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From restaurants to retailers, virus transformed economies

Via AP Business NEW YORK (AP) — It would be just a temporary precaution. When the viral pandemic erupted in March, employees of the small insurance firm Thimble fled their Manhattan offices. CEO Jay Bregman planned to call them back soon — as soon as New York was safe again. Within weeks, he’d changed his...

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Airbnb shares more than double in price in long-awaited IPO

Via AP Business Airbnb proved its resilience in a year that has upended global travel. Now it needs to prove it can live up to investors’ sky-high expectations. The San Francisco-based home sharing company made a triumphant debut on the public market Thursday. Its shares closed at $144.71 apiece, more than double the $68 price...

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Many Americans flying for holiday despite CDC pleas

Via AP Business PROVIDENCE, R.I. (AP) — Millions of Americans bought tickets to fly somewhere for Thanksgiving before the nation’s top public health agency pleaded with them not to travel for the holiday. So what are they doing now? In many cases, they’re still crowding airports and boarding planes. That’s despite relatively lenient cancellation policies...

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The Latest: US to allow limited supplies of antibody drug

Via AP Business WASHINGTON — The U.S. government will start Wednesday to distribute the limited supplies of a newly authorized antibody drug for those with mild or moderate COVID-19 in hardest-hit states. On Monday, the Food and Drug Administration agreed to allow emergency use of Eli Lilly’s experimental drug in non-hospitalized patients while studies continue...

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FDA panel reviews 1st new Alzheimer’s drug in 2 decades

Via AP Business WASHINGTON (AP) — One of the biggest drug decisions in decades is looming as U.S. regulators consider whether to approve the first medicine that’s claimed to slow mental decline from Alzheimer’s disease, the most common form of dementia. A panel of outside experts meets Friday to advise the Food and Drug Administration...

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Stocks shake off election wobbles, as tech leads big rally

Via AP Business NEW YORK (AP) — Stocks are rallying again on Wednesday, but only after spinning through an election night dominated by surprises and sharp swings. The S&P 500 was up 3.3% and on pace for its best day in seven months, as of 12:20 p.m. Eastern time. The Dow Jones Industrial Average was...

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Germany eyes antigen tests to keep elderly safe from virus

Via AP Business BERLIN (AP) — As Europe tries to break a surge in coronavirus infections, Germany is counting on a new type of test to avoid closing nursing homes to visitors, a move that caused considerable anguish among residents and relatives in the spring. So-called antigen tests, which look for a specific protein on...

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EU faces knotty trade fights with US _ no matter who wins

Via AP Business FRANKFURT, Germany (AP) — After winemakers, cookie bakers, and olive growers wound up as collateral damage, Europe is closely watching the U.S. presidential election, waiting to see whether the next four years will mean more tariff wars under Republican President Donald Trump or a shift toward less confrontational negotiation under Democratic challenger...

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Google ad costs, not its alleged monopoly, irks businesses

Via AP Business NEW YORK (AP) — When asked about Google, Bryan Clayton voices a familiar lament among small business owners. “You keep getting squeezed further and further down the search results page,” says Clayton, CEO of GreenPal, a company that operates an app to help homeowners find lawn care. “As a startup, you don’t...

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Chinese manufacturing expands in October but at slower pace

Via AP Business BEIJING (AP) — China’s manufacturing activity expanded in October for the eighth straight month, though at a slightly slower rate than in September, the National Bureau of Statistics said Saturday. The Purchasing Managers’ Index stood at 51.4, down from 51.5 the previous month, the agency announced. A reading above 50 in the...

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US economy grew at 33% rate in Q3 but recovery is incomplete

Via AP Business WASHINGTON (AP) — The U.S. economy grew at a record 33.1% annual rate in the July-September quarter but has yet to fully rebound from its plunge in the first half of the year — and the recovery is slowing as coronavirus cases surge and government aid dries up. The Commerce Department’s estimate...

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Stock rout deepens; S&P 500 drops nearly 3%, Dow down 800

Via AP Business NEW YORK (AP) — Stocks around the world are tumbling Wednesday on worries the worsening pandemic will mean more restrictions on businesses and drag down the economy. The S&P 500 was down 2.9% in midday trading on Wall Street, heading for a third straight loss. It’s already down 5% this week, threatening...

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As virus resurges, so does fear of more economic pain ahead

Via AP Business WASHINGTON (AP) — With winter looming and confirmed viral cases rising, Bob Szuter’s craft brewery and restaurant in Columbus, Ohio, could use another government lifeline to help survive until spring. So could many restaurants and bars that buy his beer. Szuter knows of nearly 20 in the region that have folded, with...

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Feeding Houston’s hungry: 1M pounds of food daily for needy

Via AP Business HOUSTON (AP) — In car lines that can stretch half a mile, (0.8 kilometers), workers who lost jobs because of the coronavirus pandemic and other needy people receive staggering amounts of food distributed by the Houston Food Bank. On some days, the hundreds of sites supplied by the country’s largest food bank...