Breaking News

Business

Biden administration fight with JetBlue fight against industry consolidation goes to court

The Associated Press The Biden administration’s fight against consolidation in the airline industry is being tested Tuesday as lawyers for JetBlue Airways and the Justice Department squared off in court. The administration is suing to block JetBlue’s proposed $3.8 billion acquisition of Spirit Airlines. The trial in federal district court in Boston could reshape the market for low-cost airlines — Spirit is by far the nation’s biggest budget carrier, and it will disappear if JetBlue wins the case. As the trial began with opening statements from lawyers for sides, shares of ...

NuVisions opens second location

LEWISTOWN — NuVisions opened their doors at a second location at 20 Depot St. in Lewistown, after outgrowing their Valley Street location. This second location will serve as the business’ center for administration and human resources, as well as for production, while the Valley Street location will only house production. NuVisions was created to assist the visually impaired. “Since 1945, we have evolved to being able to help people with all kinds of disabilities,” said Kate Long, the director of community service for NuVisions. NuVisions offers job opportunities to people with ...

Apple loses about $200B in market capitalization

The Associated Press Apple has lost around $200 billion in market capitalization over several days as tensions between the U.S. and China rise, with several media outlets reporting this week that the iPhone maker is being singled out by Beijing. Apple shares fell 3% Thursday and are down more than 5% for the week on reports of an iPhone ban for Chinese state employees that is being dictated by Beijing. The ban was first reported by the Wall Street Journal, which cited unnamed sources saying China is ordering officials at central government agencies not to use iPhones or other ...

Wall Street edges higher

NEW YORK (AP) — Stocks are drifting Friday, keeping Wall Street on track for its first losing week in the last three. The S&P 500 was 0.1% higher in afternoon trading following three straight days of declines. The Dow Jones Industrial Average was up 44 points, or 0.1%, at 34,545, as of 2:40 p.m. Eastern time, and the Nasdaq composite was 0.1% higher. Stocks have been under pressure this week because of worries that a too-warm economy will push the Federal Reserve to keep interest rates high for longer. Traders have called off some bets for the Fed to cut interest rates next year, ...

Rice shortage sends prices soaring, and things could still get worse

By ANIRUDDHA GHOSAL and EVELYNE MUSAMBI The Associated Press Francis Ndege isn’t sure if his customers in Africa’s largest slum can afford to keep buying rice from him. Prices for rice grown in Kenya soared a while ago because of higher fertilizer prices and a yearslong drought in the Horn of Africa that has reduced production. Cheap rice imported from India had filled the gap, feeding many of the hundreds of thousands of residents in Nairobi’s Kibera slum who survive on less than $2 a day. But that is changing. The price of a 25-kilogram (55-pound) bag of rice has risen ...

Wall Street stalls a day after a rare August gain

The Associated Press NEW YORK — Wall Street is drifting in mixed trading Tuesday ahead of two potentially market-shaking events later in the week. The S&P 500 was 0.2% lower in late trading, coming off a rare August gain that was powered by Big Tech stocks Monday. The Dow Jones Industrial Average was down 159 points, or 0.5%, at 34,304 with an hour remaining in trading. The Nasdaq composite was 0.2% higher. Stocks have struggled this month as yields have shot upward in the bond market, which cranks up the pressure on other investments. The yield on the 10-year Treasury eased a bit ...