Business News

Pongamia trees grow where citrus once flourished, offering renewable energy and plant-based protein

An ancient tree from India is now thriving in groves where citrus trees once flourished in Florida, and could help provide the nation with renewable energy. As large parts of the Sunshine State’s once-famous citrus industry have all but dried up over the past two decades because of fatal diseases such as greening and citrus canker, some farmers are turning to the pongamia tree. The climate-resilient tree has the potential to produce plant-based proteins and a sustainable biofuel. The trees grow well in drought or rain, and they don’t need fertilizer or pesticides. And thanks to a patented process, California-based Terviva has removed the bitterness from the pongamia’s bean, making it edible.

Boeing accepts a plea deal to avoid a criminal trial over 737 Max crashes, Justice Department says

The Justice Department says Boeing has agreed to plead guilty to a criminal fraud charge stemming from two deadly crashes of 737 Max jetliners. Now it’s up to a federal judge whether to accept the plea and a sentence that is part of the aerospace giant’s deal with U.S. prosecutors. Boeing’s decision on Sunday came a week after the Justice Department gave the company the choice of entering a guilty plea or facing a trial. Prosecutors say Boeing violated a 2021 deal that had shielded the company from prosecution earlier. Lawyers for some of the relatives of those who died in the two crashes have said they will ask the judge to reject the agreement. One lawyer called it a “sweetheart deal.”

Key events in the troubled history of the Boeing 737 Max

Boeing’s 737 Max is a more fuel-efficient version of the American aerospace company’s popular 737, the best-selling airliner ever. Airlines have flown Max jets for just seven years, but in that short time two of them crashed, killing 346 people, and the plane has become a symbol of safety concerns swirling around Boeing. Regulators around the world grounded all Max jets in March 2019, after the second crash. That led to the ousting of Boeing’s CEO. His successor announced plans to step down after the Federal Aviation Administration grounded a particular model of the Max in January, when a panel covering an unused emergency exit blew off an Alaska Airlines Max in flight.

Paramount and Skydance merge, signaling end of a family reign in Hollywood and the rise of new power

NEW YORK (AP) — The entertainment giant Paramount will merge with Skydance, closing out a decades-long run by the Redstone family in Hollywood and injecting desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape. It also signals rise of a new power player, David Ellison, the founder of Skydance and son of billionaire Larry Ellison, the founder of the software company Oracle. The new combined company is valued at around $28 billion.

Work friends can be hard to find. How to combat loneliness in the workplace

The surgeon general has said there’s a loneliness epidemic in America. For many people, that includes a lack of friendships at work. Remote work has intensified loneliness in the workplace. Experts say friendships and a sense of belonging are vital to employees’ happiness. And also to companies’ success. Some organizations are rethinking their physical spaces to foster friendships. Adding staircases, for instance, not only helps people get more steps. It encourages so-called “casual collisions” that can lead to good relationships. Many workplaces are creating groups and events to help employees find friends who share their interests. Experts urge employees themselves to work at communicating more with colleagues. A simple hello could be the beginning of the end of loneliness.

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?

LOS ANGELES (AP) — The nation’s housing market sales slump is dragging on into its third straight year, as evidenced by another weak spring homebuying season. Sales of previously occupied U.S. homes fell in the March-May period from a year earlier, and early June data point to another down month. The lackluster spring sales are a reflection of the affordability challenges many home shoppers face due to elevated mortgage rates, a shortage of properties on the market and record-high home prices. Economists are projecting mortgage rates will ease modestly by the end of this year. But a small decline in rates may not be enough to improve affordability, and may drive prices higher.

More than 3 million pass through US airport security in a day for the first time as travel surges

Agents for the U.S. Transportation Security Administration on Sunday screened 3 million airline passengers in a single day for the first time ever. The record topped the June 23 mark of more than 2.99 million screened passengers. Eight of the 10 busiest days in TSA’s history have come this year, as the number of travelers tops pre-pandemic levels. TSA was created after the terror attacks on Sept. 11, 2001, and replaced a collection of private security companies that were hired by airlines. The agency operates under the Department of Homeland Security, which said that agents on Sunday checked 35 passengers every second.

Thanks to a $1 billion gift, most Johns Hopkins medical students will no longer pay tuition

Most medical students at Johns Hopkins University will no longer pay tuition thanks to a $1 billion gift from Bloomberg Philanthropies. Starting in the fall, the gift announced Monday will cover full tuition for medical students from families earning less than $300,000. Living expenses and fees will be covered for students from families who earn up to $175,000. Bloomberg Philanthropies previously gifted $1.8 billion to Johns Hopkins in 2018 to ensure that undergraduate students are accepted regardless of their family’s income. The former New York mayor Michael Bloomberg received a Bachelor’s degree in electrical engineering from Johns Hopkins University in 1964.

Macron keeps France’s prime minister in place for ‘stability of the country’ after chaotic election

PARIS (AP) — French President Emmanuel Macron has refused the resignation of the country’s prime minister, asking him to remain temporarily as the head of the government after chaotic election results left the government in limbo. French voters split the legislature on the left, center and far-right, leaving no faction even close to the majority needed to form a government. The results from Sunday’s vote raised the risk of paralysis for the European Union’s second-largest economy. Macron gambled that his decision to call snap elections would give France a “moment of clarification,” but the outcome showed the opposite, less than three weeks before the start of the Paris Olympics.

Stock market today: Wall Street wavers ahead of bank earnings and Powell testimony this week

NEW YORK (AP) — Stocks are wavering on Wall Street and hovering around the record highs they set last week. The S&P 500 was mostly unchanged in afternoon trading Monday. The Nasdaq rose 0.2%, and the Dow Jones Industrial Average gave up an early gain and was down 75 points, or 0.2%. Traders are looking ahead to several earnings reports this week including updates from Delta Air Lines on Thursday and JPMorgan, Citigroup and Wells Fargo on Friday. Federal Reserve Chair Jerome Powell addresses Congress on Tuesday and Wednesday. Treasury yields were stable in the bond market. Specialty glassware maker Corning surged after raising its sales forecast.