Business News

Las Vegas hospitality workers at Venetian reach tentative deal on first-ever union contract

LAS VEGAS (AP) — Thousands of hospitality workers on the Las Vegas Strip have reached a tentative deal with the Venetian and Palazzo resorts. It’s a historic first for employees at the sprawling Italian-inspired complex that opened 25 years ago and quickly became a Sin City landmark. The Culinary Workers Union announced Tuesday that they had reached a deal just before 6:30 a.m. for over 4,000 workers. The deal still needs to be approved by the union’s rank and file. Terms of the proposed contract haven’t been released, but recent contracts for 40,000 workers at other Strip casinos included a 32% raise over five years.

Powell may use Jackson Hole speech to hint at how fast and how far the Fed could cut rates

WASHINGTON (AP) — Federal Reserve officials have said they’re increasingly confident that they’ve nearly tamed inflation. Now, it’s the health of the job market that’s starting to draw their concern. With inflation cooling toward its 2% target, the pace of hiring slowing and the unemployment rate edging up, the Fed is poised to cut its benchmark interest rate next month from its 23-year high. How fast it may cut rates after that, though, will be determined mainly by whether employers keep hiring. Chair Jerome Powell will likely provide some hints about how the Fed sees the economy and what its next steps may be in a high-profile speech Friday in Jackson Hole, Wyoming, at the Fed’s annual conference of central bankers.

Alaska Air clears a big hurdle in its proposed merger with Hawaiian Airlines

Alaska Air is one step closer to acquiring Hawaiian Airlines after the U.S. Department of Justice chose not to challenge the $1.9 billion deal that the carriers say will create a company better able to serve travelers. Alaska Air announced in December that it would pay $18 in cash for each share of Hawaiian. The brands of both airlines would be preserved after the merger, which is unique in an industry where decades of acquisitions have left only four big carriers dominating the U.S. market. Alaska and Hawaiian say they have few overlapping routes and the intent of a tie-up is to allow the new airline to better compete with American, Delta, Southwest and United Airlines.

Stock market today: Wall Street hangs near its records after an 8-day winning streak

NEW YORK (AP) — U.S. stocks are hanging near their record levels following their eight-day winning streak. The S&P 500 was down 0.1% in afternoon trading Tuesday and 1.1% below its all-time high. The Dow Jones Industrial Average slipped 46 points, and the Nasdaq composite fell 0.1%. Nvidia was the heaviest weight on the market as its rocky trading continues. Palo Alto Networks helped limit the losses after reporting stronger profit for the latest quarter than analysts expected. Treasury yields eased ahead of a speech on Friday by Federal Reserve Chair Jerome Powell, which will likely be the week’s highlight for financial markets.

Yacht that sank off Sicily was carrying people celebrating tech magnate’s acquittal; 6 missing

PORTICELLO, Sicily (AP) — Police divers have resumed searching for six people believed trapped in the hull of a superyacht that sank off Sicily. They include a British tech magnate who was celebrating his recent acquittal on fraud charges with the people who had defended him at trial. The luxury sailboat, off Porticello near Palermo, is some 50 meters underwater. That depth requires special precautions and rescue crews said they were working in 12-minute shifts. The Bayesian is a 56-meter yacht that was moored about a kilometer offshore when a storm rolled in early Monday. Civil protection officials said they believed the ship was struck by a tornado over the water, known as a waterspout. Fifteen of the 22 people aboard survived.

A new setback hits a Boeing jet: US will require inspection of pilot seats on 787s

WASHINGTON (AP) — Boeing is suffering setbacks on one of its planes that’s already in use and on a new model of its popular 777 jetliner. Federal safety officials said this week they will require inspections of cockpit seats on Boeing 787 Dreamliners. That’s after one of the jets went into a dive when the captain’s seat moved accidentally and disconnected the autopilot system. The incident happened during a Latam Airlines flight between Australia and New Zealand in March. The Federal Aviation Administration is requiring inspections of the seats. Separately, Boeing is halting test flights of its new 777-9 jetliner after finding damage to a structural component between the engine and the rest of the plane.

Tech tycoon, defense attorney, and Morgan Stanley banker among those missing in freak yacht sinking

LONDON (AP) — A superyacht that sank off the Sicilian coast during a storm left six passengers missing, including British tech kingpin Mike Lynch and his daughter Hannah. Lynch was acquitted in June in a longrunning U.S. fraud case and was apparently aboard the yacht with some of the people who stood by him throughout the ordeal. One of Lynch’s U.S. lawyers, Christopher Morvillo of Clifford Chance, and his wife were also on the yacht and are among those unaccounted for. Jonathan Bloomer, chairman of Morgan Stanley International, and Bloomer’s wife were also among the yacht’s missing.

What is known about the sinking of a luxury yacht off the coast of Sicily and those aboard

PORTICELLO, Sicily (AP) — Specialist cave divers working in 12-minute underwater shifts are searching for six missing passengers and crew, including British tech tycoon Mike Lynch, believed to be in the submerged wreck of a luxury yacht that was slammed by a powerful storm and swiftly sank off Sicily. The sleek Bayesian yacht was carrying a crew of 10 people and 12 passengers when it suddenly sank near the Mediterranean island that is part of Italy at about 4 a.m. on Monday. One body has been recovered and 15 people survived. This is what we know so far about the sinking and those who were on board.

At Democratic Convention, UAW head threatens strike against Stellantis over delayed plant reopening

DETROIT (AP) — A high-profile spat between the United Auto Workers and Stellantis over reopening an Illinois factory complex has made its way into the race for U.S. president and could bring a strike against the automaker. In a speech at the Democratic National Convention Monday night, union President Shawn Fain accused Stellantis of reneging on promises to restart a now-closed assembly plant in Belvidere, Illinois. The union won the reopening in contract talks last fall after striking at Stellantis, General Motors, and Ford. Fain told the convention that the UAW will take whatever action is necessary to make Stellantis keep its commitments. Stellantis said it stands by the commitment and it strongly objects to union allegations that it’s violating terms of the contract.

The internet’s love for ‘very demure’ content spotlights what a viral trend can mean for creators

NEW YORK (AP) — It’s not just you. The word “demure” is being used to describe just about everything online these days. It all started earlier this month — when TikTok creator Jools Lebron posted a video that would soon take social media by storm. In just a matter of weeks, Lebron’s “very mindful, very demure” words have become the latest vocabulary defining the internet’s summer — and the skyrocketing fame of the trend also holds significance for the TikToker herself. Lebron, who identifies as a transgender woman, said last week that she’s now able to finance the rest of her transition. Over recent years, a handful of online creators have found meaningful income after gaining social media fame — but it’s still incredibly rare.