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Pandora Papers bring renewed calls for tax haven scrutiny
WASHINGTON: Calls are growing for an end to the financial secrecy and shell companies that have allowed many of the worlds richest and most powerful people to hide their wealth from tax collectors. The outcry came after a report published Sunday revealed the way that world leaders, billionaires and others have used offshore accounts to keep trillions of dollars out of government treasuries over the past quarter-century, limiting the resources for helping the poor or combating climate change. The report is being dubbed the Pandora Papers. Many of the tax dodges are legal, and analysts say one solution is to ban shell companies that help investors avoid paying taxes.
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Facebook, WhatsApp, Instagram suffer worldwide outage
SAN FRANCISCO: Facebook and its Instagram and WhatsApp platforms have suffered a worldwide outage. The company says it is aware that some people are having trouble accessing the Facebook app and that it is working on restoring access. The company did not say what might be causing the outage, which began around 11:45 ET. Facebook is going through a major crisis after the whistleblower who was the source of The Wall Street Journals series of stories exposing the companys awareness of internal research into the negative effects of its products went public on CBSs 60 Minutes program Sunday.
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Whistleblower: Facebook chose profit over public safety
NEW YORK: Facebook prematurely turned off safeguards designed to thwart misinformation and rabble rousing after Joe Biden defeated Donald Trump in last years elections in a moneymaking move that a company whistleblower alleges contributed to the deadly Jan. 6 invasion of the U.S. Capitol. The whistleblower, former Facebook product manager Frances Haugen, also asserted during an exclusive interview that aired Sunday on CBS 60 Minutes that a 2018 change to Facebooks news feeds contributed to more divisiveness and ill will in a network ostensibly created to bring people closer together. Facebook contends Haugens allegations are misleading and insists that there is no evidence to support the premise that its the primary cause of social polarization.
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Stocks fall as tech retreats; price of oil hits 7-year high
NEW YORK: Stocks closed lower Monday as big technology companies such as Apple and Microsoft take losses. The S&P 500 fell 1.3% while the tech-heavy Nasdaq dropped 2.1%. Meanwhile, the price of U.S. oil rose to $77.62 per barrel, the highest close since 2014. OPEC and allied oil producers stuck to a plan for cautious production increases even as global demand for crude rises. Higher energy prices helped oil companies gain ground. Tesla rose 0.8% after the electric vehicle maker reported surprisingly good third-quarter deliveries. The yield on the 10-year Treasury note rose to 1.49% from 1.47% Friday.
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Oil at 7-year high after OPEC+ decides on cautious increase
FRANKFURT, Germany: Oil prices have jumped after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November. The decision Monday by the Vienna-based oil cartel tracks with its established schedule of adding back that amount of oil every month until the cuts made during the depth of the pandemic recession are restored. The decision comes amid tighter oil markets, as driving and flying pick up thanks to the easing of COVID-19 restrictions. Oil prices rose on the news.
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Facebook asks court to dismiss FTC antitrust complaint
SAN FRANCISCO: Facebook is asking a federal court to dismiss a revised complaint against it by the Federal Trade Commission. It is arguing that the agency did not provide enough evidence that the company is a monopoly. In a motion filed Monday in U.S. District Court for the District of Columbia, said the FTC failed to prove that Facebook has a monopoly in the personal social networking space because no reliable data exists to show the size of this market or of Facebooks share of it.
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Biden tells GOP to get out of the way on debt limit
WASHINGTON: President Joe Biden is urging Republican senators to get out of the way and let Democrats suspend the nations debt limit. Biden, who made the comment Monday, wants action to keep the U.S. government from coming dangerously close to a devastating credit default as Senate Republican Leader Mitch McConnell refuses to lend his partys help on the issue. McConnell is forcing Senate Democrats into a cumbersome process that could brush up against a deadline with little margin for error. But the Republican leader said Monday that the Democrats can deal with that. He said, I suggest that our Democratic colleagues get moving.
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Volvo plans $2.9B IPO to fund electric vehicle ambitions
LONDON: Swedish automaker Volvo said Monday it plans to raise at least 25 billion kroner ($2.9 billion) by selling shares to fund its electric vehicle transformation strategy. Volvo Cars and its parent company, Chinese carmaker Geely, have applied to hold an initial public offering on the Nasdaq Stockholm, with shares expected to start trading before the end of the year. The money raised from the IPO will help fund Volvos lofty ambitions. The company aims to nearly double sales by 2025 to 1.2 million vehicles, half of which will be battery electric cars, and wants its entire lineup to be all electric by 2030.
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The S&P 500 fell 56.58 points, or 1.3%, to 4,300.46. The Dow Jones Industrial Average dropped 323.54 points, or 0.9%, to 34,002.92. The Nasdaq shed 311.21 points, or 2.1%, to 14,255.48. The Russell 2000 index of smaller companies lost 24.16 points, or 1.1%, to 2,217.47.
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