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The increasing control of the largest tech companies and their ability to suppress smaller competitors don't seem to be holding back their ambitions.
Apple said Tuesday that it would launch a new subscription fitness service by the end of the year, which would shock waves through a growing industry with dozens of competitors. Companies selling digital fitness classes have attracted new customers to closed gyms around the world since the pandemic, but now they have a huge new competitor.
Apple said its Apple Fitness + service will give users access to digital fitness classes, similar to the services offered by companies like Peloton, Daily Power and CorePower. It costs $ 10 a month.
Apple also announced a new package to its growing list of services, a move that has been expected for more than a year. Apple said there would be different packages, including its top tier package for $ 30 a month, which includes access to its music, TV, games, news, fitness and cloud services. This is another example of Apple's size, which clearly sets Apple apart from the competition.
Apple has made its digital services business the centerpiece of its growth plans in recent years as iPhone sales have largely flattened out. The strategy worked: Services brought in more than $ 13 billion in the last quarter, which is about 22 percent of Apple's total revenue.
However, Apple continues to focus on being the most profitable hardware business in the world. The company unveiled several other devices on Tuesday, including a $ 600 iPad Air and a new Apple Watch. The company is expected to release new iPhones next month.
Recognition…Johannes Eisele / Agence France-Presse – Getty Images
JPMorgan Chase sent some of its employees home this week after an employee from the bank's trading unit tested positive for the coronavirus, a person familiar with the matter said.
The case was identified earlier this week – around the same time the bank, which is headquartered in Midtown Manhattan, announced to some senior executives in its sales and commerce department that, with exceptions, they would have to return to the office by September 21st those with childcare or medical problems. This worker was not one of those asked to return, and those plans still persist.
As more people return to the office, JPMorgan and many of its colleagues on Wall Street may need to prepare for the possibility of coronavirus cases becoming more common.
"We have been handling individual cases across the company over the past few months and following appropriate protocols," JPMorgan spokesman Brian Marchiony said in a statement. He declined to comment on individual cases.
Bloomberg previously reported on the coronavirus case.
Recognition…Eduardo Munoz / Reuters
Delta Airlines has avoided laying off much of its workforce in the coming weeks and has spared many employees the fate that tens of thousands of other airlines face.
The airline's executive director, Ed Bastian, announced this in a letter to employees Tuesday, recognizing a number of concessions from Delta employees.
"We had a tremendous response to the improved early retirement and departure packages that were offered this summer. 20 percent of our employees chose to leave voluntarily," he said. "While it is difficult to see so many of our colleagues, each of these departures has helped save Delta jobs."
More than 40,000 Delta employees have volunteered to take short-term or long-term unpaid vacation days. The airline reduced working hours for many employees by 25 percent.
While Delta flight attendants and those involved in customer service, cargo, reservations, aircraft maintenance and other areas are spared, the airline said it would have about 2,000 pilots to take leave, as previously announced. Delta pilots are unionized while a flight attendants union campaign is underway.
American Airlines expects 19,000 workers to take vacation from October 1, when a ban on cuts, which was a condition of federal aid, expires. United Airlines has announced that it will take 16,000 vacations. Like Delta, Southwest Airlines has announced that it will be able to avoid such cuts.
American, United and Delta have said that many jobs at risk could be spared if Congress renews funds made available under the CARES Act, passed in March, to include $ 25 billion for passenger airlines to pay employees.
Legislators from both parties have expressed support for such funding, but broader talks have stalled for weeks.
Recognition…Lam Yik Fei for the New York Times
A World trade organization The panel said Tuesday that the United States violated international trade rules by imposing tariffs on China in 2018 amid President Trump's trade war.
The Panel of Trade Experts joined in a complaint filed by China arguing that Mr Trump's tariffs violated several global rules, including a provision that all W.T.O. Members to offer the facility's trading partners equal tariffs.
Mr. Trump broke with this tradition. During his trade war with China, the president imposed tariffs on Chinese products worth more than $ 360 billion in an attempt to convince China to strengthen its intellectual property protection and make other policy changes that Trump said American workers would disadvantaged. The government relied on American law called Section 301 to introduce the tariffs that allow the President to restrict foreign trade, which is unfairly affecting the United States.
The implications of the ruling remain unclear. The United States and China signed a trade deal in January, but most of the tariffs imposed by the Trump administration remain in place, covering more than half of Chinese exports to the United States.
“This panel report confirms what the Trump administration has been saying for four years: The W.T.O. is completely inadequate to stop China's harmful technology practices, "United States sales representative Robert E. Lighthizer said in a statement. "Although the panel did not deny the extensive evidence presented by the United States of the theft of intellectual property by China, its decision shows that the W.T.O. offers no remedy for such wrongdoing. "
Recognition…Frederic J. Brown / Agence France-Presse – Getty Images
August was the busiest month in the 114-year history of the Los Angeles Harbor, the largest container port in the country, as retailers replenished depleted warehouse and storage shelves and prepared for a vacation spurt. But don't look forward to an economic recovery just yet.
"With all this, a word of caution: a month or even a quarter is not trending," Gene Seroka, the port's executive director, told reporters on Tuesday. "Despite this surge in imports, the US economy and world trade are facing major challenges."
The high freight volume in August, an increase of almost 12 percent over the previous year, was in part due to record imports, said Seroka. Forecasting busy months for the months ahead, he said the port expects trade volume to decline only 9 percent for the year, compared to an earlier estimate of 15 percent.
Jonathan Gold, vice president of the National Retail Federation, an industry association, said the port's data is consistent with his group's findings. Consumer confidence has increased, as have sales on important dates and events, including July 4th, Mother's Day, Father's Day and returning to school.
"We hope these trends will continue," he said.
Kohls said Tuesday that it cut about 15 percent of corporate positions at the company as the retailer continued to grapple with the aftermath of the pandemic. The retailer said the cuts would cut spending by $ 65 million on an annual basis.
The newspaper chain Tribune Publishing permanently closes the Newport News, Virginia, newsroom of two of its newspapers, The Virginian Pilot and Daily Press. The shutdown, announced to employees in an email from a company executive on Tuesday, follows the shutdown of four other Tribune newsrooms last month, including that of the New York Daily News.
The S&P 500 added to its gains this week, rising about half a percent on Tuesday after global stocks rose afterward some positive economic data from China.
Tech stocks rose, propelling the Nasdaq more than 1 percent. Apple grew less than 1 percent after the tech giant announced it would launch a new subscription fitness service by year-end and join a growing industry with dozens of competitors.
The European indices were all higher with the FTSE 100 in Great Britain by more than 1 percent and the Dax in Germany a little higher. Most Asian markets closed higher; In Hong Kong the Hang Seng rose by 0.4 percent, in South Korea by 0.7 percent.
New data from China showed that the country The economy began to pick up speed. Industrial production rose 5.6 percent in August, the most in eight months, and retail sales rose 0.5 percent for the first time this year.
“Strong foreign demand, further recovery from the pandemic, and pent-up demand after the floods all contributed robust activity data in August " said Ting Lu, China's chief economist at mura, according to Reuters.
Industrial production in the US rose 0.4 percent in August, Federal Reserve data on Tuesday showed. This is a much slower pace than in June and July when production rose 6.1 percent and 3.5 percent.
Recognition…James MacDonald / Bloomberg
The Trump administration said Tuesday that it would lift a 10 percent tariff on Canadian aluminum that it announced a little over a month ago following consultations with the Canadian government.
The United States Sales Representative's office said it expected aluminum imports from Canada to decline in the last four months of 2020, but if it weren't, the United States could apply its tariffs retrospectively.
President Trump introduced tariffs on steel and aluminum from Canada and Mexico for the first time in 2018. Both countries fought the United States with their own levies, and the United States lifted its tariffs in May 2019.
In recent months, however, the government has complained of an increase in metals imported from Canada, which was damaging American aluminum smelters, and decided to reintroduce the levy.
The Trump administration's statement came as Canadian officials were ready to announce retaliatory tariffs on American products on Tuesday afternoon. In August, Canadian Deputy Prime Minister Chrystia Freeland announced that Ottawa would impose counter-tariffs on American aluminum and aluminum products worth $ 2.7 billion by September 16.
The increase in tariffs will remove an obstacle to US-Canada relations. The Canadian government was particularly angry that the government introduced tariffs to protect US national security, given that Canada is a close military ally.
Instead of tariffs, the United States has strictly limited the amount of aluminum that can be imported from Canada. The United States Sales Representative's office said it expected Canada to ship no more than 83,000 tons of unalloyed raw aluminum to the United States in September and vember and 70,000 tons of aluminum in October and December.
If actual shipments exceeded 105 percent of those amounts, the United States would retroactively impose a tariff on all shipments made that month, it said.
Recognition…Justin Tallis / Agence France-Presse – Getty Images
The UK's unemployment rate, which remained constant during the early months of the pandemic thanks to the government's vacation program that keeps people in their jobs, has increased.
The rate rose from May to July to 4.1 percent, the Office for National Statistics announced on Tuesday, from around 3.9 percent. For months, the unemployment rate has been kept low by the vacation program and self-employed grants, which "protected the labor market from the worst of the pandemic," the statistics agency said.
The number of unemployed was also low as many of the people who lost their jobs in the spring were more likely to choose not to look for new work while the economy was at a standstill and were therefore classified as economically inactive.
When the UK economy emerged from the blockade in June and July, some of these people re-entered the labor market. Although some have found work, others have not found any, which is helping to increase the unemployment rate.
Overall, the agency's data showed a job market amid the ongoing pressures of the pandemic.
Despite government support programs, there were 695,000 fewer employees in August than in March, a decrease of 2.4 percent.
Young people under the age of 25 are particularly affected, and as older age groups recover, they continue to experience lower levels of employment.
Layoffs are increasing. May-July saw 48,000 more layoffs than the previous three months, the biggest three-month jump since 2009. There are concerns that this will only be the beginning of a wave of layoffs when the vacation program ends in October. The Institute for Employment Studies estimates there will be 650,000 layoffs in the second half of this year.
The persistently low unemployment rate in the UK contrasted with the US, where the rate rose over 14 percent in April when people were laid off during the height of government lockdowns and sought government assistance through unemployment benefits.
Recognition…Albin Lohr-Jones / Sipa USA, via Associated Press
Hotel managers – including some friends and donors of President Trump – are running an intense lobbying campaign in hopes of getting a major bailout from Washington.
The pandemic has decimated the travel industry and cost hotels revenue. As a result, some investors are struggling to make payments on billions of dollars in debt they borrowed to buy real estate.
w executives and their lobbyists, the Trump administration, the Federal Reserve, and Congress are trying to convince hundreds of hotel industry players to save. On the grounds that a bailout will save thousands of jobs and help the local economy, they are calling for existing coronavirus relief efforts to be extended to the commercial real estate sector, which has so far been cut off from most of the stimulus money.
Industry lobbyists acknowledge, however, that the effort could create the appearance of a conflict of interest for Mr Trump, who owns his own chain of luxury hotels.
"The idea of saving property owners doesn't even make sense to me," said Ethan Penner, a real estate investor. "These companies should be allowed to fail."
Hotel workers have also argued, through their union, that bailing out investors who have turned to Wall Street to fund hotel purchases will not save jobs.
"Jobs are being driven by occupancy and only ending the pandemic can fix that," said Gwen Mills, the secretary and treasurer of Unite Here, a union that represents 300,000 workers in hotels, casinos, cafeterias and other retail stores.