Business Digest 111324

Wall Street wagers on Trump second term

NEW YORK — Wall Street is already making big bets on what take two for a White House led by Donald Trump will mean for the economy and markets. Since Election Day, investors have sent prices zooming for stocks of banks, fossil-fuel producers and other companies expected to benefit from Trump's preference for lower tax rates and lighter regulation. For retailers, meanwhile, the outlook is murkier because of uncertainty about whether they'll be able to absorb any of the higher costs created by tariffs. For other industries, such as autos, the combination of less restrictive regulation and higher tariffs presents a mixed bag.

Chris Wallace leaving CNN for new media

Chris Wallace is leaving CNN after three years but, but the 77-year-old veteran broadcaster says he's not interested in retiring. Wallace says he's interested in following journalists who are going independent, either in the podcasting or streaming world. "That seems to be where the action is," he said on Tuesday. Wallace has worked at ABC and NBC News, and was host of "Fox News Sunday" for 18 years. He was forced to cobble together a role at CNN after the streaming service he was hired to join was shut down a month after launching. He said his exit from CNN is amicable and has been in the works for months.

Trump's plan to 'save TikTok' murky

After a tumultuous year filled with anxiety and a legal fight about its future in the U.S., TikTok may have just been thrown a lifeline by the man who was once its biggest foe. President-elect Donald Trump has repeatedly pledged during his most recent campaign to oppose a ban on the short-form video app. For months, TikTok, and its China-based parent company ByteDance, have been embroiled in a legal battle with the U.S. over a federal law that forces them to cut ties or face a ban. If the courts uphold the law, it would fall on Trump's Justice Department to enforce the statute.

EPA to charge first-ever 'methane fee'

WASHINGTON — Oil and natural gas companies for the first time will have to pay a federal fee if they emit dangerous methane above certain levels under a rule announced by the Biden administration. The Environmental Protection Agency rule follows through on a directive from Congress included in the 2022 climate law. The new fee is intended to encourage industry to adopt best practices that reduce emissions of methane — the primary component of natural gas — and thereby avoid paying.

Elliott takes $5B+ stake in Honeywell

Activist investor Elliott Investment Management has taken a more than $5 billion stake in Honeywell International and is calling for the industrial conglomerate to split into two separate companies. In a letter sent to Honeywell's board, Elliott said that the company needs to simplify its structure as it deals with uneven execution, inconsistent financial results and an underperforming stock price. Elliott is advising Honeywell to separate its automation and aerospace businesses.