FINANCIAL MARKETS
Stocks rise
NEW YORK (AP) — Solid earnings from health care companies are helping to power broad gains for stocks on Wall Street and push the benchmark S&P 500 within range of an all-time high. The S&P 500 was up 0.4% in midday trading, while the Dow Jones Industrial Average rose 0.6% and the Nasdaq was up slightly. Abbott Laboratories, Biogen and Anthem rose after reporting quarterly results that beat analysts’ expectations. Netflix fell after forecasting earnings for its current quarter that were below analysts’ estimates. Technology stocks lagged the broader market. The yield on the 10-year Treasury remained at 1.63%. The price of Bitcoin rose to an all-time high.
BITCOIN-PRICE
Bitcoin tops $66,000, sets record as crypto goes mainstream
NEW YORK (AP) —Bitcoin rallied to a record Wednesday, topping $66,000 for the first time, on a wave of excitement about how the financial establishment is increasingly accepting the digital currency’s rise. Bitcoin was trading at $66,439, up 5.9%, as of 12:40 p.m. Eastern time, after earlier climbing as high as $66,974.77. It has roared back after sinking below $30,000 during the summer to top its prior record set in April. That previous all-time high was nearly $64,889. The surge has come as more businesses, professional investors and even the government of El Salvador buy into Bitcoin, broadening its base beyond its initial core of fanatics.
BRITAIN-FACEBOOK
UK fines Facebook $69.4 million for failing to supply data
LONDON (AP) — Britain’s competition watchdog fined Facebook 50.5 million pounds ($69.4 million) on Wednesday for violating rules during the U.K. investigation into the social media giant’s purchase of Giphy. The Competition and Markets Authority says Facebook failed to provide required information during the probe. It said it gave the platform multiple warnings and “considers that Facebook’s failure to comply was deliberate.″ The authority says it was the first time a company had been found to breach a so-called initial enforcement order by consciously refusing to report required information. Facebook disputes the decision and is considering its options.
TWIN METALS-MINE
Biden administration move could block Minnesota copper mine
MINNEAPOLIS (AP) — The Biden administration has dealt a serious blow to the proposed Twin Metals copper-nickel mine on the edge of the Boundary Waters Canoe Area in northeastern Minnesota. The government ordered a study Wednesday that could lead to a 20-year ban on mining upstream from the wilderness. The administration says it has filed an application for a “mineral withdrawal.” It would begin with a comprehensive study of the likely environmental and other impacts of mining if it were permitted upstream from the Boundary Waters. The Obama administration tried to kill the project when it launched a similar process, but the Trump administration reversed that decision.
CALIFORNIA OIL SPILL
Groups want US to suspend oil leases off California coast
HUNTINGTON BEACH, Calif. (AP) — A group of environmental organizations is demanding the Biden administration suspend and cancel oil and gas leases in federal waters off the California coast after a recent crude oil spill. The Center for Biological Diversity and about three dozen organizations sent a petition Wednesday to the Department of the Interior. The groups say offshore drilling threatens wildlife, fisheries and tourism, and the platforms off the coast of California are especially susceptible to problems due to their age. The move comes several weeks after an undersea pipeline leaked about 25,000 gallons of crude into the ocean off Orange County. The Department of the Interior declined to comment on the petition.
FLINT-WATER
Arbitrator: Official wrongly fired in Flint water scandal
DETROIT (AP) — The only Michigan official fired in the Flint water disaster likely was a “public scapegoat” who lost her job because of politics. That’s the opinion of an arbitrator who is ordering $191,880 in back pay and other compensation for Liane Shekter Smith. She served as head of the state’s drinking water office when Flint’s water system was contaminated with lead. Shekter Smith was demoted and then fired in 2016. The arbitrator noted that state engineers who had a direct role in Flint were suspended with pay and allowed to return to work. The Michigan environmental agency declined to comment Wednesday but said an appeal was being considered.
BIOGEN-ALZHEIMER’S DRUG
Biogen CEO: ‘Major bottleneck’ still limits Alzheimer’s drug
UNDATED (AP) — A new Alzheimer’s drug from Biogen brought in only $300,000 in sales during its first full quarter on the market, continuing a slow debut complicated by coverage questions and doctor concerns. The infused drug has been hailed as a potential breakthrough treatment for a fatal disease. But Biogen CEO Michel Vounatsos says it has encountered a health care system that “remains a major bottleneck.” The U.S. Food and Drug Administration approved the drug, named Aduhelm, in June and later said it was appropriate for patients with early-stage Alzheimer’s. Medicare has yet to decide how it will cover Aduhelm.
VIRUS OUTBREAK-BOOSTERS
FDA official: Booster announcements coming Wednesday
WASHINGTON (AP) — U.S. regulators expect to rule Wednesday on authorizing booster doses of the Moderna and Johnson & Johnson COVID-19 vaccines. That’s according to a Food and Drug Administration official at a government meeting. The decision is expected to include allowing the mixing and matching of COVID-19 booster doses among the three U.S. manufacturers — Pfizer, Moderna and J&J. Last week, the FDA’s panel of independent experts unanimously recommended broadening the booster campaign to include recipients of the Moderna and J&J vaccines. The FDA is not required to follow the group’s advice, though it generally does. The booster recommendations won’t become official until after the CDC’s director affirms the details.
VIRUS OUTBREAK-VACCINES FOR CHILDREN
White House details plans to vaccinate 28M children age 5-11
WASHINGTON (AP) — Kids aged 5 to 11 will soon be able to get a COVID-19 shot at their pediatrician’s office, local pharmacy and potentially even their school. The White House is detailing plans Wednesday for the expected authorization of the Pfizer shot for younger children in a matter of weeks. The country has ample supplies of shots to vaccinate the roughly 28 million kids who will soon be eligible and have been working for months to ensure widespread availability of shots once approved. Federal regulators will meet over the next two weeks to weigh the benefits of giving shots to kids, after lengthy studies meant to ensure the safety of the vaccines.
NYC-VACCINE MANDATE
NYC requiring vaccine for cops, firefighters, city workers
NEW YORK (AP) — New York City will require police officers, firefighters and other municipal workers to be vaccinated against COVID-19 or be placed on unpaid leave. Mayor Bill de Blasio made the announcement Wednesday. That presents an ultimatum to public employees who’ve refused, and ensures there will be a fight with some of the unions representing them. The mandate affects the nation’s largest police department and more than 100,000 other Big Apple workers. That includes trash haulers and building inspectors. The mandate carries a Nov. 1 deadline for getting the first vaccine dose.
VIRUS OUTBREAK-RUSSIA
Putin orders nonwork week as COVID numbers rise in Russia
MOSCOW (AP) — Russian President Vladimir Putin has ordered the country’s workers to stay off work for a week starting later this month amid rising coronavirus infection and death numbers. Putin has also strongly urged reluctant citizens to get vaccinated. The government task force on Wednesday reported 1,028 coronavirus deaths over the past 24 hours. That’s the highest number since the start of the pandemic. That brought the total death toll to 226,353 which is by far the highest in Europe. Putin approved the Cabinet’s proposal to introduce a nonworking period starting Oct. 30 and extending through the following week when four of seven days already are state holidays.
GATES-COVID-DRUG
Gates Foundation to spend $120M on access for COVID-19 pill
UNDATED (AP) — The Bill and Melinda Gates Foundation says it will spend $120 million to boost access to generic versions of drugmaker Merck’s antiviral COVID-19 pill for lower income countries, if the drug gets approved by regulators. The private foundation says it will use the funds to “support the range of activities required to develop and manufacture generic versions” of the drug, molnupiravir. The foundation says it hasn’t determine how it will allocate the money. Merck has licensed its technology with generic drug manufacturers in India. The company has said it will provide licenses to manufacturers to supply the drug to India and more than 100 other lower and middle income countries.
TRUMP INVESTIGATION-GOLF COURSE
Report: Trump golf club under new criminal probe over taxes
NEW YORK (AP) — Donald Trump’s company is under criminal investigation by a district attorney in a New York City suburb into whether it misled officials to cut taxes for a golf course there. That’s according to the New York Times, citing “people with knowledge of the matter.” The newspaper didn’t say why those people had requested anonymity. The newspaper said the Westchester County district attorney’s office has subpoenaed the Trump National Golf Club and the town handling its taxes, Ossining. The district attorney’s office has declined to comment. In a statement, the Trump Organization suggested the probe was politically motivated.
CHANGING ECONOMY-HOURLY WORKERS
Workers fed up with nights, weekends seek flexible schedules
NEW YORK (AP) — Companies are confronting demands by hourly workers on terms that often used to be non-negotiable: scheduling. That has meant pushing back on weekend, late night or holiday shifts. Hourly workers are taking a page from their white-collar peers who are restructuring their workdays to accommodate their lifestyles. Similarly, hourly workers are seeking flexibility in how — and when — they do their jobs. Desperate for hired hands, companies are responding by adjusting schedules to meet worker demands. But they are limited in what they can do given the nature of how they operate, especially with customers having grown accustomed to getting what they want when they want it.
