Business News

Boar’s Head closing Virginia plant linked to deadly listeria outbreak

Boar’s Head is closing the Virginia plant tied to a deadly listeria outbreak. The Sarasota, Florida-based company said it will also permanently discontinue production of liverwurst, the product linked to the deaths of at least nine people in the U.S. Boar’s Head said an internal investigation at its Jarratt, Virginia, plant found that the contamination was the result of a specific production process used only for liverwurst. The Jarratt plant hasn’t been operational since late July, when Boar’s Head recalled more than 7 million pounds of products after tests confirmed listeria bacteria. The plant had a troubled history, with reports of mold, insects and other problems during safety inspections.

Boeing works to conserve cash as 33,000 factory workers go on strike

SEATTLE (AP) — Blue-collar workers from Boeing are walking picket lines in the Pacific Northwest instead of building airplanes after overwhelmingly rejecting a proposed contract that would have raised their wages by 25% over four years. The strike by 33,000 machinists that started on Friday will not disrupt airline flights anytime soon, but it is expected to shut down production of Boeing’s best-selling jetliners. And it marks yet another setback for a company already dealing with billions of dollars in financial losses and a damaged reputation. Boeing says it’s taking steps to conserve cash while the company’s new CEO looks for ways to come up with a contract that union members will accept.

A strike at Boeing extends a new era of labor activism long in decline at US work places

Aircraft assembly workers walked off the job at at Boeing factories near Seattle and elsewhere early Friday after union members voted overwhelmingly to go on strike. Boeing is just the latest business to grapple with union workers over issues including wages and benefits like health care. From Detroit automakers to Las Vegas casinos, here’s a look at some recent company negotiations with their unions.

Stock market today: Wall Street climbs to the cusp of its records as it closes a big week

NEW YORK (AP) — U.S. stocks are rising closer to their records as they finish out their fourth winning week in the last five. The S&P 500 rose 0.4% higher Friday to climb within 0.8% of its all-time high. The Dow Jones Industrial Average added 246 points and at one point was within 30 points of its record. The Nasdaq composite rose 0.6%. Stocks got support from the bond market, where Treasury yields eased ahead of next week’s meeting of the Federal Reserve. Traders are rekindling hopes it may deliver a bigger-than-usual to interest rates.

Congress targets Chinese influence in health tech. It could come with tradeoffs

WASHINGTON (AP) — A San Jose-based biotechnology company that helps doctors detect genetic causes for cancer is among those that could be cut out of the U.S. market over ties to China. It underscores the possible tradeoffs between health innovation and a bipartisan push in Congress to counter Beijing’s clout. The founder of Complete Genomics is frustrated that geopolitics is interfering with science and calls it “a loss for the research.” The U.S. House this week passed a measure citing national security to prevent federal money from benefiting five companies linked to China. Some work with U.S. drugmakers to develop and make new medications. It’s part of a sweeping package of bills aimed at countering China’s influence and power, especially in technology.

Harris supported the Green New Deal. Now, she’s promoting domestic oil drilling

WASHINGTON (AP) — Vice President Kamala Harris said in Tuesday’s debate that the Biden-Harris administration has overseen “the largest increase in domestic oil production in history″ and warned the U.S. “cannot over rely on foreign oil.” The comments by Harris, a longtime climate hawk who backed the original Green New Deal, were at odds with Harris’ frequent boasts that she and President Joe Biden are champions in the fight to slow global warming. A Republican strategist called the remark “another sign of Harris’ sprint to the middle” on energy policy and other issues. Some environmental groups were disappointed, but others shrugged, citing the threat to climate action posed by former President Donald Trump.

US consumer sentiment ticks higher for second month but remains subdued

WASHINGTON (AP) — Americans’ outlook on the economy improved for the second straight month in September, bolstered by lower prices for long-lasting goods such as cars and furniture. The University of Michigan’s consumer sentiment index ticked up to 69 in its preliminary reading, from 67.9 in August and its highest level since May.

Considering a mortgage refi? Lower rates are just one factor when refinancing a home loan

LOS ANGELES (AP) — Mortgage rates haven’t been this attractive in more than a year, good news for homeowners eager to refinance. Many homeowners have already jumped at the opportunity to lower their monthly payment, spurring a surge in mortgage refinancing applications. The rush to refinance makes sense, as even a slight drop in mortgage rates can translate into significant savings over the long run. Still, there are more variables to consider than the mortgage rate, including the costs to refinance, the time it will take to break even and whether to hold out for lower rates. Here are some key factors to consider.

Uber to dispatch Waymo’s robotaxis in Austin and Atlanta next year

Ride-hailing leader Uber on Friday announced it will dispatch robotaxis built by driverless technology pioneer Waymo beginning next year in Austin, Texas, and Atlanta in a deal that deepens the bond between once-bitter rivals. The alliance expands upon ae partnership the two companies forged in Phoenix last year, signaling they were ready to set aside their differences and work together following a bruising legal battle revolving around allegations that Uber had stolen Waymo’s trade secrets. It also comes just a few weeks after Uber revealed it will begin using driverless cars from General Motors’ beleaguered Cruise robotaxi service next year in U.S. cities still to be determined.

Biden is taking on cheap products from China. It could mean higher prices

WASHINGTON (AP) — The Biden administration is cracking down on the cheap products sold out of China by companies such as Temu and Shein. It expands a push to reduce dependence on Beijing and bolster homegrown industry but could lead to higher prices for U.S. consumers and small businesses. President Joe Biden’s proposed rule declares that foreign companies can’t avoid tariffs simply by shipping goods that they claim to be worth $800 or less. Sellers mainly from China have used the so-called de minimis exemption to flood the U.S. market, shipping dresses, shoes, toys and bags directly to American shoppers in small packages. The U.S. government says the exemption also makes it harder to block banned imports like fentanyl and synthetic drug content.