Update on the latest business

FINANCIAL MARKETS

Stocks bounce off their lows

NEW YORK (AP) — Stocks are down in midday trading on Wall Street, but off their lows of the day.

The Dow Jones Industrial Average had lost more than 500 points before reversing course. It was down about 100 at 1 p.m. Eastern time. The S&P 500 and the Nasdaq composite have also recovered much of their earlier losses.

FINANCIAL MARKETS

Stocks bounce off their lows

NEW YORK (AP) — Stocks are down in midday trading on Wall Street, but off their lows of the day.

The Dow Jones Industrial Average had lost more than 500 points before reversing course. It was down about 100 at 1 p.m. Eastern time. The S&P 500 and the Nasdaq composite have also recovered much of their earlier losses.

Amazon and Alphabet, longtime market favorites, plunged after reporting weak revenue. Other major companies also fell sharply.

Bond prices rose as investors sought safety, sending yields lower.

ECONOMY-GDP

US economy grew at strong 3.5 percent rate in Q3

WASHINGTON (AP) — The U.S. economy grew at a robust annual rate of 3.5 percent in the July-September quarter as the strongest burst of consumer spending in nearly four years helped offset a sharp drag from trade.

The Commerce Department says the third quarter’s gross domestic product, the country’s total output of goods and services, followed an even stronger 4.2 percent rate of growth in the second quarter. The two quarters marked the strongest consecutive quarters of growth since 2014.

The result was slightly higher than many economists had been projecting. It was certain to be cited by President Donald Trump as evidence his economic policies are working. But some private economists worry that the recent stock market declines could be a warning signal of a coming slowdown.

CONSUMER WATCHDOG-PAYDAY LOANS

Watchdog looks to rescind crucial part of payday loan rules

NEW YORK (AP) — The Consumer Financial Protection Bureau is saying it will revisit a crucial part of the bureau’s payday lending industry regulations, a move that will likely make it more difficult to protect consumers from potential abuses if changed.

The CFPB finalized rules last year that would, among other changes, force payday lenders to take into account the ability for their customers to repay their loans in a timely manner, in an effort to stop a harmful industry practice where borrowers renew their loans multiple times. Those “ability to repay” regulations are now under reconsideration, the Trump-controlled bureau said Friday.

The payday lending rules were the last regulation enacted by President Obama’s CFPB Director Richard Cordray before he resigned late last year.

TRUMP-TWITTER FOLLOWERS

Trump says Twitter removed followers — but he’s gained them

NEW YORK (AP) — President Donald Trump is claiming that Twitter has removed “many people” from his account. But he actually gained followers this month.

According to the Internet Archive’s Wayback Machine, which collects snapshots of web pages over time, Trump had 54.8 million followers on Oct. 1. He had 55.3 million as of Friday.

Trump is suggesting “total bias” as he tweeted Friday that the company has “seemingly done something that makes it much harder to join.”

The company didn’t address Trump’s claim directly, but says “many prominent accounts” have seen follower counts drop as it works to remove malicious accounts and bots. The company said Thursday it lost 9 million users in the latest quarter, largely as a result of these efforts.

FILMSTRUCK SHUTS DOWN

Classic movie streaming service FilmStruck to shut down

LOS ANGELES (AP) — The classic film-focused streaming service FilmStruck is shutting down after two years of operation. The service said Friday on its website that the last day of service will be Nov. 29, and that it is no longer enrolling new subscribers.

The joint venture between Criterion Collection and Turner Classic Movies offered a rotating selection of classic and hard-to-find arthouse film fare. The site, launched in November of 2016, provided a niche alternative to Hulu and Netflix, both of which have been criticized for lacking older films in their catalogues.

The news was met with sadness among filmmaker and film fans online. “Star Wars: The Last Jedi” director Rian Johnson tweeted that “FilmStruck was too good to last.”

FilmStruck was owned and operated by Turner, a subsidiary of AT&T’s WarnerMedia.

HULU-BLIND LAWSUIT

Hulu agrees to provide audio service for blind customers

BOSTON (AP) — Hulu will make its subscription streaming service more accessible to blind and visually impaired customers.

That’s according to a settlement agreement between Hulu and advocacy groups, who sued Los Angeles-based Hulu last year.

Disability Rights Advocates, which brought the case, says Hulu will provide a separate audio track that give descriptions of scenes and facial expressions, where possible. Hulu will also update its website and software applications to ensure people can use screen readers if they need them.

The lawsuit filed in Boston in November accused Hulu of violating the Americans with Disabilities Act.

Netflix already provides audio description for most its original titles and some other TV shows and movies.

Hulu officials didn’t immediately respond to emails seeking comment.

FOX NEWS-STREAMING SERVICE

Fox News’ streaming service, Fox Nation, to launch Nov. 27

LOS ANGELES (AP) — Fox News says its new streaming service will debut in November.

Subscriptions to the service, Fox Nation, can be purchased starting Sunday. The cost is $5.99 monthly or $64.99 for a year.

Fox Nation will launch Nov. 27 with original content featuring, among others, Fox News Channel hosts Sean Hannity, Tucker Carlson, Laura Ingraham and Brit Hume.

Fox Nation will satisfy the audience’s desire to watch content when and where they want, Fox executive John Finley said in a statement Thursday.

A one-hour special detailing the service’s programming will air on the Fox News channel at 8 p.m. EDT Sunday. It will include Jesse Watters, Tomi Lahren and others who will be featured on Fox Nation.

CHINA-JAPAN-ECONOMY

China, Japan show united front on ‘free and fair’ trade

BEIJING (AP) — China China and Japan have displayed a united front on “free and fair” trade as leaders of Asia’s two biggest economies met in Beijing.

After meeting with President Xi Jinping (shee jihn-peeng), Japanese Prime Minister Shinzo Abe (shin-zoh AH’-bay) said Friday that the two countries needed to take “to a new level” a free and fair trading system.

Abe’s visit to Beijing took place against the backdrop of the festering trade dispute between China and the U.S. that has resulted in both sides imposing billions of dollars in tariffs on each other’s exports.

Xi said such changes offered the two countries the chance to expand cooperation given their increased “common interest.”

The two sides signed a slew of agreements, including a currency swap deal and plans to work together in other markets.

BELGIUM-STRIKE

Strike at Brussels airport leaves hundreds stranded

BRUSSELS (AP) — Hundreds of passengers have been left stranded at Brussels international airport after luggage handlers went on strike over workload and pay demands.

Overnight, several hundred passengers had to spend the night in the airport after their planes were left stranded. By noon on Friday, well over 100 flights had been canceled. Some passengers had to line up for hours, hoping to still get a flight at the start of the autumn holiday season.

The Aviapartner luggage handling company serves major companies like Ryanair, TUI, EasyJet and British Airways.

HASLAMS-INVESTIGATION-HOLIDAYS

Feds oppose prison postponement for Pilot Flying J ex-pres

CHATTANOOGA, Tenn. (AP) — Federal prosecutors say the former president of the largest U.S. fuel retailer should celebrate Christmas in prison.

The Knoxville News Sentinel reports Assistant U.S. Attorney Trey Hamilton responded this week to Mark Hazelwood’s request to delay reporting to prison for his role in a scheme to defraud trucking companies.

With Hazelwood’s surrender postponed until after Thanksgiving, his lawyers now argue he should be granted Christmas and New Year’s Day, too. They cite his “devout” Christian faith. The prosecutor says prisoners get “equitable opportunities to pursue religious beliefs.”

Hazelwood’s lawyers also note that two other former Pilot Flying J employees have until Jan. 7 to surrender, but Hamilton says Hazelwood’s 12 ½-year sentence and financial resources make him more of a flight risk.

Copyright © 2022 . All rights reserved. This website is not intended for users located within the European Economic Area.