Update on the latest in business:

FINANCIAL MARKETS

Asian stocks rise as Biden, Xi hold video summit

UNDATED (AP) — Asian stock markets are higher as President Joe Biden and China’s Xi Jinping hold a summit meeting by video link. Market benchmarks in Shanghai, Tokyo and Hong Kong advanced. Sydney fell.

Wall Street’s benchmark S&P 500 index lost less than 0.1% as makers of household goods rose and health care stocks fell. Biden told Xi their goal should be to ensure competition “does not veer into conflict.”

The two leaders met amid tension over trade, technology, human rights, Hong Kong, Taiwan and other irritants. Xi said he was ready to “build consensus” and said the two sides need to improve communication.

DUBAI AIR SHOW

Airbus, Jazeera Airways strike $3.3 billion aircraft deal

DUBAI, United Arab Emirates(AP) — Airbus has won its third deal of the Dubai Air Show, announcing that it has received an order for 28 new opean plane maker’s order announced at the aviation show on Tuesday includes 20 A320neos and eight A321neos. On the first two days, Airbus also made blockbuster sales. Airbus clinched a major deal on Monday valued into the billions of dollars to sell 111 new aircraft to the Air Lease Corporation.

The show in Dubai typically sees a stream of order and product announcements.

The expo pits France-based Airbus and its American rival Boeing, the two major manufacturers at the top of the supply chain, against each other in the crucial Mideast market filled with long-haul carriers connecting East and West.

BIDEN-INFRASTRUCTURE-GLANCE

Roads, transit, internet: What’s in the infrastructure plan

WASHINGTON (AP) — The $1 trillion public-works plan that President Joe Biden signed into law Monday has money for roads, bridges, ports, rail transit, safe water, the power grid, broadband internet and more.

It’s a historic investment and the money promises to reach just about every part of the country. The White House is projecting that the investments will add about 2 million jobs per year over the coming decade.

The bill would provide $110 billion to repair the nation’s aging highways, bridges and roads. According to the White House, 173,000 total miles of America’s highways and major roads and 45,000 bridges are in poor condition.

CALIFORNIA-OVERLOADED PORTS

LA, Long Beach ports delay fines for backlogged cargo

LOS ANGELES (AP) — The Los Angeles-Long Beach port complex will delay fining shipping companies that let cargo containers stack up at terminals.

The Southern California News Group reports the reprieve comes because of early compliance by companies in clearing cargo since the penalties were approved last month. The fines were set to begin Monday as a way to help alleviate a backlog of ships that has interrupted the global supply chain. Now they won’t be charged until at least Nov. 22.

VIRUS OUTBREAK-SOUTH DAKOTA-PORK PROCESSING

OSHA, South Dakota pork plant settle coronavirus complaint

SIOUX FALLS, S.D. (AP) — Federal safety regulators reach an agreement with Smithfield Foods to settle a contested citation of the company’s coronavirus safety measures during a massive outbreak last year at the South Dakota pork processing plant.

The company will develop a plan to prevent infectious diseases at meatpacking plants nationwide and pay a $13,500 fine. The pork processing plant was one the nation’s worst COVID-19 hotspots during the early days of the pandemic. By June 16, 2020, four workers were dead and nearly 1,300 had tested positive for the virus. The Virginia-based company has defended its actions and admitted no wrongdoing.

VIRUS OUTBREAK-AMAZON

Amazon settles California COVID workers notification disputes

SACRAMENTO, Calif. (AP) — Amazon has agreed to pay $500,000 and be monitored by California officials to ensure it properly notifies its workers about new coronavirus cases.

The settlement announced Monday requires the Seattle-based retailer to notify its tens of thousands of California warehouse workers within a day of new coronavirus cases in their workplaces. The company also agreed to stop issuing notices that Attorney General Rob Bonta says don’t adequately tell employees about Amazon’s safety and disinfection plan and workers’ rights related to the pandemic. Amazon says in a statement that the company is glad that the case was resolved and that no substantive safety issues were found.

CALIFORNIA-COAL BAN

Settlement bans coal storage in California city by 2027

SACRAMENTO, Calif. (AP) — A private California port terminal that handles and stores coal from Utah before it’s shipped overseas to Asia must halt those operations by the end of 2026.

That’s per a settlement signed Friday by the city of Richmond and the Levin-Richmond Terminal Corporation. Utah-based coal company Wolverine Fuel Sales, the state of Utah and Phillips 66 are also part of the settlement.

Phillips 66 transports petroleum coke through the terminal. “Petcoke” is a byproduct of oil refining.

The companies sued after the Richmond City Council passed an ordinance banning the handling and storage of coal and petcoke due to concerns about the health impacts of coal dust.

BERKSHIRE HATHAWAY-INVESTMENTS

Buffett’s firm trims drugmaker stakes, buys 2 new stocks

OMAHA, Neb. (AP) —Investor Warren Buffett’s company made two new investments during the third quarter while trimming its holdings in several drugmakers and financial firms.

Buffett’s Berkshire Hathaway revealed new stakes Monday in Royalty Pharma, which invests in drug development, and specialty flooring retailer Floor & Decor. Besides those two new investments and a move to increase its stake in Chevron, all of Berkshire’s other moves in the quarter were to trim several of its holdings.

Berkshire sold off its investments in Merck and its spinoff Organnon & Co., and reduced its stakes in drugmakers Abbvie and Bristol-Myers Squibb. It also scaled back holdings in Visa, Mastercard and US Bancorp stock.

FACEBOOK-RETIREMENT FUND LAWSUIT

Ohio retirement fund sues Facebook over investment loss

COLUMBUS, Ohio (AP) — Ohio’s largest public employee pension fund has sued Facebook, alleging that it broke federal securities law by purposely misleading the public about its product’s negative effect on children. The lawsuit by the Ohio Public Employees Retirement System also says Facebook also knew that its platform facilitated dissention, illegal activity, and violent extremism, but refused to correct it.

The lawsuit filed last week in federal court in California says market losses resulting from publicity over Facebook’s actions caused investors including OPERS to lose more than $100 billion.

A Facebook spokesperson called the lawsuit without merit and it the company would fight it.

PHILANTHROPHY-CRYPTOCURRENY-DONATIONS

Charities see more crypto donations. Who is benefiting?

UNDATED (AP) — As the biggest cryptocurrencies flirt with record highs in value, they are increasingly becoming bigger sources of revenue for charities.

However, the number of charities accepting the virtual currencies, known for their volatility, remains limited. According to CoinGecko pricing, the world of crypto recently pushed past $3 trillion in value.

The virtual currencies are attractive to donate because they allow donors to bypass capital gains tax on the appreciated assets they give to charity. Donors would also be eligible for an income tax deduction.

Many large charities and aid organizations have set up ways to accept crypto contributions. But experts say smaller organizations are running behind.

CREW MEMBERS STRIKE

Film crew union narrowly approves contract with producers

LOS ANGELES (AP) — Film industry crew members have narrowly voted to approve a pair of contracts with Hollywood producers.

The vote announced Monday comes after a standoff that nearly led to a strike that would have frozen productions across the U.S.

The popular vote of members was within a single percentage point. Many members of the International Alliance of Theatrical and Stage Employees felt the two deals didn’t go far enough on issues like long workdays that lead to fatigue that can be dangerous.

The union represents about 150,000 behind-the-scenes workers, including stagehands, cinematographers, camera operators and makeup artists.

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