WASHINGTON (AP) — A federal appeals court cleared AT&T’s takeover of Time Warner, rejecting the Trump administration’s claims that the $81 billion deal will harm consumers and reduce competition in the TV industry. The ruling by the U.S. Court of Appeals in Washington came Tuesday in the high-stakes competition case, approving one of the biggest media marriages ever. It was already completed last spring after a federal trial judge approved it.
Fed’s Powell predicts solid but slower growth in 2019
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the U.S. economy should keep growing at a solid but somewhat slower pace this year but he cautions about a number of risks ranging from a global slowdown to volatile financial markets and uncertainty surrounding U.S. trade policy. In delivering the Fed’s semiannual monetary report to Congress, Powell says the Fed will be “patient” in determining when to boost rates in light of the various risks.
Senators draw on own experiences to chastise drug companies
WASHINGTON (AP) — Senators from both political parties put drug company executives on notice that they’ll act to curb high costs, while the CEOs warned that government price controls could jeopardize medical breakthroughs. Tuesday’s Senate Finance Committee hearing marked the first time lawmakers have called top industry executives to account for rising prices. The public accounting is a sign Congress and the White House are moving toward legislation to curb costs.
Elon Musk ordered to tell judge why he’s not in contempt
DETROIT (AP) — A federal judge in New York is giving Tesla CEO Elon Musk until March 11 to explain why he shouldn’t be held in contempt of court. U.S. District Judge Alison Nathan issued the order Tuesday, one day after securities regulators asked that Musk be held in contempt for violating the terms of a settlement agreement.
US housing starts plummeted 11.2 percent in December
WASHINGTON (AP) — The number of homes being constructed in December plunged to the lowest level in more than two years, a possible sign that developers are anticipating fewer new houses to be sold this year. The Commerce Department said Tuesday that housing starts fell 11.2 percent in December from the previous month to a seasonally adjusted annual rate 1.08 million. This is the slowest pace of construction since September 2016.
Macy’s announces multiyear restructuring plan
NEW YORK (AP) — Macy’s is announcing a multiyear money saving restructuring program as the department store released fiscal fourth-quarter results that beat Wall Street expectations. The department store chain said that the program would result in cost savings of $100 million.
Brexit: Parliament to decide between no deal and delay
LONDON (AP) — Britain’s bumpy journey out of the European Union has taken a major turn, as Prime Minister Theresa May handed the steering wheel to Parliament, giving lawmakers the power to slam on the brakes and divert Britain away from a disruptive and disorderly Brexit. May told legislators she would give them three choices: approve the divorce agreement she has struck with the EU, vote to leave the bloc on March 29 without a deal, or ask the EU to delay Brexit by up to three months.
Fiat Chrysler: $4.5B plan would add 6,500 Detroit-area jobs
DETROIT (AP) — Fiat Chrysler says it plans to roughly double its hourly workforce in Detroit as part of a $4.5 billion investment that will add about 6,500 jobs in the city and surrounding suburbs to build all-new or next-generation SUVs. The company said Tuesday it will reopen a shuttered engine plant in the city and convert another in the same complex into a future assembly plant for the Jeep Grand Cherokee and a new, three-row, full-size Jeep SUV and plug-in hybrid models.
US suffers setbacks in effort to ban Chinese tech company
BARCELONA, Spain (AP) — The U.S. government’s fight to ban Chinese tech giant Huawei from next-generation internet networks appears to be flagging. The two sides faced off Tuesday at the world’s biggest mobile technology trade fair, in Barcelona, Spain, where they sought to win over customers and governments. In a blow to the U.S. allegations that Huawei represents a cybersecurity risk, the United Arab Emirates struck a deal with the company for new 5G networks.
US stock indexes end slightly lower after wobbly day
NEW YORK (AP) — U.S. stock indexes capped a day of wobbly trading with slight losses Tuesday, erasing some of their modest gains from a day earlier. The market changed course several times during the day as investors balanced conflicting U.S. economic data and testimony from Federal Reserve Chairman Jerome Powell. Health care, financial and industrial companies took some of the heaviest losses, offsetting gains in technology stocks and retailers.
The S&P 500 dropped 2.21 points, or 0.1 percent, to 2,793.90. The Dow Jones Industrial Average fell 33.97 points, or 0.1 percent, to 26,057.98. The Nasdaq composite slid 5.16 points, or 0.1 percent, to 7,549.30. The Russell 2000 index of smaller companies gave up 11.32 points, or 0.7 percent, to 1,577.48.