Business Highlights: Vaccines Required, Crypto Issues

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ARLINGTON, Va. (AP) – Meat processor Tyson Foods will demand all its U.S. employees get vaccinated against COVID-19, becoming one of the first large employers of frontline workers to do so amid a resurgence of the virus. Tyson, one of the world’s largest food companies, announced on Tuesday that members of the management team should be vaccinated by September 24 and the rest of its office workers by October 1. Its front-line employees must be vaccinated before November 1. Auto workers at three companies – General Motors, Ford and Stellantis – will have to resume wearing masks regardless of their immunization status, according to a deal announced Tuesday by the union and the companies.

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SEC Gensler Says Crypto Investors Need More Protection

SILVER SPRING, Md. (AP) – The chairman of the Securities and Exchange Commission has said investors need more protection in the cryptocurrency market, which he says is “rife with fraud, scams and abuse ”. Gary Gensler, appointed by President Joe Biden to lead the body that regulates the securities markets, listed several areas in which crypto needed to be brought under control or regulated, including in relation to money laundering, sanctions, tax collection and extortion via ransomware. Gensler was seen as receptive to cryptocurrency and other new financial technologies after a stint as a professor at MIT where he focused his research and teaching on public policy and digital currencies.

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Spirit cancels half of its flights; American also in trouble

DALLAS (AP) – It’s another tough travel day for passengers booked on Spirit Airlines. The low-cost airline canceled nearly half of its schedule for Tuesday early afternoon. This is the third day in a row of extremely high cancellation numbers at Spirit. A spokesperson said Spirit was grappling with issues created by inclement weather, system failures and staff shortages. American Airlines is also struggling. It canceled about 10% of its flights on Tuesday. Spirit and American have both struggled with widespread delays and cancellations since the weekend.

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PepsiCo to sell Tropicana, other juices in $ 3.3 billion deal

NEW YORK (AP) – PepsiCo will sell Tropicana and other juices to a private equity firm in a $ 3.3 billion deal. The New York-based beverage and snack company will retain a 39% non-controlling interest in a newly formed joint venture under the deal with PAI Partners. Juice sales began to decline significantly in the early 2000s, when low-carb diets gained popularity, and this trend continued, with more families choosing to buy juice instead. water, sports drinks or other non-calorie or low-calorie drinks. In its annual report, Pepsi said the decline in juice sales offset gains in other products in North America, including water, sports drinks like Gatorade and energy drinks like Propel.

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Struck by the #MeToo revolt, the head of Blizzard Entertainment is absent

NEW YORK (AP) – Activision’s president of Blizzard Entertainment is leaving the company as it continues to face the fallout from a discrimination and sexual harassment lawsuit. The state of California sued Activision Blizzard Inc. last month, saying the company was “breeding ground for harassment and discrimination against women.” On Tuesday, Activision Blizzard President and COO Daniel Alegre sent a letter to employees telling them that J. Allen Brack was leaving the company to pursue new opportunities.

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Stocks shake shaky start, end higher on Wall Street

NEW YORK (AP) – Shares got off to a faltering start and ended higher on Tuesday as traders weighed in another large set of corporate earnings reports. Investors were also closely monitoring the latest developments with COVID-19 and its potential impact on an economy still recovering amid the spread of the more contagious delta variant. The S&P 500 advanced 0.8%. Healthcare and tech stocks led the gains. Activision Blizzard fell 3.5% after the director of Blizzard Entertainment announced he would step down after the company was sued for sexual harassment. Clorox fell 9.5% after the company’s earnings missed analysts’ forecasts. The yield on 10-year Treasuries climbed to 1.18%.

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The first cruise ship docks in Puerto Rico since the start of the pandemic

SAN JUAN, Puerto Rico (AP) – The Carnival Mardi Gras docked in Puerto Rico on Tuesday – the first time a cruise ship has visited U.S. territory since the start of the pandemic. Some cautiously celebrated the arrival. It comes as Puerto Rico has reported an increase in COVID-19 cases blamed on the delta variant, but also as it seeks to restart its crucial tourism sector, which was largely dependent on record cruise ship passengers. these last years. Carlos Mercado, executive director of the Puerto Rican Tourism Society, told The Associated Press that the government has taken several precautions to prevent the spread of COVID-19, including allowing only those who are fully vaccinated to disembark.

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BMW Makes $ 5.7 Billion in Profit, Warns of Parts Shortage

FRANKFURT, Germany (AP) – BMW reported second quarter net profit of 4.8 billion euros ($ 5.7 billion), ending a strong earnings season for the big three German automakers as the markets Global automobiles continue to recover from the pandemic – particularly when it comes to luxury cars. The company warned, however, that shortages of electronic parts could make production and sales “volatile” for the remainder of the year. The Munich-based automaker said on Tuesday it had benefited from high prices during the quarter and a predominance of more profitable vehicles in its sales mix.

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The S&P 500 added 35.99 points, or 0.8%, to 4,423.15. The Dow Jones Industrial Average rose 278.24 points, or 0.8%, to 35,116.40. The Nasdaq gained 80.23 points, or 0.5%, to 14,761.29. The Russell 2000 Small Business Index rose 8.09 points, or 0.4%, to 2,223.58.

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