Update on the latest in business:

FINANCIAL MARKETS

Asian shares mostly rise

TOKYO (AP) — Asian shares are mostly higher today, encouraged by news on the development of coronavirus vaccines and more assurance for a transition of power in the U.S. to President-elect Joe Biden.

Japan’s benchmark Nikkei 225 jumped 2.5% in afternoon trading. Australia’s S&P/ASX 200 gained 1.3%. South Korea’s Kospi added 0.6%. Hong Kong’s Hang Seng inched up less than 0.1%, while the Shanghai Composite slipped 0.5%.

On Monday, the S&P 500 rose 0.6% to 3,577.59. The benchmark index, which climbed to an all-time high a week ago, recouped nearly three-fourths of its decline from last week. The Dow Jones Industrial Average gained 1.1% to 29,591.27. The technology-heavy Nasdaq composite added 0.2% to 11,880.63.

BIDEN-FEDERAL AGENCIES

Approval for transition gives Biden team access to resources

WASHINGTON (AP) — The head of the federal General Services Administration has acknowledged that President-elect Joe Biden is the apparent winner of this month’s presidential election. That allows the incoming president to coordinate with federal agencies on plans for taking over on Jan. 20.

The process — known as “ascertainment” — was delayed more than two weeks after Biden had surpassed the more than 270 electoral votes needed to secure the presidency. The government will now release $6.3 million to Biden’s transition team and 175,000 square feet of federal office space, among other things.

VIRUS OUTBREAK-TRAVEL

Air travel heavy despite risk warnings

UNDATED (AP) — Despite emphatic warnings from public health authorities to stay home for Thanksgiving, millions of Americans are crowding the nation’s airports ahead of the holiday, many of them unwilling to miss out on seeing family and convinced they can do it safely.

More than 3 million people were screened at U.S. airports on Friday and Saturday, according to the Transportation Security Administration. That is the busiest stretch of air travel since mid-March. Still, the number of travelers crowding airports this past weekend was down 57% from the same weekend last year. In 2019, a record 26 million passengers and crew passed through U.S. airport screening in the 11-day period around Thanksgiving.

VIRUS OUTBREAK-AUSTRALIA FLIGHTS

Australia airline boss wants vaccine passport for travelers

SYDNEY (AP) — The boss of Australia’s largest airline says that once a coronavirus vaccine becomes widely available, it may require passengers to get it before they can travel abroad.

Qantas Chief Executive Alan Joyce told Australia’s Network Nine television he has been talking to his counterparts at other airlines around the world about the possibility of a “vaccination passport” for overseas travelers. Australia has imposed some of the most severe border restrictions in the world since the pandemic began. Those restrictions have helped the nation of 26 million people tame its outbreak.

VIRUS OUTBREAK-CHINA

China reports results of mass testing

BEIJING (AP) — China is reporting new coronavirus cases in the cities of Shanghai and Tianjin as it seeks to prevent small outbreaks from becoming larger ones.

The National Health Commission says there were two new locally spread cases in the previous 24-hour period, one in each city. It also reports 20 cases among people who had arrived from overseas.

ENBRIDGE- ENERGY LINE 3

Army Corps of Engineers grants final federal Line 3 permit

MINNEAPOLIS (AP) — The U.S. Army Corps of Engineers has approved the final federal permit for Enbridge Energy’s planned Line 3 crude oil pipeline replacement across northern Minnesota.

All that remains now is for the Minnesota Pollution Control Agency to issue a storm water construction permit, and then for the Public Utilities Commission to give a final green light. The commission has approved the project several times. Opponents, including environmental and tribal groups, are still trying to block the project. But there are no injunctions to prevent Calgary, Alberta-based Enbridge from beginning construction if it gets final approval from the PUC.

NETFLIX -PRODUCTION INVESTMENTS

Netflix to expand production hub in New Mexico

ALBUQUERQUE, N.M. (AP) — Netflix is pledging an additional $1 billion investment in its production hub in New Mexico. The company joined government officials Monday in announcing its plans. About 300 acres would be added to the existing campus on the southern edge of Albuquerque, making it what officials say will be one of the largest film production facilities in North America.

Aside from construction jobs, the project is expected to result in 1,000 production jobs over the next decade. A total of $24 million in state and local economic development funding will be funneled toward the expansion, and bonds will help reduce some taxes for Netflix.

KUWAIT-DEBT CRISIS

Oil-rich Kuwait faces reckoning as debt crisis looms

DUBAI, United Arab Emirates (AP) — Kuwait, one of the world’s wealthiest countries, is facing a debt crisis.

The pandemic has sent the price of oil crashing to all-time lows and pushed Kuwait toward a reckoning with its longtime largesse for its citizens just as a parliamentary election looms in December.

he finance minister has warned that the government soon won’t be able to pay salaries as it hasn’t raised its debt ceiling. It needs a new parliament to approve raising its debt spending. However, the public remains angry over a series of corruption scandals and fears that the money would be wasted.

JETS-MENTORING WOMEN

Jets help empower women with online job mentoring event

UNDATED (AP) — The New York Jets had 27 female employees participate in an online mentoring program for women run by Dress For Success Northern New Jersey. It is an affiliate of the nonprofit Dress For Success.

The global organization is known for providing professional attire for women but also helps build job search and interview skills with no-cost seminars and programs.

Jets employees served as mentors for nearly a dozen women who were looking to sharpen their resume and interview skills while also looking for tips and suggestions with searching for job opportunities.

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