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Business Highlights

Business Highlights

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Former Uber CEO Kalanick severs ties with ride-hailing giant

NEW YORK (AP) — Former Uber CEO Travis Kalanick is severing ties to the ride-hailing company he co-founded a decade ago. He disclosed Tuesday that he has sold all his stock — estimated at more than $2.5 billion — and is resigning from the board of directors. Kalanick built Uber into a juggernaut, only to be ousted as CEO in 2017 over the company's sexist culture.

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Wildfires cause turmoil in CA property insurance market

NEW YORK (AP) — Thousands of California homeowners have lost their insurance policies as insurers pull out of areas that are at risk of fire damage or stop insuring homes altogether. They've been forced to scramble to find coverage from regular insurance providers or to turn as a last resort to a government sanctioned plan. The state has imposed a one-year moratorium on non-renewals, in hopes that lawmakers, insurance companies and other stakeholders can reach a more substantial solution for the roughly 1 million homeowners in zip codes adjacent to previous wildfires. But many homeowners are ultimately expected to face higher insurance costs.

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Bankruptcy judge thrust into spotlight in Purdue Pharma case

WHITE PLAINS, N.Y. (AP) — The judge overseeing the bankruptcy of OxyContin maker Purdue Pharma is known for his deep experience handling big, complicated corporate cases. It will be up to Robert Drain to decide whether to approve a potentially $12 billion plan to settle more than 2,700 lawsuits over Purdue Pharma's role in the nation's deadly opioid crisis. It is likely to be a complex and acrimonious process. But Drain brings a long track record to the task, as well as a certain fondness for pop-culture references, such as "Perry Mason" and "Dr. Strangelove."

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China, Japan, South Korea meet on North Korea, free trade

CHENGDU, China (AP) — Leaders from China, Japan and South Korea have reiterated their commitment to ending North Korea's nuclear and missile programs. The trilateral summit in the southwestern Chinese city of Chengdu on Tuesday comes against the backdrop of increasing demands by Pyongyang for sanctions relief by the end of the year. It has threatened to take unspecified action if that relief is not forthcoming. Free trade and economic cooperation were also at the forefront of the meetings.

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On the Money: Tips to make the best of post-holiday shopping

NEW YORK (AP) — Holiday shopping doesn't end with Christmas. Bargain hunters can take advantage of fatter discounts on clothing, home decor and other items between Christmas and well into January. But they have to be savvy about when to open their wallets. They also need to do price comparisons to make sure they're getting the lowest price of the season. Shoppers planning to exchange or return presents need to be aware of return policies, which are getting more stringent. Retailers that once had unlimited return policies have cut them to one year, then to 180 days, and now in some cases to 90 days or less.

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Boeing ousts its CEO after two deadly 737 Max crashes

NEW YORK (AP) — Boeing has ousted its CEO over the 737 Max crisis that has engulfed the vaunted American aircraft manufacturer. The company said Monday that Dennis Muilenburg will depart immediately and the board's current chairman, David Calhoun, will become CEO on Jan. 13. Boeing's Max has been grounded worldwide after two crashes — one off the coast of Indonesia in 2018, the other in Ethiopia last March — killed 346 people in all. Boeing is still struggling to get the grounded Max flying again, but Muilenburg could get $39 million in severance, stock and bonuses, according to a Boeing securities filing.

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US stocks end nearly flat at early close for Christmas

Major US stock indexes ended nearly flat Tuesday after an abbreviated trading session ahead of Christmas Day. The Nasdaq composite eked out a tiny gain, extending the index's winning streak to 10 days and nudging it to a record high for the seventh day in a row. The S&P 500 and Dow Jones Industrial Average finished with tiny losses. Industrial, health care and communication services stocks were the biggest losers. Those losses outweigh broad gains for retailers and homebuilders. The market's modest pullback follows a strong winning streak for stocks that has propelled the major indexes to record highs this month.

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AP PHOTOS: In despair, French hospital interns go on strike

MARSEILLE, France (AP) — French hospital interns are holding an exceptional, open-ended strike to demand a better future. A group of interns at a major public hospital in Marseille recently marched through the city in their medical scrubs, waving signs and playing music. The French public hospital system is increasingly stretched after years of cost cuts. The medical students say their internships are failing to prepare them as medical professionals. Instead, the interns are being used to fill gaps in staffing needs. Their strike movement isn't directly linked to the retirement strikes convulsing France lately. But all the strikes reflect a nationwide worry that public services are falling victim to global market pressures.

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Saudi Arabia cuts loose with bevy of models and a rave

DIRIYAH, Saudi Arabia (AP) — A bevy of Instagram stars, former Victoria's Secret models and Hollywood actors were invited to Saudi Arabia over the weekend to promote a three-day-long, massive rave-like concert. It was the kingdom's most eye-popping effort yet at showcasing the dramatic changes taking hold in this country, where more than half of the 20 million citizens are below the age of 25. Supermodels and social media mavens, their makeup artists and hair stylists in tow, posed at a concert in leather pants, chunky sweaters and trendy black combat boots. It's all part of the kingdom's efforts at boosting the economy while polishing its image abroad and appealing to the young.

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Sports betting giant DraftKings plans merger, to go public

BOSTON (AP) — Sports betting giant DraftKings plans to merge with two other firms and go public. The Boston-based company said Monday that it will complete its merger with gambling tech firm SBTech and acquisition company Diamond Eagle Acquisition sometime in the first half of 2020. DraftKings said the combined company will be valued at $3.3 billion. The new company will retain the DraftKings moniker and company co-founder and CEO Jason Robins will continue to lead it. The three companies are merging through a special purpose acquisition, a method of taking a company public that differs from an initial public offering, or IPO.

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The S&P 500 slipped 0.63 points, or less than 0.1%, to 3,223.38. The Dow Jones Industrial Average dropped 36.08 points, or 0.1%, to 28,515.45. The Nasdaq composite gained 7.24 points, or 0.1%, to 8,952.88. The Russell 2000 index of smaller company stocks added 3.87 points, or 0.2%, to 1,678.01.


Updated : 2020-11-30 16:28 GMT+08:00