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Business Highlights: Evergrande Struggles, FedEx Stumbles

Associated Press

Last Updated: September 22, 2021, 03:36 IST

Business Highlights:  Evergrande Struggles, FedEx Stumbles

The U.S. is rolling out new COVID19 rules for travelers flying into the country. They will take effect in November. The rules will affect Americans and noncitizens alike, as the White House seeks to restore more normal air travel after 18 months of disruption caused by COVID19. All adult foreign nationals traveling to the U.S. will be required to be fully vaccinated before boarding their flight. Fully vaccinated Americans will only need to show proof of a negative COVID19 test taken within 72 hours of departure to the U.S. Those who are not fully vaccinated will see tougher testing and contact tracing protocols.

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Q&A: Americas new COVID-19 rules for international travel

WASHINGTON: The U.S. is rolling out new COVID-19 rules for travelers flying into the country. They will take effect in November. The rules will affect Americans and noncitizens alike, as the White House seeks to restore more normal air travel after 18 months of disruption caused by COVID-19. All adult foreign nationals traveling to the U.S. will be required to be fully vaccinated before boarding their flight. Fully vaccinated Americans will only need to show proof of a negative COVID-19 test taken within 72 hours of departure to the U.S. Those who are not fully vaccinated will see tougher testing and contact tracing protocols.

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Biden bets on rapid COVID tests but they can be hard to find

WASHINGTON: President Joe Biden is betting on millions more rapid, at-home tests to help curb the latest deadly wave of the COVID-19 pandemic. Surging infections are overloading hospitals and threatening to shutter classrooms around the country. But the tests have already disappeared from pharmacy shelves in many parts of the U.S., and manufacturers warn it will take them weeks to ramp up production. That production was slashed after demand for the tests plummeted over the summer. The latest shortage is another painful reminder that the U.S. has yet to successfully manage its testing supplies, let alone deploy them in the type of systematic way that could quickly crush outbreaks in schools, workplaces and communities.

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EXPLAINER: Chinese builders debt struggle rattles investors

BEIJING: Global investors are watching nervously as one of Chinas biggest real estate developers struggles to avoid defaulting on tens of billions of dollars of debt. Thats fueling fears of possible wider shock waves for the Chinese financial system. Chinese regulators have yet to say what they might do about Evergrande Group. Economists expect Beijing to intervene if Evergrande and lenders cant agree on how to handle its debts. But any official resolution is expected to involve losses for banks and bondholders. Investors are watching how the developer headquartered in the southern city of Shenzhen near Hong Kong handles an interest payment due Thursday on one of its bonds.

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US sues to stop deal between American Airlines and JetBlue

The Justice Department is suing to stop American Airlines and JetBlue from coordinating their flights in the Northeast. Government antitrust lawyers said Tuesday that the deal between the two airlines will reduce competition and lead to higher fares. The airlines say there is no evidence of that, and they vow to fight the government lawsuit. American and JetBlue announced their deal last year and are already coordinating some flights to attract more passengers. They say its helping them close the gap on competitors Delta and United in the Northeast.

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US home construction up 3.9% in August after July drop

WASHINGTON: U.S. home construction rebounded 3.9% in August after a July decline with the strength coming in apartment construction. The August increase left home construction at a seasonally adjusted annual rate of 1.62 million units, 17.4% above the pace of a year ago, the Commerce Department reported Tuesday. The strength came in a 21.6% jump in construction of apartment units which offset a 2.8% fall in construction starts of single-family homes. Applications for building permits, seen ;as a good sign of future activity, rose 6% to a seasonally adjusted annual rate of 1.73 million units.

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House races to vote on govt funding, debt as GOP digs in

WASHINGTON: The House is set to vote on legislation to fund the government, provide federal disaster aid and suspend the governments debt limit. Democratic congressional leaders backed by the White House are pushing ahead despite Republican opposition. Congress must fund the government in the next 10 days, or risk a federal shutdown at the end of the fiscal year on Sept. 30. It also needs to raise the nations borrowing limit, or the U.S. will default on its debt. The package unveiled Tuesday also includes $28.6 billion in disaster relief and $6.3 billion to support Afghanistan evacuees. A House vote is expected late Tuesday.

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France rallies EU as trust in US, UK and Australia wanes

BRUSSELS: Frances European Union partners have agreed to put the countrys security spat with the U.S., Australia and Britain on top of the blocs political agenda in coming months. France says the Indo-Pacific deal between the three countries has sparked a crisis of trust. The deal will see Australia cancel a multibillion-dollar contract to buy diesel-electric French submarines and acquire U.S. nuclear-powered vessels instead. EU leaders are set to meet twice next month, in Slovenia on Oct. 6 and Brussels on Oct 21-22. French European Affairs Minister Clement Beaune said Tuesday the fact the three countries have not kept their word creates a breach of trust.

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Activision confirms SEC probe into discrimination allegation

Activision Blizzard, one of the worlds most high-profile video game companies, has confirmed a regulatory probe and said it is working to address complaints of workplace discrimination. The Santa Monica, California, company said Tuesday that it is complying with a recent subpoena from the Securities and Exchange Commission on employment matters, that it has cooperated with an Equal Employment Opportunity Commission investigation into employment practices and that it is working with multiple regulators on addressing workplace complaints. Shares have dropped 20% in two months as legal woes build over an alleged culture of discrimination against women and minorities at the maker of Candy Crush, Call of Duty, Overwatch and World of Warcraft.

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Tight job market is causing costs to rise at FedEx

NEW YORK: FedEx is getting hurt by the tight job market. The package delivery company said Tuesday that its costs are up $450 million in the most recent quarter, as it paid higher wages as it got harder to find new workers and demand for shipping increased. FedEx also cut its outlook for the year, saying earnings will be lower than it previously expected, partly due to the increased costs related to the tight labor market. Shares of FedEx Corp. fell 4% in after-hours trading. Competition for hourly workers has become fierce, and many companies are offering higher pay, sign-on bonuses and other incentives. It may get worse during the holidays as companies seek help getting gifts and online orders to shoppers.

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The S&P 500 fell 3.54 points, or 0.1%, to 4,354.19. The Dow Jones Industrial Average fell 50.63 points, or 0.1%, to 33,919.84. The Nasdaq rose 32.49 points, or 0.2%, to 14,746.40. The Russell 2000 index of smaller companies rose 3.98 points, or 0.2%, to 2,186.18.

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first published:September 22, 2021, 03:27 IST
last updated:September 22, 2021, 03:36 IST
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