Business News

Nov 20, 5:36 PM EST

Business Highlights


Justice Dept. suing to stop AT&T's $85B Time Warner deal

NEW YORK (AP) - The Justice Department is suing AT&T to stop its $85 billion purchase of Time Warner, setting the stage for an epic legal battle with the telecom giant. The government claims that consumer cable bills will rise if the merger goes through, saying the deal would "substantially lessen competition, resulting in higher prices and less innovation for millions of Americans." The telecom giant's CEO Randall Stephenson said earlier this month that he would not sell "key franchises" of Time Warner to get the deal done.


Trump promises Americans 'huge tax cut' for Christmas

WASHINGTON (AP) - President Donald Trump is promising a tax overhaul by Christmas. That pledge comes after the White House signaled its willingness to strike a health care provision from Senate tax legislation if it's an impediment to passing the tax bill. Before a Cabinet meeting Monday, Trump told reporters Americans would get "a huge tax cut for Christmas." The House passed a tax overhaul bill, but the Senate is still working on its bill.


Yellen to step down from Federal Reserve board

WASHINGTON (AP) - Janet Yellen on Monday submitted her resignation from the Federal Reserve board to President Donald Trump, announcing that she will leave the board when her successor is sworn in as Fed chairman. In a letter to the president, Yellen said she would "do my utmost" to make sure that there is a smooth transition to Jerome Powell, who was tapped by Trump on Nov. 2 to become the next Fed leader after the president decided not to offer Yellen a second term.


Nebraska gives long-delayed Keystone XL pipeline new life

LINCOLN, Neb. (AP) - Nebraska regulators have approved a Keystone XL oil pipeline route through the state, breathing new life into the long-delayed $8 billion project. But the chosen pathway is not the one preferred by the company that hopes to build it and could mean more time is needed to study the changes. Keystone XL was first proposed in 2008, rejected by the Obama administration in 2015 and revived by President Donald Trump earlier this year.


US hits Iran firms with sanctions for counterfeit Yemen cash

WASHINGTON (AP) - The Trump administration is imposing sanctions on six Iranian men and companies for counterfeiting Yemeni currency as a part of a scheme by the Islamic Revolutionary Guard Corps to destabilize the country. The Treasury Department says those sanctioned include two German-based printing and design firms. The U.S. says they were are part of a network that produced potentially hundreds of millions of dollars in fake Yemeni cash.


Marvell Technology buying chip maker Cavium in $6B deal

SANTA CLARA, Calif. (AP) -Marvell Technology has bid about $6 billion for Cavium in a cash-and-stock deal that would create a chip maker to compete with Intel and other giants in the industry. The potential deal extends a long-running consolidation for computer chip producers which are trying to grow so that they can better supply tech leaders like Apple, Google and Samsung..


Amazon goes into the holidays with magnified store presence

NEW YORK (AP) - Amazon goes into the holiday season with a magnified brick-and-mortar presence, giving it more opportunities to sell its Kindle e-readers, Fire tablets and other gadgets. It now has more than a dozen Amazon Books stores, which also sell toys, electronics and small gifts. Kohl's has carved out space for Amazon shops in 10 of its department stores. Amazon also has small shops in several malls, and is selling most of its gadgets in 100 Whole Foods stores and opening pop-up shops in five.


Health nominee reaped big earnings from drug industry tenure

WASHINGTON (AP) - Newly disclosed financial records show that President Donald Trump's nominee to become Health and Human Services secretary reaped big earnings during his tenure as a top pharmaceutical executive. Former Eli Lilly executive Alex Azar built a portfolio now worth as much as $20.6 million. HHS spokesman Ryan Murphy says Azar's private- and public-sector experience make him "uniquely positioned to accomplish the president's goals on health care policy."


Shootings put semi-automatic rifles ads under new scrutiny

ATLANTA (AP) - Ad campaigns by gun makers did not pause after mass shootings at a Las Vegas country music concert and a Texas church. But the marketing tactics for the semi-automatic weapons known as AR rifles are under new scrutiny in the aftermath of recent attacks. The ads often show soldiers in greasepaint and camouflage. Gun-control activists say the ads risk inspiring the next shooter. Gun-rights advocates insist the weapons are being blamed for the acts of deranged individuals.


Tyson Foods: New facility in Tennessee to create 1,500 jobs

HUMBOLDT, Tenn. (AP) - Tyson Foods Inc. says it plans to build a new chicken production complex in Tennessee, a $300 million project that is expected to create more than 1,500 local jobs when the facility being operations in late 2019. The company said Monday that the new plant in Humboldt will produce prepackaged trays of fresh chicken for retail grocery stores nationwide.


Technology companies, retailers send US stock indexes higher

NEW YORK (AP) - U.S. stocks rose Monday as a mix of smaller, U.S.-focused companies, technology firms and banks climbed. Drugmakers struggled, which limited those gains. Retailers and smaller companies rose for the third day in a row as their latest quarterly reports have investors feeling better about the U.S. economy and the amount of shopping people are likely to do over the holidays. Technology companies rose following another deal between chipmakers, and industrial companies also posted gains.


The Standard & Poor's 500 index picked up 3.29 points, or 0.1 percent, to 2,582.14. The Dow Jones industrial average gained 72.09 points, or 0.3 percent, to 23,430.33. The Nasdaq composite advanced 7.92 points, or 0.1 percent, to 6,790.71. The Russell 2000 index of smaller-company stocks climbed 10.57 points, or 0.7 percent, to 1,503.40.

Benchmark U.S. crude fell 46 cents to $56.09 a barrel in New York. Brent crude, which is used to price international oils, dropped 50 cents to $62.22 a barrel in London. Wholesale gasoline remained at $1.74 a gallon. Heating oil lost 1 cent to $1.93 a gallon. Natural gas slipped 5 cents to $3.05 per 1,000 cubic feet.

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