Business Highlights
___
Where is Jack Ma, China’s e-commerce pioneer?
BEIJING (AP) — China’s best-known entrepreneur, e-commerce billionaire Jack Ma, hasn’t been seen in public since he angered regulators with an October speech. That is prompting speculation about what might happen to the billionaire founder of Alibaba Group, the world’s biggest e-commerce company. Ma said regulators were too conservative in the Oct. 24 speech. Shortly after that, the government suspended the stock market debut of Ant Group, a financial platform spun off from Alibaba. The normally voluble Ma disappeared from public view, canceling a TV appearance and going silent on social media. It is unclear what awaits Ma , who made his fortune by taking big risks.
___
Saudis take on burden of oil output cut to support price
FRANKFURT, Germany (AP) — Saudi Arabia says it’s cutting oil production by a million barrels a day through March as a “goodwill gesture.” The cut surprised oil markets where some had expected no change in production from Saudi-led OPEC and a clutch of allies like Russia. The decision comes as the pandemic sows uncertainty about when an economic recovery might arrive and boost sagging demand for energy. Saudi Arabia urged caution, saying demand for oil remains fragile even as the vaccination rollout raises hopes for an eventual return to more normal behavior. The price of oil rallied on Tuesday’s surprise cut by Saudi Arabia.
___
World Bank sees subdued recovery in 2021 and plenty of risk
WASHINGTON (AP) — The World Bank on Tuesday forecast that the global economy will see a subdued recovery this year from a devastating pandemic but warned that the near-term outlook is highly uncertain and growth could be harmed if infections keep rising and the rollout of vaccines is delayed. In its new Global Economic Outlook, the World Bank forecast growth this year of 4% following a decline for the global economy of 4.3% in 2020. That was the biggest drop in global output since a contraction of 9.8% in 1945, a decline that was related to the demobilization as World War II was ending.
___
US stocks recoup some losses after sharp slide to start 2021
NEW YORK (AP) — U.S. stocks are closing higher Tuesday, regaining their footing a day after suffering their worst loss in months amid the worsening pandemic and potentially market-moving Senate elections. The S&P 500 was 0.7% higher in afternoon trading, and the majority of big stocks in the index were rising. Oil producers led the way as crude prices strengthened. The market’s moves were tenuous, though. The S&P 500 at one point lost all of an early-morning rise even after a report showed U.S. manufacturing grew last month at its strongest pace since 2018.
___
US: Hack of federal agencies ‘likely Russian in origin’
WASHINGTON (AP) — Top national security agencies, in a rare joint statement, said Tuesday that Russia was likely responsible for a massive hack of U.S. government departments and corporations, rejecting President Donald Trump’s claim that China might be to blame. The statement represents the U.S. government’s first formal attempt to assign responsibility for the breaches at multiple agencies and to assign a possible motive for the operation.
___
NYSE withdraws plans to delist 3 Chinese phone carriers
BEIJING (AP) — The New York Stock Exchange says it no longer plans to remove shares of three Chinese state-owned phone carriers as ordered by President Donald Trump. The exchange cited “further consultation” with U.S. regulators but gave no other details of its decision. The NYSE announced plans to remove China Telecom Corp. Ltd., China Mobile Ltd. and China Unicom Hong Kong Ltd. after Trump’s order in November barring Americans from investing in securities issued by companies deemed to be linked to the Chinese military. The Chinese government has accused Washington of misusing national security as an excuse to hamper competition.
___
US factories grew in December at fastest pace since mid-2018
WASHINGTON (AP) — American factories grew in December at the fastest pace in more than two years as manufacturing continued to fare better during the pandemic than the battered services sector. The Institute for Supply Management reported Tuesday that its gauge of manufacturing activity rose to 60.7% last month, the highest reading since it stood at 60.8 in August 2018. The activity gauge was up 3.2 percentage points from a November level of 57.5. Any reading above 50 indicates expansion in the manufacturing sector. The U.S. economy collapsed from April through June but since that time manufacturing has posted solid gains.
___
American Airlines is grounding emotional-support animals
DALLAS (AP) — American Airlines is banning emotional-support animals in a move that will force most owners to pay extra if they want their pets to travel with them. The airline said Tuesday that it will allow animals in the cabin free of charge only if they are trained service dogs. The change takes effect Monday, although passengers who already bought tickets can fly with a companion animal until Feb. 1. The move follows a similar decision by Alaska Airlines and is likely to be copied by other carriers. The U.S. Transportation Department cleared the way for the crackdown against companion animals last month.
___
The S&P 500 rose 26.21 points, or 0.7%, to 3,726.86. The Dow Jones Industrial Average gained 167.71 points, or 0.6%, to 30,391.60. The Nasdaq composite picked up 120.51 points, or 1%, to 12,818.96. The Russell 2000 climbed 33.19 points to 1,979.11.