Illustration: Sarah Grillo/Axios

Xerox agreed to sell its 25% stake in a joint venture with Fujifilm to its Japanese partner for $2.3 billion.

Why it matters: This ends a 57-year partnership between the two companies, and comes after the pair's proposed merger was scuttled by activist investors Carl Icahn and Darwin Deason.

  • As part of the deal, Fujifilm will drop its lawsuit against Xerox over the failed merger.

The bottom line: "Some analysts and investors expected that pressure from the lawsuit could eventually bring Xerox back to the negotiating table. But the two sides publicly disagreed about how much Xerox was worth, with Icahn and Deason arguing a deal would need to value Xerox at $40 a share or more in cash. Xerox shares closed Monday at $34.67." — Cara Lombardo, WSJ

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Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.