The Amazon antitrust lawsuit is likely to be a long and arduous journey for the FTC

NEW YORK (AP) – The Federal Trade Commission´s long-awaited antitrust lawsuit against Amazon is the most aggressive move it has taken yet to tame the market power of a company that´s become synonymous with online shopping and fast deliveries. Under chair Lina Khan, the FTC hasn´t been shy about taking big swings against some of American´s biggest companies in an effort to snuff out monopolistic behavior. But that approach has also led to some high-profile setbacks, most notably in its bid to block acquisitions by Microsoft and Meta. Now, the FTC must prove in court both that Amazon is a monopoly and is using its dominance to prevent competition from flourishing in the marketplace. A final decision in Amazon case will likely come years down the road.


`Taylor Swift: The Eras Tour´ will be a blockbuster – and might shake up the movie business

NEW YORK (AP) – Movie theaters are readying for an onslaught like they´ve never seen before beginning Friday when “Taylor Swift: The Eras Tour” debuts. The concert film compiled from several Swift shows at Southern California´s SoFi Stadium is expected to launch with $100 million, or possibly much more. “The Eras Tour” heralds something new and potentially game-changing in the movie industry. Swift and Beyoncé are two of the biggest stars on the planet and are both heading into cinemas, the latter in December. These are first-of-their-kind deals made directly with AMC Theaters that circumvent Hollywood studios and, for now, leave streamers waiting on the sidelines.


Chinese developer Country Garden says it can´t meet debt payment deadlines after sales slump

HONG KONG (AP) – Chinese property developer Country Garden has warned it cannot meet deadlines to repay its loans as the company struggles to restructure its debts. The company´s difficulty in paying a 470 million Hong Kong dollar ($60 million) loan is the latest sign of distress in the industry after Beijing clamped down on mounting debts in the industry. Country Garden said in a filing to the Hong Kong Stock Exchange that it expects its financial troubles to continue. Chinese officials earlier had hailed it as a model real estate company since until recently it had avoided defaults even as rivals such as China Evergrande, the world´s most heavily indebted property firm, foundered.


Star witness Caroline Ellison says FTX founder Sam Bankman-Fried hoped to be US president someday

NEW YORK (AP) – FTX founder Sam Bankman-Fried´s trial has taken a star turn. His former fellow top executive and ex-girlfriend Caroline Ellison testified against him on Tuesday in Manhattan federal court. She said Bankman-Fried once told her he thought someday he might be the U.S. president. Ellison blamed Bankman-Fried for crimes she admitted to last December in a cooperation deal. She was asked at one point to identify Bankman-Fried in the courtroom. She stood up and scanned the courtroom before spotting him. His appearance has changed drastically in recent months. Bankman-Fried could face decades in prison if he is convicted. He has pleaded not guilty.


Stock market today: Wall Street rises as pressure relaxes from the bond market

NEW YORK (AP) – Stocks closed higher as pressure relaxed on Wall Street from the bond market. The S&P 500 rose 0.5% Tuesday. The Dow added 134 points, and the Nasdaq composite climbed 0.6%. Treasury yields eased considerably after trading resumed following a holiday on Monday. It was the first opportunity for yields to move since the weekend´s surprise attack by Hamas on Israel and since Federal Reserve officials gave speeches that suggested the Fed may not hike rates again. Oil prices gave back some of their sharp gains from a day before. PepsiCo rose after reporting stronger profit than expected.


Argentina´s populist presidential candidate Javier Milei faces criticism as the peso takes a dive

BUENOS AIRES, Argentina (AP) – Argentina´s firebrand populist presidential candidate Javier Milei is coming under fire from his rivals who are blaming him for a sharp depreciation of the local currency in the parallel market. Milei is the front-runner to win the Oct. 22 presidential election. He continues to tout his controversial plan for dollarization of the South American country´s economy. The Argentine peso has sharply depreciated over the past week. The informal exchange rate closed at around 1,025 pesos per U.S. dollar on Tuesday. The rate was at 605 pesos per dollar before the upstart Milei rocked Argentina´s political landscape by unexpectedly emerging as the top vote-getter in the country´s national primaries on Aug. 13.


IMF outlook worsens for a `limping´ world economy. Mideast war poses new uncertainty

The International Monetary Fund warns that the world economy has lost momentum from the impact of higher interest rates, the invasion in Ukraine and widening geopolitical rifts. And it now faces a new threat from the war between Israel and Hamas militants. The IMF said Tuesday that it expects global growth to slow to 2.9% in 2024 from an expected 3% this year. The 2024 forecast is down a notch from the 3% it predicted back in July. The deceleration comes at a time when the world has yet to fully mend from a devastating but short-lived COVID-19 recession in 2020 and now could see fallout from the Middle East conflict – particularly to oil prices.


The future of electric vehicles looms over negotiations in the US autoworkers strike

WAYNE, Mich. (AP) – Electric vehicles and their potential impact on job security have become central to negotiations in the U.S. autoworkers strike. General Motors, Ford and Jeep maker Stellantis plan to add 10 U.S. EV battery cell plants, mostly joint ventures with South Korean companies. The union wants to represent workers at the proposed battery factories and win them the same hourly pay and benefits as union workers. The United Auto Workers strike is now in its third week, and contract negotiations this year could have long-lasting consequences as the auto industry transforms itself.


Deadly bird flu reappears in US commercial poultry flocks in Utah and South Dakota

MINNEAPOLIS (AP) – Highly pathogenic bird flu has made its first appearances in U.S. commercial poultry flocks this season, affecting one turkey farm in South Dakota and one in Utah. The U.S. Department of Agriculture reports that avian influenza, which is deadly to commercial poultry, was confirmed in a flock of 47,300 turkeys in Jerauld County of South Dakota on Oct. 4 and at a farm with 141,800 birds in Utah´s Sanpete County last Friday. The outbreaks are the first reported among U.S. commercial flocks since April. Bird flu last year cost U.S. poultry producers nearly 59 million birds across 47 states.


The S&P 500 rose 22.58 points, or 0.5%, to 4,358.24. The Dow Jones Industrial Average gained 134.65 points, or 0.4%, to 33,739.30. The Nasdaq composite advanced 78.60 points, or 0.6%, to 13,562.84. The Russell 2000 index of smaller companies tacked on 19.95 points, or 1.1% to 1,775.95.

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