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Enterprise Spending budget for Wednesday, Oct 21, 2020

Up to date at 9 p.m. EDT (0100 UTC)

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Adds AUTO-TESLA:LA, CPT-QUIBI:LA, CPT-TSA-LAPTOPS:PG, IDAHO-TRANSGENDER-LAW:ID, CRUISESHIPS-CARNIVAL:MI

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This budget is now available at TribuneNewsService.com, with direct links to stories and art. See details at the end of the budget.

^TOP STORIES<

^Purdue Pharma to pay $8 billion to settle US opioid probe<

^OPIOID-SETTLEMENT-1ST-LEDE:BLO—

The agreement calls for Purdue’s owners, members of the billionaire Sackler family, to make an immediate $225 million payment to the government and for the company to pay $250 million after its bankruptcy is concluded, the U.S. Department of Justice said Wednesday. The remaining amount owed by Purdue will be counted toward the company’s payout to its creditors, court records show.

1100 by Jef Feeley and Chris Strohm. (Moved as a national story.) MOVED

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^High-profile streamer Quibi is shutting down after subscriber struggles<

CPT-QUIBI:LA — Less than seven months after Jeffrey Katzenberg and Meg Whitman launched Quibi to remake the business of short-form video, the nascent streaming service is shutting down, the company said Wednesday.

Katzenberg and Whitman told investors Wednesday afternoon that Quibi, which raised $1.75 billion to tackle the growing digital video market, will wind down after failing to attract viewers willing to pay to watch its shows, according to people familiar with the matter who were not authorized to comment.

1200 (with trims) by Ryan Faughnder, Wendy Lee, Stacy Perman and Anousha Sakoui in Los Angeles. MOVED

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^Hydrogen fuel could revolutionize airlines. Here’s how that could look<

^AIRLINES-HYDROGEN-FUEL:LA—

Global airline travel has grown over the decades, and with it, so have the industry’s carbon emissions.

Not everyone has the time to use more eco-friendly travel methods, like Swedish climate activist Greta Thunberg’s famous two-week voyage last year across the Atlantic Ocean on a zero-emissions sailboat.

But can the airline industry shrink its carbon footprint, which currently makes up 3{5565a835e8436fceab45047feb07d9b08a17131f67bfa451fc3dea7831c5a73d} of all U.S. greenhouse gas emissions? The answer hinges on development of alternative fuels.

1300 by Samantha Masunaga. MOVED

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^The Google antitrust lawsuit: 5 key takeaways<

GOOGLE-ANTITRUST-TAKEAWAYS:CON — The lawsuit filed by the Justice Department against Google on Tuesday marks the first major antitrust enforcement case against a technology company since a case against Microsoft began in 1998 and ended in a settlement with the government in 2002. The Justice Department is accusing Google of using anti-competitive business practices to maintain monopolies over its competitors in the online search and advertising industry, and Google is vowing to fight back, arguing that its success does not mean it did anything wrong.

Here are five key takeaways from the action:

1250 by Dean DeChiaro in Washington. MOVED

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^OTHER BUSINESS NEWS<

^Tesla scores a profit for the fifth straight quarter<

AUTO-TESLA:LA — Tesla scored another quarterly profit, its fifth in a row, with a net income of $331 million for the third quarter of 2020. That’s more than double the profit from the same quarter last year.

The company also announced free cash flow of $1.39 billion, which will help it afford to build planned new factories in Texas and Germany without having to sell more stock. Total cash on hand increased to $14.5 billion due to a $5 billion stock sale earlier this year.

600 by Russ Mitchell in Los Angeles. MOVED

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^Amazon’s warehouses have more costly workplace injury claims than meatpacking or logging, Washington state says<

WRK-AMAZON-WAREHOUSES-INJURIES:SE — To reflect the greater risk of injury to workers inside Amazon’s high-speed e-commerce warehouses, state officials propose charging the commerce giant a higher workers’ compensation premium for its fulfillment centers than for mechanized logging operations, law enforcement agencies, meatpacking plants and more than 260 other Washington industries.

1250 (with trims) by Benjamin Romano in Seattle. MOVED

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^AutoNation’s net profits rise by 83{5565a835e8436fceab45047feb07d9b08a17131f67bfa451fc3dea7831c5a73d} — boosted by shortage of new cars and higher prices for used cars<

AUTONATION:FL — As the U.S. economy bounced back from the COVID-19 spring shutdown, consumers found new cars in short supply and opted instead for used cars at higher prices.

Increased demand and higher used-car prices boosted net profits for Fort Lauderdale-based mega-dealer AutoNation by 83{5565a835e8436fceab45047feb07d9b08a17131f67bfa451fc3dea7831c5a73d} in the third financial quarter of July 1 to Sept. 30, the company reported Wednesday.

450 by Ron Hurtibise in Fort Lauderdale, Fla. MOVED

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^Carnival’s plan to resume US cruises on Dec. 1 remains on track after judge’s ruling<

^CRUISESHIPS-CARNIVAL:MI—< Carnival Corp. is still on track to resume cruises in the U.S. on Dec. 1 after a favorable ruling from a federal judge Wednesday.

The company, on probation since 2017 after pleading guilty to dumping oil into the ocean for several years, will have to attest to the environmental protection status of each of the company’s cruise ships 30 days before they reenter U.S. waters to restart cruises, according to the order from U.S. District Judge for the Southern District of Florida Patricia Seitz.

550 by Taylor Dolven in Miami. MOVED

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^The pandemic is pushing people to financial ruin. And the worst hardships lie ahead<

PFP-CORONAVIRUS-FINANCIAL-RUIN:FL — A growing number of unemployed Floridians, their finances shredded, are struggling to pay for their homes and feed their families as COVID-19 pushes the economy to the brink that many have feared since spring.

Nearly seven months after the coronavirus shattered businesses, disrupted industries and forced hundreds of thousands of working Floridians to the sidelines, South Florida’s social safety net is severely frayed.

2750 (with trims) by Andrew Boryga in Fort Lauderdale, Fla. MOVED

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^Abbott has sold 100 million COVID-19 tests. What happens next year?<

CORONAVIRUS-TESTS-ABBOTT:TB — North suburban-based Abbott Laboratories has sold more than 100 million COVID-19 tests, and expects demand for the tests to remain strong throughout next year.

Demand for the tests helped increase Abbott’s sales by nearly 10{5565a835e8436fceab45047feb07d9b08a17131f67bfa451fc3dea7831c5a73d} for the quarter that ended Sept. 30, compared with the same time frame last year, said Robert Ford, president and CEO during an earnings call Wednesday. The company sold $880 million worth of the tests in the last quarter.

350 by Lisa Schencker in Chicago. MOVED

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^Prospects dim for return of Chicago’s convention industry. ‘I would say definitely not 2021’<

^CORONAVIRUS-CONVENTIONS-CHICAGO:TB—

Mayor Lori Lightfoot is scheduled to present her plan to close the city’s budget deficit Wednesday, which might include increases to property and gas taxes, as well as city worker layoffs.

750 by Abdel Jimenez. MOVED

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^Manley calls COVID-19 ‘biggest single risk ever’ for auto industry<

^AUTO-CORONAVIRUS:DE—

400 by Eric D. Lawrence. MOVED

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^Rawlings to buy Easton, create baseball and softball giant<

RAWLINGS-EASTON:SL — Rawlings Sporting Goods Inc. announced on Tuesday it has agreed to buy Easton Diamond Sports, a merger of two of the country’s top softball and baseball sporting goods companies.

250 in Town And Country, Mo. MOVED

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^Lowe’s already making holiday season plans for free Christmas tree deliveries soon<

LOWES-CHRISTMASTREE-DELIVERIES:CH — Lowe’s Home Improvement is getting an early jump on the holiday season early this year, and will offer free delivery of fresh Christmas trees, the company announced Tuesday.

The trees, as well as fresh-cut wreaths and tree containers will be available for local delivery at no charge on sales over $45 starting Oct. 30, according to Lowe’s.

200 by Catherine Muccigrosso in Charlotte, N.C. MOVED

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^Boise-area district may use tax revenue to fight Idaho’s new transgender sports law<

IDAHO-TRANSGENDER-LAW:ID — The Greater Boise Auditorium District may help the American Civil Liberties Union fight Idaho’s new law banning transgender girls and women from taking part in women’s sports.

The district is considering the ACLU’s request for a friend-of-the-court brief. The district would use revenue from the 5{5565a835e8436fceab45047feb07d9b08a17131f67bfa451fc3dea7831c5a73d} tax it imposes on hotel-room stays to pay the legal bill. That could be up to an estimated $50,000, a district spokesperson said.

500 by David Staats in Boise, Idaho. MOVED

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^New consumers driven to the RVing lifestyle fuel solid growth for Winnebago<

WINNEBAGO:MS — A surge in outdoor activities because of the coronavirus pandemic fueled new interest in recreational vehicles, helping Winnebago Industries post solid results for its fourth quarter and fiscal year.

750 by Patrick Kennedy in Minneapolis. MOVED

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^College towns are the losers this football season. ‘This year is the year of survival’<

CMP-CORONAVIRUS-FOOTBALLTOWNS:TB — During the summer, Campus Gear owner David Haghnaji bought about 200 boxes of sweaters, T-shirts and knickknacks emblazoned with Northwestern University’s wildcat logo, despite uncertainty about whether there would be a college football season.

Haghnaji’s downtown Evanston store generates about 70{5565a835e8436fceab45047feb07d9b08a17131f67bfa451fc3dea7831c5a73d} of its annual revenue from home football games and college events like homecoming and parents weekend. The coronavirus pandemic means fewer regular-season games, eight versus 12 last year, with half of them at home.

1600 (with trims) by Abdel Jimenez in Chicago. MOVED

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^Super small loans to give startup businesses a lift<

MICROLOANS-DETROIT:DE — A new program, called Huntington Lift Local Business, will target entrepreneurs who have been hard hit by the pandemic by offering loans to small businesses owned by minorities, women and veterans.

What’s different about this program is that the loans may be very small, possibly $1,000 or $5,000 — the kind of loans that a big bank like Huntington would never have found economically feasible to make in the past.

900 by Susan Tompor in Detroit. MOVED

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^TECHNOLOGY STORIES <

^Adobe unveils authentication tool in battle against deepfakes<

^CPT-ADOBE-DEEPFAKES:BLO—

An attribution tool for Photoshop and Behance, a social-media service owned by Adobe, will be available for testing in the coming weeks and generally released in 2021, the San Jose, California-based company said Tuesday in a statement. The software feature will let creators tag pictures with their names as well as the history and location of edits, to provide more transparency to a public growing increasingly skeptical of digital images.

450 by Nico Grant. MOVED

^Looking beyond smartphones Qualcomm launches new tech for 5G network gear<

CPT-QUALCOMM-5G-NETWORK:SD — Qualcomm is best known for making processors that power the cellular connection in smartphones. But with the emergence of faster 5G technologies, the company now plans to broaden its reach with a new lineup of chips and software for 5G network gear.

At its 5G Summit event on Tuesday, Qualcomm announced that it would offer technologies for virtualized and interoperable network architectures that are expected to take hold with the continued rollout of 5G.

450 by Mike Freeman in San Diego. MOVED

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^New program to help Black-owned online businesses<

CPT-BLACKOWNED-BUSINESSES:AT — Many Black entrepreneurs struggle to get bank loans and professional help to launch new businesses. A new program aims to remove those stumbling blocks.

An Atlanta nonprofit and another business have committed $150 million to the 1 Million Black Businesses effort, which will make loans and provide financial and business advice to Black-owned startups and established small businesses. Atlanta-based nonprofit Operation Hope, which helps consumers improve credit scores, is kicking in $20 million, and Shopify, the online e-commerce is adding another $130 million for the loans and website-hosting services.

400 by Andy Peters in Atlanta. MOVED

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^Fiat Chrysler expanding online shopping options to include used cars<

CPT-FIATCHRYSLER-ONLINE:DE — Looking for a used car?

Fiat Chrysler Automobiles is expanding its online shopping system in the coming months to allow dealers to list their used cars and “certified pre-owned” vehicles on FCA’s E-Shop.

That expansion, which by December will also include test drive scheduling, online chats and refundable vehicle reservations in connection with a PayPal account, is part of the company’s push to improve its online vehicle retailing, an area that has been growing in light of the COVID-19 pandemic. Early next year, Mopar accessory shopping will also be added.

350 by Eric D. Lawrence in Detroit. MOVED

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^New security tech at Pittsburgh airport means no more dragging that laptop out to be scanned<

CPT-TSA-LAPTOPS:PG — You know the security checkpoint drill: Remove your laptop from your carry-on and place it in a plastic bin for scanning.

At Pittsburgh International Airport, that ritual might be a thing of the past — or close to it.

350 by Mark Belko in Pittsburgh. MOVED

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^DAILY MARKETS GRAPHIC <

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Find here a daily Wall Street roundup graphic featuring Dow Jones Industrial Average, S&P 500 and Nasdaq data.

The 1-column x 4-inch graphic, Wall Street, will be posted by 6:30 p.m. EDT Monday through Friday.

To find the graphic, visit the Graphics section of TribuneNewsService.com.

Those with questions regarding the graphic should contact the graphics team at 312-222-4131 or [email protected]

^COLUMNS<

^Michael Hiltzik: An antitrust case against Google is a good thing but Trump’s involvement may not be<

^HILTZIK-COLUMN-ANTITRUST:LA—

That’s why you’ll see Democratic politicians making nice noises about the Republican Trump administration’s blockbuster antitrust lawsuit against the giant internet company, filed Tuesday in federal court.

Democrats and the administration share a general viewpoint that Google’s ability to throw its weight around is bad for the public interest. Their accord has limits, however — Democrats favor breaking the company up, but that’s not an explicit goal of the lawsuit.

That said, for the moment the stars seem to be aligned.

1450 by Michael Hiltzik. MOVED

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^Joe Nocera: Google should learn from Microsoft’s tough antitrust lesson<

^NOCERA-COLUMN:BLO—

On Tuesday morning, the U.S. Justice Department filed its highly anticipated antitrust lawsuit against Google and its parent, Alphabet Inc. Given the antitrust division’s performance during the past four years — such as suing car companies on antitrust grounds because they opposed lower emissions standards — it wouldn’t have been a surprise if the Google suit had been an empty case designed primarily to please President Donald Trump, who is itching to punish Big Tech.

But what was filed is a serious piece of work that makes allegations about the company’s purported abuse of its monopoly power that will be difficult for Google to refute. There is no doubt in my mind that it was put together by the department’s career civil servants and not political henchmen. It is the culmination of a sustained investigation that lasted more than a year. It was the kind of antitrust investigation, in other words, that led to the last truly important antitrust trial: the Microsoft case 22 years ago.

Yeah, deja vu.

950 by Joe Nocera. MOVED

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^Tae Kim: Google is getting the antitrust treatment it deserves<

^KIM-COLUMN:BLO—

For months now, we’ve known that the DOJ has been preparing an antitrust case against Google. What we didn’t know was how far-reaching it would be. There was speculation that regulators would rush out a half-baked complaint to meet a political deadline. It turns out, the government is pursuing the tech giant full-on by targeting the company’s crown-jewel Google search engine. That’s good, because the situation demands it.

750 by Tae Kim. (Moved as an op-ed story.) MOVED

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^What everyone’s missing in the Section 230 debate<

^SECTION-230-COMMENTARY:BLO—

Here, three Bloomberg Opinion columnists discuss the consequences of repealing Section 230 and possible solutions.

1050 by Cass R. Sunstein, Joe Nocera and Tae Kim. MOVED

^Blair Kamin: Chicago Architecture Biennial will go on with new format and gritty subject: creative uses for vacant lots<

KAMIN-COLUMN:TB — After weeks of uncertainty caused by the COVID-19 pandemic, organizers of the Chicago Architecture Biennial will announce Thursday that they will hold the fourth edition of the global architecture festival next year, but with a new, neighborhood-centric format — and a gritty subject matter.

The event, titled “The Available City,” will build on a Chicago architecture professor’s long-term efforts to find creative uses for thousands of vacant city-owned lots.

900 by Blair Kamin in Chicago. MOVED

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^Joseph N. DiStefano: US still trails pre-COVID peak in jobs and economic activity, and the new president may not matter<

^DISTEFANO-COLUMN:PH—

700 by Joseph N. DiStefano. MOVED

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These features regularly move on Wednesday:

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^Tech review: Say goodbye to inkjet cartridges<

^CPT-TECHREVIEW:DA—

1250 by Jim Rossman. MOVED

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^Tech Q&A: What to do if your copy of Windows 10 is obsolete<

^CPT-TECHQA:MS—

600 by Steve Alexander. MOVED

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