Business

In the depths of the financial crisis, when the world was shunning debt and battening down for the worst, city officials here zagged in what seemed a preposterous direction and spent $600 million on a new convention center.

The U.S. Department of Transportation (DOT) on Friday granted American Airlines Group Inc and Qantas Airways Ltd final approval to operate a joint venture after a prior effort was rejected in 2016.

BlackRock Inc , the world's largest asset manager, took in less cash last quarter as investors moved into lower-cost bond funds, and it made less money lending out stocks.

J.C. Penney Co Inc has hired advisers to explore debt restructuring options that would buy more time for the money-losing U.S. retailer to forge a turnaround, people familiar with the matter said on Thursday.

Ford Motor Co will lay off about approximately 200 employees in September at a Canadian manufacturing plant in Oakville, Ontario, with the possibility of more layoffs in January, the company said on Friday.

Wall Street's main indexes fell on Friday following a report that the Federal Reserve plans to cut interest rates by only a quarter-percentage point at the end of the month.