The U.S. and U.K.’s decision to hit back at Houthi militants has only escalated the chaos across the shipping industry, underscoring the threat of an enduring supply-chain crisis as vessels navigate the crucial trade route.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness
Drop in Panama Canal traffic due to severe drought could cost up to $700 million
One of the most severe droughts to ever hit the Central American nation has stirred chaos and caused a traffic jam of vessels.
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Posted inBusiness, News
Frigid weather can cut electric vehicle range and make charging tough. Here’s what you need to know
Experts acknowledge that cold weather can be hard for EVs, but they say with some planning and a little adjustment, owners should be able to travel pretty much as normal.
Posted inBusiness, Nation & World, News
Retail sales up strongly in December as Americans continue to spend
Economists had expected consumers to pull back on spending in the final 3 months of the year under the weight of credit card debt and delinquencies and lower savings.
Posted inBusiness, Local & State
Could passenger rail service be coming to central Maine? State lawmakers are pushing for it.
Proposal calls to connect Waterville, Lewiston, Auburn and Bangor to Portland
Posted inBusiness
Overdraft fees could drop to as low as $3 under new Biden proposal
Under the proposed rule, banks could only charge customers what it would cost them to break even on providing overdraft services.
Posted inBusiness, Local & State, News
Hundreds of waterfront businesses to seek storm-related disaster relief
Fishing infrastructure, such as docks and roads, was damaged or wiped out up and down the coast by the 2 powerful storms that slammed Maine last week, and damages are likely to reach millions of dollars.
Posted inBusiness, Nation & World, News
Banks prepare to fight proposed curbs on overdraft fees
While banks have drastically cut back on overdraft fees in the past decade, the nation’s biggest banks still take in roughly $8 billion in overdraft fees every year.
Posted inBusiness, Nation & World, News
Provider of faulty software apologizes to hundreds of UK postal managers wrongly prosecuted
Fujitsu said it was long aware that its software had bugs. The flaws led to the wrongful conviction of hundreds of Post Office branch managers across the UK.
Posted inBusiness, Uncategorized
Banks prepare to take on the Biden administration over billions of dollars in overdraft fees
The Consumer Financial Protection Bureau is expected to propose rules this week that further rein in banks’ ability to charge customers a fee when they overdraw their bank account.