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More competition: Biden signs order targeting big business
WASHINGTON: President Joe Biden has signed an executive order that targets what he says are anticompetitive practices in tech, health care and other parts of the economy. The changes, he says, will also boost workers wages and consumer protections. However, new regulations that agencies may write to translate his policy into actual rules could trigger major legal battles. Bidens order, signed Friday, aims to cut down on noncompete agreements that keep workers from moving to other jobs. It also takes aim at business giants Facebook, Google, Apple and Amazon by calling for greater scrutiny of mergers by dominant internet platforms. And it targets shippers that it says are charging American exporters too much. ___
G20 ministers take up plan to deter cross-border tax dodging
VENICE, Italy: U.S. President Joe Bidens proposal for a global minimum corporate tax will get another going over at a meeting of top finance officials. The Group of 20 ministers meeting in Venice are likely to sign off on the idea. But there are still issues to be worked out. Some European countries havent joined the deal and could block wider European adoption. And the EU itself plans a digital levy that has raised U.S. concerns. Meanwhile, Biden faces opposition to the proposal from Republicans back home. The overall purpose is to discourage clever accounting that shifts profits to low-tax countries.
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FDA head calls for inquiry into Alzheimers drug review
WASHINGTON: The acting head of the Food and Drug Administration is calling for a government investigation into highly unusual contacts between her agencys drug reviewers and the maker of a controversial new Alzheimers drug. The announcement Friday is the latest fallout over last months approval of the drug Aduhelm. The drug is an expensive and unproven therapy that the agency OKd against the advice of its own outside experts. Dr. Janet Woodcock made the request to the Department of Health and Human Services inspector general, the watchdog agency that oversees the FDA and other federal health agencies.
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Stocks close higher, capping a 3rd straight week of gains
NEW YORK: Stocks closed with solid gains on Wall Street Friday, ending a holiday-shortened week with their third straight weekly gain. The S&P 500 rose 1.1% to another record high, led by banks and technology stocks. Big companies will start reporting their quarterly earnings next week, starting with the major banks like JPMorgan Chase, Citigroup, Bank of America and Wells Fargo. Analysts expect another strong quarter for Wall Street, due to the improving economy and fewer Americans defaulting on loans compared with earlier in the pandemic. Oil prices continued to march higher. The yield on the 10-year Treasury note rose to 1.36%.
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Federal Reserve pledges powerful support for economy
WASHINGTON: The Federal Reserve says its low interest rate policies are providing powerful support for the economy as it recovers from the coronavirus pandemic. The central bank released its twice-a-year report to Congress on monetary policy Friday. In it, the Fed indicates that it plans to keep up its support for the economy until further progress is made in recovering from last years severe recession. It said that over the first half of this year, progress on vaccinations helped the economy to re-open and led to strong economic growth. But it said the lingering effects of the COVID pandemic still weigh on the economy, with employment remaining well below pre-pandemic levels.
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QAnon has receded from social media — but its just hiding
SAN FRANCISCO: On the face of it, you might think that the QAnon conspiracy has largely disappeared from big social media sites. But thats not quite the case. True, youre much less likely to find popular QAnon catchphrases like great awakening, the storm or trust the plan on Facebook these days than just a few months ago. Since the start of the year, Twitter and Facebook have removed tens of thousands of accounts, groups and pages dedicated to the QAnon conspiracy theory. But QAnon is far from winding down. It has grown up.
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United sees more travel rebound, adds flights to warm spots
CHICAGO: Airlines are adding more flights as the number of travelers continues to rise. The airlines are expecting the recovery to mean more traffic this winter. United Airlines said Friday it will add nearly 150 flights this winter to warm-weather destinations in the U.S., and its also adding flights to beach spots in Mexico, Central America and the Caribbean. Delta is ramping up its schedule to ski destinations this winter, and Spirit Airlines is restoring international flights from Orlando, Florida, that it dropped during the pandemic.
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IMF approves $650 billion expansion to fight pandemic
WASHINGTON: The executive board of the International Monetary Fund approved a $650 billion expansion in resources to support economically vulnerable nations as they battle the coronavirus pandemic. IMF Managing Director Kristalina Georgieva said Friday that the new support, the largest such expansion in the history of the organization, would be a shot in the arm for the world. It is a reversal of the position taken by the Trump administration that began in February when the Biden administration got behind the effort. Republican members of Congress have objected to the funding, saying that the expanded IMF resources would benefit U.S. adversaries such as China, Russia and Iran.
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The S&P 500 rose 48.73 points, or 1.1%, to 4,369.55. The Dow Jones Industrial Average gained 448.23 points, or 1.3%, to 34,870.16. The Nasdaq added 142.13 points, or 1%, to 14,701.92. The Russell 2000 index of smaller companies advanced 48.33 points, or 2.2%, to 2,280.
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