Ripples from Boeing’s 737 Max troubles begin to spread
CHICAGO (AP) — Boeing plans to suspend production of its marquee jet next month in a decision that could ripple across the entire U.S. economy. The company announced Monday that it would stop building the 737 Max starting sometime in January, with no specific date for when the Renton, Washington, plant will be restarted. The decision is an acknowledgement that it will take longer to get the Max back in the air. The ramifications are likely to extend across the aviation and manufacturing sectors. The decision could affect the country’s trade balance.
Ford to add 3,000 jobs in the Detroit area, invest $1.45B
DETROIT (AP) — Ford Motor Co. is adding 3,000 jobs at two factories in the Detroit area. It’s also investing $1.45 billion to build new pickup trucks, SUVs, and electric and autonomous vehicles. The company says about $750 million will go the Michigan Assembly Plant in the Detroit suburb of Wayne. The factory will get 2,700 new jobs during the next three years. Another $700 million will be invested in the truck plant in Dearborn, where 300 new jobs will be added. Hiring will begin next year.
Why some cities and states balk at face recognition tech
SPRINGFIELD, Mass. (AP) — Police departments around the U.S. want to convince citizens that facial recognition software should be another handy tool in their crime-fighting toolbox. But some lawmakers — and even some technology giants — are hitting the brakes. Body camera-maker Axon says it won’t equip police cameras with face-scanning software because the risks of error are too great. Microsoft has declined a California police agency’s request to use its facial recognition software because of the technology’s uneven performance across race and gender boundaries. And local officials in cities like Springfield, Massachusetts, are debating whether to ban or limit its use.
House passes $1.4 trillion federal spending bill
WASHINGTON (AP) — The Democratic-controlled House has passed a $1.4 trillion government-wide spending package, handing President Donald Trump a victory on his U.S.-Mexico border fence. It also gives Democrats spending increases across a swath of domestic programs. The 2,371-page legislation calls for $1.4 trillion in federal spending to head off a government shutdown that would otherwise take place this weekend. Democrats and Republicans have been fighting for months over spending priorities. The compromise bill gives both sides some of what they want as well as some of what they don’t want. President Donald Trump is expected to sign the two-bill package.
Some popular tax breaks renewed in big govt funding bill
WASHINGTON (AP) — A raft of expired and expiring tax breaks, including deductions for mortgage insurance premiums and large medical bills, would be renewed under a massive government-wide funding bill approved by the Democratic-controlled House. Also included are extensions of several measures to boost renewable energy sources, such as a wind energy tax credit and a biodiesel credit eagerly sought by soybean growers. The action comes a few days before the second anniversary of passage of President Donald Trump’s massive 2017 tax law. The package of individual and corporate tax cuts that the Republicans muscled through Congress was the most extensive rewrite of the U.S. tax code in three decades.
DOJ sues CVS over ‘stale’ Omnicare prescription refills
NEW YORK (AP) — The federal government is joining a legal fight against CVS Health that accuses its troubled Omnicare business of routinely filling prescriptions that had expired or run out of refills. The Department of Justice says in federal court papers that Omnicare’s pharmacies sent drugs to people living in residential facilities based on stale, invalid prescriptions. It accused the company of fraudulently billing government-funded programs like Medicaid and Medicare for drugs dispensed without a valid prescription from 2010 to 2018. A CVS spokesman says the claims have no merit. Omnicare distributes drugs to long-term care and assisted-living facilities across the country.
Employers post more jobs in October in sign of solid economy
WASHINGTON (AP) — U.S. employers posted more job openings in October. It’s a sign the job market remains strong. The Labor Department said Tuesday that the number of available positions rose 3.3% to nearly 7.3 million. That suggests that businesses remain confident enough in the economic outlook to create more jobs. The number of open jobs has declined from a record high of 7.6 million a year ago. But they are still at a historically high level. For roughly a year and a half there have been more job postings than unemployed people.
Slight gains on Wall Street are enough for more record highs
NEW YORK (AP) — Stocks eked out slight gains on Wall Street Tuesday, enough to send major indexes to more record highs. The benchmark S&P 500 had its fifth gain in a row. Banks and companies that rely on consumer spending led the way higher.
The S&P 500 rose 1.07 points, or less than 0.1%, to 3,192.52. The Dow Jones Industrial Average gained 31.27 points, or 0.1%, to 28,267.16. The Nasdaq climbed 9.13 points or 0.1%, to 8,823.36. The Russell 2000 index of smaller company stocks picked up 7.63 points, or 0.5%, to 1,657.56.
The Associated Press