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06-2022

Business Highlights: Starbucks on Airlines and 5G, Vaccines

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Airlines cancel some flights after reducing 5G rollout in the US

DALLAS ( Associated Press) – International airlines canceled some flights to or from the US Wednesday’s cancellations were less dramatic than feared, but represent the latest complication in a dispute over concerns that 5G mobile phone service may interfere with aircraft technology. can. The airlines said they had received a warning from the US Federal Aviation Administration, or Boeing, that the aircraft maker’s 777 was particularly vulnerable to 5G service interference. Airlines for America, a trade group, said cancellations were limited as telecommunications providers agreed to temporarily reduce the rollout of 5G near airports while industry and government work on a long-term solution.

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Starbucks nixes vaccine mandate after Supreme Court ruling

SEATTLE ( Associated Press) — Starbucks no longer requires its U.S. employees to vaccinate against COVID-19, reversing a plan it announced earlier this month. The Seattle coffee giant says it is responding to last week’s decision by the US Supreme Court. In a 6-3 vote, the court rejected the Biden administration’s plan to require vaccines or routine COVID testing in companies with more than 100 workers. On January 3, Starbucks said it would require its 228,000 US employees to be vaccinated or face a weekly COVID testing requirement by February 9. Starbucks would not say how many of its employees have been fully vaccinated.

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Stocks extend losses to 2022 as investors prepare to hike rates

NEW YORK ( Associated Press) – Stocks closed broadly lower on Wall Street on Wednesday and deepened weekly losses for major indices after another early morning trade. The S&P 500 is down 1%, the Nasdaq is down 1.1% and the Dow Jones Industrial Average is down 1%. With major indices setting new lows for the year, weakness in technology stocks is again giving direction to the broader market. UnitedHealth Group, Bank of America and Procter & Gamble all rose after reporting encouraging financial results. Bond yields fell. As a measure of confidence in economic growth, smaller company stocks fell more than the rest of the market.

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US, UK begin talks on removal of Trump’s steel tariff

WASHINGTON ( Associated Press) – The United States and the United Kingdom have agreed to begin talks on removing former President Donald Trump’s import taxes on British steel and aluminum. In a joint statement on Wednesday, the US and Britain said they would work towards an accelerated deal that ensures the viability of the steel and aluminum industries in the two countries and that strengthens their alliance. In 2018, Trump imposed tariffs on imported steel and aluminum, calling them threats to US national security. Although President Joe Biden criticized Trump for alienating allies, he was slow after taking office to undo the metal tariffs.

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German leader champions new deal on climate at Davos event

GENEVA ( Associated Press) – New German Chancellor Olaf Scholz has called for a “paradigm shift” in the world’s approach to climate policy, saying that his country will chair the Group of Seven Industrialized Countries to advance standards to fight global warming. will take advantage of. Energy use and ways to fight climate change have been a major topic of discussion this week at the World Economic Forum’s virtual meeting. Scholz said nations can try to achieve climate goals “by valuing carbon and preventing carbon leakage.” Those proposals are designed to prevent companies from relocating carbon-heavy industries to countries with less stringent emissions regulations. But it is not clear whether the US and major developing countries such as China and India agree with those views.

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Donors to launch Houston newsroom with $20 million seed funding

HOUSTON ( Associated Press) – Five philanthropic organizations have announced plans to spend more than $20 million promoting news coverage in Houston that they say will be one of the largest local nonprofit news organizations in the country. . Newsroom is anticipated to launch on multiple platforms later this year or early 2023, donors said in a news release Wednesday. The goal is to “elevate the voice of Houstonians” and address information needs identified through focus groups, community listening sessions, and multi-language surveys conducted with local residents. Donors include the Houston Endowment, Kinder Foundation, and Arnold Ventures.

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December marks third consecutive month of growth for US builders

SILVER SPRING, MD ( Associated Press) – Construction of new homes in the US rose for the third straight month in December, and data released Wednesday showed the frenetic pace of construction will continue this year. The Commerce Department reported Wednesday that December’s growth left homebuilding at a seasonally adjusted annual rate of 1.70 million units. Applications for building permits, which can predict future activity, rose 9.1% to a seasonally-adjusted rate of 1.87 million units. Both initiate and allow the highest of expectations. Analysts surveyed by FactSet were expecting 1.65 million starts and 1.70 million permit applications. Application.

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United loses $646 million, O’Micron casts shadow over 1Q

CHICAGO ( Associated Press) — United Airlines lost $646 million in the last three months of 2021, and the new year isn’t looking great either. United said on Wednesday that the current spike in COVID-19 cases would hurt its results in the March quarter, and that its revenue would be down 20% to 25% compared to the same time in 2019. United’s Omicron version says COVID-19 is hurting near-term bookings, but the outlook for travel in spring and summer is better. Joint officials are due to discuss the results with analysts on Thursday.

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The S&P 500 fell 44.35 points, or 1%, to 4,532.76. The Dow Jones Industrial Average fell 339.82 points, or 1%, to end at 35,028.65. The Nasdaq closed 166.64 points, or 1.2%, down at 14,340.26. The Russell 2000 Index of Small Companies lost 33.44 points, or 1.6%, to 2,062.78.

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