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Business Highlights

January 11, 2021 GMT

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Right-wing app Parler booted off internet over ties to siege

NEW YORK (AP) — The conservative-friendly social network Parler has been booted off the internet over ties to the siege on the U.S. Capitol. But before the app was banned, hackers made off with an archive of its posts, including any that might have helped organize or document last week’s riot. Amazon kicked Parler off its web-hosting service early Monday, and the social media app promptly sued to get back online. The 2-year-old app welcomed a surge of new users and became the No. 1 free app on iPhones late last week, when Facebook, Twitter and other mainstream social media platforms silenced President Donald Trump’s accounts.

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Meet the online gadget show, a hall of mirrors to the future

SAN FRANCISCO (AP) — Every January, huge crowds descend on Las Vegas for the CES gadget show, an extravaganza of tech and glitz intended to set the tone for the coming year in consumer technology. CES starts this week, but thanks to the pandemic, it will be in a radical new format. This year, CES is reborn as a “virtual” show taking place only in cyberspace — one in which the new technology will only be viewable ... via technology, aka video streams and chat. On display this year will be COVID-fighting “coronabots,” artificial intelligence-powered avatars and transparent TVs. But it’s not entirely clear exactly how all this all is going to work.

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Business grows skittish about Trump and GOP after riots

WASHINGTON (AP) — Corporate America is quickly distancing itself from the defeated President Donald Trump. Many many of the biggest names in business — Goldman Sachs, Ford, and Blue Cross Blue Shield among them — are suspending their political donations after a Trump-inspired mob ransacked the U.S. Capitol in a deadly and violent spree last Wednesday. But the “pausing” of donations announced by many companies was unlikely to deliver a serious blow to Republicans in Congress who voted to overturn Democrat Joe Biden’s win.

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Stocks slip as Wall Street takes a breather after 4-day run

NEW YORK (AP) — Stocks closed lower on Wall Street Monday as trading cools in markets around the world following record-setting runs. The S&P 500 fell 0.7%, breaking a four-day winning streak. Analysts said a pullback was no surprise following the big rally recently for everything from stocks to bond yields to commodities amid a wave of optimism. At the same time, the worsening pandemic continues to slam the economy. Treasury yields continued to rise, partly on expectations that the U.S. government is set to borrow a lot more money for stimulus programs. That has investors raising their expectations for economic growth and inflation.

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Uganda accuses Facebook of ‘interfering’ in tense polls

KAMPALA, Uganda (AP) — A Ugandan official accused Facebook of meddling in the country’s upcoming election after several accounts linked to President Yoweri Museveni’s campaign were removed for alleged inauthentic behavior. Presidential spokesman Don Wanyama told The Associated Press that Facebook’s action was evidence of what Ugandan authorities see as outside support of Bobi Wine, the leading opposition candidate in presidential elections scheduled for Thursday. In a statement, Facebook said it removed a network of accounts and pages that used fake accounts to manage pages, comment on other people’s content, impersonate users, re-share posts in groups to make them appear more popular than they were. Facebook said it blocked that network ahead of Uganda’s elections.

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Ford announces closing of Brazil manufacturing operations

SAO PAULO (AP) — Ford Motor said on Monday it will close three plants in Brazil and stop producing automobiles in the South American country. The company said in a statement it will cease production immediately at the factories “as the COVID-19 pandemic amplifies persistent industry idle capacity and slow sales that have resulted in years of significant losses.” The automaker also said it will keep its South America headquarters, product development center and proving grounds in Brazil.

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Chunky bootmaker Dr. Martens to sell shares to public

LONDON (AP) — The maker of Dr. Martens boots, the chunky-soled footwear favored by celebrities like Rihanna and Kristen Stewart, plans to sell shares to the public as the existing owners seek to profit from growth of the iconic brand. Dr. Martens Ltd. said Monday that current investors plan to sell at least 25% of their stake in an initial public offering on the London Stock Exchange.

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Carnival expects 2021 loss but says 2022 bookings are strong

NEW YORK (AP) — Carnival Corp. says its 2022 cruise bookings are running ahead of 2019 numbers, a sign that guests will return once the pandemic has eased. Carnival halted sailings in March 2020 after numerous ships reported coronavirus outbreaks on board. The company expects to resume a limited amount of cruising in Europe later this month. It has paused U.S. sailings through March 31. Carnival says it lost $2.2 billion in its fourth quarter, which ended Nov. 30. The company says it also expects to report a loss its 2021 fiscal year, which ends in November.

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The S&P 500 dropped 25.07 points, or 0.7%,to 3,799.61. The Dow Jones Industrial Average fell 89.28 points, or 0.3%, to 31,008.69. The Nasdaq composite slid 165.54 points, or 1.3%, to 13,036.43. The Russell 2000 index of smaller-company stocks finished down 0.65 points, or less than 0.1%, to 2,091.01.