Update on the latest in business:


Stocks trade mixed; banks, energy sectors gain, tech falls

NEW YORK (AP) — Stocks are mixed as gains for banks and energy companies get checked by drops in the technology sector. The S&P 500 fell 0.4%, while the Nasdaq lost 0.8%. The Dow Jones Industrial Average was up 0.3% and a measure of small-company stocks was also higher.

Treasury yields continued to climb. The yield on the 10-year Treasury note rose to 1.48%. That helped send bank stocks higher. Energy companies were also benefiting from a 2.2% rise in the price of crude oil.

The National Association for Business Economics trimmed its forecast for economic growth this year.


Boston Fed’s Rosengren to retire early citing health

WASHINGTON (AP) — Boston Federal Reserve President Eric Rosengren says he will retire on Sept 30, and he’s disclosing he has qualified for a kidney transplant.

Rosengren’s announcement comes after investments by him and other Fed officials last year have come under scrutiny and raised questions about the Fed’s ethics rules.

Rosengren had already planned to retire in June when he reached 65, a mandatory retirement age, but decided to retire earlier.


Pfizer tests COVID pill as preventive medicine

NEW YORK (AP) — Pfizer has started testing its potential COVID-19 treatment as a preventive medicine aimed at warding off the virus if a close contact gets it.

The drugmaker says it will study the pill it is developing in combination with a low dose of the HIV drug ritonavir in people who are at least 18 years old and live in the same household with someone who is infected. The pill aims to block a key enzyme that the virus needs to replicate. Pfizer plans to enroll 2,660 people in the late-stage study.

Researchers expect that the use of ritonavir will help slow the breakdown of the potential treatment so it remains active longer to help fight the virus.


Qatar Airways says losses reach $4.1 billion amid pandemic

DUBAI, United Arab Emirates (AP) — Qatar Airways says it suffered a more than $4 billion loss in revenues over the last year, as lockdowns triggered by the coronavirus pandemic slashed demand for air travel.

The major loss reported Monday, which it said mostly stemmed from the grounding of its fleet of A380 and A330 jets, highlights the dramatic impact of the pandemic on the aviation industry, despite the state-owned airline’s higher earnings before taxes and other costs compared to the previous year.

In the last several months, the flagship carrier has received a boost from an end to a yearslong boycott that locked Qatar Airways out of the airspace of Bahrain, Egypt, Saudi Arabia and the United Arab Emirates.


Facebook puts Instagram for kids on hold after pushback

UNDATED (AP) — Instagram is putting a hold on the development of Instagram kids, geared towards children under 13, so it can address concerns about the vulnerability of younger users.

Adam Mosseri, the head of Instagram, wrote in a blog post Monday that a delay will give the company time to “work with parents, experts, policymakers and regulators, to listen to their concerns, and to demonstrate the value and importance of this project for younger teens online today.”

The announcement follows a investigative series by The Wall Street Journal which reported that Facebook was aware that the use of Instagram by some teenage girls led to mental health issues and anxiety.


Ford family member named head of global brand merchandising

DEARBORN, Mich. (AP) — A member of a new generation of Ford family members is taking on another leadership role at the automaker.

Alexandra Ford English, the daughter of Ford Executive Chairman Bill Ford, was named global brand merchandising director on Monday. The 33-year-old English already serves on the company’s board of directors. She will push for growth in sales of Ford brand merchandise. English says there are passionate Ford fans around the world, and the company wants to offer them merchandise and accessories.

The appointment likely is another step toward ushering in the next generation of company leaders from the Ford family. Bill Ford is 64 and is getting closer to retirement age.


Greyhound Lines settles lawsuit over immigration sweeps

SPOKANE, Wash. (AP) — Greyhound Lines Inc. will pay $2.2 million to settle a lawsuit over the bus line’s practice of allowing U.S. Customs & Border Protection agents to board its buses in Washington state to conduct immigration sweeps. Washington Attorney General Bob Ferguson announced the settlement Monday.

The lawsuit contended the Dallas-based bus company failed to warn customers of the sweeps, misrepresented its role in allowing the sweeps to occur and subjected its passengers to discrimination based on skin color or national origin.

The money will provide restitution to those passengers who were detained, arrested, or deported after immigration agents boarded buses at the Spokane Intermodal Center.


Beyond, Impossible join crowded plant-based chicken market

UNDATED (AP) — Beyond Meat and Impossible Foods are getting into the fast-growing market for plant-based chicken.

Beyond Meat said Monday that its new tenders, made from fava beans, will go on sale in U.S. groceries in October. Impossible Foods began selling its new soy-based nuggets at U.S. groceries this month.

Beyond and Impossible made their names with plant-based burgers sold in the meat aisle. But this time, they have more competition, with more than 50 plant-based chicken brands already in the U.S.

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