World shares down…TikTok deadline…Prepping for holidays
UNDATED (AP) – World shares and U.S. futures have fallen after big technology shares that have thrived during the pandemic staged a comeback. Hopes raised by news of potentially effective vaccines for COVID-19 have been countered by concerns over the logistical challenges of delivering the shots as meanwhile new cases of the virus surge in many countries. Shares declined today in Paris, Frankfurt and Hong Kong but rose in Tokyo. Yesterday, the S&P500 and Nasdaq composite pushed higher while the Dow Jones Industrial Average edged lower. Markets have been riding a wave of relief over the end to the U.S. presidential election and hopes for a potential vaccine to beat back the pandemic.
UNDATED (AP) – The future of TikTok is in limbo since President Donald Trump tried to shut it down earlier this fall, and the popular video-sharing app is asking a federal court to intervene. TikTok’s Chinese owner, ByteDance, has until today to sell off its U.S. operations under an executive order that Trump signed in August. Trump in September gave his tentative blessing to a ByteDance proposal that would place TikTok under the oversight of American companies Oracle and Walmart. But TikTok said this week it’s received “no clarity” from the U.S. government about whether its proposals have been accepted.
TOKYO (AP) – Nissan is reporting that it posted a loss of 44.4 billion yen ($421 million) in the last quarter as the pandemic slammed profitability and the Japanese automaker fought to restore a brand image tarnished by a scandal centered on its former star executive Carlos Ghosn. Nissan Motor Co. had a profit of 59 billion yen in July-September of 2019. Yokohama-based Nissan reports its quarterly sales dipped to 1.9 trillion yen ($18 billion) from 2.6 trillion yen a year earlier. Nissan officials say its global sales are expected to return to pre-pandemic levels by December, if improvements continue at the current pace.
LONDON (AP) – The British economy remained nearly 10% smaller at the end of the third quarter despite posting a record bounceback in the summer, when many of the restrictions that had been placed on businesses to control the pandemic were lifted. The imposition of new restrictions in the fall means the economy will likely end the year even smaller. The Office for National Statistics says the economy grew by 15.5% in the July to September period. The pace of growth eased in September, a sign that the recovery was already running out of steam before a resurgence of the coronavirus.
NEW YORK (AP) – Retailers and carriers are preparing for an online holiday shopping surge that could tax shipping networks and lead to delivery delays. FedEx and UPS are ramping up their holiday hiring, while expanding their weekend operations and asking retailers to use their shipping network when there is more slack. Stores are pushing their customers to buy early to smooth out the shipping peaks in the weeks leading up to Christmas. And they’re further expanding services like curbside pickup to minimize online shipping. Retailers, many of which were already using their physical stores as shipping hubs, are now designating some of their locations to handle even higher volumes.