Business highlights: Thanksgiving trips, Swift ticket issues

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Thanksgiving travel rush is back with some new habits

NEW YORK (AP) – The vacation travel rush is already underway and could spread to more days than usual this year. Travel experts say the ability for many people to work remotely allows them to leave early for Thanksgiving or return home later. The crowds are expected to match those of 2019, the last Thanksgiving before the pandemic. The Transportation Security Administration screened more than 2.6 million travelers Monday, surpassing the 2.5 million screened on the Monday before Thanksgiving in 2019. AAA forecasts nearly 55 million people in the US will travel at least 50 miles from home this week, up from last year and just 2% down from 2019.

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Problems with Taylor Swift’s ticket could encourage political involvement

NEW YORK (AP) – Fans are furious after a chaotic ticket rollout for Taylor Swift’s first tour in years. They are also energized against Ticketmaster. While researchers agree that there’s no way to tell how long the energy might last, the outrage shows a way for young people to engage politically through fan culture. This isn’t even the first time a fandom or artist has targeted Ticketmaster. And Swifties say it’s not just about getting a ticket. The ticket debacle has stimulated broader conversations about economic inequality and policy action.

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A rail strike is looming and the impact on the US economy could be far-reaching

OMAHA, Neb. (AP) — American consumers and nearly every industry will be impacted when freight trains grind to a halt next month. One of the biggest rail unions rejected its deal on Monday over concerns about demanding schedules and a lack of paid sick time. The US has not seen an extended rail strike in a century. Many factories only have raw materials and space for finished goods for a few days. If a strike lasts several days, food, fuel, car and chemical manufacturers would feel the pressure, as would their customers. Not to mention the commuters who would be left behind because many passenger trains use rail freight tracks.

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FTX Attorney: “Significant amount” of assets were stolen

NEW YORK (AP) — Lawyers for FTX announced Tuesday that a “substantial amount” of assets have been stolen from the accounts of the collapsed cryptocurrency exchange, reducing the chances of millions of investors getting their money back. The admission came during FTX’s first court appearance since the company filed for bankruptcy on Nov. 11. Such hearings usually take place days after a filing, but this was delayed because FTX’s collapse was sudden and management kept little or no records. Judge John Dorsey granted FTX a temporary order that had sparked some controversy: to redact the names and addresses of FTX’s customer list.

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Supreme Court approves handing Trump tax returns to Congress

WASHINGTON (AP) — The Supreme Court has cleared the way for the submission of former President Donald Trump’s tax returns to a congressional committee after a three-year legal battle. The Democrat-controlled House Ways and Means Committee had required tax returns for Trump and some of his companies for six years, from 2015 to 2020. Tuesday’s court order left no legal obstacles in the way. The Treasury Department refused to release the records during Trump’s presidency. But the Biden administration said federal law is clear that the committee has the right to review any taxpayer’s tax return, including that of the president. Lower courts agreed, dismissing Trump’s claims that the committee only wanted the documents released.

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Investigator: Company that cleans meat plants employed minors

OMAHA, Neb. (AP) — A Wisconsin company that cleans hundreds of meatpacking plants statewide is defending itself against allegations that it employed more than two dozen minors who worked night shifts to clean giant saws and other dangerous equipment. Labor Department officials said in court documents that they believe Packers Sanitation Services Inc. may be employing underage workers at other plants, but investigators have only just begun reviewing thousands of pages of employee files at plants other than those in Nebraska and Minnesota , where her teenage confirmed works. A judge has already issued an injunction barring the company from employing minors and interfering with the investigation. The company says it is cooperating and already prohibits hiring anyone under the age of 18.

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US stocks rise, strong earnings push retailers higher

NEW YORK (AP) – Stocks rose on Wall Street and solid earnings helped push a mix of retailers higher ahead of the U.S. Thanksgiving holiday. The S&P 500 rose 1.4% on Tuesday. The Dow Jones Industrial Average was up 1.2% and the Nasdaq was up 1.4%. Financial and technology companies gained ground. Energy stocks rose along with oil prices. Government bond yields slipped. Best Buy rose more than 12% after the Minneapolis-based consumer electronics chain performed better than analysts expected and said a sales decline for the year won’t be as bad as it previously forecast.

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OECD forecast: High interest rates, inflation to slow global growth

PARIS (AP) – Hindered by high interest rates, punishing inflation and Russia’s war on Ukraine, the global economy is expected to grow only modestly this year and expand even more slowly in 2023. That’s the sobering forecast issued on Tuesday by the Paris-based Organization for Economic Cooperation and Development. According to estimates by the OECD, the global economy will only grow by 3.1% this year, a significant decline from a robust 5.9% in 2021. Next year, the OECD predicts, will be even worse: the international economy will only grow still grow by 2.2%. In its latest forecast, the organization predicts that the US Federal Reserve’s aggressive attempt to tame inflation with higher interest rates will bring the US economy to a near halt.

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Russia’s Gazprom threatens Europe with gas cuts from Ukraine

Russian energy giant Gazprom has threatened to cut natural gas supplies through the final pipeline to Europe via Ukraine, saying the amount it is shipping to Moldova will not end up in the former Soviet republic. Gazprom says the gas company of Europe’s poorest country, Moldovagaz, paid for part of its gas deliveries in November under its contract, but nearly 25 million cubic meters were delivered but not paid for. The Russian state-owned company tweeted that if “the imbalance observed in the transit of gas to Moldovan consumers through Ukraine continues”, Gazprom “will start reducing its gas supplies” through Ukraine from Monday. Ukraine says all supplies Russia sent through the country were “entirely” transferred to Moldova.

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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 rose 149.90 points, or 1.4%, to 11,174.41. The Russell 2000 index of smaller companies rose 21.30 points, or 1.2%, to 1,860.44.

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