Business Highlights: Twitter deal doubts, stocks end higher

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Musk threatens to walk away from Twitter deal

DETROIT (AP) — Elon Musk is threatening to end his $44 billion agreement to buy Twitter, accusing the company of refusing to give him information about its spam bot accounts. Lawyers for the Tesla and SpaceX CEO made the threat in a letter to Twitter dated Monday that the social platform included in a filing with the Securities and Exchange Commission. The letter says Musk has...

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Musk threatens to walk away from Twitter deal

DETROIT (AP) — Elon Musk is threatening to end his $44 billion agreement to buy Twitter, accusing the company of refusing to give him information about its spam bot accounts. Lawyers for the Tesla and SpaceX CEO made the threat in a letter to Twitter dated Monday that the social platform included in a filing with the Securities and Exchange Commission. The letter says Musk has repeatedly asked for the information since May 9 so he could evaluate how many of the company’s 229 million accounts are fake. Twitter said it’s been sharing information with Musk in accordance with the merger agreement.

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EXPLAINER: Is Elon Musk’s deal to buy Twitter falling apart?

Elon Musk on Monday threatened to walk away from his $44 billion bid to buy Twitter, the latest sign that his plan to overhaul the social media platform may be really starting to fray. Lawyers for the Tesla and SpaceX CEO made the threat in a letter to Twitter accusing the company of refusing to give him information about “spam bot” accounts. Such bots have become a major public preoccupation for the volatile billionaire despite the fact that he declined an opportunity to examine Twitter’s internal data several months ago.

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Wall Street ticks higher as recession watch remains murky

NEW YORK (AP) — U.S. stocks ticked higher Monday as Wall Street keeps wrestling with whether the economy will successfully avoid a recession amid rising interest rates and high inflation. The S&P 500 edged up 0.3% and the Nasdaq rose 0.4%. Both started the day with even bigger gains, following up on strength across European and Asian markets after China relaxed some tough anti-COVID measures. But stocks fell back a bit as Treasury yields continued to climb, putting downward pressure on stocks. The yield on the 10-year Treasury, which helps set interest rates on mortgages and other loans, jumped back above 3%.

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Bidding war for Spirit Airlines heats up ahead of vote

The bidding war over Spirit Airlines is ramping up again with JetBlue boosting its offer for the discount carrier just days after rival Frontier upped its own bid for Spirit. Spirit shareholders are also scheduled to vote Friday on Frontier’s offer. JetBlue said Monday that it would now provide a $350 million reverse break-up payable to Spirit if a deal between the two isn’t completed for antitrust reasons. This is $150 million more than JetBlue previously offered to pay.

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UN: Climate shocks, war fuel multiple looming food crises

ROME (AP) — Two U.N. food agencies are warning of multiple, looming food crises on the planet. Climate “shocks” including droughts and flooding, the repercussions of the COVID-19 pandemic and the war in Ukraine were cited as why food and fuel prices were rising so rapidly. The stark warning was issued jointly Monday in a report by the World Food Program and the Food and Agriculture Organization. WFP Executive Director David Beasley said besides hurting “the poorest of the poor,” the global food crisis threatens to overwhelm millions of families who are just getting by. The report said six nations faced catastrophic conditions: Ethiopia, Nigeria, South Sudan, Yemen, Afghanistan and Somalia.

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Apple offers glimpse at upcoming changes to iPhone software

Apple on Monday provided a peek at upcoming tweaks to the software that powers more than 1 billion iPhones and rolled out two laptops that will be the first available with the next generation of a company-designed microprocessor. As usual, Apple spent most of the opening day of its annual developers conference touting the next versions of software for the iPhone, iPad, Apple Watch and Mac computers instead of the devices that have made it a technology trendsetter. The iPhone’s next operating system, due out this fall, will revamp the look of the device’s lock screen and make mostly minor improvements to the current software.

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Biden orders emergency steps to boost U.S. solar production

WASHINGTON (AP) — President Joe Biden has ordered emergency measures to boost crucial supplies to U.S. solar manufacturers. He’s also declared a two-year tariff exemption on solar panels from Southeast Asia as he attempts to jumpstart progress toward his climate change-fighting goals. Biden’s use of the Defense Production Act and his other executive actions come amid complaints by industry groups that the solar sector is being slowed by supply chain problems due to a Commerce Department inquiry into possible trade violations. Biden’s actions aim to increase domestic production of solar panel parts, building installation materials, high-efficiency heat pumps and cells used for clean-energy generated fuels.

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U.S. seeks to seize 2 luxury jets linked to Russian oligarch

NEW YORK (AP) — Federal authorities are moving to seize a $60 million Gulfstream and a $350 million aircraft believed to be one of the world’s most expensive private airplanes after linking both aircraft to Russian oligarch Roman Abramovich. A Manhattan federal court magistrate judge on Monday signed a seizure warrant authorizing the seizure of the Gulfstream and a Boeing jet that authorities said was worth less than $100 million before it was customized into a much more expensive plane. Abramovich, who recently sold his stake in Chelsea, a Premier League football club in London, is among the wealthier Russians whose assets are being watched for sanction violations after Russian’s invasion of Ukraine.

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Russia puts sanctions on 61 U.S. nationals

Russia’s Foreign Ministry has announced sanctions on 61 U.S. nationals, a move it says is “in response to the ever-expanding U.S. sanctions against Russian political and public figures, as well as representatives of domestic business.” The list includes U.S. officials and former and current top managers of large American companies, such as Treasury Secretary Janet Yellen, Energy Secretary Jennifer Granholm, White House communications director Kate Bedingfield and Netflix CEO Reed Hastings.

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The S&P 500 rose 12.89 points, or 0.3%, to 4,121.43. The Dow Jones Industrial Average rose 16.08 points, or less than 0.1%, to 32,915.78. The Nasdaq rose 48.64 points, or 0.4%, to 12,061.37. The Russell 2000 index of smaller companies rose 6.83 points, or 0.4%, to 1,889.89.

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