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Facebook to shut down face-recognition system, delete data
PROVIDENCE, R.I.: Facebook said it will shut down its face-recognition system and delete faceprints of more than 1 billion people. The unexpected announcement, delivered with little fanfare in a blog post published Tuesday, represents an abrupt about-face for the social network, which first launched use of the technology more than a decade ago. On Thursday, the company renamed itself Meta to focus on new technologies for the metaverse, a possible next iteration of the internet. The company is also embroiled in a larger public relations crisis after leaked documents from whistleblower Frances Haugen showed that it has known about the harms its products cause, yet often did little to mitigate them.
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US says oil, gas sales damage climate but wont stop them
BILLINGS, Mont.: The Interior Department is preparing to offer oil and gas lease sales on large tracts of public land despite concluding that burning fossil fuels from those parcels could carry huge costs and contribute to climate change. Burning oil, natural gas and coal from federally owned lands accounts for about 20% of energy-related U.S. greenhouse gas emissions. But officials with the Biden administrations Bureau of Land Management say in newly released planning documents that they cant accurately determine the climate impacts from upcoming oil and gas lease sales in western states. Officials proposed delaying sales of some tracts in Wyoming and Montana over concerns drilling could harm wildlife.
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Tesla software recall may head off fight with US regulators
DETROIT: Tesla has issued a recall that automatically sent a software update fixing a safety problem in its electric vehicles. The recall announced Tuesday apparently heads off a looming confrontation with U.S. safety regulators. It covers nearly 12,000 Teslas with a glitch in the Full Self-Driving software that can make the cars stop for no good reason, increasing the risk of being hit by other vehicles. Tesla says a Oct. 23 software update introduced the glitch and another update fixing the problem went out on Oct. 25. The recall doesnt address demands from the regulators that Tesla explain why it didnt do a recall when it updated software for a previous safety issue.
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Stocks gain, pushing the Dow Jones industrials over 36,000
NEW YORK: Stocks closed higher on Wall Street Tuesday, pushing the Dow Jones Industrial Average to its first close above 36,000 points. The Dow added 0.4%, the broader S&P 500 also added 0.4% and the Nasdaq climbed 0.3%. The gains came ahead of more news this week from the Federal Reserve and on the jobs market. The Fed is considering ways to wind down its extraordinary support measures for the economy. Its next policy statement comes out Wednesday. The yield on the 10-year Treasury note fell to 1.54%. Pfizer rose 4.1% after delivering a strong profit report and raising its forecast.
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Democratic chair issues subpoenas to oil executives
WASHINGTON: The chairwoman of the House Oversight Committee has issued subpoenas to top executives of ExxonMobil, Chevron and other oil giants, charging that the companies have not turned over documents needed by the committee to investigate allegations that the oil industry concealed evidence about the dangers of global warming. Democratic Rep. Carolyn Maloney of New York said she tried to obtain the information voluntarily, but the oil companies employed the same tactics they used for decades on climate policy delay and obstruction. The subpoenas follow a high-profile hearing last week in which top oil executives denied spreading disinformation about climate change.
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US files antitrust suit to stop major book publisher merger
WASHINGTON: The Justice Department is suing to block a $2.2 billion book publishing deal that would have reshaped the industry. It says consolidation would hurt authors and readers. German media giant Bertelsmanns Penguin Random House is already the largest American publisher. It wants to buy New York-based Simon & Schuster, whose authors include Stephen King, Hillary Clinton and John Irving, from TV and film company ViacomCBS. The deal would reduce the so-called Big Five of American publishing to four. The Justice Department filed its antitrust suit in federal court in Washington, D.C., Tuesday in the first major antitrust action by the Biden administration.
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UN nuclear chief sees atomic energy role in climate fight
GLASGOW, Scotland: The head of the U.N. nuclear agency says atomic power can play a key role in balancing climate concerns and the worlds energy needs. Many environmentalists have long been skeptical of atomic power. They cite the potential for disastrous accidents and the lingering issue of what to do with nuclear waste. But the director general of the International Atomic Energy Agency says he is seeing fresh interest in nuclear among younger people. Rafael Mariano Grossi told The Associated Press that nuclear powers big advantage lies in the steady supply it provides compared to the fluctuations from wind or solar.
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Avis stock soars on earnings blowout, burning short sellers
PARSIPPANY, N.J.: Shares of Avis doubled after the rental car companys third-quarter results showed it is well on the road to recovery from damage inflicted by the pandemic on the global travel industry. Its third-quarter profit easily beat Wall Street expectations and its sales rose above pre-pandemic levels. Shares in Avis Budget Group close up $185.71, to an all-time high of $357.17 on massive volume. Prior to Tuesday, many investors appeared to be pessimistic about the companys future. According to FactSet, about 20% of shares in Avis had been sold short by investors expecting to profit if the stock fell.
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The S&P 500 rose 16.98 points, or 0.4%, to 4,630.65. The Dow Jones Industrial Average gained 138.79 points, or 0.4%, to 36,052.63. The Nasdaq added 53.69 points, 0.3%, to 15,649.60. The Russell 2000 index of smaller companies rose 3.74 points, or 0.2%, to 2,361.86.
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