Stocks fall…Pay during boarding…Retirement in bitcoin
NEW YORK (AP) – Stocks fell in afternoon trading as markets remain turbulent amid a busy week of earnings from some of the nation’s biggest companies. Microsoft and Google’s parent company, Alphabet, were among the bigger weights on the market. Both of them will report their latest quarterly results after the closing bell. The S&P 500 fell 2%, The Dow Jones Industrial Average fell 1.7% and the Nasdaq fell 3.1%.
DALLAS (AP) – Delta Air Lines will start paying flight attendants during the time that passengers are boarding. That’s a first for a major U.S. airline. Flight attendants in the U.S. generally don’t begin getting paid until the doors close after boarding. Delta says the change will take effect in June, and it comes on top of pay raises for flight attendants. The pay increase comes as Delta faces another attempt by unions to organize its non-union flight attendants.
MIAMI (AP) – Carnival Corp. will soon get a new CEO at the helm of the cruise line operator. The company said Tuesday that CEO Arnold Donald will step down on Aug. 1 and be replaced by Josh Weinstein, a longtime Carnival executive. Donald has led Miami-based Carnival since 2013, taking it to record profits before the pandemic hit. The 67-year-old Donald is among a relatively small number of Black CEOs at major U.S. corporations. Weinstein is currently Carnival’s chief operations officer, and oversees many parts of the business already.
UNDATED (AP) – Retirement giant Fidelity says it’s launched a way for workers to put some of their 401(k) savings and contributions directly in bitcoin. Fidelity said it’s the first in the industry to allow such investments without having to go through a separate brokerage window, and it’s already signed up one employer that will add the offering to its plan later this year. Fidelity’s offering may be one of just a few for a while, given the substantial concerns about the riskiness of cryptocurrencies. The U.S. government last month warned the retirement industry to exercise “extreme care” when doing something like this.
WASHINGTON (AP) – The Biden administration is scrapping old-fashioned incandescent light bulbs. The aim is to speed an ongoing trend toward more efficient lighting that officials say will save households, schools and businesses billion of dollars a year. Rules finalized by the Energy Department will require manufacturers to sell energy-efficient lightbulbs, accelerating a longtime industry practice to use compact fluorescent and LED bulbs that last 25 to 50 times longer than incandescent bulbs. The Trump administration had slowed an earlier phaseout of incandescents, saying it was targeting rules that burden businesses.