Business

Boeing said Friday the head of the company’s troubled defense, space and security unit is leaving the planemaker effective immediately. New Boeing CEO Kelly Ortberg in his first significant move since taking over in August, said Ted Colbert would be leaving and Steve Parker, the unit’s chief operating officer, would assume Colbert’s responsibilities until a replacement is named at a later date. Boeing’s space business has suffered setbacks, notably … Read more

The former subpostmaster and campaigner Sir Alan Bates has hit out at the length of time it is taking for victims of the Post Office Horizon IT scandal to receive financial redress. In a message addressed to other subpostmasters involved in the Group Litigation Order (GLO), Sir Alan accuses government-employed “flim-flam artists” of dragging the … Read more

The boss of Nike will step down next month, making way for a company veteran to take his place as the leader of the world’s biggest sportswear company amid tough competition in the retail sector. In a statement, Nike said John Donahoe will retire on 13 October, staying on in an advisory role until early … Read more

Government borrowing in August rose to the highest level for the month since the Covid pandemic in 2021. Official figures show that borrowing – the difference between spending and tax revenue – reached £13.7bn last month, £3.3bn more than in August last year. The Office for National Statistics (ONS) said that tax income “grew strongly” … Read more

A top Federal Reserve official warned Friday that the central bank risks prematurely declaring victory over inflation with its vote for a jumbo interest rate cut. Fed Governor Michelle Bowman was the sole dissented voice on the Federal Open Market Committee in its 11-1 decision to slash rate by 50 basis points instead of a … Read more

Getty Images A long-running measure of how consumers feel about their finances and the economy has fallen sharply, raising concerns that the government’s warning that the Budget will be “painful” has shaken people’s confidence. GfK’s Consumer Confidence Barometer has tumbled further into negative territory since the end of August. The index had been recovering after … Read more

America’s Three Mile Island energy plant, the site of the worst nuclear accident in US history, is preparing to reopen as Microsoft looks for ways to satisfy its growing energy needs. The tech giant said it had signed a 20-year deal to purchase power from the Pennsylvania plant, which would reopen in 2028 after improvements. … Read more

Getty Images Thousands of people have lost their jobs after the UK operations of the international construction giant ISG collapsed into administration. Some 2,200 workers have been made redundant with immediate effect, joint administrators EY said in a statement on Friday. The business, owned by the US firm Cathexis, had been struggling financially for some … Read more

A hedge fund mogul who helped oust former Yahoo CEO Marissa Mayer is being sued by his own mother in an ugly dispute over unpaid debts, The Post has learned. Jason Ader — CEO of Spring Owl Asset Management — was sued last month by his 81-year-old mom after he defaulted on a $13 million … Read more

NAIROBI, Kenya — NAIROBI, Kenya (AP) — Facebook ’s parent company Meta on Friday lost its appeal in a Kenyan labor court that ruled the company could be sued in Kenya over the mass sacking of content moderators. The court had earlier ruled that Kenyan courts had jurisdiction over the matter, but Meta challenged the … Read more