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The South Korean government says thousands of BMWs will be banned from the country's roads after some vehicles caught fire.The German automaker is facing a public relations crisis in South Korea over the fires, which it has blamed on a problem with the cars' exhaust systems.BMW recalled more than 100,000 vehicles in South Korea last month and has been carrying out emergency inspections. It expanded the checks to Europe last week.As of late Monday, more than 27,000 of the affected BMWs in South Korea still hadn't been checked, according to the South Korean government."Our citizens are deeply concerned," Transportation Minister Kim Hyun-mee said Tuesday. She ordered local authorities to ban people from driving any of the potentially fire-prone BMWs that haven't been brought in for checks. 805
The Seattle City Council unanimously approved a law on Tuesday that will raise the minimum pay for Uber and Lyft drivers.In a statement on the Seattle mayor's website, Mayor Jenny Durkan celebrated the city council passing her Fare Share Plan that would make ride-hailing companies pay their drivers the minimum hourly wage, which will go into effect Jan. 1, 2021."The pandemic has exposed the fault lines in our systems of worker protections, leaving many front line workers like gig workers without a safety net," Mayor Durkan said. "It is more important than ever that we add to the economic resilience of our community of drivers. The Fare Share plan guarantees that drivers will receive fair pay and can provide for themselves and their families."The ordinance guarantees drivers will earn at least The Wall Street roller coaster started to climb again.The Dow closed up 401 points, or 1.6%, on Thursday. The broader S&P 500 gained 1.9% and the Nasdaq surged 3%, its best day since March. Stocks bounced back after a sharp drop Wednesday that sent the Nasdaq into a correction.The market has slumped badly in the past several weeks, but it hasn't fallen in a straight line. Volatility is spiking, and huge sell-offs have been interspersed with big gains, including October 16's 548-point jump for the Dow and October 12's 287-point gain.Still, the back and forth has been heaviest in one direction: down. The S&P 500 was less than a percentage point drop away from entering a correction Wednesday. Investors had been looking for strong corporate earnings to drag stocks out of the doldrums, but earnings have disappointed this quarter. That gave already nervous investors more anxiety."No matter how good the report or how positive the guidance, investors are looking for the exits," said Justin Walters, cofounder of Bespoke Investment Group, in a note to investors Thursday. "Companies that are reporting earnings this season are getting slaughtered."The average stock has fallen 2% the day after reporting earnings this quarter -- the worst performance of the 21st century, according to Walters.Concerns about rising rates and the trade war have spooked the markets this month. The S&P 500 has fallen 7% in October. And the Nasdaq is down 9%, on track for its worst month since November 2008. Only 13% of stocks are trading above their 50-day moving averages, evidence that Walters believes suggests stocks have been oversold.Investors agreed on Thursday at least. They saw a buying opportunity, particularly in tech.All of the FAANG stocks were up more than 2%. Amazon led the pack, up 7%.Twitter (TWTR) spiked 16% after reporting higher profit and more engaged customers despite losing users overall. Netflix (NFLX) rebounded after plummeting 9% Wednesday. Microsoft (MSFT) rose about 6% after reporting strong earnings the night before.Tesla (TSLA) was up 9%. The company reported by far its most profitable quarter in history late Wednesday, lessening concerns of a looming cash crunch that had been weighing on shares.Tech will be tested again later on Thursday: Alphabet, Amazon (AMZN), Snap (SNAP) and Intel (INTC) all will post their quarterly financial report after the bell.Southwest (LUV) fell 9% after reporting higher oil prices would pinch profit in the future. But American Airlines (AAL) rose 7% following strong earnings Thursday morning.The Dow tumbled more than 600 points on Wednesday, and the Nasdaq lost 4%, its worst one-day percentage drop in more than seven years. 2768.56 per minute and .33 per mile driven while transporting passengers.The measure uses a formula for drivers' compensation so they would be paid fairly when they're less busy. 994

The Supreme Court Monday rebuffed efforts by states to block funding to Planned Parenthood.It left in place two lower court opinions that said that states violate federal law when they terminate Medicaid contracts with Planned Parenthood affiliates who offer preventive care for low income women.It would have taken four justices to agree to hear the issue, and only three conservative justices -- Clarence Thomas, Samuel Alito and Neil Gorsuch -- voted to hear the case.Chief Justice John Roberts and Justice Brett Kavanaugh appeared to side with the court's liberals in not taking up the case -- showing an effort to avoid high-profile abortion-related issues for now.Roberts and Kavanaugh "likely have serious objections," said Steve Vladeck, CNN Supreme Court analyst and professor at the University of Texas School of Law. "But such votes seem to be a signal that they would rather avoid contentious, high-profile disputes for now, at least where possible."The case concerned whether states can block Medicaid funds from Planned Parenthood affiliates that provide such women with annual health screens, contraceptive coverage and cancer screening.Thomas wrote a dissent for the three conservatives, saying the court isn't doing its job."What explains the Court's refusal to do its job here?" Thomas wrote."I suspect it has something to do with the fact that some respondents in these cases are named Planned Parenthood," he wrote."But these cases are not about abortion rights," he said. "They are about private rights of action under the Medicaid Act. Resolving the question presented here would not even affect Planned Parenthood's ability to challenge the states' decisions; it concerns only the rights of individual Medicaid patients to bring their own suits."The-CNN-Wire? & ? 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved. 1873
The wild ride on Wall Street just got crazier.The Dow dropped about 345 points, or 1.4%, on Tuesday, completely reversing a 244-point gain from early in the day. The selloff followed Monday's 670-point spike.The Nasdaq plunged nearly 3% -- wiping out nearly all of Monday's huge gains for the tech sector. The Nasdaq is now up just 1.5% on the year.Facebook, Twitter, Tesla and Nvidia all fell sharply. Netflix tumbled 6%, its biggest decline in two years."We started bleeding when large tech got hit hard," said Art Hogan, chief market strategist at B. Riley B.Investors poured money into bonds Tuesday. The 10-year Treasury yield slipped to 2.77%, the lowest since early February.But the sinking yields also narrowed the closely-watched gap between short and long-term rates, known as the yield curve."That has persistently been a signal of an economic slowdown," said Hogan. "I don't think that's the case here."A "flattening" yield curve also makes it harder for banks to make money on the difference between what they lend out and pay interest on. Bank of America, Wells Fargo and PNC fell more than 2% apiece.The-CNN-Wire 1135
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