Alexa

Business Highlights

Business Highlights

___

White House-backed campaign pushes alternate career paths

WASHINGTON (AP) — Presidential adviser Ivanka Trump has unveiled a White House-backed national ad campaign highlighting alternative ways to start a career. The initiative is geared toward students, mid-career workers and the millions now unemployed because of the new coronavirus. But the campaign, called “Find Something New,” was quickly bashed on social media as being tone deaf and inadequate for the times. One economist urged the White House and Congress to agree on another round of economic aid to help workers who are struggling and prevent future job losses.

___

Small businesses worldwide fight for survival amid pandemic

As economies around the world reopen, legions of small businesses that help to define and sustain neighborhoods are struggling. Whether they can survive will have reverberations not just for the economy but for the communities where they serve as gathering places and provide key services. The stakes are high: The U.N. estimates that businesses with fewer than 250 workers account for two-thirds of employment worldwide. For them, reopening is a testament to their grit, creativity and no small amount of desperation. It’s about finding whatever works, because for now, there is no such thing as business as usual.

___

Fed’s Brainard warns US economy may slow, urges more support

WASHINGTON (AP) — Federal Reserve Governor Lael Brainard warned Tuesday that the U.S. economy appears to be slowing after an initial burst of recovery and called for the Fed to take aggressive steps to spur growth. Brainard said that hiring and consumer spending bounced back more strongly than expected in May and June. But ongoing spikes in viral infections across most of the United States could reverse much of that progress.

___

Banks set aside billions, bracing for more economic pain

NEW YORK (AP) — With tens of millions of Americans out of work and many businesses shut down or operating under restrictions due to the coronavirus, three of the nation’s biggest banks set aside nearly $30 billion in the second quarter to cover potentially bad loans that were fine only a few months ago. The results from JPMorgan Chase, Wells Fargo and Citigroup on Tuesday offer perhaps the broadest glimpse yet into how badly the pandemic is impacting the financial health of American consumers and businesses. Bank executives, in conference calls with analysts and reporters, said they underestimated how long the pandemic would last and its impacts on the overall economy.

___

First COVID-19 vaccine tested in US poised for final testing

Early-stage testing showed the first COVID-19 vaccine tested in the U.S. revved up people’s immune systems the way scientists had hoped. Researchers released the early findings Tuesday, just weeks before the shots are set to begin much larger testing to prove if they’re really strong enough to protect against the coronavirus. The vaccine is made by the National Institutes of Health and Moderna Inc. It’s one of nearly two dozen possible COVID-19 vaccines in various stages of human testing around the world. The first U.S. study was small, just 45 people, and researchers found more than half experienced brief, flu-like reactions to the shots. The next step: Recruiting 30,000 people for the final testing.

___

Wall Street rebounds after yet another yo-yo day of trading

NEW YORK (AP) — The stock market shook off a weak start and ended broadly higher after pinballing through another day of unsettled trading. The S&P 500 rose 1.3% Tuesday. It had been down nearly 1% in the early going. The gains accelerated as the day went on. The Dow Jones Industrial Average rose 2.1%, lifted by gains for UnitedHealth Group and Caterpillar, among others. The bumpy trading followed another turbulent day Monday, when stocks veered from an early gain to a loss after California brought back restrictions on its economy amid a jump in coronavirus counts.

___

UK backtracks on giving Huawei role in high-speed network

LONDON (AP) — Britain has backtracked on plans to give Chinese telecommunications company Huawei a role in the U.K.’s new high-speed mobile phone network amid security concerns fueled by rising tensions between Beijing and Western powers. Britain said Tuesday it decided to prohibit Huawei from working on the so-called 5G system after U.S. sanctions made it impossible to ensure the security of equipment made by the Chinese company. The U.S. had also threatened to sever an intelligence-sharing arrangement with the U.K. because of concerns that Huawei’s involvement could allow the Chinese government to infiltrate U.K. networks. The British government’s decision forces British telecoms operators to stop buying 5G equipment from Huawei by the end of the year.

___

Campaign brewing to get Hindu god Brahma off popular beer

An interfaith coalition is pressing the world’s largest brewer to remove the name of a Hindu god from a popular beer that dates to the late 1800s. The group, which includes representatives of the Christian, Jewish, Buddhist, Hindu and Jain religions, is pressing Belgium-based brewing giant Anheuser-Busch InBev to rename its Brahma line, a favorite in Brazil. Organizers say the name is offensive to Hindus, who worship Lord Brahma, the religion’s god of creation. A brewery spokesman says the beer actually was named to honor Joseph Bramah, an Englishman who invented the draft pump valve, and the spelling was changed to adapt the name to the Portuguese language.

___

“Growth has stalled”: Surge in US infections hits Delta

Delta Air Lines lost $5.7 billion in the second quarter, as the coronavirus pandemic crushed air travel. A hoped-for travel recovery that began slowly in mid-April has been smothered by a resurgence in US infections, especially in the South and West. Delta CEO Ed Bastian says growth in bookings has stalled. He says it was “growing at a pretty nice clip through June,” but so was the virus. Delta is the first U.S. airline to report financial results for the May-through-June quarter, and the numbers were ugly. The number of passengers tumbled 93% from a year earlier, revenue plummeted 88%, and the company’s adjusted loss was worse than expected.

___

Biden unveils $2 trillion climate plan with energy revamp

WILMINGTON, Del. (AP) — Joe Biden has released a $2 trillion plan aimed at combating climate change and spurring economic growth in part by overhauling America’s energy industry. The plan includes a proposal to achieve entirely carbon pollution-free power by 2035. It’s the latest example of Biden’s efforts to appeal to progressives as he builds out a legislative agenda as the Democratic Party’s presumptive presidential nominee. In the plan, Biden pledges to spend $2 trillion over four years on the plan. It’s a significant acceleration of the $1.7 trillion over 10 years he proposed spending in his climate plan during the primary.

___

The Dow Jones Industrial Average rose 556.79 points, or 2.1%, to 26,642.59. The Nasdaq composite gained 97.73, or 0.9%, to 10,488.58. The S&P 500 added 42.30 points to 3,197.52. The Russell 2000 index of small company stocks picked up 24.69 points, or 1.8%, to 1,428.26.


Updated : 2021-01-23 14:08 GMT+08:00