Wall Street closed out the stock market’s worst week in three months with more losses Friday, as a stark warning from FedEx about rapidly worsening trends in the economy rattled already anxious investors. The S&P 500 fell 0.7%, with all but two of its 11 company sectors ending in the red. The benchmark index sank…
BEIJING (AP) — Chinese consumer spending and factory output edged up in August but still were weak, official data showed Friday, and forecasters warned the second-largest economy is vulnerable to repeated shutdowns of cities to fight virus outbreaks. Housing sales plummeted while prices edged lower, adding to a slide in real estate activity under pressure…
BERLIN (AP) — Germany is taking control of three Russian-owned refineries in the country to ensure energy security before an embargo on oil from Russia takes effect next year, officials said Friday. Two subsidiaries of Russian oil giant Rosneft — Rosneft Deutschland GmbH and RN Refining & Marketing GmbH — will be put under the…
FedEx said Thursday it is shuttering storefronts and corporate offices while putting off new hires in a belt-tightening drive brought on by drop-off in its global package delivery business. The company based in Memphis, Tennessee, warned it will likely miss Wall Street’s profit target for its fiscal first quarter that ended Aug. 31. And it…
WASHINGTON (AP) — Average long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 6.02% from 5.89% last week. The long-term average…
Boeing officials said Thursday they will find new buyers for some Boeing 737 Max jets that were built for Chinese airlines but can’t be delivered because China’s aviation regulator has not cleared the plane to fly after two deadly crashes. Boeing hopes the move will reduce its inventory of undelivered Max jets, which built up…
OMAHA, Neb. (AP) — CSX has hired an auto industry executive to lead the railroad after its current CEO retires. Jacksonville, Florida-based CSX Corp. said Thursday that Joe Hinrichs will take over from Jim Foote at the end of this month. Hinrichs previously served as president of Ford Motor Co.’s global auto business. Hinrichs said…
NEW ORLEANS (AP) — A Louisiana judge has thrown out air quality permits for a Taiwanese company’s planned $9.4 billion plastics complex between New Orleans and Baton Rouge, a rare win for environmentalists in a heavily industrialized stretch of the Mississippi River often referred to as “Cancer Alley.” The Louisiana Department of Environmental Quality brushed…
LONDON (AP) — Microsoft’s $69 billion deal to buy video game company Activision Blizzard faces an in-depth antitrust investigation in Britain after the tech company refused to offer proposals to ease competition concerns. Britain’s Competition and Markets Authority said Thursday that it was referring the blockbuster deal for more scrutiny under a so-called phase 2…
Outdoor gear company Patagonia says “the earth is now our only shareholder” after transferring the company’s ownership from founder Yvon Chouinard and his family to two nonprofits established to fight climate change. In a letter posted on the 50-year-old company’s website Wednesday night, Chouinard said Patagonia would transfer 100% of its voting stock to the…
