Business Highlights: Musk Impersonators, iPhone Delay

BOSTON (AP) — Elon Musk says Twitter will permanently suspend any account that poses as another. The social media platform’s new owner issued the warning Sunday after some celebrities changed their Twitter display names, not their account names, to ‘Elon Musk’ in reaction to the billionaire’s decision to offer verified accounts. to all comers for $8 a month. Comedian Kathy Griffin had her account suspended Sunday for changing her display name to Musk. Actress Valerie Bertinelli did the same before changing it back to her real name. But first, she posted a series of tweets in support of the Democratic candidates.

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Walgreens push toward comprehensive care gains momentum

Walgreens expanded its push toward more comprehensive health care with its VillageMD unit by acquiring another primary and urgent care chain, Summit Health-CityMD, in a deal worth nearly $9 billion. Walgreens and rival CVS, two retail chains with thousands of locations, have evolved in recent years with a greater focus on general care for customers, trying to help them avoid chronic illnesses and costly hospital stays. The deal to combine VillageMD and CityMD comes just two months after CVS Health said it would pay about $8 billion to acquire Signify Health, a technology company that sends doctors and other care providers to people’s homes.

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Apple Says iPhone Supplies Affected by Antivirus Restrictions in China

BEIJING (AP) — Apple Inc. is warning customers they will have to wait longer to get their latest iPhone models after antivirus restrictions were imposed on a contractor’s factory in central China. The company gave no details, but said the Foxconn-operated factory in the central city of Zhengzhou is “operating at significantly reduced capacity.” Apple said it expects lower shipments of the iPhone 14 Pro and iPhone 14 Pro Max models than previously anticipated. He said customers “will experience longer wait times.” Foxconn Technology Group previously said it had imposed anti-virus measures at the factory in Zhengzhou following virus outbreaks. Foxconn said Monday it will lower its outlook for the fourth quarter and is working to resume full capacity.

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Brooklyn Nets owners launch program for minority-led startups

NEW YORK (AP) — Clara Wu Tsai, co-owner of the Brooklyn Nets, launched the largest business accelerator for minority founders of early-stage startups on Monday. Called BK-XL, the accelerator will invest up to $500,000 each in 12 startups led by Black, Native American and other founding minorities in 2023. The accelerator is another part of her racial justice work, with her husband Joe Tsai, to improve mobility. minority economy. Because they own the Brooklyn Nets and Barclays Center in Brooklyn, they have decided to focus their donations and investments on economic mobility in the New York City borough as well to maximize their impact.

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Drought tests the resilience of Spanish olive groves and farmers

QUESADA, Spain (AP) — An extremely hot and dry summer now threatens Spain’s most abundant staple crop: the olives that make the European country the world’s leading producer of the tiny green fruits that are pressed for a golden oil. Industry experts and authorities predict that Spain’s autumn olive harvest will be almost half the size of last year, another casualty of global weather changes caused by climate change. High temperatures in May killed many of the flowers on olive trees in Spanish orchards. Those that survived produced small, thin fruit due to lack of water. A little less moisture can actually produce better olive oil, but the recent drought is proving too much for them.

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China trade falls on weak global demand, virus brakes

BEIJING (AP) — China’s trade contracted in October as global demand weakened and anti-virus controls hit domestic consumer spending. The customs agency reported that exports were down 0.3% from a year earlier to $298.4 billion, down from September’s 5.7% growth. Imports fell 0.7% to $213.4 billion, compared with a 0.3% expansion in the previous month. Forecasters had expected Chinese trade to weaken as global demand cooled following interest rate hikes by the Federal Reserve and other central banks to curb rising inflation. Chinese demand has been hit by a “Covid zero” strategy that has repeatedly shut down large sections of cities to contain virus outbreaks.

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Tyson Foods heir and CFO charged with public intoxication

Tyson Foods heir and CFO John R. Tyson has been charged with public intoxication and trespassing after allegedly breaking into a stranger’s home and falling asleep in his bed. According to the Fayetteville, Arkansas, police department, officers received a call early Sunday from a woman who returned to her home to find a man she didn’t know sleeping in her bed. When officers arrived, they tried to wake Tyson up but said his movements were “slow and uncoordinated.” Tyson faces a court hearing in December. He apologized Monday in a company-wide memo, saying his behavior was inconsistent with his and the company’s values.

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The S&P 500 rose 36.25 points, or 1%, to 3,806.80. The Dow Jones Industrial Average rose 423.78 points, or 1.3%, to 32,827. The Nasdaq rose 89.27 points, or 0.9%, to 10,564.52. The Russell 2000 index of smaller companies rose 9.94 points, or 0.6%, to 1,809.81.

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