New details pending in Boeing plea deal
Prosecutors are expected to give new details next week about Boeing’s plea deal in a case stemming from two deadly crashes of 737 Max jetliners. That’s when the Justice Department hopes to file the agreement with a federal district court in Texas. A key detail of the plea agreement will involve appointment of an independent monitor to oversee safety compliance at Boeing.
Wall Street peak wobbles
NEW YORK — A widespread washout across Wall Street dragged U.S. stocks lower. The S&P 500 fell 0.8% Thursday to pull further from its all-time high set on Tuesday. The Dow Jones Industrial Average sank 1.3% from its own record set a day before, while the Nasdaq composite was 0.7% lower. Apple, Microsoft and other Big Tech stocks once again led the market lower. Unlike much of the last week, Thursday’s losses hit many corners of the market. Smaller stocks, which had been cranking higher after badly lagging their larger rivals, fell more than the rest of the market.
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New rules proposed for paycheck apps
NEW YORK — The Consumer Financial Protection Bureau says apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act. If enacted, a rule proposed by the agency could provide clarity to a fast-growing industry known as Earned Wage Access that has been compared to payday loans. The agency wants borrowers to be able to “easily compare products” and to prevent “race-to-the-bottom business practices.”
Environmentalists, green energy clash
GARDNERVILLE, Nev. — A grand experiment is underway in Nevada where an endangered desert wildflower stands in the way of a mining company’s plans to dig for lithium to help speed production of batteries for electric cars and other green energy projects. Australia-based Ioneer says the mine it wants to dig in the Nevada desert would more than quadruple U.S. production of lithium needed to speed production of electric vehicles and build the batteries needed for other clean electricity projects. Conservationists proclaim their support for world leaders who are trying to tackle climate change by curbing global emissions. But they’re fiercely fighting the mine because it would dig deep into the world’s only known patch of land where the endangered Tiehm’s buckwheat grows.
Jobless benefits claims edge higher
U.S. filings for unemployment benefits rose again last week and appear to be settling consistently at a slightly higher though still healthy level. The Labor Department reported Thursday that jobless claims for the week ending July 13 rose by 20,000 to 243,000, up from 223,000 the previous week. The total number of Americans collecting unemployment benefits rose after declining last week for the first time in 10 weeks. About 1.87 million Americans were collecting jobless benefits for the week of July 6, around 20,000 more than the previous week. That’s the most since November of 2021.
$1.5B railyard expansion gets underway
The Port of Long Beach on Thursday broke ground on a $1.5 billion railyard expansion project that will more than triple the dock’s rail cargo capacity. The project, dubbed “America’s Green Gateway,” will expand the existing railyard and link the port to 30 major rail hubs around the country. It aims to streamline rail operations to reduce the environmental impact, traffic congestion, and air pollution caused by cargo trucks. The Long Beach and Los Angeles ports handle 40% of all shipping containers entering the country.
