Business news in brief
By The Associated Press
Supplier finds another problem with some Boeing 737
Max fuselages
Boeing discovered another problem in some of its 737 Max fuselages that may delay deliveries of about 50 aircraft in the latest quality gaffe to plague the manufacturer.
According to a letter from Stan Deal, CEO of Boeing’s commercial airplanes division, improperly drilled holes were discovered by Spirit AeroSystems, a major supplier that provides Boeing with fuselages.
Both Boeing and Spirit AeroSystems are facing intense scrutiny over the quality of their work after an Alaska Airlines 737 Max 9 was forced to make an emergency landing on Jan. 5 when a panel called a door plug blew out of the side of the plane shortly after takeoff from Portland, Oregon.
Snap laying off about 10% of its global workforce
The owner of Snapchat is cutting approximately 10% of its worldwide workforce, or about 530 employees, the latest tech company to announce layoffs.
Snap Inc. said in a regulatory filing that it currently estimates $55 million to $75 million in charges, mostly for severance and related costs. It expects the majority of the costs to be incurred in the first quarter.
This isn’t the first time Snap has eliminated jobs. The Santa Monica, California-based company announced in August 2022 that it planned to cut about 20% of its global workforce. In the third quarter of 2023, it began winding down its AR Enterprise business, which included reducing its global employee headcount by approximately 3%, according to a regulatory filing.
DOJ: First National Bank discriminated in North Carolina
NEW YORK | The Justice Department says First National Bank discriminated against Black and Latino homebuyers in North Carolina for a period of at least four years, the latest in a long list of banks who have been caught redlining.
The Justice Department said FNB will pay $13.5 million to settle the redlining charges, of which the bulk will go into a fund to help subsidize loans for Black and Latino borrowers in Charlotte and Winston-Salem, two housing markets where the DOJ found discrimination.
—From AP reports
