The daily business briefing: October 8, 2020
Facebook blocks new political ads through Election Day, Ruby Tuesday files for bankruptcy protection, and more


1. Facebook blocks new political ads through Election Day
Facebook said Wednesday that it would block all political ads through Election Day as it steps up efforts to avoid being used to spread disinformation to influence the vote. "[W]hile ads are an important way to express voice, we plan to temporarily stop running all social issue, electoral, or political ads in the U.S. ... to reduce opportunities for confusion or abuse," Guy Rosen, the company's vice president of integrity, said in a blog post. The move marked a shift from Facebook's traditional resistance to policing political ads. Last month, the social network said it would block new ads in the campaign's final week, but CEO Mark Zuckerberg said no other changes were planned despite rising warnings that Facebook was being used to influence the election with disinformation.
2. Ruby Tuesday files for bankruptcy protection
Ruby Tuesday on Wednesday became the latest food chain to file for bankruptcy protection after forced shutdowns and declining restaurant traffic due to the coronavirus pandemic. The Tennessee-based casual dining chain was already struggling against competition from a growing crowd of rivals. Ruby Tuesday CEO Shawn Lederman told the court that the company, which has 236 dining rooms that are open with restrictions, does "not intend to reopen 185 of their restaurants that were closed during the pandemic." Lederman also said the company was battling falling mall traffic and the rising popularity of meal kits and other food delivery services. Other casual sit-down restaurants that have sought bankruptcy protection this year include Chuck E. Cheese, Sizzler, and California Pizza Kitchen.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Court rules Trump accountant must hand over his tax returns
A federal appeals court ruled Wednesday that President Trump's accountant must hand over his tax returns to Manhattan prosecutors. The decision by the 2nd U.S. Circuit Court of Appeals in Manhattan will send the matter the U.S. Supreme Court, which ruled in July that that sitting presidents are not immune from state prosecution. Trump's lawyers argued that District Attorney Cyrus Vance Jr.'s subpoena for Trump's financial records was too broad, and politically motivated. Vance's team is looking into alleged hush-money payments during the 2016 campaign to two women — porn actress Stormy Daniels and model Karen McDougal — who said they had extramarital affairs with Trump. Prosecutors said they needed the records to investigate reports of "extensive and protracted criminal conduct at the Trump Organization."
4. Stock futures rise on renewed hope for coronavirus relief
U.S. stock index futures rose early Thursday, adding to Wednesday's big gains as investors continued to look for signs of progress toward possible new coronavirus relief. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were up by 0.4 percent or more several hours before the opening bell. All three of the main U.S. indexes gained nearly 2 percent on Wednesday on talk of White House support for aid to airlines and coronavirus stimulus checks to American households. It was the Dow's best day since July. A day earlier, stocks dropped sharply after President Trump told his administration to halt coronavirus-relief negotiations with Democrats until after the Nov. 3 election.
5. 6 arrested in chicken price-fixing inquiry
Six current and former chicken-industry executives have been indicted for alleged price fixing, according to court papers made public Wednesday. The executives worked at six different companies, and include former Pilgrim's Pride CEO Bill Lovette, who retired last year. The new charges, which covered alleged activity from 2012 to early 2019, bring the total number of industry officials facing prosecution to 10. Four senior poultry industry leaders were indicted on similar charges in June. Jayson Penn, who was then chief executive of Pilgrim's Pride, was among the executives charged in June. Prosecutors said Pilgrim's Pride, the nation's No. 2 chicken supplier by sales, exchanged pricing information with smaller rival Claxton Poultry Farms during bidding for the business of major restaurant chains.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
The secrets of lab-grown chocolate
Under The Radar Chocolate created 'in a Petri dish' could save crisis-hit industry
By Chas Newkey-Burden, The Week UK
-
Trade war with China threatens U.S. economy
Feature Trump's tariff battle with China is hitting U.S. businesses hard and raising fears of a global recession
By The Week US
-
Corruption: The road to crony capitalism
Feature Trump's tariff pause sent the stock market soaring — was it insider trading?
By The Week US
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
By Justin Klawans, The Week US
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
By Rafi Schwartz, The Week US
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK