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Business Highlights: Thanksgiving travel, Swift ticket woes



Thanksgiving travel rush is back with some new habits

NEW YORK (AP) — The holiday travel rush is already on, and it could spread out over more days than usual this year. Travel experts say the ability of many people to work remotely is letting them take off early for Thanksgiving or return home later. Crowds are expected to rival those of 2019, the last Thanksgiving before the pandemic. The Transportation Security Administration screened more than 2.6 million travelers on Monday, surpassing the 2.5 million screened the Monday before Thanksgiving in 2019. AAA predicts that nearly 55 million people in the U.S. will travel at least 50 miles from home this week, an increase over last year and only 2% less than in 2019.


Taylor Swift ticket trouble could drive political engagement

NEW YORK (AP) — On the heels of a messy ticket rollout for Taylor Swift’s first tour in years, fans are angry. They’re also energized against Ticketmaster. While researchers agree that there’s no way to tell how long the energy could last, the outrage shows a way for young people to become more politically engaged through fan culture. This isn’t even the first time a fandom or an artist has targeted Ticketmaster. And Swifties say it’s not just about getting a ticket. The ticket debacle has spurred broader conversations about economic inequality and political action.


A rail strike looms and impact on US economy could be broad

OMAHA, Neb. (AP) — American consumers and nearly every industry will be affected if freight trains grind to a halt next month. One of the biggest rail unions rejected its deal Monday over concerns about demanding schedules and the lack of paid sick time. The U.S. hasn’t seen an extended rail strike in a century. Many businesses only have a few days’ worth of raw materials and space for finished goods. If a strike goes past a few days, makers of food, fuel, cars and chemicals would all feel the squeeze, as would their customers. That’s not to mention the commuters who would be left stranded because many passenger railroads use tracks owned by the freight railroads.


FTX lawyer: ‘Substantial amount’ of assets has been stolen

NEW YORK (AP) — The lawyers for FTX disclosed Tuesday that a “substantial amount” of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back. The admission came during FTX’s first court appearance since the company filed for bankruptcy protection on November 11. Such hearings typically happen days after a filing, but this one was delayed because FTX’s collapse came suddenly and management kept few if any records. Judge John Dorsey did temporarily grant FTX one order that had generated some controversy: redacting the names and addresses of FTX’s client list.


Supreme Court OKs handover of Trump tax returns to Congress

WASHINGTON (AP) — The Supreme Court has cleared the way for the handover of former President Donald Trump’s tax returns to a congressional committee after a three-year legal fight. The Democratic-controlled House Ways and Means Committee had asked for six years of tax returns for Trump and some of his businesses, from 2015 to 2020. The court’s order Tuesday leaves no legal obstacle in the way. The Treasury Department refused to provide the records during Trump’s presidency. But the Biden administration said federal law is clear that the committee has the right to examine any taxpayer’s return, including the president’s. Lower courts agreed, rejecting Trump’s claims that the committee only wanted the documents to make them public.


Investigators: Firm that cleans meat plants employed minors

OMAHA, Neb. (AP) — A Wisconsin company that cleans hundreds of meatpacking plants nationwide is defending itself against allegations that it employed more than two dozen minors working overnight shifts cleaning massive saws and other dangerous equipment. Labor Department officials said in court documents that they believe Packers Sanitation Services Inc. might be employing underage workers at other plants but investigators have only just starting reviewing thousands of pages of employee records at plants besides the ones in Nebraska and Minnesota where they confirmed teenagers were working. A judge already issued a temporary order prohibiting the company from employing minors and interfering in the investigation. The company says it’s cooperating and already prohibits hiring anyone younger than 18.


US stocks rise, strong earnings send retailers higher

NEW YORK (AP) — Stocks rose on Wall Street and solid earnings helped jolt a mix of retailers higher ahead of the Thanksgiving holiday in the U.S. The S&P 500 rose 1.4% Tuesday. The Dow Jones Industrial Average added 1.2% and the Nasdaq added 1.4%. Financial and technology companies gained ground. Energy stocks rose along with oil prices. Treasury yields slipped. Best Buy soared more than 12% after the Minneapolis-based consumer electronics chain did better than analysts expected and said a decline in sales for the year will not be as bad as it had projected earlier.


OECD forecast: High rates, inflation to slow world growth

PARIS (AP) — Hobbled by high interest rates, punishing inflation and Russia’s war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That’s the sobering forecast issued Tuesday by the Paris-based Organization for Economic Cooperation and Development. In the OECD’s estimation, the world economy will grow just 3.1% this year, down sharply from a robust 5.9% in 2021. Next year, the OECD predicts, would be even worse: The international economy will expand only 2.2%. In its latest forecast, the organization predicts that the U.S. Federal Reserve’s aggressive drive to tame inflation with higher interest rates will grind the U.S. economy to a near-halt.


Russia’s Gazprom threatens Europe gas cuts through Ukraine

Russian energy giant Gazprom has threatened to reduce natural gas supplies through the last pipeline heading to Europe via Ukraine, saying the amount it’s supplying for Moldova is not ending up in the former Soviet republic. Gazprom says the gas company of Europe’s poorest country, Moldovagaz, paid for part of its November flows of gas under its contract but that nearly 25 million cubic meters has been supplied but not paid for. The Russian state-owned company tweeted that if “the imbalance observed during the transit of gas to the Moldovan consumers across Ukraine continues,” Gazprom “will start reducing its gas supplies” through Ukraine starting Monday. Ukraine says all supplies that Russia sent through the country were “fully transferred” to Moldova.


The S&P 500 rose 53.64 points, or 1.4%, to 4,003.58. The Dow Jones Industrial Average gained 397.82 points, or 1.2%, to 34,098.10. The Nasdaq added 149.90 points, or 1.4%, to 11,174.41. The Russell 2000 index of smaller companies tacked on 21.30 points, or 1.2%, to 1,860.44.

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