Business Highlights: WeWork seeks bankruptcy protection; Yellen blasts GOP bid to cut IRS funding

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WeWork seeks bankruptcy protection in stunning fall for a company once valued close to $50 billion

NEW YORK (AP) — WeWork has filed for Chapter 11 bankruptcy protection. It marks a stunning but anticipated fall for the office sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world. WeWork says it entered into a restructuring support agreement with the majority of its stakeholders to “drastically reduce” its debt while further evaluating its commercial office lease portfolio. WeWork added that it is seeking to cancel leases in locations that WeWork described as largely non-operational. All affected WeWork members have received advanced notice.

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Treasury’s Yellen calls Republican effort to cut IRS funding for Israel ‘damaging and irresponsible’

WASHINGTON (AP) — The IRS commissioner says for the agency to keep building on its customer service and enforcement priorities it needs a reliable funding stream. IRS Commissioner Daniel Werfel said Tuesday at an event with Treasury Secretary Janet Yellen the debate over IRS funding comes down to a fundamental choice. Werfel says the choice is between an IRS that’s ill-equipped to assess and collect what’s owed by the wealthiest taxpayers and one that’s ready to assess and collect despite efforts to shield their income. Yellen calls Republicans’ proposed IRS funding cuts “damaging.” House Republicans say the IRS cuts would save taxpayer money. Tuesday’s event at IRS headquarters was to commemorate customer service improvements to the agency.

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A Meta engineer saw his own child face harassment on Instagram. Now, he’s testifying before Congress

WASHINGTON (AP) — On the same day whistleblower Frances Haugen was testifying before Congress about the harms of Facebook and Instagram to children in the fall of 2021, Arturo Béjar, then a contractor at the social media giant, sent an email to Meta CEO Mark Zuckerberg about the same topic. Two years later, after seeing little change, Béjar is testifying before Congress on Tuesday about social media and the teen mental health crisis, hoping to shed more light on what Meta executives, including Zuckerberg, knew about the harms Instagram was causing and chose not to do anything about it.

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With electric vehicle sales growth slowing, Stellantis Ram brand has an answer: An onboard charger

DETROIT (AP) — One of the biggest reasons people cite when saying they won’t buy an electric vehicle is range anxiety. That’s the fear of running out of juice on the road with nowhere to recharge. Stellantis’ Ram brand may have an answer, especially for people who need a truck to haul or tow things. It’s called the Ramcharger, a pickup that can travel 145 miles on electricity, with a V6 gas engine and generator to can recharge the battery while the truck is moving. Electric vehicle sales growth is starting to slow. Polls show the reasons are cost as well as limited range and too few charging stations. Ram CEO Tim Kuniskis says the new power system eliminates range and charging anxiety.

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Stock market today: Wall Street ticks up as falling oil prices and Treasury yields ease the pressure

NEW YORK (AP) — Stocks ticked higher on Wall Street as markets continue to absorb the big swings that have shaken them in recent weeks. The S&P 500 rose 0.3% Tuesday. Gains in several Big Tech companies helped push the index higher, even though more stocks fell than rose. The Dow added 56 points, and the Nasdaq composite climbed 0.9%. The 10-year Treasury yield eased following its own sharp swings since the summer. Oil prices fell sharply to take some pressure off inflation. Benchmark U.S. crude fell back below $78 per barrel to where it was in July.

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Chinese imports rise in October while exports fall for 6th straight month

BEIJING (AP) — The latest trade data from China show its imports rose in October while exports fell for a sixth straight month compared with a year earlier. Customs data released Tuesday showed imports climbed 3% from a year earlier in a bigger than expected improvement, while exports fell 6.4%, faster than the 6.2% year-on-year decline in September. China posted a trade surplus of $56.53 billion, down more than 30% from $77.71 billion in September. Overall, China’s foreign trade has remained sluggish this year as global demand has slackened and the economy has grown more slowly despite the country’s reopening after its strict COVID-19 controls were lifted late last year.

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UBS reports pre-tax loss in 3Q but says benefits of Credit Suisse merger gather steam

GENEVA (AP) — UBS has reported a $255 million pre-tax loss, shed some 4,000 jobs globally, cut costs faster than expected, and reaped billions in asset inflows in the third quarter. It comes as the giant Swiss bank moves forward with its government-orchestrated merger with rival Credit Suisse. Underlying profit before taxes came in at $884 million in the first full quarter since the merger was completed in June. Government authorities in Bern shepherded through the deal along with corporate executives to stave off a collapse of Credit Suisse and avert a banking crisis. The bank said it was one quarter ahead of schedule in reaping savings from the restructuring operations, and the headcount was down more than 4,000 during the third quarter.

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Diego Maradona’s heirs win legal battle over use of trademark

BRUSSELS (AP) — The heirs of the late soccer star Diego Maradona have won a legal battle over the use of his trademark. Maradona had registered his name as a trademark with the European Union Intellectual Property Office in 2008 for a variety of products, clothing, footwear and headgear. The general court of the European Union confirmed Tuesday that it declined to transfer the trademark to Sattvica, an Argentine company belonging to Maradona’s former lawyer. Maradona died in November 2020 and Sattvica later requested EUIPO to register the transfer of trademark on the basis of two documents issued by Maradona.

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The S&P 500 rose 12.40 points, or 0.3%, to 4,378.38. The Dow Jones Industrial Average gained 56.74 points, or 0.2%, to 34,152.60. The Nasdaq composite tacked on 121.08 points, or 0.9%, to 13,639.86. The Russell 2000 index of smaller companies fell 4.79 points, or 0.3% to 1,733.15.