Wall Street down … Keystone pipeline restarted … Deal struck to rescue British Steel
NEW YORK (AP) – Stocks are falling in early trading on Wall Street today as traders look for clarity on where things stand with trade talks between the U.S. and China. At 10:33 a.m. Eastern Time, the S&P 500 was down 9 points, to 3,084. The Dow was down 109 points, to 27,523. And the Nasdaq was down 21 points, to 8,454. There is no trading in U.S. Treasurys due to the Veterans Day holiday.
BISMARCK, N.D. (AP) – The Keystone pipeline has been restarted nearly two weeks after it leaked an estimated 383,000 gallons (1.4 million liters) of oil in North Dakota. TC Energy says the pipeline “returned to service” Sunday after approval of a repair and restart plan by the U.S. Pipeline and Hazardous Materials Safety Administration. The agency ordered the company last week to keep the pipeline shut down until corrective action was taken, including sending an affected portion of the pipe to an independent laboratory for testing.
LONDON (AP) – Britain’s Insolvency Service is confirming that a deal has been struck to rescue British Steel, potentially safeguarding some 4,000 jobs. The government hasn’t released details on the acquisition of the company by Jingye (jing-yeh) Steel. The BBC reported earlier today that an agreement in principle had been made for a 70 million-pound ($90 million) deal with the Chinese industrial company.
LONDON (AP) – The British economy has avoided falling into recession in the third quarter of the year, but annual growth is running at a near-decade low rate as a result of ongoing uncertainty related to Britain’s departure from the European Union and a subdued global backdrop. Figures from the Office for National Statistics show that the economy grew by a quarterly rate of 0.3%.
CAPE CANAVERAL, Fla. (AP) – SpaceX has launched 60 mini satellites, the second batch of an orbiting network meant to provide global internet coverage. The Falcon rocket blasted off today from Cape Canaveral, Florida. The compact flat-panel satellites – just 575 pounds (260 kilograms) each – will join 60 launched in May. SpaceX founder Elon Musk wants to put thousands of these Starlink satellites in orbit, to offer high-speed internet service everywhere. He plans to start service next year in the northern U.S. and Canada.