1. BOE cuts interest rate for first time in seven years
The Bank of England announced Thursday that it would cut its key interest rate by a quarter point to a record low 0.25 percent — the first reduction in more than seven years — as it tries to counter fallout from the U.K.'s June vote to exit the European Union. The bank's governor, Mark Carney, said the U.K. "can handle change" and use monetary policy to ease any Brexit-induced slowdown. BOE officials also said they had room to cut rates closer to zero if necessary. The BOE also slashed its growth forecast, and said its stimulus plan would also include lending up to 100 billion pounds ($132 billion) to banks.
2. Tesla reports larger-than-expected quarterly loss
Tesla Motors on Wednesday reported a quarterly loss that was bigger than expected, but said it remained on track to deliver about 50,000 Model S and Model X vehicles in the second half of the year. Tesla's losses stemmed largely from increased spending on its vehicle and battery factories. Tesla shares held steady after the report, which came days after the electric car maker announced it was buying solar-panel maker SolarCity in a bid to create one-stop shopping for clean energy consumers.
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3. Fed fines Goldman Sachs $36 million over leak
The Federal Reserve on Wednesday fined Goldman Sachs $36 million over a 2014 leak of confidential government information. A junior Goldman banker, since fired, received information from a New York Fed employee. Both of the men pleaded guilty to stealing government property, and Goldman already has paid a $50 million penalty to New York state regulators over its failure to properly supervise the employee. Goldman uncovered the leak.
4. Time Warner agrees to buy 10 percent Hulu stake
Time Warner said Wednesday that it would buy a 10 percent stake in Hulu for $583 million, accelerating its push into on-demand video. The cable giant will be the fourth major company to invest in the streaming video company, an early online service aiming to deliver TV shows and movies to customers with shifting viewing habits. Current investors Walt Disney Co., Comcast's NBCUniversal, and 21st Century Fox each will hold onto a 30 percent stake.
5. Trump Taj Mahal casino in Atlantic City to close next month
The owners of the Trump Taj Mahal casino in Atlantic City said Wednesday that they planned to close the resort after Labor Day because of a strike. The news came a day before the 34-day walkout by Local 54 of the Unite-HERE union was to become the longest strike of the seaside New Jersey town's 38-year-old casino era. Billionaire real estate mogul and now Republican presidential nominee Donald Trump opened the casino in 1990, but it now belongs to investor Carl Icahn.
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