Business Highlights

‘Just too much’: Meet the uber-rich who want a wealth tax

WASHINGTON (AP) — A handful of billionaires and multimillionaires are making a renewed push for the government to raise their taxes and siphon away some of their holdings. As Democratic presidential candidates debate a new tax on wealth rather than on incomes, a group of uber-rich people is urging them on. Their chief argument is that the government could spend their money more effectively than they could on their own by improving schools, upgrading infrastructure and protecting the environment.


47 attorneys general back antitrust probe into Facebook

NEW YORK (AP) — New York Attorney General Letitia James says a state-level antitrust investigation into Facebook now has the backing of a bipartisan group of 47 attorneys general. The Democrat and a handful of states launched the probe last month. It focuses on whether Facebook’s dominance is stifling competition, limiting choice for consumers and costing advertisers more money. James said Tuesday that the group also worries about Facebook’s handling of customer data.


Nike CEO Mark Parker to step down in January

NEW YORK (AP) — Nike said Tuesday that its longtime CEO Mark Parker is stepping down early next year. He will be replaced by board member John Donahoe, who formerly ran e-commerce company eBay. Parker, who has been CEO since 2006, will become executive chairman of the board. The change comes three weeks after renowned track coach Alberto Salazar was banned from the sport for four years by the U.S. Anti-Doping Agency for running experiments with supplements and testosterone that were bankrolled and supported by Nike, along with possessing and trafficking testosterone.


Report: SoftBank to take control of WeWork

NEW YORK (AP) — The Wall Street Journal is reporting that WeWork has accepted a financial rescue package from Softbank that would give the Japanese tech conglomerate control of the company. The deal would hand co-founder Adam Neumann nearly $2 billion in exchange for severing most of his ties to the office-sharing company. WeWork has been scrambling for cash since its attempt to enter the stock market floundered last month.


Boris Johnson inches toward securing Brexit but delay likely

LONDON (AP) — Prime Minister Boris Johnson has won one vote and lost another in Parliament, a result that inches him closer to his goal of leading Britain out of the European Union — but effectively guarantees it won’t happen on the scheduled date of Oct. 31. The good news for the prime minister was that lawmakers — for the first time since Britons chose in 2016 to leave the EU — voted for a Brexit plan. But minutes later, legislators rejected his fast-track timetable to pass the bill.


Company says it will seek approval of Alzheimer’s drug

The drug company Biogen Inc. says it will seek federal approval for a medicine to treat early Alzheimer’s disease. It’s a landmark step toward finding a treatment that can alter the course of the most common form of dementia. The announcement Tuesday is a surprise because the company earlier this year stopped two studies of the drug when partial results suggested it was not working. Biogen says a new analysis of more results suggest it has some benefits at the highest dose.


Facebook says Libra won’t launch without US approval

SAN FRANCISCO (AP) — Facebook CEO Mark Zuckerberg aims to reassure Congress on Wednesday that his company won’t try to evade financial regulators as it prepares its planned digital currency Libra. In prepared remarks released Tuesday ahead of a hearing before the House Financial Services Committee, Zuckerberg says that Facebook will not be part of launching the new digital currency anywhere in the world without U.S. government approval. That’s a stronger statement than Facebook officials had previously offered.


Boeing replaces executive who oversaw 737 Max, other planes

Boeing is replacing the head of its commercial-airplanes division as it struggles with a crisis following two deadly crashes of its 737 Max. The shake-up comes just a few days after it was disclosed that a senior test pilot experienced problems while testing flight-control software for the Max. That software has been implicated in the crashes that killed 346 people.


US stock indexes close lower on mixed company earnings

NEW YORK (AP) — A choppy day of trading on Wall Street ended Tuesday with stocks closing lower after a technology sector-led sell-off strengthened toward the end of the day. That late-afternoon burst of selling erased modest gains for the market, which was coming off two weeks of gains. The major indexes wavered for much of the day between small gains and losses as investors weighed a mixed batch of earnings reports from McDonald’s, Procter & Gamble and other big companies.


The S&P 500 index fell 10.73 points, or 0.4%, to 2,995.99. The Dow Jones Industrial Average dropped 39.54 points, or 0.2%, to 26,788.10. The Nasdaq lost 58.69 points, or 0.7%, to 8,104.30. The Russell 2000 index of smaller company stocks added 0.73 of a point, or 0.1%, to 1,550.87.

The Associated Press