AP NEWS

Business Highlights

November 25, 2019 GMT

___

Charles Schwab buys TD Ameritrade in brokerage blockbuster

NEW YORK (AP) — Charles Schwab is buying rival TD Ameritrade in an approximately $26 billion all-stock deal, a blockbuster agreement accelerated by disruption in the online brokerage industry. Competitive pressure has already forced brokerages to make it free for customers to trade U.S. stocks online, and Schwab’s proposal would combine two of the biggest players in the industry. The tie-up announced Monday would create a company so big, however, that it may draw sharp scrutiny from antitrust regulators.

___

Uber loses license in London over safety, vows to appeal

LONDON (AP) — London’s transit authority has refused to renew Uber’s operating license over impostor drivers. The ride-hailing company vows to appeal the decision as it struggles to secure its future in the British capital. Transport for London cited breaches that put “passengers and their safety at risk” in its decision, citing among other things, unauthorized drivers carried out thousands of rides.

___

US stocks jump to records as tech, small companies lead way

NEW YORK (AP) — A flurry of buyout deals and rising optimism about U.S.-China trade talks sent stocks back to record heights Monday, the latest bit of fuel for a market that’s been climbing since early last month. Technology stocks and smaller companies led the way after China issued new guidelines for the protection of patents and copyrights. Not only did stocks rise worldwide, gold fell as investors saw less need for safety. A measure of fear in the stock market also touched its lowest level since July.

___

EBay selling StubHub to viagogo for $4.05 billion

SAN JOSE, Calif. — EBay is selling StubHub to viagogo for $4.05 billion. The transaction is part of a review that eBay undertook earlier this year following pressure from an activist investor. The San Jose, California-based company then said it was also reviewing options for its classified ads business.

___

McDonald’s agrees to $26M settlement with California workers

LOS ANGELES (AP) — McDonald’s has agreed to a $26 million settlement of a long-running class-action lawsuit over wages and work conditions at corporate-run locations in California. The agreement released Monday involving McDonald’s Restaurants of California Inc. estimates it covers about 38,000 individuals. McDonald’s Corp. says it decided to resolve the lawsuit although it believes its employment practices comply with California labor law.

___

AP adding 14 statehouse reporters in new partnership

NEW YORK (AP) — The Associated Press is adding 14 statehouse reporters for 18-month jobs through a collaboration with Report for America, a group dedicated to local reporting. It is part of a growing effort to support local media. In rural areas and even many cities, papers are shrinking and shutting down, while coverage peters out. Similar efforts to fund local reporting have come from journalism foundations, tech companies like Google, and media organizations like investigatory nonprofit ProPublica.

___

Tiffany is latest jewel for French luxury group LVMH’s crown

PARIS (AP) — French luxury group LVMH has agreed to buy New York jeweler Tiffany & Co. for $16.2 billion, adding a famed star to its portfolio that already boasts Louis Vuitton, Christian Dior and Bulgari. The price tag for the 182-year old Tiffany and its 300 boutiques worldwide is higher than the $14.5 billion cash offer LVMH made last month. Tiffany, known for its delicate jewelry, distinctive blue boxes and an Audrey Hepburn movie, says the deal will ensure its long-term sustainability.

___

Grocery-carrying robots are coming. Do we need them?

BOSTON (AP) — Is the future of the delivery robot a personal sidekick that gets you walking as it lugs your groceries, or a fleet of self-driving sandwich couriers that enable you to stay glued to your desk? Or maybe neither. Companies with competing visions of society’s need for cargo-carrying sidewalk rovers are inviting consumers to try them out in the real world. One such robot, the Gita, comes from the maker of the Vespa scooter. But its $3,250 price tag has analysts declaring it doomed to fail.

___

An emerging priority for Powell Fed: The plight of the poor

WASHINGTON (AP) — Testifying to Congress this month, Federal Reserve Chair Jerome Powell sent a message seldom heard from his predecessors: That the Fed should consider the struggles of the lowest-income Americans in setting its interest-rate policies. It has become a common theme for Powell as he nears the end of his second year as chairman.

___

Mitsubishi, Chubu to take over Dutch energy giant Eneco

THE HAGUE, Netherlands (AP) — Dutch energy company Eneco says it has agreed to a proposed 4.1 billion-euro ($4.5 billion) takeover by Japanese corporations Mitsubishi and Chubu. Eneco said in a statement Monday that Mitsubishi will fund 80% of the deal and Chubu the remaining 20%.

___

The S&P 500 rose 23.35 points, or 0.8%, to 3,133.64. The Dow Jones Industrial Average climbed 190.85, or 0.7%, to 28,066.47, and the Nasdaq composite jumped 112.60, or 1.3%, to 8,632.49. The Russell 2000 index of small-cap stocks rose 32.96, or 2.1%, to 1,621.90.