Business news in brief

By The Associated Press

Canada orders TikTok’s Canadian business to be dissolved

TORONTO | The Canadian government is ordering the dissolution of TikTok’s Canadian business after a national security review of the Chinese company behind the social media app but said it won’t block access.

Canada’s industry minister says it is meant to address risks related to ByteDance Ltd.’s establishment of TikTok Technology Canada Inc.

TikTok is wildly popular with young people, but its Chinese ownership has raised fears that Beijing could use it to collect data on Western users or push pro-China narratives and misinformation.

Japan’s top automaker Toyota reports lower profits

TOKYO | Toyota’s July-September profit sank to less than half of what it was in the same period the previous year, as a production stoppage that followed a certification scandal and recalls dented vehicle sales, the Japanese automaker said Wednesday.

Toyota Motor Corp.’s quarterly profit through September totaled 573.7 billion yen ($3.7 billion), down from nearly 1.28 trillion yen the same quarter last year.

Quarterly sales revenue rose slightly to 11.44 trillion yen ($75 billion) from 11.43 trillion yen.

New CEO at CVS begins to build his team

AP Health Writer | CVS Health fell short on third-quarter profit, but it posted strong sales and the health care giant shook up leadership under new CEO David Joyner after a rough year that has sent shares plunging.

Shares jumped Wednesday along with markets as a whole surged on an election that will send Donald Trump back to the White House.

Joyner named UnitedHealth executive Steve Nelson as the leader of the company’s troubled health insurance wing, Aetna. That appointment is effective immediately.

Prem Shah, who joined the company in 2013, will lead CVS Caremark, CVS Pharmacy, and the company’s Health Care Delivery businesses.

—From AP reports