Business News

Former chairman of state-owned bank China Everbright Group jailed for 12 years for corruption

BEIJING (AP) — Chinese official broadcaster CCTV says a former chairman of the state-owned bank China Everbright Group has been jailed 12 years for embezzlement and bribery. Tang Shuangning, who had also held senior posts at the People’s Bank of China and the China Banking Regulatory Commission, was arrested in January, part of a wider wave of prosecutions of senior officials accused of financial crimes. A court in the city of Tangshan, about 100 miles east of Beijing, found him guilty of taking advantage of his position at the state-owned bank in “seeking convenience for others” in jobs and loans, in exchange for illegal payments. The court said he had accepted illegal property with a total value of more than $1.5 million.

US defense secretary in Japan to support alliance as Osprey aircraft safety causes concern

TOKYO (AP) — U.S. Defense Secretary Lloyd Austin has met with officials in Japan to reaffirm the importance of their alliance and Washington’s commitment to regional security as threats rise from China and North Korea. Austin’s visit on Tuesday also came amid growing concerns over the safety of Ospreys. The military aircraft have been grounded in the United States following a near crash at Cannon Air Force Base in New Mexico last month. The incident was caused by weakened metal components. It was similar to a fatal crash off southwestern Japan last year. The U.S. measure prompted the suspension of Ospreys operated by Japan’s Ground Self-Defense Force.

The Onion’s bid for Infowars is still in court as judge reviews auction

The Onion’s bid to buy conspiracy theorist Alex Jones’ Infowars is back in a Texas courtroom. A bankruptcy judge scrutinizing the bid was expected to hear a second day of testimony Tuesday. It’s not clear how quickly U.S. Bankruptcy Judge Christopher Lopez in Houston will decide whether to approve the sale. The Onion wants to turn Infowars’ website and social media accounts into parodies. It offered $1.75 million for Infowars’ assets in the auction. Jones did not attend the start of the key hearing and instead continued to broadcast from his studios in Austin.

Small businesses plan events, start marketing earlier to deal with shorter holiday shopping season

The holiday shopping season is underway, and this year small businesses have less time to capitalize on the busy shopping period. Only 27 days separate Thanksgiving and Christmas — five fewer than last year. But there are still ways to make the most of a shorter season. One key strategy is for owners to promote deals to customers wherever they can, from social media to physical ads. The National Retail Federation predicts that retail sales will rise between 2.5% and 3.5% compared with same period a year ago. Online shopping is expected to grow too. Adobe Digital Insights predicts an 8.4% increase online for the full season.

10 notable books of 2024, from Sarah J. Maas to Melania Trump

NEW YORK (AP) — Even through a year of nonstop news about elections, climate change, protests and the price of eggs, Americans still found time to read. Sales held steady according to Circana, which tracks around 85% of the print market. Many chose the release of romance, fantasy and romantasy. Some picked up the tie-in book to Taylor Swift’s blockbuster tour, which had the best opening week of 2024. Others sought out literary fiction, celebrity memoirs, political exposes and a close and painful look at a generation hooked on smartphones.

Boeing is building new 737 Max planes for the first time since workers went on strike

Boeing is resuming production of its bestselling plane, the 737 Max. It’s the first time that Max jets have moved down the assembly line since September, when about 33,000 workers went on strike for higher pay. Boeing said Tuesday that work on the Max has resumed at its factory in Renton, Washington, near Seattle. Both the Max and another Boeing plane, the 787 Dreamliner, have been plagued by manufacturing problems in recent years. The Federal Aviation Administration is limiting Boeing’s production of Max jets until the agency is convinced that Boeing has corrected quality and safety issues during manufacturing.

Stock market today: Wall Street drifts as it waits for inflation data

NEW YORK (AP) — U.S. stock indexes are drifting in the runup to the highlight of the week for the market, the latest update on inflation. The S&P 500 was virtually unchanged Tuesday. The Dow Jones Industrial Average rose 28 points, and the Nasdaq composite added 0.1%. Oracle dragged on the market after reporting growth that fell just short of analysts’ expectations. Treasury yields ticked higher in the bond market ahead of Wednesday’s report on the inflation that U.S. consumers are feeling. It will be among the final big pieces of data the Federal Reserve will get before its meeting on interest rates next week.

Alaska Airlines will spread its wings by flying to Tokyo and Seoul beginning next year

NEW YORK (AP) — Alaska Airlines says it will launch service from Seattle to Tokyo and Seoul next year as part of a plan to boost international flying in the next several years. Alaska announced the new routes as it prepared to hold an investor day Tuesday. The airline raised its fourth-quarter profit outlook and publicized a plan to boost profit by $1 billion over three years. And Alaska Airlines is announcing a plan to spend $1 billion buying back its own stock. Share buybacks are often popular with investors because they make existing shares more valuable.

Fortnite players ‘tricked’ into unwanted purchases are starting to get refunds. Here’s how to apply

NEW YORK (AP) — U.S. consumers who were tricked into purchases they didn’t want from Fortnite maker Epic Games are now starting to receive refund checks, the Federal Trade Commission said this week. Back in 2022, Epic agreed to pay a total of $520 million to settle complaints revolving around children’s privacy and payment methods on its popular Fortnite game. The FTC alleged that the video game giant used deceptive online design tactics to trick Fortnite players, including children, into making unintended purchases that could be based on simply pressing one button. The settlement includes $245 million in customer refunds. Now, the first batch of those refunds are being sent out — but eligible consumers can still submit a claim through January 10.

Soros’ Open Society Foundations say they remain focused on human rights

NEW YORK (AP) — George Soros’ philanthropy, Open Society Foundations, will continue to fund human rights movements around the world. Its president Binaifer Nowrojee said Tuesday, which is Human Rights Day, that she wanted to reiterate the commitments after years of internal changes at the philanthropy. Open Society is now led by one of George Soros’ sons, Alex Soros. Nowrojee offered few new details about Open Society’s specific funding priorities. Earlier this year, the foundations committed $400 million toward green jobs and economic development globally and also has announced a program to protect environmental defenders.