Business Highlights: Afghanistan Database, Rail Battle
Elizabeth Holmes’ trial to dissect the fall of a tech star
SAN JOSE, Calif. (AP) – Elizabeth Holmes once seemed destined to fulfill her dream of becoming Silicon Valley’s next superstar. His promises to revolutionize medicine by running his startup, Theranos, have been publicly hailed by former President Bill Clinton and then Vice President Joe Biden. But after the scandalous collapse of a business once valued at $ 9 billion, Holmes goes to a San Jose, Calif. Courtroom to defend herself against criminal allegations describing her as the devious mastermind of a fraud that duped investors, former US government officials and patients. whose life has been put at risk by blood testing technology that has never come close to delivering on its bold promises.
US stocks largely close lower, but the Nasdaq is still higher
NEW YORK (AP) – Stocks closed largely lower on Wall Street on Tuesday as traders returned from Labor Day, even as gains from some large tech companies pushed the Nasdaq composite barely higher. The benchmark S&P 500 slipped 0.3%. Meanwhile, gains from Apple, Facebook and a few other tech heavyweights pushed the Nasdaq up just under 0.1%, enough for a new all-time high. The Dow Jones lost 0.8%. The yield on 10-year Treasuries climbed to 1.37%, which helped push up bank stocks like Bank of America and JPMorgan Chase. Energy prices have fallen significantly. The benchmark US crude oil price fell 1.4%.
US-Built Databases A Potential Taliban Suppression Tool
BOSTON (AP) – In two decades, the United States and its allies have spent hundreds of millions of dollars building databases for the people of Afghanistan. The nobly stated goal was to promote law and order and government accountability, and to modernize a war-torn land. But during the Taliban’s lightning takeover, most of this digital device fell into the hands of an unreliable ruler. Built with few guarantees of data protection, this system now risks becoming a high-tech tool of a surveillance state. As the Taliban seize power, many Afghans fear that databases, including biometrics for tracking individuals, will be used to impose social control and punish perceived enemies.
Kansas City Southern in talks over $ 31 billion Canadian Pacific offer
OMAHA, Neb. (AP) – Kansas City Southern is in talks with Canadian Pacific Railway to determine if its $ 31 billion offer is the best offer on the table after regulators rejected a key part of the $ 33.6 billion offer. Canadian National dollars last week. Kansas City Southern said on Saturday its board of directors felt CP’s lower bid might be the better deal, as the Surface Transportation Board said Canadian National would not be able to use a trust with right to vote to acquire Kansas City Southern. Canadian Pacific and Kanas City Southern have all week to settle their differences, but CP has set a September 12 deadline for its latest offer.
Ford hires former head of Apple car project
NEW YORK (AP) – Ford Motor Co. has hired a former Apple and Tesla executive to lead the company’s advanced technologies and new on-board systems. This is a critical position for Ford as the auto industry shifts to vehicles powered by electricity and guided by computers. Before Doug Field joined Ford, he was vice president of special projects at Apple and engineer at Tesla. Apple has been rumored to have been working on its own car project for some time, but details of that project have been kept under wraps. Field also worked on Tesla’s Model 3 vehicle.
Biden seeks additional funds for help from Ida and Afghans
WASHINGTON (AP) – The White House is asking Congress to approve additional spending of $ 24 billion to manage the costs of Hurricane Ida and other natural disasters. It is also seeking $ 6.4 billion for the resettlement of evacuees from Afghanistan to help with transportation, government treatment and public health examinations. Shalanda Young, acting director of the Bureau of Management and Budget, outlined the interim funding requests in a blog post on Tuesday. She says “it is clear” that Congress will need more time to pass a full 2022 budget to avoid a government shutdown when fiscal 2021 ends on September 30.
Revlon CEO Discusses Pandemic Beauty Habits, Staying Nimble
NEW YORK (AP) – Revlon was already facing great challenges when Debra Perelman became the first female CEO in its 89-year history in 2018. The publicly traded company backed by billionaire father Ron Perelman, MacAndrews & Forbes Inc . had struggled for years. This includes high debt, changing consumer tastes and intense competition. Revlon’s problems only intensified with the pandemic, hurting lipstick sales as people masked themselves and stayed at home. But Perelman is optimistic about the brand’s future, highlighting the steps it has taken to accelerate e-commerce and be more nimble in the face of the competition.
German industrial production picks up after several declines
BERLIN (AP) – Official figures show that German industrial production rose in July after three consecutive months of declines which reflected supply chain problems. The Economy Ministry said on Tuesday that overall production rose 1% from the previous month. In June, it had fallen by 1%. There were larger increases in the production of cars and auto parts, which rose 1.9%, and machinery, which rose 6.9%. The ministry said while the semiconductor delivery issues that weighed on production are expected to continue for some time, the latest figures suggest the worst may be over.
The S&P 500 lost 15.40 points, or 0.3%, to 4,520.03. The Dow Jones Industrial Average lost 269.09 points, or 0.8%, to 35,100. The Nasdaq was up 10.81 points, or 0.1%, to 15,374.33. The Russell 2000 Small Business Index fell 16.44 points, or 0.7%, to 2,275.61.