WASHINGTON (AP) — Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs. Yet despite his resolute words, the Fed chair also said for the first time that the central bank’s actions are…
DETROIT (AP) — Ford Motor Co.’s net income rose 19% in the second quarter as the company pulled together enough computer chips to boost factory output and sales. The Dearborn, Michigan, automaker said Wednesday it made $667 million from April through June, compared with $561 million a year earlier. The company stuck with its full-year…
Airbus said its net income plunged in the second quarter and warned that supply-chain challenges were leading it to scale back production targets for its commercial aircraft. Airbus said it now expects to deliver 700 aircraft this year, down from a target of 720 aircraft announced in May. Over the long term, the company still…
WASHINGTON (AP) — Federal regulators on Wednesday took legal action to block Facebook parent Meta and CEO Mark Zuckerberg from acquiring virtual reality company Within Unlimited and its fitness app Supernatural, asserting the deal would hurt competition and violate antitrust laws. The Federal Trade Commission filed a complaint in federal court in San Francisco against…
DALLAS (AP) — Federal officials say that Southwest Airlines and the union representing its pilots have resisted cooperating with investigations into accidents and other incidents and pushed to close the matters quickly. In one instance disclosed Wednesday, the Federal Aviation Administration cut short an investigation of a 2019 incident in Connecticut even though the agency…
WASHINGTON (AP) — Higher mortgage rates have sent home sales tumbling. Credit card rates have grown more burdensome, and so have auto loans. Savers are finally receiving yields that are actually visible, while crypto assets are reeling. The Federal Reserve’s move Wednesday to further tighten credit raised its benchmark interest rate by a sizable 0.75…
NEW DELHI (AP) — The head of the U.S. government aid agency called on China on Wednesday to help Sri Lanka and other nations that had borrowed heavily from Beijing with debt restructuring, not just with lines of credit and emergency loans. Samantha Power, the administrator for the U.S. Agency for International Development, contrasted India’s…
NEW YORK (AP) — A Pennsylvania mortgage company owned by billionaire businessman Warren Buffett’s company discriminated against potential Black and Latino homebuyers in Philadelphia, New Jersey and Delaware, the Department of Justice said Wednesday, in what is being called the second-largest redlining settlement in history. Trident Mortgage Co., a division of Berkshire Hathaway’s HomeServices of…
OMAHA, Neb. (AP) — Railroads will be required to maintain two-person crews under a new rule announced Wednesday that will thwart industry efforts to cut crews down to one person. The Federal Railroad Administration said in a rule published in the Federal Register that railroads will be required to continue using two-person crews in most…
Spirit Airlines shareholders could pick a preferred buyer for their airline Wednesday, as they voted on one of the offers for the budget carrier. Shareholders appear to be leaning against the bid preferred by Spirit’s board, an offer from Frontier Airlines that is currently worth more than $2.6 billion. Four previous votes have been postponed…
