Business Highlights: Musk impersonators, iPhone delay

BOSTON (AP) — Elon Musk says Twitter will permanently suspend any account that impersonates 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 month. Comedian Kathy Griffin had her account suspended on Sunday for switching her display name to Musk’s. Actor Valerie Bertinelli did the same before switching it back to her real name. But first, she posted a series of tweets in support of Democratic candidates.

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Walgreens push into comprehensive care picks up momentum
Walgreens extended its push into more comprehensive health care with its VillageMD unit acquiring another urgent and primary care chain, Summit Health-CityMD, in a deal worth close to $9 billion. Walgreens and rival CVS, two retail chains with thousands of locations, have evolved in recent years with a greater focus on overall care for customers, trying to help them avoid chronic health conditions and expensive hospital stays. The deal to combine VillageMD and CityMD arrives 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 hurt by anti-virus curbs in China
BEIJING (AP) — Apple Inc. is warning customers they’ll have to wait longer to get its latest iPhone models after anti-virus restrictions were imposed on a contractor’s factory in central China. The company gave no details but said the factory operated by Foxconn in the central city of Zhengzhou is “operating at significantly reduced capacity.” Apple said it expects lower shipments of iPhone 14 Pro and iPhone 14 Pro Max models than previously expected. It said customers “will experience longer wait times.” Foxconn Technology Group said earlier it had imposed anti-virus measures on the factory in Zhengzhou following virus outbreaks. Foxconn said Monday it will review down outlook for Q4 and that it is working on resuming full capacity.

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Brooklyn Nets owners start 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. Named BK-XL, the accelerator will invest up to $500,000 each in 12 startups led by Black, Indigenous and other minority founders in 2023. The accelerator is another piece of her racial justice work, with her husband dela Joe Tsai, to improve economic mobility for minorities. Because of their ownership of the Brooklyn Nets and the Barclays Center arena in Brooklyn, they have decided to focus their economic mobility donations and investments in the New York City borough as well as maximize their impact.
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Drought tests resilience of Spain’s olive groves and farmers
QUESADA, Spain (AP) — An extremely hot, dry summer is now threatening the heartiest of Spain’s staple crops: the olives that make the European country the world’s leading producer of the tiny green fruits that are pressed into golden oil. Industry experts and authorities predict Spain’s fall olive harvest will be nearly half the size of last year’s, another casualty of global weather shifts caused by climate change. High temperatures in May killed many of the blossoms on the olive trees in Spanish orchards. The ones that survived produced fruits that were small and thin because of inadequate water. A little less moisture can actually yield better olive oil, but the recent drought is proving too much for them.

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China trade down on weak global demand, virus curbs
BEIJING (AP) — China’s trade shrank in October as global demand weakened and anti-virus controls weighed on domestic consumer spending. The customs agency reported exports declined 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 the previous month’s 0.3% expansion. Forecasters expected Chinese trade to weaken the global demand cooled following interest rate hikes by the Federal Reserve and other central banks to rein in surging inflation. Chinese demand has been hurt by a “Zero COVID” 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 Chief Financial Officer John R. Tyson has been charged with public intoxication and criminal trespassing after allegedly entering a stranger’s home and falling asleep on her bed. According to the Fayetteville, Arkansas, police department, officers received an early Sunday call from a woman who returned home to find a man she did not know sleeping in her bed. When officers arrived, they tried to wake Tyson but said his movements were “sluggish and uncoordinated.” Tyson faces a court hearing in December. He apologized Monday in a companywide 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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