Tech giants banished Trump. Now things get complicated
SAN FRANCISCO (AP) — Major tech platforms, long accused of giving President Donald Trump special treatment denied regular users, have finally shown him the door. Now things get complicated. Trump is gone from Twitter, Facebook, Snapchat and even Shopify, but In many ways, booting the president was the easy part. While these companies have taken a big step, it’s unlikely to end criticism of their moderation policies and the way they handle hate speech, misinformation and inciting violence. The next big questions may be whether they’ll apply the same standard to other world leaders, continue to expand their definitions of unacceptable behavior, and perhaps splinter their userbase in the process.
Sheldon Adelson, casino mogul and GOP donor, dies at 87
LAS VEGAS (AP) — Billionaire casino mogul and Republican mega-donor Sheldon Adelson has died. Las Vegas Sands says Adelson died Monday night from complications related to treatment for non-Hodgkin’s lymphoma. He was 87. Adelson was the son of Jewish immigrants and was raised with two siblings in a Boston tenement. Over the second half of his life he became one of the world’s richest men, with a casino empire that stretched from Las Vegas to China. He also became a singular force in domestic and international politics. He was considered the nation’s most influential GOP donor over the final years of his life, setting records for individual contributions.
US Chamber says some legislators will lose campaign funding
WASHINGTON (AP) — The U.S. Chamber of Commerce is threatening to withhold campaign funds from politicians who fought approval of Joe Biden’s election victory, but it wouldn’t identify which ones. During a session Tuesday on the state of American business, the chamber also did not call for Trump’s ouster after last week’s insurrection at the Capitol. But the group called the president’s conduct unacceptable and said it undermined institutions and ideals.
GM charges up new unit to sell electric delivery vans, gear
DETROIT (AP) — General Motors is forming a new business unit to tap the market for delivery vehicles and equipment powered by electricity. The new venture is called BrightDrop, and its first product will be a battery-powered wheeled pallet that will take goods from the warehouse to trucks and from trucks to destinations. Then GM will roll out a delivery van. The company wasn’t clear on how the products would be sold, giving no specifics on whether they would be distributed through dealerships or if GM would sell directly to customers.
Boeing deliveries drop despite 737 Max’s return to flight
CHICAGO (AP) — Boeing is reporting final 2020 numbers for airplane orders and deliveries, and they are down from 2019 even though the 737 Max is flying again. Boeing said Tuesday that it booked 90 orders for new airliners in December, most of them for Ireland’s Ryanair. Boeing also says it delivered 39 commercial planes in December, including 27 Max jets. American Airlines took 10 Maxes and United Airlines got eight. Those deliveries came after the Federal Aviation Administration approved changes in a flight-control system on the plane. Maxes were grounded worldwide for 21 months after crashes in Indonesia and Ethiopia killed 346 people. The market for new planes remains depressed by the COVID-19 pandemic, however.
Job openings down in most industries, while layoffs spike
WASHINGTON (AP) — Layoffs spiked in November compared with the previous month and the number of job openings slipped, a sign the job market has stalled as the resurgent coronavirus has forced new shutdowns of restaurants and bars and discouraged consumer spending. While the layoffs were concentrated among restaurants, bars and hotels, the slowdown in job postings was widespread across most industries, a sign that businesses in general are reluctant to hire new workers amid the pandemic recession.
Visa, Plaid call off merger following antitrust pressure
CHARLOTTE, N.C. (AP) — Visa Inc. has called off its planned $5.3 billion purchase of payment processing technology company Plaid, citing the Department of Justice’s antitrust lawsuit filed last year to block the deal. Politicians and antitrust experts had argued that the deal would give Visa — which is already the largest payment-processing company in the world — even more power over how customers and businesses pay for goods and services. In a statement, Visa said it still believes that deal would have benefited consumers but decided to scrap it to avoid further litigation
Yellen’s Senate confirmation hearing expected Jan. 19
WASHINGTON (AP) — The Senate Finance Committee is expected to hold a confirmation hearing for Treasury Secretary-nominee Janet Yellen on Jan. 19. That’s according two sources familiar with the planning. The timing for the hearing would mean that Yellen would appear before a panel still controlled by Republicans. Democrats will not take over control of the Senate until Jan. 20 after Biden and Vice President-elect Kamala Harris are sworn into office. With the election to the Senate of two Democrats from Georgia last week, the Senate will be split 50-50. Harris will give Democrats a majority once she is sworn is. As vice president, Harris will be able to break 50-50 ties.
The S&P 500 rose 1.58 points, or less than 0.1%, to 3,801.19. The Dow Jones Industrial Average gained 60 points, or 0.2%, to 31,068.69. The Nasdaq composite added 36 points, or 0.3%, to 13,072.43. The Russell 2000 index of small-caps gained 36.95 points, or 1.8%, to 2,127.96.