Financial News

Friday, October 16th
October 15, 2020
AP-NC Newswatch
October 16, 2020
Financial News



Global stocks mixed, British Airways fine


TOKYO (AP) – Global shares are mixed as investors weigh concerns about the U.S. presidential election and an economic stimulus package, plus flaring outbreaks of coronavirus. Benchmarks rose Friday in Europe after a mixed session in Asia. Investors are looking ahead to the release of data on the Chinese economy next week and to earnings reports for signs on how businesses are holding up amid the pandemic. A resurgence in COVID-19 cases will mean a possible return to lockdowns that are damaging to growth.


LONDON (AP) – Britain’s information commissioner has fined British Airways $25 million for failing to protect personal data for some 400,000 customers – the largest fine the agency has ever issued. The ICO said that the airline was processing personal data without adequate security measures. It also noted that it did not detect a 2018 cyber attack for two months. The Information Commissioner said says BA’s “failure to act was unacceptable and affected hundreds of thousands of people, which may have caused some anxiety and distress as a result.”


WASHINGTON (AP) – Republican megadonor Sheldon Adelson and his wife have given $75 million into a new super PAC that is attacking Democratic nominee Joe Biden. The investment was made amid GOP concern that President Donald Trump’s campaign was flailing and might not be able to correct course. Since it’s launch in August, Preserve America has inundated the airwaves with over $68 million in attacks against Biden. Adelson’s role in Preserve America, as well as the amount of money both he and his wife, Miriam, contributed to it were unclear until Thursday, when the group filed its first mandatory disclosure with the Federal Election Commission.


DETROIT (AP) – General Motors’ Cruise autonomous vehicle unit says it will pull the human backup drivers from its vehicles in San Francisco by the end of the year. CEO Dan Ammann says that the Cruise got a permit from California’s Department of Motor Vehicles on Thursday to let the cars travel on their own. The move follows last week’s announcement from Waymo that it would open its autonomous ride-hailing service to the public in vehicles without human drivers. The rides are being offered in 50 square miles of the Phoenix area. It wasn’t clear when Cruise will offer rides.


NEW YORK (AP )- From Britney Spears to Norah O’Donnell: CBS News is rebuilding MTV’s old ‘Total Request Live’ studio as its headquarters for election night. Two decades ago it was the center of the music world, but now CBS is installing giant touchscreens and ‘augmented reality’ displays for the big political night. CBS says the studio provides extra roominess to put on a television show in the COVID-19 era. O’Donnell will anchor her first presidential election night for the network, assisted by Gayle King, Margaret Brennan, John Dickerson and Ed O’Keefe. Elections are the biggest night for television news divisions.


AP-WF-10-16-20 1017GMT