Business Briefs – October 30, 2019

Twitter Bans All Political Advertisements

SAN FRANCISCO (AP) – Twitter, reacting to growing concern about misinformation spread on social media, is banning all political advertising from its service. Its move sets it apart from Facebook, which continues to defend running paid political ads, even false ones, as a free speech priority. Facebook has taken fire since it disclosed earlier in October that it will not fact-check ads by politicians or their campaigns, which could allow them to lie freely.

Apple Overcomes iPhone Slump With Strong Fiscal 4Q Showing

SAN FRANCISCO (AP) – Apple is still running a well-oiled moneymaking machine despite cooling demand for its hottest product, the iPhone. Sales and revenue in the July-September quarter exceeded analyst estimates as Apple’s newest iPhones got off to a better start than expected, even though the devices aren’t that much different last year’s models. Apple also signaled its confidence that the momentum will continue in the current quarter, which spans the crucial year-end shopping season.

Fiat Chrysler Merger With PSA Appears Headed For Approval

DETROIT (AP) – A tie-up between Fiat Chrysler and PSA Peugeot Citroen appears to be nearing. For Fiat Chrysler, it would mean gaining electric vehicle technology. PSA Peugeot Citroen would get a badly needed dealership network to reach its goal of selling vehicles in the U.S. The Wall Street Journal reported Wednesday that the PSA board has approved the deal, which would create the world’s fourth-largest automaker with a combined market value of around $50 billion.

Boeing Employee Raised Concern About Design Of Max System

WASHINGTON (AP) — Two days of congressional hearings have produced internal Boeing documents showing that company employees raised concerns about the design of a key flight-control system and the hectic pace of airplane production long before two 737 Max jets crashed. Angry lawmakers bombarded the hearings’ star witness, Boeing CEO Dennis Muilenburg, with questions and lectures. They asked why he got a pay raise last year and whether anyone is being held accountable for the crashes, which killed 346 people.

Lyft Loses Money Again But Eyes Profits In About 2 Years

NEW YORK (AP) — Lyft is continuing to lose staggering sums of money as it barrels ahead with impressive revenue growth. But the company says it will turn a corner and reach profitability in about two years. The ride-hailing heavyweight raised $955.6 million in revenues in the third quarter, up 63% from the same time last year. But the company lost $463.5 million in the quarter compared with a $249.2 million loss a year ago.

Facebook Posts Solid 3Q Despite Rising Regulatory Threats

SAN FRANCISCO (AP) — Facebook is reporting solid results for the third quarter along with a steady growth in its user base even as it facings broad regulatory threats and criticism over its power and negative effects on society. It ended the quarter with 2.45 billion monthly users, up 8% from a year earlier.

Purdue Pharma Paid CEO $9M in Year Before Bankruptcy

WASHINGTON (AP) – OxyContin maker Purdue Pharma paid its CEO $9 million and its board chairman nearly $4 million in the 12 months before the company’s bankruptcy filing last month, according to recently filed financial documents.

Five other board members overseeing the private company were paid a combined $3.7 million over that span.

Purdue, a privately held company that usually does not disclose detailed financial information, had to make the information public as a part of its bankruptcy proceedings.

U.S. Watchdog Warns of ‘Improper Influence’ In Tariff Process

WASHINGTON (AP) – A federal watchdog is criticizing the way the Trump administration handles taxes on imported steel and aluminum, saying a lack of transparency creates the appearance of “improper influence.”

The Commerce Department’s inspector general raised questions about a process that lets steel and aluminum importers request relief from tariffs imposed in March 2018.

Other companies — mostly U.S. steel and aluminum producers that benefit from the tariffs — can object to the exemption requests.