Boeing says it's considering temporary layoffs to save cash during the strike by machinists
SEATTLE (AP) -- Boeing says it's considering temporary layoffs to save cash during the strike by machinists. The company told employees Monday that it will freeze hiring, reduce travel and reduce spending on suppliers. Chief Financial Officer Brian West says the company is also considering "the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks." About 33,000 workers represented by the International Association of Machinists and Aerospace Workers began a strike early Friday. The walkout came after workers rejected an offer with pay raises of 25% over four years. Representatives of the company and the union are scheduled to meet Tuesday with federal mediators.
Will the Federal Reserve cut interest rates fast enough to deliver a 'soft landing'?
WASHINGTON (AP) -- American consumers and home buyers, business people and political leaders have been waiting for months for what the Federal Reserve is poised to announce this week: That it's cutting its key interest rate from a two-decade peak. It's likely to be just the first in a series of rate cuts that should make borrowing more affordable now that the Fed has deemed high inflation to be all but defeated. At the same time, plenty of uncertainty still surrounds this week's Fed meeting. How much will the policymakers reduce their benchmark rate? By a traditional quarter-point or by an unusually large half-point? Will they keep cutting when they meet later this year and into 2025?
Massive pipeline fire burning near Houston began after a vehicle struck a valve, officials say
DEER PARK, Texas (AP) -- A massive pipeline fire burning for hours Monday near Houston began after vehicle struck an above-ground valve after driving through a fence, officials said. Officials in Deer Park said their police and local FBI agents have found no evidence of terroristic activity. They said it also appears to be an isolated incident. The investigation is ongoing and includes an effort to identify the driver. Operators have shut off the flow of natural gas liquids in the pipeline but officials say it could take hours, perhaps into Tuesday, for the fire to burn off.
The next generation of Buffetts is poised to become one of the biggest forces in philanthropy
OMAHA, Neb. (AP) -- When the legendary businessman and leader of Berkshire Hathaway, Warren Buffett, eventually passes away, the next generation of Buffetts -- Howard, Susie and Peter -- are poised to become one of the most powerful forces in philanthropy. But it wasn't always going to be that way. Buffett announced in June that he would donate his remaining fortune to a charitable trust managed by his children when he dies -- instead of giving it to the Gates Foundation. In an interview with The Associated Press, Howard Buffett says his 94-year-old father is as sharp as ever, and, "It's pretty amazing that he's giving us this opportunity."
Control of the Murdoch media empire could be at stake in a closed-door hearing in Nevada
RENO, Nev. (AP) -- A probate court in Nevada is set to begin reviewing evidence this week in a behind-closed-doors dispute that could determine who will control Rupert Murdoch's media empire after his death. The New York Times reported based on a sealed court document that Murdoch last year moved to change the terms of his irrevocable family trust. Murdoch is in court for the hearing. The Times reported that he wants to ensure his eldest son, Lachlan, remains in charge of his cadre of newspapers and television networks. The court has blocked public access to the hearings and most documents in the case.
A state's experience with grocery chain mergers spurs a fight to stop Albertsons' deal with Kroger
Washington state is in court to try to block a proposed merger between Albertsons and Kroger. The case that opened Monday is one of several challenging the $24.6 billion deal. The Federal Trade Commission is also fighting the merger in federal court in Oregon, where closing arguments are expected Tuesday. Albertsons and Kroger own more than 300 grocery stores in Washington. The state says the merger would raise prices and likely result in store closures. It wants to block the merger nationwide. Albertsons and Kroger says a state court shouldn't consider a nationwide ban. They say the merger would help them compete with big rivals like Walmart.
TikTok and the U.S. face off in court over law that could lead to a ban on the popular platform
TikTok faced off with the U.S. government in federal court on Monday, arguing a law that could ban the platform in a few short months was unconstitutional. But the Justice Department said during the hearing the measure is needed to eliminate a national security risk posed by the popular social media company. Attorneys for the two sides - and content creators - appeared before a panel of three judges at a federal appeals court in Washington. TikTok and its China-based parent company, ByteDance, are challenging the law that is forcing them to break ties by mid-January or lose one of their biggest markets in the world.
Sustainable investing advocate says 'anti-woke' backlash in US won't stop the movement
NEW YORK (AP) -- Maria Lettini already knew about the backlash going on in the United States against ESG investing, which takes the environment, social issues and corporate governance into account, when she took over as chief executive of US SIF last year. Lettini was returning to the United States after several years of working in the United Kingdom to head US SIF, an advocacy group that supports sustainable investing. But she wasn't prepared for how widespread the backlash was against ESG investing, which encourages investors to consider a wider set of risks in hopes of improving returns and performance.
Stock market today: Dow sets a record as Wall Street gears up for a cut to interest rates
NEW YORK (AP) -- The Dow Jones Industrial Average set a record, as Wall Street geared up for the most anticipated meeting of the Federal Reserve in years. The Dow rose 228 points, or 0.6%, on Monday to surpass its prior all-time high set a few weeks ago. The S&P 500 index, which is much more comprehensive and widely followed on Wall Street, ticked up by 0.1% to climb within 0.6% of its own record set in July. The Nasdaq composite slipped 0.5% as Apple and Nvidia gave back some of their big gains. Treasury yields eased ahead of Wednesday's expected cut to interest rates by the Fed.
UAW fight with Stellantis escalates as union files unfair labor charges over factory commitments
The United Auto Workers' rift with Stellantis widened Monday as the union filed federal labor charges over possibly moving production of an SUV out of the country. The union said it filed charges with the National Labor Relations Board accusing the company of refusing to release information about plans to build the Dodge Durango at a plant in Detroit. It also has filed grievances over the delayed reopening of a vehicle assembly plant in Belvidere, Illinois. Stellantis denied violating the contract and said it's managing when it brings new vehicles to market in order to be competitive.