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By late July, 17 air traffic controllers will be expected to trade in their headsets, walk out of their aging workplace on Long Island and report to a new office in Philadelphia, part of a plan to address a long-running problem with recruiting enough controllers to manage the skies around New York. Despite the hefty incentives they have been offered to go along, the workers — unwilling to uproot themselves and their families — are balking at the move, and some powerful members of Congress are helping them fight back. In a blistering letter sent to the Federal Aviation Administration last week, a group of New York lawmakers, including Senator Chuck Schumer, a Democrat and the majority leader, demanded that the agency abandon plans to force the employees’ relocation this summer. The move places undue hardship on those workers, legislators argued. The “forced reassignments” by the F.A.A., Mr. Schumer and his colleagues wrote, are “both confusing and outrageous.” The controllers say their family lives would be disrupted, citing new marriages, disabled children and elderly parents they care for.
Persons: Chuck Schumer, reassignments ”, Schumer Organizations: Federal Aviation Administration, Democrat Locations: Long, Philadelphia, New York
Read previewOwning a home is a key element of the American dream, yet it's become an unattainable fantasy for many people, Janet Yellen said. At the same time, the 30-year fixed mortgage rate has surged from around 3% at the end of 2021 to around 7%. As a result, Yellen said that buying a first home is "almost prohibitively expensive." Prospective sellers are holding off on listing their properties because they're unwilling to give up the dirt-cheap mortgage rate they secured years ago. AdvertisementBiden has also proposed a one-year tax credit of up to $10,000 for middle-class families that sell their starter home to someone who'll live in it.
Persons: , Janet Yellen, Yellen, Biden Organizations: Service, Treasury, Business, Federal Reserve, White House, Tax, stoke
Mortgage holders are shelling out a record $2,800 on average to cover their monthly payments. The median monthly mortgage payment has jumped 11% over the past year to hit $2,775 for the four weeks ended April 14, Redfin data shows. The average 30-year fixed mortgage rate spiked to a five-month high of 7.4% this week, per Mortgage News Daily. That has driven 30-year mortgage rates from about 3% at the start of 2022 to more than 7%, which has caused monthly mortgage payments to spike. The result is that consumers face a double-whammy of painful price increases and steeper monthly interest payments.
Persons: , Barbara Corcoran, Bill Pulte Organizations: Service, Mortgage
Merchan didn't hit Blanche as hard as a federal judge in Manhattan has hit Trump lawyer Alina Habba for her lawyering. During the E. Jean Carroll defamation trial in January, Judge Lewis Kaplan bench-slapped Habba 14 times during a single day of testimony. "Please direct me to the portion of the original gag order, or the subsequent gag order, where it makes any exception if Mr. Trump feels he is under attack. The judge told Blanche to file a response, in writing, explaining why Trump should not be held in contempt for violating the gag order. The judge paused, then added, with some sarcasm, "I don't recall inserting that anywhere in either gag order."
Persons: , Juan Merchan, Donald Trump's, — Trump's, Todd Blanche, Merchan didn't, Blanche, Alina Habba, Jean Carroll, Lewis Kaplan, Joshua Steinglass, blanch, I've, Merchan, Blanche's, Trump, Donald Trump, Susan Necheles, Timothy A, Clary, — Michael Cohen, Stormy Daniels, Daniels, Cohen, Chris Conroy, Conroy, Trump's, snarked, — Merchan, meekly, Emil Bove, Jabin, — Blanche, Jack Smith, didn't, Steinglass, incredulously Organizations: Service, Business, Reuters, Former U.S, Manhattan Criminal, Justice Locations: New, Manhattan, Trump's, balking, New York City, New York, New York County
Taiwan's 7.2-magnitude earthquake has drawn seemingly friendly messages on China's social media. But they're also indicative of China's ambitions for Taiwan, and what Chinese people think of the island. AdvertisementA 7.2-magnitude earthquake that hit Taiwan on Wednesday morning prompted a wave of concerned messages on mainland China's social media, diverting from the usual hostile rhetoric toward the self-governed island. Like many of China's social media platforms, Weibo is heavily censored and moderated. However, kinetic conflict is still widely viewed on social media as only one of several options for unification.
Persons: they're, , Fabian Hamacher, Xi Jinping, Zhang Yongjin, Xi Organizations: Service, Wednesday, Reuters, REUTERS, Business, Taiwan, People's Liberation Army, PLA, Getty, Observers Locations: Taiwan, Hualien, New Taipei City, Weibo, Beijing, China, Shiyuan Township, Jishishan County, Gansu Province, Xinhua, Sichuan, Taipei
Read previewCopying the way mortgages work in countries such as Canada and the UK could help thaw the frozen US housing market, experts say. Prospective buyers are also balking at paying such high mortgage rates, especially when national home prices are near record levels, fueling an affordability crisis. AdvertisementOffering portable mortgages would enable hesitant sellers to keep their rock-bottom mortgage rates when they move, potentially boosting overall inventory and transaction volumes. She suggested the best fix for the frozen housing market will be if inflation cools, the Fed cuts interest rates, and mortgage rates fall to historical norms. Fannie Mae and Freddie Mac, the government-sponsored enterprises that direct the mortgage market, would have to be on board to make mortgage portability a reality, but that doesn't appear to be the case.
Persons: , Julia Fonseca, Fonseca, Richard Martin, University of Georgia's Terry, Susan Wachter, Wachter, Fannie Mae, Freddie Mac Organizations: Service, Business, University of Illinois, University of Georgia's, University of Georgia's Terry College of Business, The Wharton School, Federal Reserve, Federal Housing Finance Agency, American Banker Locations: Canada, University of Illinois Urbana, Champaign, conservatorship
First American's chief economist told Fortune that lower mortgage rates will cool price growth. First American chief economist Mark Fleming told Fortune that the pace of price growth has likely topped out because mortgage rates are poised to decline this year. The hikes fueled an increase in 30-year mortgage rates to more than 8% in October — a two-decade high. AdvertisementLower mortgage rates promise to boost demand, as buyers will be able to afford more expensive homes once again. "Shark Tank" investor Barbara Corcoran disagreed, predicting they would pop by 15% or 20% once mortgage rates dropped to about 5%.
Persons: Fortune, , Mark Fleming, Sellers who'd, they'd, Fleming, Elon Musk, Barbara Corcoran Organizations: Service, First, Business
AdvertisementThe Federal Reserve is worried about expensive stocks and homes, sinking office prices, shaky banks, and cash-strapped consumers. The S&P 500 soared to record highs this year as investors bet that the Fed will conquer inflation and start cutting rates within months, pushing stocks higher and staving off a recession. Fed economists said during their latest meeting that the value of multi-family homes, offices, and other commercial real estate could decline further. AdvertisementThe commercial real estate sector certainly faces a raft of headwinds. But its experts are clearly concerned about lofty stocks and home values, further commercial real estate fallout, vulnerable banks, and struggling consumers as potential threats to a soft landing.
Persons: They've Organizations: New, New York Community, Silicon Valley Bank Locations: New York, Silicon
Mortgage rates rise for the third week in a row to 6.9%
  + stars: | 2024-02-22 | by ( Anna Bahney | ) edition.cnn.com   time to read: +3 min
Washington, DC CNN —Mortgage rates climbed for the third week in a row, inching closer to 7%. Mortgage rates have been making smaller moves over the past two months, after coming down from last year’s high, 7.79%, reached in October. Historically, Khater said, the mix of a strong economy and higher rates didn’t meaningfully impact the housing market. “In essence, Federal Reserve officials are seeking more concrete evidence of sustained improvement in inflation before making any changes,” she said. “The recent increase in mortgage rates has the potential to slow the market by disrupting the plans of many buyers, especially in a market where a significant number of consumers are anticipating lower mortgage rates, not higher,” said Xu.
Persons: Freddie Mac, who’ve, , , Sam Khater, Freddie Mac’s, Khater, Jiayi Xu, Powell’s, Xu Organizations: DC CNN —, Federal Reserve, Realtor.com, Federal, Mortgage, Association Locations: Washington
Linda arrived in New York City “in precisely the clothes I described.” At the airport, she glanced around, searching the throngs of people. Linda PorterThe dark-haired, mustachioed man “was George,” Linda soon realized. An introduction to New York CityLinda arrived in New York City excited to embark on a new chapter. Courtesy G. Porter and Dr. L. M. PorterLike Linda, George Porter was also a New York City transplant. Newly married, Linda – who took George’s name, becoming Linda Porter – returned to the US, once again landing in JFK airport.
Persons: John F, Linda Ford, Linda wasn’t, ” Linda, Linda, she’d, – she’d, , , George, John Rooney, George Porter, , who’d, they’d, Linda Dean, I’d, Linda Porter, Jean, Claude, Frenchman, ” Jean, “ George, New York City Linda, Porter, ” “, ” George, Linda –, he’d, “ Linda, George “, he'd, It’s, Penny, Patty, – “, Linda’s, George’s, Here's George, Porter “, we’d, Linda Porter –, Linda weren’t, , Max Burnell, CNN George, I’m, “ Jean Organizations: CNN, Kennedy International Airport, City University of New, CNN Travel, Kennedy International, JFK, Air, Air France, New, Riverside Park, Yorker, Atlantic Locations: JFK, City University of New York, United States, England, Paris, York City, “ New York, New York City, Air France, Southern, New York, Manhattan, Arkansas, George, Europe, , Linda’s, midtown, NYC, Staten, of, Central Park, West Coast, “ But New York, Sevenoaks, Kent, Riverside, New Jersey, Switzerland
Trump Wins Nevada Primary Custom Built for Him
  + stars: | 2024-02-08 | by ( Susan Milligan | Feb. | At P.M. | ) www.usnews.com   time to read: +2 min
With 1% of the vote in, the Associated Press called the race for Trump, who had 98% of the vote, his most lopsided victory to date. The feat was made easier by the fact that his only competition was a nominal opponent who doesn't even register in GOP primary polling. Nikki Haley, wasn't on the ballot for Thursday's caucuses, instead opting to compete earlier this week in a primary where no delegates were awarded. Trump's only competition Thursday was Texas businessman and pastor Ryan Binkley, who had 2% of the vote when Trump was declared the winner. But it was a signal to Haley that a substantial chunk of Nevada Republicans wanted her out of the race to clear the path for Trump.
Persons: Donald Trump, Trump, Ron DeSantis, Sen, Tim Scott of, Vivek Ramaswamy –, Nikki Haley, wasn't, Ryan Binkley, Haley, balking Organizations: Nevada Republicans, Associated Press, Trump, Florida Gov, South Carolina Gov, Donald Trump View, Republican Party, Republican National Convention Locations: Nevada, Tim Scott of South Carolina, Texas, South Carolina
Senate Democrats are planning to make a last-ditch effort on Wednesday to salvage an aid bill for Ukraine and Israel, with Republicans expected to kill a version of the package that includes stringent border security measures that they had demanded be included. Senator Chuck Schumer of New York, the majority leader, has told his Democratic colleagues that after a critical test vote set for early Wednesday afternoon, in which Republicans are expected to block the border and Ukraine package, he plans to quickly force a vote on a stand-alone bill that would send tens of billions of dollars in funding to Kyiv and Israel. A bipartisan group of senators had spent months negotiating a compromise that paired a crackdown against migration into the United States with an emergency national security spending package that has been stalled for months. But with Republicans balking at the immigration deal, the outcome of that vote was clear: It did not have the 60 votes it needed to advance. Anticipating its failure, Mr. Schumer told the White House this week that he had a Plan B: If Republicans scuttled the bipartisan agreement, he would immediately seek to push through the foreign aid without the border deal, according to a Democratic aide who spoke on the condition of anonymity to describe the discussions.
Persons: Chuck Schumer, balking, Schumer Organizations: Democratic, Republicans Locations: Ukraine, Israel, New York, Kyiv, United States
CEO Carlos Tavares says the company's new large platform is flexible enough to handle batteries and electric motors, gas-electric hybrids and internal combustion engines. The company can also build midsize to large vehicles on those underpinnings, including sedans, crossover vehicles, SUVs and even off-road Jeeps. Electric vehicle sales growth is already slowing in many countries with consumers balking at the added cost as well as limited range and too few charging stations. On Friday, Ford said it was cutting production of the F-150 Lightning electric pickup after weaker-than-expected electric vehicle sales growth. A midsize vehicle platform announced by the company last year has similar flexibility, the company said.
Persons: , Carlos Tavares, Tavares, EVs, balking, Ford, Donald Trump, Stellantis, Alfa Romeo, Maserati, " Tavares, It's Organizations: Service, Business, EVs, Dodge, Chrysler, Alfa Locations: U.S, North America
CEO Carlos Tavares says the company's new large platform is flexible enough to handle batteries and electric motors, gas-electric hybrids and internal combustion engines. The company also can build midsize to large vehicles on those underpinnings, including sedans, crossover vehicles, SUVs and even off-road Jeeps. On Friday, Ford said it was cutting production of the F-150 Lightning electric pickup after weaker-than-expected electric vehicle sales growth. Stellantis said vehicles built off the new large platform will be built at multiple North American and European factories. A midsize vehicle platform announced by the company last year has similar flexibility, the company said.
Persons: Carlos Tavares, Tavares, EVs, ” Tavares, balking, Ford, Donald Trump, , , Stellantis, Alfa Romeo, Maserati, It's Organizations: DETROIT, EVs, Dodge, Chrysler, Alfa Locations: U.S, North America
A plan for a "mega" Chick-fil-A store in Tennessee is the latest project to encounter backlash from locals concerned about the fast-food chain's frequently crowded drive-thrus lines. In Collierville, Tennessee, Chick-fil-A has proposed replacing a 23-year-old 3,950-square-foot restaurant with a larger one to accommodate the growing consumer demand. Chain reps are billing the proposed 6,110-square-foot restaurant as the "latest greatest prototype Chick-fil-A has" in its system. Chick-fil-A said the bigger restaurant, proposed for an empty lot about a half-mile down the road, is expected to contain cars within two double drive-thru lanes that wrap the restaurant. It also has plans to build an elevated restaurant that has four drive-thru lanes that flow below the store.
Persons: , Brent Edmiston, Woody Reid, Edmiston, Raymond Descheneaux, Chick, Jennifer Casey Organizations: Service, Business Locations: Tennessee, Collierville , Tennessee, Collierville, City, Poplar, Colliersville, North Carolina
While another third (32%) said they have not made the spending decision, only 13% said they would not be acquiring similar gen AI capabilities. Microsoft has pointed to customers including Visa, BP, Honda and Pfizer using Copilot, and professional services firm partners on Copilot AI including Accenture, EY, KPMG, and PwC. And even amid the hype, it's important to keep in mind that as gen AI spending grows, it is still dwarfed by companies' cybersecurity budget needs. That means roughly $5 will be spent on security for every dollar spent on gen AI. But it's growing, and for now at least, when it comes to the billions in gen AI spending, Microsoft is in the pole position.
Persons: Dan Ives, Google Bard, Satya Nadella, Sam Altman, Altman, Jason Wong, Wong, Joe Atkinson, That's, Copilot, It's, Gartner, it's, Will, John Lovelock Organizations: Microsoft, Wedbush Securities, " Enterprises, Google, CNBC Technology, Survey, Gartner, Visa, BP, Honda, Pfizer, Accenture, EY, KPMG, CNBC, CNBC TEC, SAP, Adobe, Amazon Web, Meta, SharePoint Locations: San Francisco , California, U.S, Copilot, Salesforce, that's
Airline investors have reason to grab the barf bag
  + stars: | 2023-12-04 | by ( Jonathan Guilford | ) www.reuters.com   time to read: +3 min
NEW YORK, Dec 4 (Reuters Breakingviews) - Lately, when airlines suggest a thrilling deal, investors are left feeling queasy. Look at Alaska Air (ALK.N), whose shares cratered 15% on Monday after announcing the acquisition of struggling Hawaiian (HA.O). As happened when first Frontier (ULCC.O) and JetBlue Airways (JBLU.O) bid for Spirit Airlines (SAVE.N) in 2022, though, the buyer’s shareholders are balking. But it suggests that, by tying up, smaller airlines risk combining their woes. The deal comes as a lawsuit by the Department of Justice looking to block the merger of Spirit Airlines and JetBlue Airways heads to closing arguments on Dec. 5.
Persons: they’ll, trustbusters, nix, Pete Buttigieg doesn’t, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, Alaska Air, JetBlue Airways, Spirit Airlines, Department of Transportation, of Justice, Department of Justice, Thomson Locations: Lahaina, Maui, Alaska, Hawaii
Israel is the top recipient of U.S. military aid over time. Trying to attach strings to U.S. aid to Israel isn't unheard of, for Congress or for U.S. presidents. But when Biden told reporters on Nov. 24 he thought conditioning military aid to Israel was a “worthwhile thought,” it helped the proposal gain traction among administration-friendly Democratic senators. They say existing U.S. law already mandates that countries receiving U.S. military aid heed human rights concerns. No matter what, "we’re going to do a robust aid package for Israel," said Sen. Tim Kaine, a Virginia Democrat.
Persons: Israel, Sen, Bernie Sanders, Joe Biden’s, Benjamin Netanyahu’s, ” Sanders, Sanders, , that’s, , that's, , Gaza , Maryland Democratic Sen, Chris Van Hollen, Van Hollen, Biden, Antony Blinken, Ronald Reagan, Jake Sullivan, Tim Kaine, it’s, Gazans, Stephen Groves Organizations: WASHINGTON, Democratic, Lawmakers, White, Russia, U.S, Gaza , Maryland Democratic, Associated Press, Democrats, Hamas, haven't, Virginia Democrat Locations: Israel, Gaza, Vermont, United States, Ukraine, Gaza , Maryland, Virginia
An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. But the extent of the political and economic jitters merely mirrors other signs of a long-term China exit well beyond portfolio flows. Earlier this month, China recorded its first-ever quarterly deficit in "bricks and mortar" foreign direct investment (FDI). What's more, a multi-year aversion to China investments then risks colliding with deteriorating long-term economic growth dynamics - heightened by rising youth unemployment and dire demographics. Despite some recent upgrades of China growth forecasts, yet another business survey this week raised red flags.
Persons: Aly, Gina Raimondo, Nicholas Lardy, Xi, Lardy, What's, Morgan Stanley, Morgan Stanley's, Mike Dolan, Paul Simao Organizations: REUTERS, Official Monetary, Financial, Reuters, . Commerce, Peterson Institute for International Economics, Thomson Locations: Shanghai, Shenzhen, China, OMFIF, Europe, North America, India, Brazil, Beijing, U.S, Washington, San Francisco
Airbus raises A350 output goal as core Q3 profits rise
  + stars: | 2023-11-08 | by ( Tim Hepher | ) www.reuters.com   time to read: +2 min
[1/2] A Airbus A350 aircraft during a display at the Farnborough International Airshow, in Farnborough, Britain, July 20, 2022. The world's largest planemaker said it was aiming to return to pre-COVID levels of 10 A350 jets a month in 2026, up from a previous goal of nine a month by end-2025. Adjusted operating earnings came in at 1.013 billion euros ($1.08 billion) in the quarter, up 21%, as revenues rose 12% to 14,897 billion. Analysts expected earnings of 1.142 billion euros on revenues of 15.098 billion, according to a company-compiled consensus. Production on the company's main profit-generating programme the Airbus A320 family, is "progressing well" towards a previously announced target of 75 a month in 2026, Airbus said.
Persons: Peter Cziborra, Tim Hepher, Matt Scuffham, Sharon Singleton Organizations: Airbus, Farnborough, REUTERS, Rights, Industry, Thomson Locations: Farnborough, Britain
New York CNN —Thinking of skimping on a DoorDash tip? The message is just a test, DoorDash spokesperson Jenn Rosenberg told CNN in an email. DoorDash, along with other third-party delivery providers, has opposed efforts to create a minimum wage for delivery drivers. Federally, the tipped minimum wage is just $2.13 per hour (some states have higher minimums). Employers are required to make up the difference if tips don’t bring workers up to the federal minimum wage.
Persons: Jenn Rosenberg, we’re, , ” Rosenberg Organizations: New, New York CNN, DoorDash, CNN, Employers Locations: New York
GM said it was disappointed by the UAW strike at Spring Hill and that it still seeks "to reach an agreement as quickly as possible." Spring Hill Manufacturing, an assembly and propulsion plant, is the largest GM facility in North America with nearly 4,000 total employees. A lengthy Spring Hill strike could greatly increase the financial pain for GM, which said in a filing earlier this week that strike costs had risen to $400 million a week. Moments before employees walked out in Tennessee, the UAW said it reached a tentative labor agreement with Chrysler parent Stellantis (STLAM.MI). The UAW previously struck GM assembly plants in Missouri and Michigan as well as 18 parts distribution warehouses.
Persons: Rebecca Cook, Shawn Fain, Stellantis, ” Fain, David Shepardson, Joseph White, Cynthia Osterman Organizations: General Motors, REUTERS, United Auto Workers, UAW, GM, Ford, Manufacturing, Chrysler, Ford Motor, Thomson Locations: Detroit , Michigan, U.S, Spring Hill , Tennessee, Spring, North America, Fort Wayne , Indiana, Silao, Mexico, Bowling Green , Kentucky, Ramos Arizpe, Fairfax , Kansas, Arlington , Texas, Wentzville , Missouri, Tennessee, Missouri, Michigan
Representative Jim Jordan was brought down by the revolt of the rule followers. They believed that installing Mr. Jordan, a hard-right Ohioan and political brawler, would reward colleagues who had played dirty in unseating Speaker Kevin McCarthy and undermining the candidacy of Representative Steve Scalise of Louisiana. It particularly galled them that Mr. Scalise, the No. 2 Republican, defeated Mr. Jordan, the chairman of the Judiciary Committee, in the initial party vote to choose a replacement for Mr. McCarthy only to then watch Mr. Jordan’s allies immediately pivot to denying Mr. Scalise the speakership on the floor. The anti-Jordan lawmakers then found themselves under a withering social media attack from the right and confronting violent threats against them and their families for balking at voting for Mr. Jordan.
Persons: Jim Jordan, Jordan, Kevin McCarthy, Steve Scalise, Scalise, McCarthy, Jordan’s, , Mario Diaz Organizations: Republican, Committee Locations: Louisiana, Florida
Most of the nation's power lines are above ground because its cheaper to do it that way. But more utilities have been burying power lines in response to bigger and more destructive natural disasters. That fire was started by lightening, not PG&E's power lines, but it is a reminder of the lasting damage that wildfires can cause. The Public Utilities Commission is considering two other plans that would include both burying power lines and using protective coverings. While burying power lines is the most effective way to prevent wildfires, it is not a quick fix.
Persons: , “ We’re, , Patti Poppe, , Gavin Newsom, Poppe, ” Poppe, Critics, Ken Cook, It’s, Matt Baker, ” Baker, we’ve, we’re, Feyla McLeod Organizations: Gas &, California Public Utilities Commission, Gov, Florida Power, Southern California Edison, San Diego Gas &, Associated Press, Environmental, Public Utilities Commission, Reform Network, Office, California, E's, PG Locations: Calif, California, Florida, Southern California, San, Sacramento, San Francisco, Poppe, Paradise, Southern, Northern California
Republican Rep. Lauren Boebert made it clear Ukraine aid will hang over the House speaker race. "For the first time, we saw that Ukraine funding alone does not have a majority of the majority's support," Boebert told Steve Bannon on Friday on his "War Room" show. Boebert was pointing to a vote last week where $300 million to fund Ukraine passed thanks to House Democrats' massive support. The two current leading candidates for House speaker appear to be split on the subject. "We are not going to allow them to leverage our Southern border in Appropriations bills with more funding for Ukraine," Boebert said.
Persons: Lauren Boebert, it's, , Boebert, Steve Bannon, Mitch McConnell, Steve Scalise, Jim Jordan, Jordan Organizations: Service, Ukraine, Republicans, Democrats, Pentagon, Senate Republicans, House, Kiel Institute Locations: Ukraine, Colorado, United States, German, Southern
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