Boeing, the airplane manufacturer, issued a bulletin to airlines worldwide warning of erroneous readings from flight-control software on its planes, after a Lion Air jetliner crashed into the sea soon after takeoff on Oct. 29, killing the 189 people onboard. The Federal Aviation Administration also issued an emergency notice to all operators of Boeing 737 Max 8 and 9 planes. It warned airlines that erroneous sensor inputs such as the one that came into play in Indonesia “could cause the flight crew to have difficulty controlling the airplane,” leading to “possible impact with terrain.”
Tesla named Robyn Denholm, the chief financial officer of an Australian telecom firm, as chair of the electric automaker’s board, the panel that oversees Elon Musk.
Chinese trademark regulators awarded preliminary approval for 16 trademark applications from Ivanka Trump, online Chinese government filings show.
Wells Fargo acknowledged that, because of a miscalculation, it improperly foreclosed on 545 distressed homeowners after they had asked for help with mortgages. Overall, 870 homeowners were denied help for which they qualified — with more than half losing their homes afterward, Wells Fargo said.
Voters in Mountain View, Calif., approved a ballot measure to tax businesses as much as $150 per employee, with millions of dollars expected to be collected from hometown tech giant Google. The initiative, Measure P, could generate as much as $6 million for the city’s general fund, affordable housing services and efforts to ease traffic congestion, according to the Mercury News.
Ford, the legacy automaker from Detroit, bought Spin, a San Francisco-based electric-scooter-sharing company focused on the “last-mile” transportation market. The $40 million purchase means Ford joins companies such as Alphabet, Uber and Lyft — all of which have poured millions of dollars into the upstart e-scooter revolution.
The Federal Reserve opted not to change interest rates but hinted that rates are likely to rise in December. The U.S. interest rate is currently in a range of 2 to 2.25 percent, but the Fed has signaled it wants to gradually raise rates in the coming months to 3 percent or slightly higher. A rate hike is widely expected at the Fed’s meeting Dec. 19, and the Fed has indicated it is likely to do three more increases next year.
T he average 30-year fixed-rate mortgage hit its highest mark in eight years, jumping to 4.94 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.)