It wants to decommission nine ships in the Freedom-class of littoral combat ships – warships that cost about $4.5 billion to build.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness, Nation & World
Yellen calls for crypto regulation to reduce risks, fraud
Surveys show that roughly 16% of adult Americans — or 40 million people — have invested in cryptocurrencies.
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Posted inBusiness, Nation & World
Chanel restricts sales to Russians abroad amid Ukraine war
Fashion insiders say the brand’s decision would not have been easy because they are set to take a financial hit.
Posted inBusiness, Nation & World
Stocks fall, yields rise as Fed details inflation efforts
Investors are keenly focused on Fed policy as the central bank moves to reverse low interest rates and the extraordinary support it began providing for the economy two years ago when the pandemic knocked it into a recession.
Posted inBusiness, Nation & World
Democrats accuse oil companies of ‘ripping off’ Americans on gasoline prices
Industry executives, testifying before Congress for the second time in six months, respond that oil is a global market and that they don’t dictate prices.
Posted inBusiness, Nation & World
Fed signals it will take more aggressive steps to fight inflation
Higher rates from the Fed will increase borrowing costs for mortgages, auto loans, credit cards and corporate loans.
Posted inBusiness, Maine, Nation & World, News
Storms batter aging power grid, including Maine’s, as climate disasters spread
As with much of the nation, Maine’s electrical infrastructure was built decades ago and parts are more than 50 years old, according to the American Society of Civil Engineers.
Posted inBusiness
Stocks fall on Wall Street as tech slips, bond yields jump
Stocks closed lower on Wall Street Tuesday and bond yields jumped as remarks by a Federal Reserve governor fueled expectations on Wall Street that the central bank is prepared to more aggressively raise interest rates and take other steps in a bid to tame surging inflation
Posted inBusiness
Amazon’s first U.S. labor union overcomes hurdles
Outmatched financially, organizers relied on their ability to reach workers personally by making TikTok videos, giving out free marijuana and holding cookouts.
Posted inBusiness, Nation & World, Politics
U.S., allies to ban new investments in Russia
Calls for increased sanctions intensified this week in response to the attacks, killings and destruction in the Ukrainian city of Bucha.