Holmes gets more than 11 years in prison for Theranos scam
SAN JOSE, Calif. (AP) — A federal judge on Friday sentenced disgraced Theranos CEO Elizabeth Holmes to more than 11 years in prison for duping investors in the failed startup that promised to revolutionize blood testing but instead made her a symbol of Silicon Valley’s culture of audacious self-promotion. The sentence imposed by U.S. District Judge Edward Davila was shorter than the 15-year penalty requested by federal prosecutors but far tougher than the leniency her legal team sought for the mother of a year-old son with another child on the way. Holmes, who was CEO throughout the company’s turbulent 15-year history, was convicted in January in the scheme, which revolved around the company’s claims to have developed a medical device that could detect a multitude of diseases and conditions from a few drops of blood. But the technology never worked.
Twitter risks fraying as engineers exit over Musk upheaval
SAN FRANCISCO (AP) — Elon Musk’s managerial bomb-throwing at Twitter has so thinned the ranks of the software engineers who keep it up and running that programmers who were fired or resigned this week say Twitter may soon fray so badly it could actually crash. Musk ended a very public argument with nearly two dozen coders over how to proceed by ordering them fired. Hundreds of engineers then quit after he gave anyone not “extremely hardcore” until Thursday to abandon ship with severance. The newest round of departures means the platform is losing workers just at it is gearing up for the 2022 FIFA World Cup that begins Sunday, one of the busiest events on Twitter.
US home sales fell in October for ninth straight month
NEW YORK (AP) — Sales of previously occupied U.S. homes fell in October for the ninth month in a row to the slowest pre-pandemic sales pace in more than 10 years, as homebuyers grappled with sharply higher mortgage rates, rising home prices and fewer properties on the market. The National Association of Realtors said Friday that existing home sales fell 5.9% last month from September to a seasonally adjusted annual rate of 4.43 million. Sales fell 28.4% from October last year, and are now at the slowest annual pace since December 2011, excluding the steep slowdown in sales that occurred in May 2020 near the start of the pandemic. The national median home price rose 6.6% in October from a year earlier to $379,100.
Stocks end higher on Wall Street but still fall for the week
NEW YORK (AP) — Stocks ended higher on Wall Street but still wound up with weekly losses after several days of bumpy trading. Some retailers posted big gains after reporting surprisingly strong quarterly results and giving investors encouraging forecasts. Gap, Ross Stores and Foot Locker all rose sharply. Energy stocks fell along with crude oil prices. The S&P 500 rose 0.5% Friday. The Nasdaq ended just barely in the green and the Dow Jones Industrial Average rose 0.6%. Bond yields rose. The yield on the 10-year Treasury note, which helps set mortgage rates, climbed to 3.82%.
Biden says inflation help is coming but ‘will take time’
WASHINGTON (AP) — President Joe Biden is cautioning that “it’s going to take time” for inflation to recede. But he says that legislation he signed in August will soon help limit costs for health care and energy. He made the remarks Friday while meeting with business and labor leaders in his first public event since returning from a trip to Egypt and Asia. Biden was emboldened by Democrats’ stronger-than-expected performance in the midterm elections, but he could be entering a perilous stretch for the economy. The White House has emphasized a strong jobs market to try to allay concerns about a potential recession on the horizon. However, the Federal Reserve has also been raising interest rates to battle inflation by slowing growth.
High energy prices lead to coal revival in Czech Republic
OSTRAVA, Czech Republic (AP) — High energy prices linked to Russia’s war in Ukraine have paved the way for coal’s comeback in some parts of Europe. Many people have turned to coal as a cheaper option than natural gas, , endangering climate goals and threatening health from increased pollution. The trend raises worries in a region of northeastern Czech Republic that has worked for decades to end its industrial legacy as the most polluted area of the country. The country’s production of brown coal — the cheapest form — has risen by more than 20% in the first nine months of 2022 over a year earlier. Officials say that’s the first increase after almost a continuous decades-long decline.
Barbados spearheads push on climate disaster financing
SHARM EL-SHEIKH, Egypt (AP) — As climate-amped disasters ratchet up the suffering, the staid international finance system designed for an earlier age may be on the brink of change, driven by those on the front lines. The prime minister of Barbados, Mia Mottley is leading a charge of developing nations at the COP27 climate conference in Egypt. The countries say they have had enough of high interest rates and borrowing obstacles as they struggle to pay for increasingly frequent and expensive climate disasters. ___
US bid to kill American-JetBlue partnership goes to judge
WASHINGTON (AP) — The government and two major airlines are giving starkly contrasting views about the impact of an alliance between the airlines. Closing arguments were held Friday in federal district court in the government’s lawsuit to break up a partnership between American Airlines and JetBlue. The partnership lets the airlines coordinate schedules and share revenue on many routes to and from New York and Boston. The government says it’ll reduce competition and cost consumers hundreds of millions of dollars a year in higher fares. The airlines say it’s already leading to new routes without raising prices. The case is an important test of the Biden administration’s aggressive enforcement of antitrust laws.
The S&P 500 gained 18.78 points, or 0.5%, to 3,965.34. The Dow Jones Industrial Average rose 199.37 points, or 0.6%, to 33,745.69. The Nasdaq tacked on 1.10 points, or less than 0.1%, to 11,146.06. The Russell 2000 index of smaller companies added 10.61 points, or 0.6%, to 1,849.73.