US stocks join global rally amid COVID treatment hopes
NEW YORK (AP) — Stocks are climbing on Wall Street, adding to their record-breaking run from last week. The S&P 500 was up 0.7% in midday trading, following up on solid gains for stock markets across much of Europe and Asia.
Hope was rising as pharmaceutical companies continue to work toward a possible vaccine for COVID-19 and after the U.S. government on Sunday approved an emergency authorization to allow the use of convalescent plasma to treat patients.
Airlines and other companies whose profits are closely tied to the economy were rising, as the market’s gains spread out beyond just Big Tech giants.
First day of school for thousands and Zoom gets glitchy
NEW YORK (AP) — Zoom is experiencing partial outages during the first day of school for thousands of students who are relying on the video conferencing technology to connect with educators.
The company said Monday that it began receiving reports of disruptions around 9 a.m. Eastern time. On its status page, it said It has identified the issue causing the problem and is working on a fix.
Grade schools, high schools and universities are relying on Zoom and competing technologies like Microsoft Teams to reduce the chance of infection during the pandemic. Technical issues are occurring across the U.S., with the most reports on the East Coast, as well as in Europe, according to downdetector.com, which monitors self-reported outages.
Thousands allowed to bypass environmental rules in pandemic
UNDATED (AP) — Thousands of oil and gas operations and other sites have won permission to stop monitoring for hazardous emissions or otherwise break government rules because of the coronavirus outbreak. The findings come in an investigation by The Associated Press.
The Trump administration announced the first nationwide, extended easing of environmental enforcement in March. Oil and gas companies had complained that the pandemic was complicating compliance with pollution rules. Facilities won permission more than 3,000 times to skimp on compliance during the sweeping government clemency.
The Environmental Protection Agency says its clemency was not a license for increased pollution.
TIK TOK-TRUMP-LEGAL CHALLENGE
TikTok sues Trump over his pending order to ban its app
UNDATED (AP) — Video app TikTok is waging a legal fight against the Trump Administration’s efforts to ban the popular, Chinese-owned service over national-security concerns.
TikTok, which is owned by China’s ByteDance, insisted that it not is a national-security threat and that the government is acting without evidence or due process. The company on Monday filed suit in federal court in California against the Commerce Department, President Donald Trump and Commerce Secretary Wilbur Ross, saying that it sought to prevent the government from impermissibly banning TikTok.
Trump issued an executive order in August that imposed a sweeping but unspecified ban on any “transaction” with ByteDance.
COCKTAILS TO GO
To-go drinks an elixir for public, a lifeline for business
DETROIT (AP) — America’s liquor laws are being shaken up by the coronavirus. At least 33 states and the District of Columbia are temporarily allowing carryout cocktails during the pandemic, up from just two previously.
Struggling restaurants say it’s a lifeline, letting them rehire bartenders, pay rent and reestablish relationships with customers. But others want states to slow down, saying the laws are there for a reason.
Mothers Against Drunk Drivers says carryout cocktail laws need to make clear that customers can’t drink and drive. Others say police and health officials need to be involved in crafting new laws.
Japan’s Takeda sells drugs subsidiary to US Blackstone fund
TOKYO (AP) — Takeda Pharmaceutical Co. is selling its subsidiary in Japan focused on consumer healthcare to U.S. investment fund Blackstone Group.
The deal, announced Monday, is valued at $2.3 billion, although the exact price will be determined later, after adjustments for debt and capital of the subsidiary, Takeda Consumer Healthcare Co.
Takeda wants to focus on specialized areas, such as disorders of the digestive system, rare diseases, plasma-derived therapies and the prevention and treatment of cancer.
The subsidiary, spun off in 2017, sells drugs popular in Japan called Alinamin, a type of vitamin supplement, and Bendex, a cold remedy.
Fiat Chrysler recalls diesel engines to fix stalling problem
DETROIT (AP) — Fiat Chrysler is recalling nearly 132,000 vehicles worldwide to fix a problem that could cause some diesel engines to stall.
The recall covers certain 2014 through 2018 Ram 1500 pickups, and some 2014 through 2016 Jeep Grand Cherokee SUVs with 3-liter diesel engines. Also included are certain 2014 through 2019 Chrysler 300 sedans outside North America.
The company says magnetic material on a crankshaft position sensor wheel can come off over time, cutting off a signal and causing the engines to stall. Fiat Chrysler says it has no reports of crashes or injuries.
Dealers will update software so the engines keep working even if the crankshaft position signal is lost.