Business

JetBlue Flight 292, en route to New York's JFK Airport from Burbank, California, encountered nose gear malfunctions shortly after takeoff. It safely landed three hours later at Los Angeles International Airport (LAX) with no apparent injuries. The pilots first realized something was wrong when the landing gear failed to retract; television footage showed that the plane's front wheels were pointing sideways, perpendicular to the plane's body. The plane was diverted to Long Beach Airport, where it tried and failed to land, and then on to LAX, w

The US Federal Reserve has just raised the base rate of interest for the 11th month in a row, despite concerns that the economy will slow after Hurricane Katrina. The rate rose by a quarter of a percentage point to 3.75%, but analysts have predicted it may rise to 4.5% in the coming months, in spite of consumer spending being down. The Fed says it is hoping to counter soaring house prices and the high price of oil. Economic growth in the US this year is forecast at around 3.3%, but government officials estimate that 0.5% growth could be lost

The seemingly endless saga of car bombings continued to haunt citizens of Lebanon on Friday night, when an explosion ripped through multiple cars and buildings, killing one and injuring 19 people. The blast took place close to midnight near Byblos Bank in the J'eitawi district of Ashrafieh in Beirut. Bomb triggered by timer Major General Ashraf Rifi, commander of the Internal Security Forces, confirmed that the bomb was put in a bag and placed between two cars. Rifi was also able to identify a timer used to detonate the bomb. The bomb sha

Oil ministers from Saudi Arabia and the United Arab Emirates announced that both countries would support raising crude oil output quotas by the Organization of Petroleum Exporting Countries. The Saudi minister, Ali al-Naimi, said that rising prices were lowering world demand, and his nation 'absolutely' backs the increase, while Mohammed bin Dhaen al-Hamli from the UAE claimed that the markets could calm on the decision. Earlier, the OPEC cut their oil demand estimates for 2005, saying that it will rise by only 1.7%, compared to previous predi

Kay Hull, an Australian National Party member of Parliament representing the electorate of Riverina, crossed the floor September 15 at the final third reading stage of debate on the Telstra legislation, previously passed and returned to the Australian House of Representatives. Hull was the only MP who did so; the legislation passed the third reading on a majority of seventeen votes. Hull was praised by the Manager of Opposition Business, Julia Gillard in the adjournment debate, stating "We have seen the National Party at its worst — with the

With recovery from Katrina still under way, Hurricane Ophelia has now cut power to nearly 81,000 homes and businesses on the Eastern coast of North Carolina. On Thursday, the storm moved slowly up the coast of North Carolina, causing considerable damage. Alton Ballance, a resident of the affected area, said that the storm was "just beating us to death. It's similar to the wintertime nor'easters that lay there and beat you for a couple of days.". A small Category 1 hurricane, with top wind speeds of 85 mph (136 kph), Ophelia is nearly stalled

States "rights" battle unfolding. In an address to the nation on Thursday, President Bush laid out a sweeping set of initiatives to aid the rebuilding effort of the gulf region and called for an investigation into what went wrong in the disaster and how better to respond in the future. Following a list of economic stimulus programs designed to aid small businesses and individuals, the president called for something sure to draw fierce debate, a broadening of Federal power to declare martial law. "It is now clear that a challenge on this scal

MasterCard Inc, the world second-largest credit card issuer, said it can raise up to $2.45 billion issuing 61.5 million shares in an initial public offering on NYSE. The company is to offer outside investors 49% of its shares, covering 83% of voting rights. It is expected to trade on the market under the symbol "MA". Purchase, NY-based MasterCard is currently owned by some 1,400 banks that issue company-branded credit and debit cards, now 716 million worldwide, which makes the issuer second only to Visa. MasterCard earned $213.5 million on re

The Israeli High Court has unanimously ruled that the controversial wall separating Israel from the West Bank should be rerouted. The panel of nine justices gave their ruling on a petition submitted by the Association for Civil Rights in Israel and ordered that alternative routes be investigated around the settlement of Alefei Menashe. The court ruling orders that the existing wall in the area be demolished and rebuilt nearer to the settlement. The rerouting of the wall will result in the Palestinian village of Qalqilya, and four others, bei

Delta Airlines and Northwest Airlines, the third and fourth-largest US airlines, filed for bankruptcy protection from creditors on Wednesday. Together with United and US Airways, four of the seven biggest US carriers are now operating under bankruptcy protection, representing 51% of US passenger flight capacity. The filing occurred due to rising fuel prices, high labor expenses and competition from low-fare carriers. Delta and Northwest both said that bankruptcy protection would cause no changes for passengers in their flight schedules and f

The August Bank Holiday weekend, as usual, played host to many festivals and musical events around the UK, not least the Camel Rock Festival held at Porthcressa on the Isles of Scilly. But will it be the last? Local bands included those formed at the Five Islands' School, the members of the Steamband under the temporary name Senile Shambles and the rhythm and blues band, Roadrunner. Bands imported from mainland England included Murdoch, from Manchester. The event, deemed 'unique' in the local press, raises money for local musical projects o

The slow moving, and wavering between hurricane status and tropical storm Ophelia, crawled up the U.S. coastline from northern Florida on what appears to be a track for landfall on Thursday near Cape Lookout, North Carolina on the Outer Banks of North Carolina. Ophelia gained some strength to a Category 1 hurricane over the last 24 hours while on its north-northeast track to side-swipe the protruding coastline of the Carolinas. Power outages were reported with sustained winds of 80 mph and rain, up to 6 inches, in the southeast portion of the