Update on the latest in business:

FINANCIAL MARKETS

UNDATED (AP) — Shares advanced today in Asia after hopes for fresh economic stimulus helped Wall Street recover its losses from the initial shock of learning President Donald Trump had tested positive for the coronavirus.

Japan’s Nikkei climbed 0.5% and the Hang Seng in Hong Kong jumped 0.8%. South Korea’s Kospi added 0.3%. India’s Sensex surged 0.8%. Shares also rose in Taiwan and Southeast Asia.

Yesterday on Wall Street, the S&P 500 jumped 60.19 points to 3,408.63, with nine out of 10 stocks in the index rising. Energy producers and tech companies led the way. The Dow Jones Industrial Average rose 1.7% to 28,148.64 and the Nasdaq composite climbed 2.3% to 11,332.49. Smaller stocks rose even more in an indication of improved market optimism, with the Russell 2000 index advanced 2.8%, to 1,581.96.

SOUTHWEST AIRLINES-PAY CUTS

CEO says Southwest needs union pay cuts to avoid furloughs

DALLAS (AP) — Southwest Airlines will cut pay for nonunion workers in January and says union workers must also accept less pay or face furloughs next year as the pandemic continues to hammer the airline business.

Chairman and CEO Gary Kelly said Monday that unless the federal government gives airlines more money, Southwest will have to sharply cut spending to avoid losing billions of dollars every quarter until a coronavirus vaccine is widely available. Air travel is down nearly 70% from a year ago.

Union officials say the company should find options other than pay cuts. Southwest, the fourth-biggest U.S. airline by revenue, recently said it is burning about $17 million a day. It lost $915 million in the second quarter and borrowed billions while cutting back on flights to conserve cash.

VIRUS OUTBREAK-TRUMP-MINNESOTA

Minneapolis restaurant quarantines 13 who worked Trump event

MINNEAPOLIS (AP) — Thirteen staff members from a Minneapolis steakhouse are quarantining after the restaurant catered a fundraiser attended by President Donald Trump during his visit to Minnesota last week.

The 13 work for Murray’s Restaurant in downtown Minneapolis, which catered the fundraiser on Wednesday at the Lake Minnetonka home of Marty Davis, CEO of the quartz countertop manufacturer Cambria. About 40 contributors paid $200,000 a couple or $100,000 per person for the chance to meet the president and hear him speak.

A spokesman for the restaurant, Chuck Sanger, says the restaurant is still able to operate normally despite the quarantine.

CONGRESS-BIG TECH

CEOs of 3 tech giants to testify at Oct. 28 Senate hearing

WASHINGTON (AP) — The CEOs of technology giants Facebook, Google and Twitter are expected to testify for an Oct. 28 Senate hearing on tech companies’ control over hate speech and misinformation on their platforms.

The Senate Commerce Committee voted last week to authorize subpoenas for Facebook CEO Mark Zuckerberg, Sundar Pichai of Google and Twitter’s Jack Dorsey to force them to testify if they didn’t agree to do so voluntarily. Spokespeople for the companies said Monday that the CEOs will cooperate.

Twitter says in a statement that the hearing “must be constructive and focused on what matters most to the American people: how we work together to protect elections.” The hearing will come less than a week before Election Day. It marks a new bipartisan initiative against Big Tech companies, which have been under increasing scrutiny in Washington and from state attorneys general over issues of competition, consumer privacy and hate speech.

MCAFEE-TAX EVASION

Software company founder McAfee charged with tax evasion

MEMPHIS, Tenn. (AP) — Antivirus software entrepreneur John McAfee has been charged with evading taxes after failing to report income made from promoting cryptocurrencies while he did consulting work, made speaking engagements and sold the rights to his life story for a documentary.

Federal prosecutors in Tennessee allege in a June indictment that McAfee engaged in tax evasion and willful failure to file tax returns. The indictment was unsealed in federal court in Memphis on Monday after McAfee’s arrest in Spain, where extradition to the U.S. is pending.

McAfee developed early internet security software and has been sought by authorities in the U.S. and Belize in the past. The indictment says McAfee failed to file tax returns from 2014 to 2018, despite receiving “considerable income” from several sources. If convicted of all charges, McAfee could face up to 30 years in prison.

INDIA-AIR POLLUTION

Indian capital launches campaign to curb toxic air pollution

NEW DELHI (AP) — Authorities in New Delhi have launched an anti-pollution campaign in an attempt to curb air pollution levels ahead of winter, when the capital is regularly covered in toxic haze, and warned that filthy air could make the coronavirus pandemic more dangerous.

The capital’s top elected leader (Arvind Kejriwal) says the government will start an anti-dust campaign, reduce smoke caused by agricultural burning and introduce a mobile application that will allow citizens to lodge photo-linked complaints against polluters.

Health experts say high air pollution levels over a prolonged period have compromised the disease resistance of people living in New Delhi, one of the world’s most polluted cities, making them more susceptible to the coronavirus.

CARBON CAPTURE PROJECT

Officials: Carbon capture project would be largest in world

ALBUQUERQUE, N.M. (AP) — One of the largest coal-fired power plants in the U.S. Southwest would undergo a $1.4 billion overhaul as part of a proposal to keep the plant operating for at least another decade while meeting stricter environmental requirements aimed at reducing greenhouse gas emissions.

Deputy Secretary of Energy Mark Menezes was in New Mexico on Monday to discuss the project, saying he believes carbon capture, use and storage technology — or CCUS — could be a game changer for fossil-fuel generation in the U.S. and around the world.

Menezes released a report prepared for the Energy Department that concluded retrofitting the San Juan Generating Station would result in significantly more jobs for northwestern New Mexico than plans that involve replacing the plant with a mix of new natural gas-fired generating stations and solar and battery storage systems.

Enchant Energy and the city of Farmington are negotiating with Public Service Co. of New Mexico and the other owners to acquire the plant and outfit it with new technology.

JAPAN-TUNA

Bluefin tuna in focus as Japan seeks boost to catch limits

MITO, Japan (AP) — Countries involved in managing bluefin tuna fisheries are set to face-off over a Japanese proposal to raise its catch quotas for the fish, highly prized for sushi and sashimi.

Documents for an online meeting that began today show Japan, the biggest consumer of the fish, is pushing to raise its catch limits for both smaller and larger bluefin tuna.

A slight improvement in the spawning population for the fish has raised confidence that it can recover from decades of overfishing. But conservation groups say the species remains at risk and that raising catches now could undo progress toward restoring stocks.

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