AP Business SummaryBrief at 5:10 p.m. EST
McDonald’s is investing $100 million to bring customers back after E. coli outbreak
McDonald’s is investing $100 million to bring customers back to stores after an outbreak of E. coli food poisoning tied to onions on the fast-food giant’s Quarter Pounder hamburgers. The investments include $65 million that will go directly to the hardest-hit franchises. The U.S. Centers for Disease Control and Prevention has said that slivered onions on the Quarter Pounders were the likely source of the outbreak. Colorado reported at least 30 cases; Montana reported 19; Nebraska, 13; and New Mexico, 10. Illnesses were reported between Sept. 12 and Oct. 21. At least 104 people got sick and 34 were hospitalized.
Strike by workers at a casino near the Las Vegas Strip enters 2nd day
LAS VEGAS (AP) — A walkout by hundreds of hospitality workers at a casino near the Las Vegas Strip entered its second day with union members willing to undergo the financial hardships of being out of work as they wait for a new contract. The work stoppage launched Friday at Virgin Hotels Las Vegas is the first open-ended strike in 22 years for the Culinary Workers Union, the largest labor union in Nevada, with about 60,000 members. Union members were on the picket line again on Saturday. Both the union and Virgin Hotels said negotiations stalled because of disagreements over pay.
Trump names fossil fuel executive Chris Wright as energy secretary
WASHINGTON (AP) — President-elect Donald Trump has selected Chris Wright, a campaign donor and fossil fuel executive, to serve as Energy secretary after his second administration begins in January. Wright, CEO of Denver-based Liberty Energy, is a vocal advocate of oil and gas development, including fracking, a key pillar of Trump’s quest to achieve U.S. “energy dominance” in the global market. He also has been one of the industry’s loudest voices against efforts to fight climate change. He said the climate movement around the world is “collapsing under its own weight.” The Energy Department is responsible for advancing energy, environmental and nuclear security of the United States.
What to know about the congressional push to expand some Social Security benefits
WASHINGTON (AP) — The House has passed legislation that would provide full Social Security benefits to millions of people. The measure won bipartisan support in a 327-75 vote Tuesday in what is now the lame-duck period for Congress. But Senate passage isn’t assured despite considerable support. The Senate has a jam-packed schedule in the remaining weeks of the year. If the bill doesn’t pass by Jan. 3, when a new session of Congress begins, it would expire and supporters would have to start over.. The legislation would repeal two federal policies that currently limit Social Security payouts for roughly 2.8 million people, according to reports from the Congressional Research Service.
APEC closes in Peru with China’s President Xi front and center as Trump whiplash looms
LIMA, Peru (AP) — After two days of meetings in Lima, the Asia-Pacific Economic Cooperation forum was closing with a spirit of detente that many fear the annual summit may not see again for the next four years. The 21 leaders from economies bordering the Pacific descended on Peru this week for the major regional gathering at a time when America’s incoming president, Donald Trump, has vowed to withdraw the U.S. from its leadership of a global free trade agenda. Few could help noting that Biden’s late and awkward entrance to the traditional APEC family photo Saturday lent itself to political metaphor.
Retail sales up solidly in October as Americans showed continued willingness to spend
WASHINGTON (AP) — Americans stepped up their spending at retailers last month in the latest sign that healthy consumer spending is driving the economy’s steady growth. Retail sales rose 0.4% from September to October, a solid increase though less than the previous month’s robust 0.8% gain. A 1.6% jump in sales at auto dealers drove much of the gain. Purchases climbed 2.3% at electronics and appliances stores and 0.7% at restaurants and bars. Though some of October’s rise in retail sales reflected higher prices, it mainly indicated increased purchases. Friday’s report arrives as retailers are poised to enter the critically important holiday shopping season. Analysts envision a solid holiday shopping season, though perhaps not as robust as last year’s.
Forget downtown or the ’burbs. The far-flung exurbs are where people are moving
HAINES CITY, Fla. (AP) — Not long ago, Polk County’s biggest draw was citrus. The Florida county produces more boxes of citrus than any other in the state. But last year more people moved there than to any other U.S. county. The migration reflects a growing trend all over the country: the rise of far-flung exurbs. Communities on the outskirts of metro areas were some of the fastest-growing last year. The U.S. Census Bureau says it’s an after-effect of the pandemic. Rising housing costs drove people further from cities and remote working allowed many to do their jobs from home. Despite longer commutes and cultural changes, some residents say the exurbs are worth it.
Stock market today: Wall Street tumbles as the “Trump bump” fades and vaccine makers sink
NEW YORK (AP) — U.S. stocks fell to their worst loss since Election Day as the boost that Wall Street got from last week’s victory for Donald Trump and a cut to interest rates by the Federal Reserve kept fading. The S&P 500 sank 1.3% Friday to close a losing week. The Dow Jones Industrial Average dropped 0.7%, and the Nasdaq composite fell 2.2%. Moderna and other makers of vaccines helped drag the market down after President-elect Donald Trump named Robert F. Kennedy Jr., an anti-vaccine activist, to be his health secretary. Treasury yields swung following stronger-than-expected reports on the economy.
Russia’s Gazprom stops the flow of natural gas to Austria, OMV utility says
VIENNA (AP) — Austrian utility OMV says supplies from Russia’s state-owned natural gas company Gazprom stopped early Saturday after the company said it would stop payments for the gas following an arbitration award. The official cutoff of supplies came a day after Austrian Chancellor Karl Nehammer held a hastily called news conference to emphasize his country has a secure supply of alternative fuel for this winter. OMV said it would stop paying for Gazprom gas to its Austrian arm to offset a 230 million-euro ($242 million) arbitration award it won over an earlier cutoff of gas to its German subsidiary.
Trump names Interior-designee Doug Burgum to head new White House council on energy
WASHINGTON (AP) — President-elect Donald Trump said Friday that North Dakota Gov. Doug Burgum, Trump’s choice to head the Interior Department, will also head a newly created National Energy Council that will seek to establish U.S. “energy dominance” around the world. Trump said Burgum will oversee a panel that crosses all executive-branch agencies involved in energy permitting, production, generation, distribution, regulation and transportation. Earlier Friday, Trump said Steven Cheung will serve as his White House communications director and Sergio Gor will run the personnel office. Both positions could be influential in the new administration.
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