Ticker: FTC orders companies to reveal personal data use
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The U.S. Federal Trade Commission is ordering Delta Air Lines, Walmart and other companies to provide detailed information on how they use consumers' data when they are setting prices. The commission said Wednesday it's also studying how ride-sharing and delivery companies like Uber use their independent drivers' personal data when they're setting compensation rates.
Orders were also issued to United, JetBlue, Lyft, DoorDash, Instacart and Target. The FTC's actions reflect customers' increasing concerns about pricing technology and the use of artificial intelligence to collect vast amounts of data. Delta and JetBlue said Wednesday that they don't use personal data to set individualized prices.
The bond market swings, but stocks remain steady
The bond market swung, while U.S. stocks ticked higher after the Federal Reserve decided not to raise its main interest rate to bring down high inflation. The S&P 500 rose 0.3% Wednesday. The Dow Jones Industrial Average added 0.2%, and the Nasdaq composite rose 0.3%.
In the bond market, the two-year Treasury yield initially jumped after the Fed held its main interest rate steady. It then reversed course after traders pared expectations for coming hikes to rates by the Fed. Higher rates can help get high inflation under control, but they can also hurt the economy.
US bans imports from 3 Chinese biotech firms
The Trump administration says it's blocking shipments from Chinese biotech company BGI and its affiliates, alleging ties to forced labor. Starting Thursday, U.S. Customs and Border Protection will ban goods from BGI Group, BGI Genomics and MGI Tech.
The Department of Homeland Security accused the companies of involvement with forced labor of ethnic groups like Uyghurs in China's far-west ethnic region of Xinjiang. BGI Group, known for its genetic sequencing technologies, rejected the allegations and says it hasn't "engaged in any form of forced labor." Adding the companies to a trade blacklist comes as biotechnology is emerging as another front in the economic and tech competition between the U.S. and China.
UK to bring relief this winter amid energy spike
U.K. Treasury chief John Healey has used his first budget statement to offer households and businesses support with their energy bills this winter in the face of what he termed "global economic storms." Healey was appointed chancellor of the exchequer in July when Andy Burnham became prime minister.
Healey said that the Iran war wasn't something the U.K. government wanted and that it has upended the economic backdrop. A 100-pound one-off payment to poor- to middle-income households this winter was among the support measures announced in the early stages of Healey's speech. He also set a target date of 2030 for the U.K. to spend 3% of its gross domestic product on defense. But he didn't explain how.
Putin seeks to grow ties with African countries
Russian President Vladimir Putin is hosting dozens of African leaders at a Russia-Africa summit. It's part of Moscow's efforts to expand its influence across the continent.
Putin was speaking Wednesday at the opening of the two-day forum in Moscow. Putin cast it as part of a global transformation and the shaping of a multipolar world ending Western domination. It's a trend he called "both objective and irreversible." Putin called for strengthening Africa's role in making decisions at the International Monetary Fund and the World Bank Group to help meet the continent's needs. Putin noted that Russia delivers grain and fertilizers to more than 40 African countries and stands ready to expand supplies.
Google misses Wall Street expectations, Alphabet stock sinks in early after-hours trading
Alphabet Inc., Google's parent company, reported strong revenue growth in its third quarter, but it fell short of Wall Street expectations. The company announced net income of $26.17 billion for the July-to-September period, down from $34.98 billion a year earlier. Revenue increased by 25% to $127.58 billion, slightly below analysts' expectations of $127.97 billion. The earnings per share were impacted by an $8.7 billion loss on equity investments. CEO Sundar Pichai highlighted the company's growth and the success of the Gemini app, which has reached 1 billion users. Alphabet's shares fell about 10% after the market closed.
Wendy's, struggling with beef prices and growing competition, gets a buyout offer
Shares of Wendy's jumped after noted investor Nelson Peltz made an offer to buy the struggling burger chain. Wendy's shares are down 25% in the past year following a yearslong decline. The chain, founded in 1969 by Dave Thomas and named after his daughter, is known for its square burgers and Frosty desserts. But its market share has been falling as burger competitors like In-N-Out and Five Guys expand and inflation made fast-food visits less affordable. Peltz's Trian Fund Management and several partners are offering Wendy's $7.35 per share in cash, or a premium of nearly 19% over the stock's closing price on Tuesday.
RFK Jr. eases access to unproven peptides despite opposition from FDA scientists
WASHINGTON -- Food and Drug Administration staffers had little input on the Trump administration's decision that eases access to peptide drugs favored by Health Secretary Robert F. Kennedy Jr. That's according to people familiar with the policy's development who were interviewed by The Associated Press. The new policy was posted online Wednesday by Kennedy's Department of Health and Human Services. It covers a handful of injectable peptides promoted within the wellness industry for uses such as building muscle, healing injuries and boosting energy. The policy directs the FDA not to take action against specialty pharmacies that sell a half-dozen wellness peptides.