Fed rate hike not likely
For 6˝ years, the Federal Reserve has held its key interest rate near zero, and for nearly that long the financial world has speculated about when the Fed will start raising it.
Don’t look for it soon.
That’s the view of most economists, who say a still-subpar economy and still-low inflation will keep rates at record lows at least until September.
On Wednesday, the Fed could clarify its plans after ending its latest policy meeting. Analysts caution, though, against expecting any specific guidance on the Fed’s timetable for a rate hike. Too many uncertainties still surround the U.S. economy. The Fed’s policymakers may want to leave themselves maneuvering room until their view of the economy’s health becomes clearer.
Wadsworth facility planned
The Village at St. Edward in Fairlawn plans to purchase 60 acres in Wadsworth for a senior living community, the nonprofit organization has announced.
The site at Main Street and Seville Road, known as “The Brickyard,” would become home to independent living units, assisted living units and “memory care” units, with construction beginning as early as this fall. The Village, operated by the Sisters of St. Dominic of Akron, expects that the completed Phase One of the project will create 20-30 jobs.
Drug maker rejects bid
Mylan N.V. rejected Teva Pharmaceuticals’ $40.1 billion buyout offer, saying the cash-and-stock proposal undervalues the company.
Mylan said that it won’t think about starting talks unless Teva offers more than $100 per share, far above its current offer of $82 per share. After the rejection Teva said it is committed to completing the deal and that a sale to Teva is Mylan’s best option. The rejection comes as both Mylan and Teva look to further consolidate an increasingly competitive generic drug industry.
Haulers at port strike
Truck drivers who haul goods from the nation’s busiest port complex in Southern California walked off the job Monday in a dispute over their wages and employee status, months after another West Coast labor conflict cost major delays in billions of dollars of trade.
The move comes after a weekend vote from the Teamsters. Drivers from four companies are striking, but it wasn’t immediately clear how many of the 16,000 truckers at the ports of Los Angeles and Long Beach would walk off the job. The strike is not expected to shut down all port business.
Apple Pay adds Discover
U.S. users of Discover cards are getting their Apple Pay, the last holdout among major credit card networks in the country.
After months of complaints from customers, Discover Financial Services announced Monday that it has reached an agreement with Apple Inc. that will let its cardholders make payments in participating stores through Apple Pay by using an iPhone 6, iPhone 6 Plus or Apple Watch.
With Apple Pay, credit card numbers are not stored on the device or on Apple servers. A unique device account number is assigned and each transaction is authorized with a one-time unique security code. Apple Pay launched in October.
American Express, Visa and MasterCard came on board late last year.
Discover customers will also be able to use Apple Pay with iPad Air 2 and iPad mini 3 when paying for goods and services within apps starting in the fall.
Big quarter for Burger King
The home of the Whopper enjoyed its biggest sales jump in nearly a decade during the first quarter, boosted by a new flavor of its signature burger and a popular 2 for $5 promotion.
Burger King’s sales rose 6.9 percent at established locations in the U.S. and Canada, parent company Restaurant Brands International said Monday. The company, which also owns Tim Hortons doughnut chain, declined to say whether the increase at Burger King was driven by higher average spending or an uptick in customer traffic.
Compiled from staff and wire reports