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Apple CEO Tim Cook takes stand in Epic fight over app store
SAN RAMON, Calif.: Apple CEO Tim Cook described the companys ironclad control over its mobile app store as the best way to serve and protect iPhone users, but faced tough questions about competition issues from a judge while testifying Friday about allegations that he oversees an illegal monopoly. The rare courtroom appearance by one of the worlds best-known executives came during the closing phase of a three-week trial revolving around an antitrust case brought by Epic Games, maker of the popular video game Fortnite. Cook spent nearly four hours responding to lawyers from both sides before facing some hard questions from the judge who will decide the case.
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Ford CEO says US needs to regulate automated driving systems
DETROIT: The CEO of Americas second-largest auto company is calling for the federal government to set standards for fully or partially automated vehicles to tighten the safety of electronic driving systems. In urging federal regulation, Ford CEO Jim Farley becomes the highest-profile auto executive to publicly recognize a need to more closely monitor the emerging technology, which is becoming more prevalent on Americas roadways just as questions are being raised about the potential risks to motorists. In limited areas, companies are beginning to deploy fully autonomous ride-hailing services.
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Tribune investors vote on Alden deal; outcome questioned
NEW YORK: Shareholders of Tribune Publishing, one of the countrys largest newspaper chains, voted Friday on a takeover bid by hedge fund Alden Global Capital. In a statement, Alden appeared to say the deal was approved, an assertion questioned by the union representing Tribune journalists. Union officials said the abstention of Tribunes No. 2 shareholder, Patrick Soon-Shiong, should torpedo the deal for technical reasons. Alden, Tribune and a special committee of Tribunes board had no immediate comment. Alden, which already owned nearly one-third of Tribune, could take full control of the Chicago Tribune and other Tribune papers in a deal worth roughly $630 million.
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KC Southern takes buyout from Canadian National Railway
NEW YORK: Kansas City Southern has abandoned its agreement to be acquired by Canadian Pacific, choosing instead a competing bid from Canadian National Railway with a bigger price tag, but also greater regulatory risks. The decision Friday comes one day after Canadian Pacific said that it would stick with its initial $25 billion buyout agreement made in March, even after Kansas City Southern said that a richer $33.6 billion bid from Canadian National appeared to be superior. Sensing that a deal was imminent Friday, Canadian Pacific made public a letter to regulators that it intended to proceed with its application for its approval to control Kansas City Southern based on its agreement from March.
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April US home sales fell as low inventory pushed up prices
NEW YORK: Sales of previously occupied U.S. homes fell for the third straight month in April as the number of properties for sale hit a record low, driving prices to new highs. Existing home sales fell 2.7% last month from March to a seasonally-adjusted rate of 5.85 million annualized units, the National Association of Realtors said Friday. Sales jumped 33.9% from April last year, when the pandemic caused sales to slow sharply. The U.S. median home price surged 19.1% in April from a year earlier to $341,600, an all-time high. At the end of April, the inventory of unsold homes stood at just 1.16 million. At the current sales pace, that amounts to a 2.4-month supply, the NAR said.
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Stocks end a wobbly day mixed; S&P 500 posts a weekly loss
NEW YORK: Stocks ended a wobbly day with mixed results on Wall Street. The S&P 500 index gave up an early gain and ended 0.1% lower Friday, giving the benchmark index its second losing week in a row. Losses for a handful of Big Tech companies including Apple and Amazon helped drag the index lower. The Nasdaq gave back 0.5% and the Dow Jones Indsutrial Average rose 0.4%. Investors remain focused on the possibility of inflation as the economy revs up after more than a year of shutdowns related to the pandemic. The yield on the 10-year Treasury note fell to 1.62%.
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US airlines resuming flights to Israel after cease-fire
NEW YORK: The three largest U.S. airlines are getting ready to resume flights between the United States and Tel Aviv after Israel and Hamas agreed to a cease-fire. Flights from the U.S. stopped last week after Tel Avivs main airport came under rocket fire. Delta Air Lines and United Airlines plan to resume service from the New York City area to Tel Aviv starting Friday night. American Airlines plans to restart New York-Tel Aviv flights on Monday. All three airlines stopped flying to Israel in the middle of last week.
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Startup Breeze Airways says it will begin flying in late May
NEW YORK: A new airline says it plans to begin flying passengers before the end of the month. Breeze Airways said Friday that it will begin flying May 27. The airline will start mostly with short hops around the Southeast, but it plans to serve 16 cities by late July, including more places in the East and Midwest. Breeze is the creation of David Neeleman, who started JetBlue Airways and several other airlines.
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The S&P 500 fell 3.26 points, or 0.1%, to 4,155.86. The Dow Jones Industrial Average rose 123.69 points, or 0.4%, to 34,207.84. The Nasdaq shed 64.75 points, or 0.5%, to 13,470.99. The Russell 2000 index of smaller companies added 7.51 points, or 0.3%, to 2,215.27.
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