Business Highlights: Musk impersonators, iPhone delay

BOSTON (AP) — Elon Musk says Twitter will permanently suspend any account that impersonates another. The new owner of the social media platform issued the warning on Sunday after some celebrities changed their Twitter names – not their account names – to “Elon Musk” in reaction to the billionaire’s decision to offer verified accounts to all which came for 8 dollars. Comedian Kathy Griffin had her account suspended on Sunday for changing her screen name to Musk. Actress Valerie Bertinelli did the same before changing it back to her real name. But first, he posted a series of tweets in support of the Democratic candidates.


Walgreens’ push into comprehensive care gains momentum

Walgreens expanded its push into more comprehensive health care with its VillageMD unit by acquiring another urgent care and primary care chain, Summit Health-CityMD, in a deal worth about $9 billion. Walgreens and its rival CVS, two retail chains with thousands of locations, have evolved in recent years with a greater focus on overall customer care, trying to help them avoid chronic diseases and expensive hospitalizations. The deal to combine VillageMD and CityMD comes just two months after CVS Health said it would pay about $8 billion to acquire Signify Health, a technology company that sends doctors and other care providers to people’s homes.


Apple says iPhone supplies hurt by virus restrictions in China

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BEIJING (AP) – Apple Inc. is warning customers they will have to wait longer to get their latest iPhone models after antivirus restrictions were imposed at a contractor’s factory in central China. The company did not give details, but said the Foxconn-operated factory in the central city of Zhengzhou is “operating at significantly reduced capacity.” Apple said it expects lower shipments of the iPhone 14 Pro and iPhone 14 Pro Max models than previously expected. He said customers will “experience longer wait times”. Foxconn Technology Group previously said it had imposed anti-virus measures at the Zhengzhou factory following virus outbreaks. Foxconn said on Monday that it will revise down the outlook for the fourth quarter and is working to resume full capacity.


Brooklyn Nets owners start program for minority-led startups

NEW YORK (AP) — Brooklyn Nets co-owner Clara Wu Tsai launched the largest business accelerator for minority founders of early-stage startups on Monday. Called BK-XL, the accelerator will invest up to $500,000 each in 12 startups led by black, indigenous and other minority founders by 2023. The accelerator is another part of her racial justice work, with her husband Joe Tsai, to improve economic mobility for minorities. Due to their ownership of the Brooklyn Nets and Brooklyn’s Barclays Center stadium, they have decided to focus their donations and economic mobility investments also in New York City to maximize their impact.

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The drought is testing the resilience of Spain’s olive groves and farmers

QUESADA, Spain (AP) – An extremely hot and dry summer is now threatening the most abundant of Spain’s staple crops: the olives that make the European country the world’s top producer of the small green fruits that are pressed into golden oil. Experts and authorities in the sector predict that the autumn olive harvest in Spain will be almost half the size of last year, another victim of the global climate changes caused by climate change. The high temperatures of May killed many of the flowers of the olive trees in the Spanish orchards. Those that survived produced small, thin fruit because of the lack of water. A little less moisture can produce better olive oil, but the recent drought is proving too much for them.


China’s trade down on weak global demand and slowing virus

BEIJING (AP) — China’s trade contracted in October as global demand weakened and virus controls weighed on domestic consumer spending. The customs agency reported that exports fell 0.3% from a year earlier to $298.4 billion, down from September’s 5.7% growth. Imports fell 0.7% to $213.4 billion, compared with a 0.3% expansion in the previous month. Forecasters had expected Chinese trade to weaken as global demand cooled following interest rate hikes by the Federal Reserve and other central banks to curb rising inflation. Chinese demand has been hurt by a “Zero COVID” strategy that has repeatedly shut down large sections of cities to contain virus outbreaks.

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Tyson Foods heir and CFO accused of public intoxication

Tyson Foods heir and CFO John R. Tyson has been charged with public intoxication and criminal trespass after allegedly breaking into a stranger’s home and falling asleep in his bed. According to the Fayetteville, Arkansas Police Department, officers received a call early Sunday morning from a woman who returned home to find a man she did not know sleeping in her bed. When officers arrived, they tried to wake Tyson, but said his movements were “slow and uncoordinated.” Tyson faces a court hearing in December. He apologized in a company-wide memo on Monday, saying his behavior was inconsistent with his and the company’s values.


The S&P 500 rose 36.25 points, or 1%, to 3,806.80. The Dow Jones Industrial Average rose 423.78 points, or 1.3%, to 32,827. The Nasdaq rose 89.27 points, or 0.9%, to 10,564.52. The Russell 2000 index of smaller companies rose 9.94 points, or 0.6%, to 1,809.81.


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