’s privacy claims against Google. The judge concluded in a ruling Friday that federal laws and regulations do not require direct consent from parents when schools participate in Google’s education platforms. The company had asked that the case be dismissed, saying in court filings that it hasn’t violated any laws. The lawsuit was filed in February 2020, alleging that Google violated state and federal laws by collecting personal information.

Amazon to kick off holiday shopping with October Prime Day

NEW YORK (AP) — Amazon is looking to kickstart holiday shopping early this year. The company said Monday that it will hold its annual Prime Day sales event over two days in October That’s because the pandemic forced it to be postponed from July. It’s the first time the sales event is being held in the fall. Even before Amazon’s announcement, major retailers have said they planned to push shoppers to start their holiday shopping in October, hoping to avoid crowds in their stores in November and December. This year’s Prime Day, which will run from Oct. 13 to Oct. 14, is sure to put pressure on rivals to offer deals around the same time.

United Airlines pilots approve deal that delays furloughs

CHICAGO (AP) — Pilots at United Airlines have voted to approve a deal that will avoid furloughs at one of the nation’s biggest carriers. United was set to furlough about 2,850 pilots later this week and more next year barring a recovery in travel, which has been devastated by the virus pandemic. The Air Line Pilots Association said Monday that the deal will allow United to spread a reduced amount of flying across the airline’s 13,000 pilots to save jobs at least until next June. The deal comes as United, American and some smaller airlines prepare to shed thousands of workers on Thursday, when $25 billion in federal pandemic-relief aid and a related prohibition on furloughs expires.

The S&P 500 rose 53.14 points, or 1.6%, to 3,351.60. The Dow Jones Industrial Average gained 410.10 points, or 1.5%, to 27,584.06. The Nasdaq composite climbed 203.96 points, or 1.9%, to 11,117.53. The Russell 2000 small-cap index gained 35.43 points, or 2.4%, to 1,510.34.

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