Business Highlights

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Fed seems inclined to keep rates low as virus poses risks

WASHINGTON (AP) — Federal Reserve officials were mostly optimistic about the U.S. and global economies last month, though they noted the risk posed by China’s viral outbreak and said they were ready to keep their benchmark interest rate at its current low level in the coming months. Fed policymakers observed at their Jan. 28-29 meeting that risks to the U.S. economy had faded since their previous meeting in December, according to minutes released Wednesday.

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Boeing finds a new issue with Max, debris in fuel tanks

CHICAGO (AP) — Boeing has a new problem with the grounded 737 Max. The company has found debris inside the fuel tanks of some of the planes. Boeing says the problem was discovered during maintenance work on planes that have been built but haven’t been delivered to airlines because the Max is still grounded after two deadly crashes. Boeing is testing changes in flight-control software after two crashes killed 346 people in Indonesia and Ethiopia. Boeing says the fuel-tank issue won’t change the company’s expectation that regulators will certify the plane to fly again sometime in mid-2020.

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UK employers fear worker shortages in new immigration plan

LONDON (AP) — Britain has announced new immigration rules that will take effect next year — and many businesses are alarmed. U.K. employers who rely on large numbers of workers from the European Union say the post-Brexit rules could leave vegetables rotting in the fields and the elderly without care. Starting next Jan. 1, EU citizens will no longer have the right to live in the U.K. All immigrants will need to speak English and earn a minimum salary to get a work visa. Businesses in agriculture and the care sector, where salaries are often low, say they will face labor shortages. But Prime Minister Boris Johnson’s Conservative government says "employers will need to adjust.”

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Airbus to cut over 2,300 jobs at defense and space division

BERLIN (AP) — European plane maker Airbus says it plans to cut more than 2,300 jobs at its defense and space division by the end of next year. The company said Wednesday that Airbus Defence and Space presented the plan to employee representatives, launching a consultation process on the cuts. Airbus said it plans to eliminate 2,362 positions in all — 829 in Germany, 357 in the U.K., 630 in Spain, 404 in France and 142 elsewhere. The company pointed to a “flat space market and postponed contracts on the defense side.” A company statement noted that Airbus announced the need for restructuring in December and underlined the point during an annual news conference this month.

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IRS to pay visits to high-income taxpayers who fail to file

WASHINGTON (AP) — If you earn six figures and haven't been filing your taxes, the IRS may come knocking. The IRS says it is stepping up its efforts to visit high-income taxpayers who failed in prior years to file their tax returns on time. The face-to-face visits will focus on those who earned more than $100,000 during a tax year and did not file a return in 2018 or previous years. The IRS is increasing the face-to-face visits after hiring additional enforcement personnel. The agency said the visits are aimed at informing these taxpayers of their obligations and bringing them into compliance.

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Airline passengers put up with more and longer flight delays

WASHINGTON (AP) — Airline passengers were slightly more likely to endure a flight delay last year, and there were more long tarmac delays. That’s according to a report released Wednesday by the U.S. Transportation Department. Travelers seem to be taking it all in stride, however. The rate of complaints remained nearly unchanged from 2018. Hawaiian Airlines was the most punctual airline last year, with an on-time rating of 87.7%. Delta Air Lines was second. Frontier Airlines finished last, with just 73.1% of its flights arriving on time. The government says 302 domestic flights were stuck on the ground for three hours or longer, up 50% over 2018.

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Judge rips PG&E for poor safety record leading to wildfires

SAN FRANCISCO (AP) — A federal judge says executives for a California utility blamed for huge wildfires in recent years have put greed before safety. The judge told Pacific Gas & Electric at a hearing Wednesday that it should plan to have at least 1,100 more tree trimmers to reduce the chances of causing even more devastation. The harsh rebuke came in a hearing as part of PG&E's criminal probation imposed after its natural gas lines blew up a San Francisco Bay Area neighborhood and killed eight people in 2010. Since its probation began three years ago, poorly maintained power lines have been blamed for igniting wildfires that killed nearly 130 people.

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US stocks brush off latest loss, return to record heights

NEW YORK (AP) — U.S. stocks shook off their latest virus-induced loss and returned to record heights Wednesday, with several familiar faces doing the heaviest lifting. Technology stocks helped lead the market higher, as they’ve been doing for years, and Apple rallied to recover most of its loss from the prior day. It dropped Tuesday after warning that revenue this quarter would fall short of forecasts due to the viral outbreak centered in China.

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The S&P 500 rose 15.86 points, or 0.5%, to 3,386.15. The Dow Jones Industrial Average gained 115.84, or 0.4%, to 29,348.03. The Nasdaq climbed 84.44, or 0.9%, to 9,817.18. The Russell 2000 index of smaller-company stocks rose 9.05 points, or 0.5%, to 1,692.57.