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Update on the latest cases:

FINANCIAL MARKETS

Equities in Asia are on the rise

NON DATE (AP) – Stocks are mostly higher in Asia after another large rally on Wall Street as investors bet the new variant of the COVID-19 virus won’t pose a big threat to the economy. Oil prices have fallen.

Shares rose in Tokyo, Shanghai and Seoul, while Hong Kong fell. Japan lowered its growth estimate for the last quarter to minus 3.6% from a previously reported contraction of 3.0%.

On Tuesday, the S&P rose 2.1% for its biggest gain since March. Some 86% of the benchmark stocks made gains. The Dow Jones rose 1.4% and the tech-rich Nasdaq rose 3%. Small business stocks have overtaken the broader market.

JAPAN-ECONOMY

Japan’s economy contracts 3.6% in Q3 due to lower spending and trade

TOKYO (AP) – Japan lowered its growth estimate for the last quarter, saying lower consumer and trade spending caused a 3.6% contraction.

The government’s revised estimate on Tuesday from an earlier estimate of minus 3.0% growth. The world’s third-largest economy is mired in recession and struggling to recover from the impact of waves of coronavirus infections. The last epidemic, at the end of the summer, has so far declined with a sharp drop in cases. But it has struck during the usually busy summer travel season, with calls for restricted business activity and travel hurting restaurants, hotels and other industries in the service sector.

AMAZON-WEB SERVICE FAILURE

Major outage hits Amazon Web Services; many sites affected

NO DATE (AP) – Amazon’s cloud services network suffered a major outage on Tuesday, the company said, disrupting access to many popular sites.

The service provides remote computing services to many governments, universities, and businesses, including the Associated Press. For about five hours, businesses relying on Amazon’s web services network to run their operations struggled to find workarounds. Among them was Amazon’s own e-commerce operation. Critics said the issue highlighted the danger of centralizing too many key Internet functions in single organizations. As of 5 p.m. ET, Amazon said it identified and fixed the underlying problem, but many online services took significantly longer to recover.

GERMANY-SCHOZ

The Scholz team: key players in the new German government

BERLIN (AP) – Olaf Scholz is set to become the new German Chancellor at the head of a tripartite coalition government on Wednesday, ending the 16-year era of outgoing Chancellor Angela Merkel. Scholz will head a 17-member cabinet – with one more minister than Merkel’s.

The green co-leader Robert Habeck will become vice-chancellor, at the head of a ministry of the economy and the climate. The team of nine men and eight women includes Germany’s first female foreign and interior ministers.

The co-leader of the Greens ecologists will head the newly created Ministry of Economy and Climate, and will become vice-chancellor.

The leader of the pro-business Free Democrats will hold the government’s purse strings as finance minister.

FACEBOOK-ROHINGYA

Rohingya sue Facebook for $ 150 billion, alleging role in violence

LONDON (AP) – Rohingya refugees are suing Facebook parent company Meta Platforms for more than $ 150 billion over what they say is the company’s failure to stop hateful posts that incite violence against the group ethnic Muslim by Myanmar’s military rulers and their supporters.

Lawyers filed a class action lawsuit in California on Monday, while lawyers in the UK notified their intention to bring a similar lawsuit. Facebook, recently renamed Meta, did not immediately respond to a request for comment. Combined legal claims are filed on behalf of anyone around the world who has survived the violence or whose parent has died.

BIDEN-ETHANOL

EPA reduces ethanol requirement, citing reduced demand

WASHINGTON (AP) – The Biden administration has lowered annual production requirements for ethanol and other biofuels to account for declining demand due to the coronavirus pandemic.

At the same time, the administration is set to reject requests by small oil refineries to be exempted from ethanol requirements, saying they had failed to demonstrate that the exemptions were justified under the Clean Air Act. Officials say the actions reflect the administration’s “commitment to reset and tighten” the federal renewable fuels standard, or RFS, “after years of mismanagement” by the Trump administration and market disruption. of gasoline resulting from the COVID-19 pandemic.

PHARMA BRO PURSUIT

‘Pharma Bro’ Company Reaches $ 40 Million Settlement in Scam Case

SACRAMENTO, Calif. (AP) – Company once owned by “Pharma Bro” Martin Shkreli to pay up to $ 40 million to settle claims it raised the price of life-saving drug by around 4,000% after have obtained the exclusive rights to the drug. The Federal Trade Commission announced the settlement on Tuesday.

The FTC and seven states sued Vyera Pharmaceuticals for allegedly abusing consumers and preventing competitors from creating cheaper generic versions of the drug Daraprim after obtaining exclusive rights to it in 2015.

Vyera was owned by Martin Shkreli.

The drug treats a potentially fatal parasitic infection.

Vyera raised the price of the decades-old drug from $ 17.50 to $ 750 a pill after securing exclusive rights to it in 2015. The increase has left some patients with co-payments of up to 16 cents. $ 000 and sparked an uproar that fueled Congressional hearings.

Shkreli is currently serving a seven-year prison sentence for a securities fraud conviction related to the hedge funds he ran before entering the pharmaceutical industry.

INTERNATIONAL SPACE STATION

Japanese tycoon flies to the International Space Station

MOSCOW (AP) – A Japanese billionaire and his producer took to space on Wednesday as the first self-paying space tourists in more than a decade. Fashion mogul Yusaku Maezawa and producer Yozo Hirano, who plans to film his mission, flew to the International Space Station aboard a Russian Soyuz spacecraft with Russian cosmonaut Alexander Misurkin.

The trio took off as planned aboard the Soyuz MS-20 from the Russia-led Baikonur launch center in Kazakhstan. Maezawa and Hirano are expected to spend 12 days in space.

The two will be the first paying tourists to visit the space station since 2009. The price of the trip has not been disclosed.

EXPLOSION OF THE CHRISTI CORPUS

NTSB: poor planning led to pipeline explosion in Texas

CORPUS CHRISTI, Texas (AP) – Federal investigators say inadequate communication, planning and risk management by a dredge operator likely led to a propane pipeline explosion at a Texas port that has killed five people last year.

The National Transportation Safety Board reported its findings on the August 2020 explosion in the Corpus Christi channel on Tuesday. The explosion occurred after the rotary cutter head of the Waymon L Boyd dredging vessel cut the 16-inch pipeline owned by Enterprise Products. Of the 18 crew members employed by dredge owner Orion Marine Group, three aboard the dredger and one aboard an adjacent anchor barge died instantly. Six other people aboard the dredge were injured, one of whom later died.

UNITEDHEALTHCARE-NEVADA TRIAL

Nevada jury: health insurers owe $ 60 million in damages to emergency doctors

LAS VEGAS (AP) – One of the nation’s largest health insurance companies and its branches in Nevada have been found liable for $ 60 million in punitive damages for underpayment of off-grid emergency medical providers .

A state court jury said three plaintiffs led by emergency care staffing service TeamHealth are each expected to receive $ 20 million from Connecticut-based United Healthcare Insurance Co. and five affiliates. , including Sierra Health and Health Plan of Nevada. These are the two dominant vendors in the Las Vegas area. The same jury last week awarded $ 2.65 million in compensatory damages to the plaintiffs Fremont Emergency Services, Team Physicians of Nevada and the parent company of Ruby Crest Emergency Medicine. United Healthcare has said it will appeal.

PHILATHROPY-ZUCKERBERG-SCIENCE

Zuckerberg and Chan to invest up to $ 3.4 billion for scientific breakthroughs

NO DATE (AP) – A spokesperson for the company that manages the philanthropy of Facebook’s Mark Zuckerberg and his wife, Priscilla Chan, said the company is investing up to $ 3.4 billion to advance healthcare human over 10 to 15 years. The Chan Zuckerberg Initiative, or CZI, announced on Tuesday that its new effort was to “observe, measure and analyze any biological process in the human body – across spatial scales and in real time.” Jeff MacGregor, a spokesperson for CZI, said $ 500 million would be granted to establish an institute at Harvard University that focuses on artificial intelligence. The rest will be invested in various CZI initiatives.

PHILANTHROPY-AIRBNB-NON-PROFIT

The Airbnb association makes the resettlement of refugees a main mission

NO DATE (AP) – Thousands of Airbnb hosts have agreed to host refugees as part of the Online Accommodation Marketplace’s philanthropic program to provide emergency temporary housing to those in need.

It is such a successful program that it is seen as a model for those working with refugee resettlement and has become a central mission of Airbnb.org, the non-profit organization which celebrates its first anniversary on Tuesday. In its first year, Airbnb.org helped provide housing for more than 100,000 first responders during the pandemic to avoid concerns about the spread of COVID-19 to their families. In recent months, the association has worked to resettle more than 7,400 Afghan refugees following the Taliban takeover and has pledged to resettle more than 12,500 more.

BANKRUPTCY OF THE BOY SCOUTS

Mediator ousted from the bankruptcy of the Boy Scouts; extended deadline

DOVER, Delaware (AP) – The Boy Scouts of America bankruptcy judge issued a ruling on Tuesday impeaching a former Connecticut bankruptcy laws"}” data-sheets-userformat=”{"2":513,"3":{"1":0},"12":0}”>Connecticut bankruptcy laws judge as mediator.

The judge said she was forced to remove Kevin Carey after the Boy Scouts appointed him an initial “special examiner” who would help the trustee overseeing a proposed fund to compensate victims of child sexual abuse. The judge said the ruling gave Carey an interest in the outcome of the mediation and raised questions about his impartiality. The judge also agreed this week to extend by two weeks the December 14 deadline to vote on the BSA reorganization plan.

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