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Lumex signs agreement with company to take over services

Newswire Mississippi Lime Company (MLC), a leading global supplier of high-calcium lime products and technical solutions, has completed an agreement to transfer customer and technical services for its Breen Energy Solutions subsidiary to Ohio Lumex. Breen Energy Solutions has patented technologies to detect, measure and control sulfuric acid vapor (SO3 / H2SO4) and other condensable acid gasses. The Breen AbSensor (ABS) probe was designed for use by electric generating utilities to detect the level of sulfuric acid and ammonium bisulfate vapor within the flue gas duct, ensuring that ...

Facebook parent Meta posts solid 1Q results, stock soars

The Associated Press Facebook parent company Meta’s first-quarter results surpassed Wall Street’s modest expectations on both profit and revenue, sending its stock soaring in after-hours trading. Meta reported that the monthly user base of its flagship platform — Facebook — inched close to 3 billion, and its revenue guidance for the current quarter was also above analyst estimates. “Our AI work is driving good results across our apps and business,” CEO Mark Zuckerberg said in a statement. “We’re also becoming more efficient so we can build better products faster and ...

Infinite banking has TikTok buzzing, but is it for you?

NerdWallet Scroll through TikTok’s finance feed and you’ll come across viral videos on “infinite banking.” The concept is making a splash on social media, fueled by celebrities like rapper Waka Flocka Flame. But infinite banking is nothing new. The term was coined by economist Nelson Nash in the 1980s and outlined in his 2000 book, “Becoming Your Own Banker: Unlock the Infinite Banking Concept.” The strategy involves tapping into the cash value of certain life insurance policies like whole life and treating it as a personal bank. Nash promoted infinite banking as a path ...

Boeing loses $425M in 1Q but plans production boost for Max

The Associated Press Boeing lost $425 million in the first quarter — more than Wall Street expected — but said Wednesday that it plans to boost production of its best-selling plane, the 737 Max, later this year. Revenue rose 28% from a year earlier, as airlines scooped up new jets to meet rising travel demand, and the company stood by its forecast of producing $3 billion to $5 billion in cash flow this year. Shares of Boeing rose nearly 5% before settling to close up less than 1%. CEO David Calhoun called it a “solid first quarter.” “We continue to make real progress, ...

Tobacco company settles over business in NKorea

By ERIC TUCKER The Associated Press WASHINGTON — A British tobacco company has agreed to pay more than $629 million to settle allegations that it did illegal business with North Korea in violation of U.S. sanctions, the Justice Department said Tuesday. British American Tobacco, one of the largest tobacco companies in the world, entered into a deferred prosecution agreement with the Justice Department, while the company’s Singapore subsidiary pleaded guilty to bank fraud and sanctions charges. BAT said in its own statement that the settlement concerns sales from 2007 through 2017 ...

Stocks tumble on profit

By STAN CHOE The Associated Press NEW YORK — Wall Street tumbled Tuesday to its worst day in a month on worries about the strength of corporate profits and the economy following some mixed reports. The S&P 500 fell 1.6% to break out of a weekslong lull. The Dow Jones Industrial Average dropped nearly 345 points, or 1%, while the Nasdaq composite sank 2%. First Republic Bank had the biggest loss in the S&P 500 by far, and its stock nearly halved after it said customers withdrew more than $100 billion during the first three months of the year. That doesn’t include $30 billion in ...