Today in business: 5 things you need to know
The Postal Service will stop delivering letters on Saturday, RBS pays a hefty fine, and more in our roundup of the business stories that are making news and driving opinion
1. POSTAL SERVICE TO STOP DELIVERING LETTERS ON SATURDAY
The U.S. Postal Service on Wednesday announced that it would stop delivering letters on Saturday, the debt-embattled agency's most drastic step yet to reduce costs. The Postal Service's financial problems largely stem from costly retiree payments, as well as a general decline in mail volume as people increasingly rely on the internet to communicate. The move, which may face resistance from Congress, could affect businesses across the country that expect to receive mail on Saturdays. [Associated Press]
………………………………………………………………………………
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
2. RBS PLEADS GUILTY TO RATE-RIGGING
The Royal Bank of Scotland pled guilty to participation in a rate-rigging scheme, and agreed to pay a fine of $612 million to British and U.S. authorities. RBS was part of a cabal of multinational banks that allegedly manipulated the Libor, a global interest rate benchmark used to determine trillions of dollars worth of financial transactions a day. [New York Times]
………………………………………………………………………………
3. STOCKS FALL ON EURO CONCERNS
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
U.S. stock markets fell on Wednesday morning, over concerns that political turmoil in Spain and Italy could plunge Europe back into a debt crisis. However, stocks made up for the early losses after Disney, a bellwether company, reported better-than-expected earnings. [Wall Street Journal]
………………………………………………………………………………
4. HOME DEPOT TO ADD 10,000 JOBS IN SPRING
Home Depot announced that it would add 10,000 jobs in time for the spring season, a strong sign that the U.S. housing market is poised for a comeback after years of moribund activity. In total, Home Depot says it plans to hire 80,000 full-time and part-time workers for what is customarily its most lucrative season of the year, as homeowners begin working on home improvement projects. [New York Daily News]
………………………………………………………………………………
5. DREAMLINER INVESTIGATION RESULTS 'WEEKS AWAY'
The National Transportation Safety Board announced that the results of an investigation into Boeing's 787 Dreamliner were "weeks away," dashing airlines' hopes of quickly getting the troubled aircraft back in the air. The Dreamliner was grounded by countries around the world after a string of mishaps involving its cutting-edge, lithium-ion battery. [Reuters]
Ryu Spaeth is deputy editor at TheWeek.com. Follow him on Twitter.
-
3 tips to lower your household bills
The Explainer Prices on everything from eggs to auto insurance to rent have increased — but there are ways to make your bills more manageable
By Becca Stanek, The Week US Published
-
Crossword: November 11, 2024
The Week's daily crossword
By The Week Staff Published
-
Sudoku hard: November 11, 2024
The Week's daily hard sudoku puzzle
By The Week Staff Published