The S&P 500, the benchmark for many index funds in 401(k) accounts, edged up 0.2 percent Friday, but it still lost 5.8% for the week, its 10th weekly loss in the last 11.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness, Nation & World
China launches high-tech aircraft carrier in naval milestone
The Type 003 ship’s capabilities are thought to rival those of Western carriers, as Beijing seeks to turn its navy, already the world’s largest, into a multi-carrier force.
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Posted inBusiness, Maine
Economist: May decline in Maine’s workforce likely a seasonal blip
The state lost 2,900 jobs in May, probably the outcome of a changeover in the seasonal workforce from winter recreation to summer tourism.
Posted inBusiness, Maine
Mills administration pledges $15 million to improve public building efficiency
A new initiative aims to help public schools, municipalities and tribal governments make energy efficiency improvements and reduce their costs.
Posted inBusiness, Nation & World
Towns near Yellowstone fear impact of lost tourism season
That draining of visitors has become a major concern for businesses in towns such as Gardiner and Red Lodge that lead to Yellowstone’s northern entrances and rely on tourists passing through.
Posted inBusiness, Maine
Maine makes new push to revitalize former Loring Air Force Base
The governor’s office says priorities for the center include transportation equipment, aerospace industries, energy operations and agricultural and wood products.
Posted inBusiness, Nation & World
Wall Street tumbles on fears for economy as more rates rise
It fell with stocks across Europe after central banks there followed up on the Federal Reserve’s big interest-rate hike on Wednesday.
Posted inBusiness, Nation & World
Musk aims to ease concerns in address to Twitter workers
The Tesla CEO, according to multiple news reports, also addressed possible layoffs at the social platform, saying that, right now, ‘costs exceed revenue. That’s not a great situation.’
Posted inBusiness, Nation & World
Fed’s aggressive rate hikes raise likelihood of a recession
Economic history suggests that growth-killing rate hikes could be necessary to finally control inflation, and typically, that is a prescription for a recession.
Posted inBusiness, Nation & World, News
Production at bedeviled baby formula factory halted by storm
Abbott says it needs to assess damage and re-sanitize the factory after severe thunderstorms and heavy rains swept through southwestern Michigan late Monday.