Business Highlights

By The Associated Press Markets Associated Press

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Broadcom offers $103 billion for Qualcomm in chip megadeal

NEW YORK (AP) — Broadcom made an unsolicited, $103 billion offer for rival chipmaker Qualcomm, the tech industry's largest attempted takeover that is destined to come under intense regulatory scrutiny. Qualcomm, known to consumers as the maker of Snapdragon chips found in smartphones and tablets, is already the No. 3 chip supplier, according to research firm Gartner, trailing Intel and Samsung. A combination with Broadcom would not change that.

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Anthem picks former UnitedHealth executive to become CEO

INDIANAPOLIS (AP) — Blue Cross-Blue Shield insurer Anthem has picked a former top executive from its biggest competitor to replace Joseph Swedish as its next CEO. Anthem says Gail K. Boudreaux will start Nov. 20. Swedish will serve as executive chairman until May and then as senior adviser for a couple more years.

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Why debt from GOP tax cuts might impose a painful price

WASHINGTON (AP) — When House Republicans proposed their tax-cut plan last week, critics noted that it came with a towering price: It would swell the nation's debt by $1.5 trillion at a time when the economy is already faring well on its own and a vast generation of retiring baby boomers threatens to strain the Social Security and Medicare programs. More debt could drive interest rates up as the government competes with private borrowers for credit. It could also eventually require cuts to popular spending programs. And it might leave policymakers with less ammunition the next time a recession strikes.

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NY Fed chief Dudley, a key Yellen ally, to retire next year

WASHINGTON (AP) — The unusual pace of the turnover among the Federal Reserve's leadership has given President Donald Trump the rare opportunity for a president to put his personal stamp on the makeup of the Fed, which operates as an independent agency. Investors are awaiting signals of how Trump's upcoming selections might alter the Fed's approach to interest rates and regulations. On Monday, William Dudley, president of the New York Fed and the No. 2 official on the Fed's key interest rate panel, said he will retire next year.

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Analysis indicates GOP tax measure a mixed bag

WASHINGTON (AP) — A nonpartisan tax analysis group says the proposed House Republican tax cut would leave 28 percent of people facing tax increases by 2027. The Tax Policy Center also says that in 2018, when the measure would first take effect, 12 percent of people would see higher taxes. The group says that next year, there would be an average tax cut of $1,100 under the legislation. But the amount would vary by income.

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AP FACT CHECK: Trump on 'phenomenal' economy, auto trade

WASHINGTON (AP) — President Donald Trump is claiming a "phenomenal" economic performance at home as he travels in Asia. He's boasting about the lowest jobless rate in 17 years, the highest stock market ever and more. An AP Fact Check finds an unquestionably solid record during Trump's first year in office — but one that builds on steady progress under his predecessor. In the meantime, Trump presented an incomplete picture of U.S.-Japan auto trade.

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Firm of detained Saudi prince seeks to reassure investors

RIYADH, Saudi Arabia (AP) — The company chaired by a detained Saudi billionaire prince is seeking to reassure investors after its stock plunged following his arrest in a purported corruption sweep. Prince Alwaleed bin Talal's Kingdom Holding Co. said in a statement Monday that it has the government's "vote of confidence" as it pursues its investment strategy and global business operations.

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Lawmakers bicker over whether tax bill helps middle class

WASHINGTON (AP) — Republicans and Democrats on the House Ways and Means Committee are bickering over whether or not GOP tax cut legislation helps the middle class. The panel has begun a marathon session to vote on the bill, which tops the White House and Republican agenda. Republicans are focusing on the bill's short-term impact lowering taxes across all income levels, while Democrats point to a nonpartisan analysis finding tens of millions of lower-income Americans would pay higher taxes in years to come.

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Report: Apple moved offshore billions to new tax havens

Apple revamped its overseas subsidiaries to take advantage of new tax loopholes on the tiny European island of Jersey after a crackdown on Ireland's loose rules began in 2013, according to a new report by The New York Times and the International Consortium of Investigative Journalists. The news outlet and the non-profit investigative organization cited confidential records that were obtained by the German newspaper Suddeutsche Zeitung and shared.

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Target to offer shoppers a breather after Thanksgiving

NEW YORK (AP) — Target is offering shoppers a breather after holiday shopping on Thanksgiving. The Minneapolis-based discounter says it will open at 6 p.m. on the day of the turkey feast and then close at midnight local time. Its stores will then reopen at 6 a.m. local time on Friday until 10 p.m., 11 p.m. or midnight. That compares with last year when it kept the stores open straight through the night. Like other retailers, Target is trying to figure out what makes sense for its customers.

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The Standard & Poor's 500 index rose 3.29 points, or 0.1 percent, to 2,591.13. The Dow Jones industrial average added 9.23 points, or less than 0.1 percent, to 23,548.42. The Nasdaq composite gained 22 points, or 0.3 percent, to 6,786.44. The Russell 2000 index of smaller-company stocks picked up 3.05 points, or 0.2 percent, to 1,497.96.

U.S. crude oil surged $1.71, or 3.1 percent, to $57.35 a barrel in New York. Brent crude, the international standard, climbed $2.20, or 3.5 percent, to $64.27 a barrel in London. Wholesale gasoline added 4 cents to $1.83 a gallon. Heating oil rose 6 cents to $1.94 a gallon. Natural gas jumped 15 cents, or 5 percent, to $3.13 per 1,000 cubic feet.