Business News

Congressional leaders announce an agreement on spending levels, a key step to averting shutdown

WASHINGTON (AP) — Congressional leaders have reached an agreement on overall spending levels for the current fiscal year that could help avoid a partial government shutdown later this month. House Speaker Mike Johnson is hailing the agreement in a letter to colleagues as “the most favorable budget agreement Republicans have achieved in over a decade.” President Joe Biden says the agreement is one step closer “to preventing a needless government shutdown and protecting important national priorities.” Lawmakers needed an agreement on overall spending levels so that appropriators could write the bills that set line-by-line money for agencies. Funding is set to lapse Jan. 19 for some agencies and Feb. 2 for others.

Boeing jetliner that suffered inflight blowout was restricted because of concern over warning light

PORTLAND, Ore. (AP) — A federal official says the Boeing jetliner that suffered an inflight blowout over Portland, Oregon, was not being used for flights to Hawaii after a warning light that could have indicated a pressurization problem lit up on three different flights. Alaska Airlines decided to restrict the aircraft from long flights over water so the plane could land quickly if the warning light reappeared. Aviation officials also have found the chunk of the fuselage that was expelled from the aircraft. More than 140 Boeing planes are grounded while the airlines await instructions on how to inspect them. The depressurized jet with 171 passengers and six crew returned safely with no serious injuries Friday night.

What to know about the Alaska Airlines 737 Max 9 jet that suffered a blowout

NEW YORK (AP) — An emergency landing by an Alaska Airlines jetliner has prompted U.S. federal authorities to ground some Boeing 737 Max aircraft, adding another episode to the troubled history of Boeing’s Max lineup of jets. The National Transportation Safety Board has begun an investigation that is likely to last months and focus on the paneled-over exit door that blew off Friday night. The FAA has grounded Boeing Max 9 operated by U.S. airlines or flown into the country that have those so-called door plugs are installed. While the Max aircraft has been plagued with problems, none of the previous incidents are related to the blowout the caused Friday’s emergency landing. Aviation experts say such blowouts are exceedingly rare in air travel.

Yellen says 100,000 firms have joined a business database aimed at unmasking shell company owners

WASHINGTON (AP) — Treasury Secretary Janet Yellen is announcing that 100,000 businesses have signed up for a new database that collects ownership information on firms intended to help unmask shell company owners. Yellen says the database will send the message that “the United States is not a haven for dirty money.” She also says Treasury is considering boosting rules related to commercial real estate transactions. Treasury says illicit actors laundered at least $2.3 billion through U.S. real estate between 2015 and 2020. Yellen on Monday is visiting Treasury’s Financial Crimes Enforcement Network in Virginia to discuss the initiative.

Insider Q&A: How wedding planners are adjusting for Gen Z nuptials

Tim Chi, the CEO of The Knot Worldwide, attended eight weddings in the year leading up to his own 2005 nuptials. After seeing all that stress and emotion firsthand, he started thinking about ways to make wedding planning easier. The company now connects more than 4 million couples to 850,000 wedding vendors each year. It operates in 16 countries and also runs The Bump website for new parents and The Bash for party planning. In 2022, it reported record revenue of $400 million.

Stock market today: Most of Wall Street climbs, while Boeing and crude oil prices tumble

NEW YORK (AP) — Most of Wall Street is rising Monday as yields ease in the bond market. The S&P 500 was 0.5% higher Monday, and the Nasdaq composite was up 1.1% with Big Tech stocks leading the way. The Dow was lagging with a loss of 57 points. Boeing was dragging it lower after one of its jets suffered an inflight blowout. Oil-and-gas companies were also weak after crude tumbled roughly 4%. Delta Air Lines, JPMorgan Chase and UnitedHealth will help kick off earnings reporting season later this week. The expectation is for another quarter of growth. The government also reports inflation data Thursday.

Supreme Court denies Alaska’s bid to revive the copper and gold Pebble Mine proposal blocked by EPA

WASHINGTON (AP) — The Supreme Court has rejected Alaska’s bid to revive a proposed copper and gold mine that was blocked by the Environmental Protection Agency. The justices did not comment Monday in turning away Alaska’s attempt to sue the Biden administration directly in the high court over its desire to revive the proposed Pebble Mine in the state’s Bristol Bay region. A year ago, the EPA stopped the mine proposal, citing concerns with potential impacts on a rich aquatic ecosystem that supports the world’s largest sockeye salmon fishery. Alaska still can try to reverse the decision, starting in a lower court and appealing any unfavorable decisions to the Supreme Court.

White House infrastructure czar Landrieu leaving job and expected to make case for Biden reelection

WASHINGTON (AP) — White House infrastructure coordinator Mitch Landrieu is leaving his post after two years and is expected to help push publicly for President Joe Biden’s reelection. The Democratic president tasked the former New Orleans mayor with setting up a system to spend more than $1 trillion over the coming years on roads, bridges, sewer systems and other projects tied to the 2021 bipartisan infrastructure law. Landrieu wants to work to help Biden win a second term. Landreiu also plans to work in the private sector promoting clean energy. Landrieu is among the Biden loyalists who could one day aspire to the Oval Office.

With each strike, fears grow that Israel, the US and Iran’s allies are inching closer to all-out war

In the last week alone, an Israeli airstrike has killed a Hezbollah commander in Lebanon, Hezbollah struck a sensitive Israeli base with rockets and Israel killed a senior Hamas militant with an airstrike in Beirut. Each strike and counterstrike increases the risk of the catastrophic war in Gaza spilling across the region. There are fears that any party could trigger a wider war if only to avoid appearing weak in the decades-old standoff pitting the U.S. and Israel against Iran and allied militant groups. As the intertwined chess games grow more complicated, the potential for miscalculation rises.

First US lunar lander in more than 50 years launched but develops problem on way to moon

CAPE CANAVERAL, Fla. (AP) — The first U.S. lunar lander in more than 50 years is on its way to the moon. The private lander from Astrobotic Technology blasted off Monday from Cape Canaveral, Florida, catching a ride on United Launch Alliance’s brand new rocket Vulcan. About seven hours after the launch, the company said the lander’s solar panel wasn’t properly pointed toward the sun to generate power and it was investigating the issue. Astrobotic aims to be the first private company to successfully land on the moon, something only four countries have accomplished. Another company also has a lander ready to fly, and could beat it to the lunar surface.