Business

Wall Street wavered near its records after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates Source link

BRIGANTINE, N.J. — Opponents of offshore wind around the U.S. are pelting projects with lawsuits seeking to cancel them or tie them up for years in costly litigation. The court cases represent another hurdle the nascent industry must overcome, particularly along the East Coast where opposition to offshore wind farms is vocal and well-organized. They … Read more

WASHINGTON — The International Brotherhood of Teamsters declined Wednesday to endorse Kamala Harris or Donald Trump for president, saying neither candidate had sufficient support from the 1.3 million-member union. “Unfortunately, neither major candidate was able to make serious commitments to our union to ensure the interests of working people are always put before Big Business,” … Read more

NEW YORK — The Federal Reserve has cut its benchmark interest rate from its 23-year high, with consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. On Wednesday, the Fed announced that it reduced its key rate by an unusually large half-percentage point, to between 4.75 and 5 … Read more

Boeing’s CEO says a large number of employees will be furloughed to conserve cash during factory workers’ strike Source link

Boeing’s CEO said Wednesday that the company will begin furloughing “a large number” of employees to conserve cash during the strike by union machinists that began last week. Chief Executive Kelly Ortberg said the layoffs would be temporary and affect executives, managers and other employees. About 33,000 Boeing factory workers in the Pacific Northwest began … Read more

TORONTO — Rogers Communications is buying out Bell’s 37.5% share of Maple Leaf Sports & Entertainment for $4.7 billion ($3.5 billion U.S.), giving it 75% ownership of the sports conglomerate. Rogers and Bell had held equal shares of MLSE, which owns the NHL’s Maple Leafs, the NBA’s Raptors, the CFL’s Argonauts, the MLS Toronto soccer … Read more

LONDON — The Bank of England is widely expected to keep interest rates unchanged on Thursday, a day after official figures showed inflation in the U.K. holding steady at an annual rate of 2.2% in August, with higher airfares offset by lower fuel costs and restaurant and hotel bills. Central banks around the world dramatically … Read more

TAIPEI, Taiwan — Multiple explosions occurred Wednesday at the site of a funeral for three Hezbollah members and a child killed by exploding pagers the day before, according to Associated Press journalists at the scene. Hezbollah’s Al Manar TV reported explosions in multiple areas of Lebanon, which it said were the result of walkie-talkies detonating. … Read more

SEATTLE — Alaska Airlines closed its $1 billion purchase of Hawaiian Airlines on Wednesday, a day after the federal government removed the last major regulatory obstacle to the deal. Alaska will also assume about $900 million in Hawaiian debt. Alaska says it will keep Hawaiian as a separate brand, elimiinating the need to repaint planes. … Read more