Alexa

Business Highlights

Business Highlights

___

Stocks are soaring, and most Black people are missing out

NEW YORK (AP) — Nearly half of all U.S. households don’t own any stocks, and a disproportionate number of them are from Black and other minority households. That includes many who could afford to invest in stocks but don’t. Whether because of fear of losses or never learning about investing while growing up, researchers say Black households are much less likely to own stocks than white households of similar wealth. That means they’ve missed out on not only the stock market’s snap back to record heights in recent months but also its tripling over the last decade. And it’s helping to further the nation’s wealth divide.

___

Facebook bans Holocaust denial, distortion posts

MENLO PARK, Calif. — Facebook says it is banning posts that deny or distort the Holocaust and will start directing people to authoritative sources if they search for information about the Nazi genocide. Facebook CEO Mark Zuckerberg announced the new policy Monday, the latest attempt by the company to take action against conspiracy theories and misinformation ahead of the U.S. presidential election. The move also follows activism by Holocaust survivors around the world over the summer who lent their voices to a campaign targeting Zuckerberg, urging him to take action to remove Holocaust denial posts from the social media site.

___

2 Stanford economists win Nobel prize for improving auctions

STOCKHOLM (AP) — Two American economists have won the Nobel Prize for improving how auctions work. That research underlies much of today’s economy — from the way Google sells advertising to the way the government sells off the public airwaves to telecoms companies. The Nobel Committee said the work of Paul R. Milgrom and Robert B. Wilson have benefited sellers, buyers and taxpayers around the world. Both are based at Stanford University. Monday’s award caps off this year’s Nobel prizes.

___

Strong gains for technology stocks send Wall Street higher

NEW YORK (AP) — Solid gains for technology stocks pushed Wall Street higher Monday, tacking more gains onto last week’s rally. The S&P 500 rose 1.6%. Big Tech companies including Apple and Amazon, whose businesses have been thriving despite the pandemic, led the way higher. Companies that depend more on broad growth in the economy didn’t rise as much. Investors are still waiting to see whether Washington can get past its partisan divide to deliver more support for the economy. This week also marks the start of earnings reporting season, when CEOs will detail how their companies fared from July through September.

___

British Airways CEO replaced as company fights for survival

LONDON (AP) — British Airways CEO Alex Cruz has been replaced after 4 1/2 years on the job as the COVID-19 pandemic pummels airlines around the world. International Consolidated Airlines Group, BA’s parent company, says Monday that Cruz had been replaced by Sean Doyle, previously the boss of Aer Lingus, another carrier in the group. BA has been criticized in recent months for its handling of 12,000 job cuts linked to the pandemic. The airline’s passenger traffic dropped 95% from a year earlier in the second quarter, leading to a first-half operating loss of 4.04 billion euros ($4.77 billion).

___

Microsoft attempts takedown of global criminal botnet

REDMOND, Wash. (AP) — Microsoft says it has taken legal action seeking to disrupt a major cybercrime digital network that uses more than 1 million zombie computers to loot bank accounts and spread ransomware. Experts consider the botnet a major threat to the U.S. election. The operation to knock offline command-and-control servers for the criminal infrastructure known as Trickbot was launched with a court order that Microsoft obtained in Virginia federal court last week. It’s difficult to know how effective it will be. A reported attempt by U.S. military cyberwarriors to knock the network offline was ultimately unsuccessful.

___

Disney reorg to further bolster company’s focus on streaming

BURBANK, Calif. (AP) — Disney is reorganizing its business units to focus even more on streaming. Its Disney Plus, Hulu and ESPN Plus services have more than 100 million subscribers. The coronavirus pandemic has hit box-office revenue, and consumers continue to quit cable, affecting the company’s TV networks. So the company is creating three content arms — one each for sports, general entertainment and famous brands including Star Wars and Marvel — with a primary focus on making shows and movies for streaming services. Disney’s are among a slew of new streaming services from tech and entertainment companies that are challenging Netflix for consumers’ attention and money.

___

Southwest Airlines to expand in Houston and Chicago in 2021

DALLAS (AP) — Southwest Airlines is taking aim at competitors at big airports in Houston and Chicago. Southwest said Monday that it will expand next year by adding flights to Houston George Bush Intercontinental Airport and O’Hare Airport in Chicago. With the moves, Southwest will go head-to-head against United and American, which are both much bigger by revenue. But Southwest has some strengths too, including a better balance sheet with less debt than its rivals, and less reliance on business travel, which has been especially hard hit during the coronavirus pandemic.

___

The S&P 500 rose 57.09 points, or 1.6%, to 3,534.22. The Dow Jones Industrial Average climbed 250.62 points, or 0.9%, to 28,837.52. The Nasdaq composite gained 296.32 points, or 2.6%, to 11,876.26. The Russell 2000 index of small-cap stocks picked up 11.51 points, or 0.7%, to 1,649.05.


Updated : 2021-01-22 20:47 GMT+08:00