The daily business briefing: March 17, 2016

1. Stocks rise after Fed forecasts slower rate hikes

U.S. stocks closed at a 2016 high on Wednesday after Federal Reserve officials held interest rates steady and scaled back their forecast on coming rate hikes. Fed policy makers said they anticipated two quarter-point hikes this year instead of four. The Fed raised rates for the first time in nearly a decade last December, before putting on the brakes due to financial turmoil in the new year. Chairwoman Janet Yellen, after a two-day meeting, said strong job growth should allow the Fed to resume its plan to gradually increase borrowing costs, although "there is room for improvement."

MarketWatch The Telegraph

2. FedEx beats expectations as online shopping increases deliveries

FedEx reported quarterly earnings on Wednesday that beat analysts' expectations. The company got a boost from a surge in online shopping over the holiday season, which increased demand for deliveries by FedEx's ground service. CEO Frederick Smith also credited employees who worked extra shifts on Christmas to make sure customers got their packages. The Memphis-based company's shares jumped by 4.8 percent in after-hours trading after the announcement.

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MarketWatch

3. Shell and Aramco end U.S. refinery partnership

Royal Dutch Shell and the Saudi Arabian Oil Company, or Saudi Aramco, announced late Wednesday that they were ending a partnership that includes the largest oil refinery in the U.S. They plan to split the assets of Motiva Enterprises 50-50. Shell will get control of two Louisiana refineries operated by Motiva. Saudi Aramco will keep the Motiva name and the largest U.S. refinery, in Port Arthur, Texas. Motiva, formed in 1998, has the capacity to refine a million barrels of crude per day.

Bloomberg USA Today

4. FIFA asks for millions in damages from ex-officials over scandal

FIFA is seeking tens of millions of dollars in damages from former top officials accused in a corruption scandal that erupted last year at soccer's global governing body. While declaring itself a victim of its own scandal, FIFA also acknowledged for the first time that former executives had accepted illegal payments from countries hoping to host the World Cup. "The defendants... deeply tarnished the FIFA brand and impaired FIFA's ability to use its resources for positive actions throughout the world," FIFA said in a restitution request filed in New York on Tuesday.

Bloomberg Reuters

5. Trade officials ban imports of hoverboards infringing on Segway patents

The U.S. International Trade Commission on Wednesday banned the import of some hoverboards. The popular self-balancing transporters have been banned in some municipalities, airports, and other places due partly to reports they can catch on fire, but that was not the reason for the import ban. Trade regulators want to keep out any transporter that infringes on patents related to self-balancing technology held by Segway, which is known for its iconic two-wheeled self-balancing vehicles.

CNET