AP Business SummaryLetter at 3:32 PM EST

Thanksgiving travel rush is back with some new habits

The holiday travel rush has already begun and could be spread over more days than usual this year. Travel experts say many people’s ability to work remotely is causing them to leave early for Thanksgiving or return home later. The crowds are expected to rival those of 2019, the last Thanksgiving before the pandemic. The Transportation Security Administration screened more than 2.6 million travelers Monday, more than the 2.5 million screened the Monday before Thanksgiving in 2019. AAA predicts that nearly 55 million people in the US will travel at least 50 miles from home this week, an increase from last week. year and only 2% less than in 2019.

Problems with Taylor Swift tickets could spur political involvement

After a messy ticket rollout for Taylor Swift’s first tour in years, fans are angry. They have also been enforced against Ticketmaster. While researchers agree there’s no way to say how long the energy could last, the outrage shows a way for young people to become more politically involved through fan culture. This isn’t even the first time a fandom or an artist has targeted Ticketmaster. And Swifties say it’s not just about getting a ticket. The ticket debacle has sparked broader conversations about economic inequality and political action.

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A railway strike is imminent and the impact on the US economy could be significant

OMAHA, Neb. (AP) — U.S. consumers and nearly every industry will be affected as freight trains grind to a halt next month. One of the largest railroad unions rejected its deal on Monday over concerns about demanding schedules and the lack of paid sick leave. The US has not seen a prolonged railroad strike in a century. Many companies only have a few days’ worth of raw materials and space for finished products. If a strike lasts for a few days, producers of food, fuel, cars and chemicals will all feel the pressure, as will their customers. Not to mention the commuters who would be stranded because many passenger railroads use tracks owned by the freight railroads.

FTX Lawyer: ‘Significant Amount’ of Assets Stolen

NEW YORK (AP) — FTX’s lawyers disclosed on Tuesday that a “substantial amount” of assets were 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 lawsuit since the company filed for bankruptcy protection on Nov. 11. Such hearings usually take place days after a filing, but it was postponed because FTX’s collapse came suddenly and management kept little or no records. Judge John Dorsey temporarily granted one to FTX. order that had sparked some controversy: editing the names and addresses of FTX’s customer list.

The Supreme Court approves the transfer of Trump’s tax returns to Congress

WASHINGTON (AP) — The Supreme Court has cleared the way for former President Donald Trump’s tax returns to be turned over to a congressional committee after a three-year legal battle. The Democrat-controlled House Ways and Means Committee had called for six years of tax returns for Trump and some of his businesses, from 2015 to 2020. Tuesday’s court ruling leaves no legal hurdle in the way. The Treasury Department declined to provide the data during Trump’s presidency. But the Biden administration said it is clear under federal law that the commission has the right to investigate taxpayer returns, including the president’s. Lower courts agreed, rejecting Trump’s claims that the commission only wanted the documents made public.

Detectives: Company that cleans meat factories employs minors

OMAHA, Neb. (AP) — A Wisconsin company that cleans hundreds of meatpacking plants across the country is defending itself against allegations that it employed more than two dozen minors working night shifts to clean massive saws and other dangerous equipment. Labor Department officials said in court documents they believe Packers Sanitation Services Inc. may have underage workers at other factories, but investigators have only just begun going through thousands of pages of personnel files at factories besides those in Nebraska and Minnesota where they confirmed teens were working. A judge has already issued a preliminary injunction barring the company from employing minors and interfering in the investigation. The company says it is cooperating and already prohibits hiring anyone under the age of 18.

US stocks rise, strong earnings send retailers higher

Stocks rose on Wall Street and solid earnings helped boost a mix of retailers ahead of Thanksgiving in the US. The S&P 500 rose 1% Tuesday afternoon. The Dow Jones Industrial Average and the Nasdaq also rose. Financial and technology companies gained ground. Energy stocks rose along with oil prices. Government bond yields fell. Best Buy was sharply higher after the Minneapolis-based consumer electronics chain outperformed analysts’ expectations and said the sales decline for the year will not be as bad as previously predicted. European and Asian markets were higher.

OECD forecast: high rates, inflation to slow world growth

Hampered by high interest rates, punishing inflation and Russia’s war on Ukraine, the global economy is expected to grow only modestly this year and grow even more lukewarm in 2023. That is Tuesday’s sobering forecast by the Paris-based Organization for Economic Co-operation and Development. The OECD estimates that the global economy will grow by just 3.1% this year, a sharp drop from a robust 5.9% in 2021. Next year, the OECD predicts, things could be even worse: the global economy will only grow by 2.2%. In its latest forecast, the organization predicts that the US Federal Reserve’s aggressive drive to curb inflation with higher interest rates will bring the US economy to a near halt.

Russia’s Gazprom threatens European gas cuts via Ukraine

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

Nigeria drills for oil in new field as theft affects revenues

ABUJA, Nigeria (AP) — Nigeria has begun drilling for oil and natural gas in the northern region of the country in anticipation of a boost to the country’s finances, even as the new energy supply is threatened by theft and extremist activity. President Muhammadu Buhari flagged off drilling in the Kolmani oil field on Tuesday. Buhari said he was “pleased” with the discovery, adding that the project has generated a $3 billion investment. Crude oil has been critical in expanding infrastructure in the West African country, accounting for 41% of the federal government’s total revenue in 2021. Nigeria’s petroleum minister says the start of drilling is “another marks an important milestone in our collective quest as a nation to ensure energy security and access” for the citizens of Nigeria.

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