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What’s News |
| Good Morning Here’s what we’re watching as the U.S. business day gets under way: |
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Nissan is ousting Carlos Ghosn as chairman, citing misconduct. The carmaker said that Mr. Ghosn had understated his income and that “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” |
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Apple suppliers suffer as it struggles to forecast iPhone demand. Lower-than-expected demand for Apple’s new phones and the company’s decision to offer more models have created turmoil along its supply chain. In recent weeks, Apple has slashed production orders for all three iPhone models unveiled in September. |
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Why the earnings boom hasn't lifted investors' spirits. Nine years into the stock rally, investors are grappling with two forces: many feel the best days of this economic cycle are past, and analysts say the recent pullback offers a reminder of the risk that markets will fall sharply as rising interest rates and slowing growth hit profits. |
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Stocks lack a clear leader. With Apple on the cusp of a bear market, some investors are turning to other sectors, such as health care. The toll of tech's tumble. The FAANG stocks—Facebook, Amazon, Apple, Netflix and Google—have lost $575 billion in market value since October, leading investors to rethink their lofty valuations and projected growth in the months ahead. |
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Republican Rick Scott won his Senate race in Florida. The Florida governor beat incumbent Democrat Bill Nelson after a second manual recount of more than 65,000 ballots left the race in limbo for nearly two weeks. In the governor's race, Democrat Andrew Gillum conceded to Republican Ron DeSantis on Saturday. |
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The opioid industry is taking New York to court. Drug makers and distributors are fighting a new state law that aims to collect hundreds of millions of dollars from the industry to help defray costs of the opioid crisis. Companies and trade groups say the law, which seeks $600 million over six years, is unconstitutional. |
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Facial recognition tech aims to identify good and evil. In the latest episode of Moving Upstream, the Journal's Jason Bellini tests out the technology used at a Seattle school and visits a company that claims its algorithm can identify potential terrorists. |
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| MUHAMMAD ADIMAJA/ANTARA FOTO/REUTERS |
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Countries are exercising new power over miners. As gold, diamond and copper values grow, governments are demanding Western mine operators pay higher royalties and taxes, process commodities locally and cede control of mines: "I will not hesitate to close down all the mines if companies don’t pay what they owe us." |
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Facebook's Zuckerberg adopts a more aggressive style. With the social-media giant under siege from lawmakers, investors and angry users, Mark Zuckerberg's new approach is causing unprecedented turmoil atop Facebook, driving several key executives away from the company. |
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GE seeks power sales in Iraq, but a report spotlights corruption concerns. General Electric learned this summer of allegations against key partners in a country that is one of the most important foreign markets for its struggling power business. |
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"Our poor come first!" Hundreds of residents of Tijuana took to the streets to protest the largest of the migrant caravans making their way through Mexico, a sign of rising unrest as local authorities grapple to provide assistance. California firefighters battle exhaustion from blazes. |
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California firefighters battle exhaustion from blazes. As the week-old Camp Fire has become the deadliest and most destructive fire in the state's history, the teams of firefighters called to assist are combatting nearly nonstop work and fatigue. |
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Shoppers beware. Americans gearing up for the year-end spending spree that begins with Black Friday face a dizzying array of pickup and delivery options as retailers from Walmart to Nordstrom chase shoppers and look to contain costs. |
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The stuff our parents left behind. Cleaning out their apartment after they died taught us a lot about them—and ourselves. |
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The Sackler family faces mass litigation and criminal investigations over the opioids crisis. Suffolk County in Long Island, N.Y., has sued several members of the multibillionaire family that owns the maker of prescription painkiller OxyContin, while Connecticut and New York are considering fraud and racketeering charges. | via the Guardian |
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Brexit transition could be extended to 2022, says Michel Barnier. The European Union’s chief Brexit negotiator has raised the prospect that the U.K. could remain under the bloc’s control for an extra two years, which would cost billions and infuriate Brexiters. | via the Telegraph |
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Saudi “prince of darkness” lingers in the shadows. When the Trump administration imposed sanctions on 17 Saudis over Jamal Khashoggi’s killing, Washington made it clear who it believed played a crucial role in planning the botched hit—Saud al-Qahtani. | via the Financial Times |
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Egypt's Anwar Sadat Visits Israel In an unprecedented move, Egyptian President Anwar Sadat visited Jerusalem, seeking permanent peace with Israel after decades of conflict. Mr. Sadat met with Israeli Prime Minister Menachem Begin and spoke before parliament, delivering a historic speech and call for peace. The leaders would meet again in 1978 in the U.S., negotiating the Camp David Accords with President Jimmy Carter. The final agreement was signed in March 1979, ending the state of war between Egypt and Israel. Both Mr. Sadat and Mr. Begin were awarded the Nobel Peace Prize in 1978. Mr. Sadat would be assassinated by Muslim extremists in Cairo in 1981. |
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