Sunday, June 23, 2024

Business Highlights

by Associated Press

Trump facing devastating debt load? Experts say not so fast

NEW YORK (AP) — President Donald Trump reportedly must pay back more than $300 million in loans over the next four years, raising the possibility his lenders could face an unprecedented situation should he win a second term and not be able to raise the money: foreclosing on the leader of the free world. But financial experts say the notion of Trump going broke anytime soon is farfetched. Even with a total debt load of more than $1 billion, they note he still has plenty of assets he could cash in, starting with a portfolio that includes office towers, golf courses valued at $2.5 billion.

Biden releases 2019 taxes as pre-debate contrast with Trump

WASHINGTON (AP) — Democratic presidential nominee Joe Biden paid nearly $288,000 in federal income taxes last year, according to returns he released just hours before his debate with President Donald Trump. The move Tuesday came after a New York Times report that Trump paid just $750 in federal income taxes in 2016, the year he ran for president, and 2017, his first year in the White House. Biden and his running mate, California Sen. Kamala Harris, released their 2019 federal and state returns Tuesday as they look to capitalize on the Times report. The Times reported that Trump paid no income tax in 10 of the 15 years prior to 2017.

Unfriendly skies: Airline workers brace for mass layoffs

DETROIT (AP) — About 40,000 workers in the airline industry are facing layoffs on Thursday unless Congress comes up with another aid package. Many are worried about how they’ll pay for rents, mortgages and food, or for health insurance. A clause in the $25 billion aid package to airlines at the beginning of the coronavirus pandemic prevented them from laying off workers. But that clause expires on Thursday. Some workers are holding out hope that another agreement can still be reached. Congress has been considering a second round of airline aid for weeks, but it’s hung up in the debate over a larger national relief package.

Disney to lay off 28,000 at its parks in California, Florida

ORLANDO, Fla. (AP) — The Walt Disney Co. is planning to lay off 28,000 workers in its theme parks division in California and Florida. The company has been squeezed by limits on attendance at its parks and other restrictions due to the pandemic. Officials said Tuesday that two-thirds of the planned layoffs involve part-time workers but they ranged from salaried employees to nonunion hourly workers. Disney’s parks closed last spring as the pandemic started spreading in the U.S. The Florida parks reopened this summer, but the California parks have yet to reopen as the company awaits guidance from the state of California.

Stocks end lower ahead of first debate between Trump, Biden

NEW YORK (AP) — Stocks ended with moderate losses Tuesday as investors waited for the first debate between President Donald Trump and Democratic challenger Joe Biden. Banks helped lead the way lower, reversing some of the gains the market made in a rally a day earlier. The S&P 500 gave up 0.5%. Investors remain cautious as COVID-19 infections have started rising again as states attempt to reopen schools and factories. The Trump-Biden debate comes as coronavirus deaths worldwide crossed 1 million. Millions of Americans remain out of work. Crude oil fell 3.2%, taking the oil and gas sector down with it.

JPMorgan to pay $920M for manipulating bond, metals markets

NEW YORK (AP) — JPMorgan Chase admitted Tuesday to manipulating the markets for precious metals and U.S. Treasuries, agreeing to pay $920 million in fines and penalties for the illegal behavior. U.S. financial regulators and the Department of Justice said traders at JPMorgan used a tactic known as “spoofing” over an eight-year period. Spoofing is when traders send trading signals into a market, with no intention of buying or selling at those prices, in order to move a market in one direction or another.

Amazon sees broad audience for its palm recognition tech

SEATTLE (AP) — Amazon is introducing new palm recognition technology in a pair of Seattle stores and sees broader uses in places like stadiums and offices. Customers at the stores near Amazon’s campus can now choose to flash a palm for entry and to buy goods. The company chose palm recognition, according to Dilip Kumar, vice president of Physical Retail & Technology, because he said it’s more private than other biometric technology. Also, a person would be required to purposefully flash a palm at the Amazon One device to engage. The company expects to roll out Amazon One as an option in other Amazon stores in coming months, which could mean Whole Foods Market grocery stores.

The S&P 500 index fell 16.13 points, or 0.5%, to 3,335.47. The Dow Jones Industrial Average dropped 131.40 points, or 0.5%, to 27,452.66 and the technology-heavy Nasdaq composite lost 32.28 points, or 0.3%, to 11,085.25. The Russell 2000 index of smaller-company stocks slipped 5.62 points, or 0.4%, to 1,504.73.

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