Yesterday on Wall Street, the S&P 500 rose 0.8% to 3,363.00. The Dow Jones Industrial Average gained 1.2% to 27,781.70, and the Nasdaq composite 0.7%, to 11,167.51.
Tokyo trading stops over system failure, China on holiday
TOKYO (AP) – Trading on the Tokyo Stock Exchange, the world’s third largest by market capitalization, has been halted all day due to a technical failure.
Trading was halted for the day after the outage hit early today. The Tokyo Stock Exchange says it’s working to restore trading by Friday and will hold a news conference later in the day.
There’s no indication that the outage resulted from hacking or other cybersecurity breaches. The Japan Exchange Group issued a statement saying that a hardware failure caused a malfunction in the backup device meant to kick in if there was a technical problem.
Clock running out before some airlines begin furloughs
UNDATED (AP) — American Airlines and United Airlines say they will furlough 32,000 workers between them because negotiations in Washington have failed to produce more federal aid for the industry.
Airlines have lost billions of dollars because of a steep slump in travel during the pandemic.
The airlines and their labor unions are lobbying for another $25 billion in taxpayer money to pay workers for six more months, through next March. They have already received $25 billion in payroll help, but that money — and a related ban on furloughs — ends Thursday.
Congressional Democrats and the White House are still far apart on a larger relief bill that could include airline aid.
FAA chief tests changes to Boeing’s grounded 737 Max
UNDATED (AP) — The head of the Federal Aviation Administration has piloted one of Boeing’s grounded 737 Max planes and says he likes what he saw. FAA Administrator Stephen Dickson’s test flight took off Wednesday near Seattle.
Dickson is a pilot who flew for the military and Delta Air Lines.
He says the FAA is “in the home stretch” of its review of the plane, but vowed not to take short cuts and declined to set a deadline for a decision.
Shortly before Dickson’s flight, the House Transportation Committee approved legislation to change the way the FAA certifies new planes, including the agency’s reliance on employees of Boeing and other aircraft makers to perform key safety analysis.
The Max has been grounded since March 2019 after two deadly crashes.
Google unveils latest Pixel phone, rolls out new TV service
SAN RAMONE, Calif. (AP) — Google will try to make a bigger splash in the smartphone market with a cheaper high-end model while it also aims to expand its presence on bigger screens with a new TV service. .
Although Google’s software is used by billions of people on their smartphones, its Pixel phones have barely made a dent in the market. Sales have been disappointing despite mostly positive reviews, especially for camera technology that has prompted Apple to introduce similar features in iPhones.
Apple has sold twice as many iphones as the Google Pixel phones in just three months from April to June.
But perhaps the Pixel 5′s biggest selling point will be its $700 price, a markdown of $100 from last year’s model.
The phone, available Oct. 15, is coming out two months after Google introduced a budget version, the Pixel 4a, that sells for $350. Google will also make a 5G version of the Pixel 4a with a retail price of $500 fort consumers who want faster connections while watching their budgets during a recession brought on by the pandemic.
Although, Apple’s cheaper version of the iPhone sells for $400.
California governor signs corporate boardroom diversity law
SACRAMENTO, Calif. (AP) — Gov. Gavin Newsom has signed a law requiring hundreds of California-based corporations to have directors from racial or sexual minorities on their boards. The diversity bill signed Wednesday is the first of its kind in the nation.
The measure cited statistics showing few of the 662 public corporations headquartered in California had Blacks or Latinos on their boards. In signing the measure, Newsom said it was a crucial part of fighting racial injustice by giving minorities “seats at the table” or corporate power.
The diversity legislation is similar to a 2018 measure that required boardrooms to have at least one female director by 2019. Like that measure, it could face court challenges from conservative groups who view it as a discriminatory quota.
By the end of 2021, the more than 660 public corporations with California headquarters must have at least one board director from an “underrepresented community,” according to the measure.
Russian man sentenced for LinkedIn, Dropbox data breaches
SAN FRANCISCO (AP) — A Russian man convicted of hacking LinkedIn, Dropbox and now-defunct Formspring and stealing the personal information of more than 100 million customers has been sentenced to more than seven years in federal prison.
Thirty-two-year-old Yevgeniy Nikulin received the sentence Tuesday in San Francisco federal court.
Prosecutors said that Nikulin was in Moscow in 2012 when he hacked the computers of the San Francisco Bay Area companies, installed malware, stole employee login credentials and managed to steal customer usernames and passwords that he sold.
He was arrested in Prague in 2016, extradited to the U.S. in 2018, and convicted in July.
Malaysia palm oil producer vows to clear name after U.S. ban
KUALA LUMPUR, Malaysia (AP) — Malaysian palm oil producer FGV Holdings Berhad has vowed to “clear its name” after the U.S. banned imports of its palm oil over allegations of forced labor and other abuses.
The U.S. Customs and Border Protection’s Office of Trade issued the ban order against FGV on Wednesday, saying it found indicators of forced labor, including concerns about children, along with other abuses such as physical and sexual violence.
FGV says it’s disappointed with the U.S. move as it has taken steps to correct the situation. It says it doesn’t “tolerate any form of human rights infringements or criminal offense in its operations,” and will continue to engage the U.S. “to clear FGV’s name.”