WASHINGTON—The U.S. Federal Aviation Administration said Thursday it will award $2.89 billion to 3,075 airports under a new $1 trillion infrastructure bill signed into law last month. Airports can use funds for runways, taxiways, safety, terminal, airport-transit connections, and roadway projects. The infrastructure law provides $15 billion over five years and the FAA estimates there…
US to Award $2.89 Billion to Airports Under Infrastructure Law
December 17, 2021
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Wall Street Falls After Slide in Big Tech Stocks
December 17, 2021
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Wall Street’s main indexes fell on Friday as big technology-related shares tumbled, reeling from the Federal Reserve’s decision to end its pandemic-era stimulus faster. An announcement from the Fed this week signaling three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation put pressure on heavyweight tech stocks. Growth stocks including…
Delta Air Lines Expects Profit in 2022, Sees Limited Hit From Omicron
December 17, 2021
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Delta Air Lines Inc. said on Thursday it expects to post an annual profit in 2022, as strong domestic holiday bookings helped power its fourth quarter earnings despite fears around the Omicron coronavirus variant. The U.S. airline, however, said Omicron had slowed international bookings as many countries imposed new travel restrictions since the strain was…
Deutsche Bank’s M&A Business in Fourth Quarter Extremely Strong, Executive Says
December 17, 2021
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FRANKFURT—Deutsche Bank’s merger and acquisition advisory business in the United States has been “extremely strong” in the fourth quarter, a bank executive said on Wednesday, adding that he was optimistic for 2022. Once Deutsche’s problem child, the investment bank is the lender’s biggest revenue generator, benefiting from a pandemic-induced trading boom and a wave of…
German Business Morale Dips for Sixth Consecutive Month
BERLIN—German business morale declined for a sixth straight month as Europe’s largest economy feels the effects of supply bottlenecks and COVID-19 restrictions, a survey showed on Friday. The Ifo institute said its business climate index fell to 94.7 in December from a revised 96.6 in November. A Reuters poll of analysts had pointed to a…
Wall Street Opens Lower as Tech Stocks Slide
December 17, 2021
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Wall Street’s main indexes opened lower on Friday as big technology stocks tumbled, reeling from the Federal Reserve’s decision to end its pandemic-era stimulus faster, which pushed investors towards cyclical parts of the market. The Dow Jones Industrial Average fell 97.53 points, or 0.27 percent, at the open to 35,800.11. The S&P 500 opened lower…
FedEx Reinstates 2022 Profit Target, Shares Soar
LOS ANGELES—U.S. delivery firm FedEx Corp. reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits ahead of the peak holiday season when the number of packages it handles often doubles. Shares in the company, which also reported flat year-over-year adjusted profit for the fiscal second quarter, were up…
Industry Group Says Biden’s Plan to Tackle Trucker Shortage Doesn’t Do Enough to Address Key Problem
December 17, 2021
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A representative for an independent truck driver association told Fox Business that the Biden administration’s plan to fix the trucker shortage fails to adequately address the key problem of driver retention. Collin Long, Director of Government Affairs for the Owner-Operator Independent Drivers Association (OOIDA), told Fox in an interview that “the biggest problem, as far…
BOJ Dials Back Pandemic Funding as Global Central Banks Eye Post-COVID Era
December 17, 2021
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TOKYO—The Bank of Japan on Friday dialled back emergency pandemic funding but maintained an ultra-loose policy and extended financial relief for small firms, cementing expectations it will remain among the most dovish central banks for the foreseeable future. BOJ Governor Haruhiko Kuroda said borrowing costs will remain low in Japan even as other central banks…
World Shares Mixed After Tech-Led Retreat on Wall Street
December 17, 2021
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BANGKOK—World shares fell on Friday after technology companies led Wall Street benchmarks lower as investors weighed the implications of higher interest rates, surging coronavirus cases, and tensions between Beijing and Washington. Benchmarks declined in Paris, London, Frankfurt, and Tokyo but rose in Shanghai. U.S. shares dropped a day after the Federal Reserve said it’s preparing…
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