Business Highlights: FEMA payouts to Maui survivors top $5.6 million; Stocks fall for 3rd week
___
FEMA has paid out more than $5.6 million to Maui survivors, a figure expected to grow significantly
NEW YORK (AP)—The Federal Emergency Management Agency said Friday it has approved more than $5.6 million in assistance to nearly 2,000 households in Maui so far as the federal government tries to help survivors of the devastating wildfires. The White House and FEMA approved a one-time payment of $700 per household for needs like clothing, food, or transportation. The agency will also pay to put survivors up in hotels and motels and says it has paid out $1.6 million in rental assistance as of Friday. Those figures are expected to climb significantly as some calculations estimate the wildfires caused billions of dollars in damages.
___
Canada wildfire evacuees can’t get news media on Facebook and Instagram. Some find workarounds
Canadian news outlets have been blocked on Facebook and Instagram because of a dispute with the Canadian government. That has made it difficult for people to access accurate information about fast-spreading wildfires that are closing in on Yellowknife, the capital of Canada’s Northwest Territories. Meta, the parent company of Facebook and Instagram, announced earlier this month it would keep its promise to block news content in Canada on its platforms in response to a new law that requires tech giants to pay publishers for linking to or otherwise repurposing their content online. The company stood by its decision Friday. But some are finding ways to get around the ban to share news about the evacuations.
___
Company that leaked radioactive material will build barrier to keep it away from Mississippi River
The energy company responsible for leaking radioactive material from its nuclear plant in Monticello, Minnesota, in recent months has announced that it will build an underground metal barrier to keep affected groundwater away from the nearby Mississippi River. Xcel Energy said construction will last several weeks and should begin between Friday and Monday. Since November, a faulty pipe at the company’s nuclear plant has leaked more than 400,000 gallons of tritium, which is a radioactive isotope of hydrogen. The company said the tritium did not enter the river and was contained within the plant’s boundaries. Xcel has recovered about 80% of the tritium it leaked as of August.
___
Maui residents fill philanthropic gaps while aid makes the long journey to the fire-stricken island
Nonprofits and volunteers in Maui have cobbled together countless improvised and urgent solutions since the deadliest wildfire in over a century hit their community. Kami Irwin, who runs a military nonprofit, was coordinating donation distributions out of the tasting room of the Maui Brewing Company. Her organization learned last week that 100 pounds of insulin was grounded at Kona International Airport on the big island. They spent several hours trying to link health officials with a general aviation pilot who could complete the medical delivery to their community. She was frustrated that volunteers were doing such vital work but she says, “We will be OK if us residents keep building together.”
___
China’s Evergrande says it is asking for US court to approve debt plan, not filing for bankruptcy
BEIJING (AP) — A giant Chinese real estate developer that is struggling to avoid defaulting on $340 billion in debt says it is asking a U.S. court to approve a restructuring plan for foreign bondholders and denied what it said were news reports suggesting it filed for bankruptcy. Evergrande Groupe’s mountain of debt prompted fears in 2021 of a possible default that might send shockwaves through the global financial system. The company says its request under Chapter 15 of the U.S. bankruptcy code is “a normal step in the overseas restructuring procedure and doesn’t involve bankruptcy filings.” Evergrande ran short of cash after Beijing tightened controls in 2020 on corporate debt the ruling Communist Party worries is dangerously high.
___
Stock market today: Wall Street’s dismal August drags on with 3rd straight losing week
NEW YORK (AP) — Wall Street limped to a mixed close, marking its third losing week in a row. The S&P 500 barely budged, ending the day down by less than 0.1%. It lost more than 2% for the week, like other U.S. indexes. The Dow edged up 25 points, and the Nasdaq composite slipped 0.2%. August has been rough for the stock market, which has given back close to a third of the S&P 500’s torrid gains for the year’s first seven months. That’s in part because a swift rise in yields has forced investors to reconsider whether stocks got too expensive.
___
Japan’s nuclear plants are short of storage for spent fuel. A remote town could have the solution
TOKYO (AP) — A Japanese town says it has agreed to a geological study to determine its suitability as an interim storage site for spent nuclear fuel. Kaminoseki, a small town in the southwestern prefecture of Yamaguchi, says it will accept the offer of a survey by Chugoku Electric Power Co., one of two major utility operators, along with Kansai Electric Power Co., whose spent fuel storage pools are almost full. The Japanese government is promoting the greater use of nuclear power as a low-carbon energy source, but the country’s nuclear plants are running out of storage capacity. However, the plan has met with opposition from some of the town’s residents.
___
China’s Xi calls for patience as Communist Party tries to reverse economic slump
BEIJING (AP) — Chinese leader Xi Jinping has called for patience in a speech released as the ruling Communist Party tries to reverse a deepening economic slump and said the West’s pursuit of material wealth led to “spiritual poverty.” Xi’s speech was published by Qiushi, the party’s top theoretical journal, after data showed consumer and factory activity weakened further in July despite official promises to support struggling entrepreneurs. The government skipped giving an update on a politically sensitive spike in unemployment among young people. Xi called for China to “build a socialist ideology with strong cohesion” and to focus on long-term goals of improving education, health care and food supplies.
___
China’s government tries to defuse economic fears after real estate developer’s debt struggle
BEIJING (AP) — China’s government is trying to reassure jittery homebuyers after a major real estate developer missed a payment on its multibillion-dollar debt, reviving fears about the industry’s shaky finances and their impact on the struggling Chinese economy. Economists say there is no indication Country Garden’s problems might spread beyond China. But they highlight the industry’s struggle under pressure from the ruling Communist Party to reduce soaring debt that is seen as an economic threat. That has bankrupted hundreds of small developers and depressed China’s economic growth. A government spokesman tried to reassure the public, saying financial conditions are improving and regulators are getting debt under control.
___
Paramount decides it won’t sell majority stake in BET Media Group, source tells AP
LOS ANGELES (AP) — BET won’t be sold after all: Paramount Global decided against selling the majority stake of the network. Paramount notified bidders — including Tyler Perry, Sean “Diddy” Combs and Byron Allen — late Wednesday night about its decision to close the BET Media Group sale process. The outcome was confirmed to The Associated Press Thursday by a a person familiar with the decision who was not authorized to speak publicly. Some popular suitors included actor-director Tyler Perry, music mogul Sean “Diddy” Combs and businessman Byron Allen. Along with BET, the deal would have included the cable channel VH1. BET was created in 1980 by Robert and Sheila Johnson, who sold it to Viacom in 2000 for $3 billion.
___
The S&P 500 fell 0.65 points, less than 0.1%, to 4,369.71. The Dow Jones Industrial Average rose 25.83 points, or 0.1%, to 34,500.66. The Nasdaq composite fell 25.16 points, or 0.2%, to 13,290.78. The Russell 2000 index of smaller companies rose 9.36 points, or 0.5%, to 1,859.42.