The trade war between the United States and China has lasted for more than one year — and a resolution is nowhere in sight.World Economyread more
The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Pelosi said Trump should not have tried to address China's trade practices in a way that opened Americans up to financial pain.Politicsread more
Investors await the Fed's latest decision on monetary policy, set to be released on Wednesday stateside. The U.S. central bank is widely expected to cut rates by 25 basis...Asia Marketsread more
TransferWise posted an annual net profit of £10.3 million on revenues of £179 million.Technologyread more
Live the high life with a night's stay at Highclere Castle, the iconic stately home made famous by Downton Abbey.Spendread more
Large banking institutions face the risk of failure if interest rates in Europe continue to stay negative, warns the global chief economist of the Economist Intelligence Unit.Banksread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
In the survey, conducted after the third in the Democratic Party's series of debate, the former vice president draws 31% compared to 25% for the Massachusetts senator. At 14%,...2020 Electionsread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
American Airlines has accused the unions representing its mechanics of a purposeful work slowdown to win leverage in contract talks, which it said caused more than 900 flight cancellations over the last two months. Now the airline wants compensation from the unions.
A U.S. federal court in Texas this week issued a permanent injunction against the mechanics unions for the slowdown that American alleged in a suit this spring. A day later, Fort Worth-based American Airlines, said it would seek damages from the unions — the Transport Workers Union of America and the International Association of Machinists and Aerospace Workers — saying they violated earlier court orders to resume usual work levels.
The unions, which represent the airline's more than 12,000 mechanics, have denied the allegations.
The unions have caused "enormous financial losses to American, and untold harm in lost customer good will," American said in its filing Tuesday. It said the amount would be determined at a hearing.
The cancellations and more than 200 delays of over two hours are compounding operational challenges at American, which like Southwest and United, has canceled thousands of flights since its new Boeing 737 Max planes were grounded in mid-March after two fatal crashes.
American last month said the Max grounding, which is now in its six month, and the mechanics' dispute drove up its nonfuel costs in the second quarter by 5% from a year earlier.
The airline's stock has trailed its closest competitors this year, falling 18% on Wednesday to a three-year low. Delta is up close to 15%, Southwest has risen more than 3% and United is down close to 3%.
"It would make no sense to not comply" with the judge's orders to work at a regular pace, said TWU President John Samuelsen, adding that by complying "we will achieve contract justice for American Airlines workers."
Work groups across airlines are clamoring for higher wages and better working conditions as the industry, better known for boom-and-bust cycles, heads toward its 10th consecutive year of profits.
Earlier this year, Southwest had a similar dispute with its mechanics, but later reached a contract with the group, their first in more than six years, and a higher pay raise than Southwest offered in previous rounds of negotiations.