Update on the latest in business:


Save Story
Leer en español

Estimated read time: 8-9 minutes

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

FINANCIAL MARKETS

Wall Street drifts as tech stock gains offset other losses

NEW YORK (AP) — Stocks are drifting up and down as a continued rally for big tech companies makes up for weakness elsewhere across Wall Street.

Roughly two out of three stocks in the S&P 500 were lower at midday, with several chemical and travel-related companies taking the hardest hits.

Offsetting that were gains for several tech-oriented giants, which investors have been piling into on expectations that they can grow almost regardless of the economy. Apple rose 1.9%, and Amazon added 1.5%, while Twitter jumped 7.4%. That helped drive a 0.8% rise for the Nasdaq composite for the largest gain among major U.S. indexes.

VIRUS OUTBREAK-UNITED-JOBS

United sending layoff notices to nearly half of US employees

UNDATED (AP) — United Airlines is sending layoff warnings to 36,000 employees, nearly half its U.S. staff. It’s the clearest signal yet of how deeply the COVID-19 pandemic is hurting the airline industry.

United officials said Wednesday that they still hope to limit the number of layoffs by offering early retirement, but they have to send notices this month to comply with a law requiring that workers get 60 days’ notice ahead of mass job cuts. The furloughs would include 11,000 flight attendants, 11,000 customer service and gate agents, 5,500 maintenance workers and 2,250 pilots. United officials said the notices cover 45% of its U.S. employees.

BROOKS BROTHERS-BANKRUPTCY

Famed clothier Brooks Brothers files for bankruptcy

NEW YORK (AP) — The storied New York clothier Brooks Brothers is filing for bankruptcy protection. The company that says it’s put 40 U.S. presidents in its suits survived two world wars and navigated through casual Fridays and a loosening of dress standards even on Wall Street, but the coronavirus pandemic pushed the 200-year-old company into seek Chapter 11 protection Wednesday. Another famed men’s clothier, Barneys of New York, sought bankruptcy protection last year, and it was followed by a slew of others toppled by the pandemic, including Neiman Marcus, J.Crew and J.C. Penney. More bankruptcies are anticipated in the retail sector which as been rattled by the spread of COVID-19.

VIRUS OUTBREAK-SMALL BUSINESS LOANS-ENTERTAINMENT

Coppola and Henson companies get loans for winery, puppetry

LOS ANGELES (AP) — From a godfather of cinema to Kermit the Frog, the U.S. government’s small business lending program sent pandemic relief money into unexpected corners of the entertainment industry. Francis Ford Coppola, director of “The Godfather” and “Apocalypse Now,” received a loan of between $5 million and $10 million that went to workers at his winery. CEO Corey Beck says that allowed the company to keep 200 hospitality workers on the payroll for 24 weeks while it was closed to visitors. Muppet makers the Jim Henson Co. say they received about $2 million to keep their 75 workers employed through the coronavirus shutdown.

BRITAIN-ECONOMY

UK gets creative: job bonus and eating out schemes announced

LONDON (AP) — The British government has unveiled a package of measures that it hopes will help the economy bounce back and limit a spike in unemployment as a result of the coronavirus pandemic. Britain’s Treasury chief today outlined a series of incentives for businesses to retain and hire staff, new funding for training and for environmental projects, and some targeted tax cuts. He says the aim is to wean the U.K. economy off emergency measures announced when the country was put into lockdown in March. The most dramatic measures are centered on the tourism and hospitality sectors, which have suffered badly during the lockdown. They include a discount scheme for people to eat out in August, dubbed “Eat Out to Help Out.”

UNITED STATES-MEXICO

Trump, Lopez Obrador visit is about trade, but politics too

WASHINGTON (AP) — President Donald Trump’s meeting with Mexican President Andrés Manuel López Obrador is being billed as a celebration of economic ties and the new North American trade agreement. But critics in Mexico worry that their leader is being used a political pawn to bolster Trump’s reelection effort.

Lopez Obrador began his first foreign trip as president with stops Wednesday in Washington at the Lincoln Memorial and a statue of Benito Juarez, a former Mexican president and national hero. Substantive talks are set for the afternoon at the White House, followed by a working dinner that was also to include business leaders.

SUPREME COURT-CONTRACEPTION

Court: Some employers can refuse to offer free birth control

WASHINGTON (AP) — The Supreme Court has upheld Trump administration rules allowing some employers to refuse to provide free contraceptive coverage on religious grounds. The high court on Wednesday said the Trump administration acted properly when it allowed more employers who cite a religious or moral objection to opt out of covering birth control. The Obama-era health law said most employers must cover birth control as a preventive service, at no charge to women, in their insurance plans. The government had estimated that the Trump administration rule changes would cause about 70,000 women, and at most 126,000 women, to lose contraception coverage in one year.

SUPREME COURT-RELIGIOUS EMPLOYERS

Supreme Court sides with Catholic schools in employment suit

WASHINGTON (AP) — The Supreme Court is siding with two Catholic schools in a ruling that underscores that certain employees of religious schools, hospitals and social service centers can’t sue for employment discrimination. The high court’s ruling on Wednesday was 7-2. The justices had previously said in a unanimous 2012 decision that the Constitution prevents ministers from suing their churches for employment discrimination. But the court didn’t specifically define at that time who counts as a minister. The new ruling makes that clear.

VIRUS OUTBREAK-HOUSING MARKET

Housing market heats up, cruise industry in murky waters

UNDATED (AP) — Home buying is heating up, despite the pandemic. Seasonally adjusted purchase applications rose 5%, to the highest level in nearly a month, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 3. The figure is up 33% from the same week a year earlier.

Joel Kan, MBA’s associate vice president of economic and industry forecasting, said that the average purchase loan size increased to $365,700, as borrowers deal with limited supply and higher home prices.

VIRUS OUTBREAK-RENT

Renters face financial cliff ahead; limited help available

UNDATED (AP) — Renters are nearing the end of their financial rope as the assistance and protections given to them during the pandemic run their course. About 30% of renters polled by the U.S. Census say they have no confidence or slight confidence in their ability to pay rent next month. The COVID-19 Eviction Defense Project, a coalition of economic researchers and legal experts, estimates that 19 million to 23 million Americans are at risk for eviction by the end of September. While renters don’t enjoy the same protections and support as homeowners, there are some resources available.

FACEBOOK-CIVIL RIGHTS AUDIT

Facebook civil rights audit: ‘Serious setbacks’ mar progress

UNDATED (AP) — A two-year audit of Facebook’s civil rights record found “serious setbacks” that have marred the social network’s progress on matters such as hate speech, misinformation and bias. The audit’s leader, former American Civil Liberties Union executive Laura Murphy, was hired by Facebook in May 2018 to assess its performance on vital social issues. The final, 100-page report released Wednesday outlines a “seesaw of progress and setbacks” on everything from bias in Facebook’s algorithms to content moderation, advertising practices and voter suppression. The audit’s recommendations are not binding.

EU-ENERGY-HYDROGEN STRATEGY

EU bets on clean hydrogen to decarbonize and boost economy

UNDATED (AP) — The European Union’s executive branch has unveiled plans to boost the production of clean hydrogen as part of its goal to achieve climate neutrality by 2050 and help the economy. Currently, hydrogen is produced almost exclusively from fossil fuels. It accounts for less than 2% of Europe’s energy mix. The EU wants to increase that to 14% by 2050 while decarbonizing production using renewable energy sources. The European Commission said Wednesday that other types of low-carbon hydrogen made through processes associated with emissions will be needed in a transition phase. Environmental group Friends of the Earth Europe and Green lawmakers in the EU parliament are opposed to that.

PALM OIL-FORCED LABOR

Malaysian palm oil giant hit with forced labor allegations

MINNEAPOLIS (AP) — An anti-trafficking organization has filed a petition to ban importation of palm oil produced by one of the world’s largest suppliers, saying it found evidence of child and forced labor on plantations that supply American food and cosmetics companies. The petition against Malaysia-based Sime Darby Plantation Berhad was filed with U.S. Customs and Border Protection by the nonprofit group Liberty Shared. Managing Director Duncan Jepsen says the group found deception during the recruitment process, threats and intimidation, the retention of passports, withholding of wages and inadequate living conditions. The company said it only learned about the petition this week and had not seen the full, 50-page report. It said it hoped to work with Liberty Shared to investigate the allegations.

WALGREENS-PRIMARY CARE

Walgreens dives into primary care with clinic expansion

UNDATED (AP) — Walgreens will squeeze primary care clinics into as many as 700 of its U.S. stores over the next few years in a major expansion of the care it offers customers. The drugstore chain said Wednesday that it will partner with VillageMD to set up doctor-led clinics that also use nurses, social workers and therapists to provide regular treatment for patients. The retailer will redesign stores that get the clinics, narrow their shelves and pull products like tobacco to make room. Drugstores typically offer small clinics that aim to treat minor ailments and don’t provide regular care.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Religion stories

Related topics

Religion
The Associated Press

    STAY IN THE KNOW

    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the KSL.com Trending 5.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast