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FAA seeks $3.1 million in fines from Boeing over safety violations, 2024 midair panel blowout

The Federal Aviation Administration is seeking $3.1 million in fines from Boeing over safety violations, including an incident in January last year where an Alaska Airlines jetliner lost a door plug panel on its fuselage in midflight. No one was seriously injured, and the plane landed safely. The agency said Friday that the proposed penalty covers violations from September 2023 through February 2024. The FAA said it identified hundreds of quality system violations at Boeing’s 737 factory and a subcontractor’s facility. Boeing has 30 days to respond to the FAA.

The late Italian fashion designer Giorgio Armani instructs heirs to sell stakes in his empire

MILAN (AP) — The late Italian designer Giorgio Armani instructed his heirs to sell an initial 15% stake in his fashion empire. In his will, he prioritized French conglomerate LVMH, eyewear giant Essilor-Luxottica, or cosmetics company L’Oreal. Armani gave 40% control to his collaborator Leo Dell’Orco, and 15% each to his niece and nephew. The Armani Foundation will control the remaining 30%. Armani died on Sept. 4 at the age of 91. His business will, rewritten last spring, specifies selling the stake within 18 months. Armani’s final collections will be presented at Milan Fashion Week, starting Sept. 23, marking the 50th anniversary of his fashion house.

Wall Street coasts to the finish of its best week in the last 5

NEW YORK (AP) — Wall Street coasted to the finish of its best week in the last five. The S&P 500 barely budged on Friday and edged down by less than 0.1% from its latest all-time high. The Dow Jones Industrial Average dipped 0.6%, and the Nasdaq composite rose 0.4%. Stocks have rallied to records with expectations that the Federal Reserve will cut interest rates next week for the first time this year. Treasury yields rose in the bond market to recover some of their sharp drops from earlier in the week, which came after economic reports seemed to cement the case for a rate cut.

Microsoft resolves European Union probe into Teams

LONDON (AP) — European Union regulators have accepted Microsoft’s proposed changes to its Teams app to resolve an antitrust investigation. The European Commission announced on Friday that Microsoft’s commitments to unbundle Teams from its Office software suite are enough to address competition concerns. These commitments are legally binding for up to 10 years, allowing Microsoft to avoid a hefty fine. The investigation began after a complaint by Slack Technologies, accusing Microsoft of tying Teams to its Office suite. Microsoft will offer Office packages without Teams at a discount and make it easier for rival software to work with Teams.

US electric grids under pressure from energy-hungry data centers are changing strategy

HARRISBURG, Pa. (AP) — As Big Tech’s data centers continue to grow threatening to overload U.S. electricity grids, policymakers are considering bumping the energy-hungry data centers off grids during power emergencies. Texas moved first to try to protect residents in the data-center hotspot from another deadly blackout like the winter storm in 2021 when dozens died. Lawmakers there passed a bill in June that orders up standards for power emergencies when utilities must disconnect big electric users. Now the concept is emerging in the 13-state mid-Atlantic grid and elsewhere as massive data centers are coming online faster than power plants can be built.

Boeing workers reject their latest contract offer, extending strike at three Midwest plants

Boeing workers have rejected another contract proposal, extending their nearly six-week strike at three Midwest plants. The union representing 3,200 workers announced the decision on Friday. These workers build fighter jets, weapons systems and the U.S. Navy’s first carrier-based unmanned aircraft. They’ve been on strike since Aug. 4, shortly after they rejected an earlier proposal that included a 20% wage hike over the life of the contract and $5,000 ratification bonuses. The company says no further talks are scheduled and it has a contingency plan to continue supporting its customers during the strike.

Bessent will meet Chinese officials in Spain for trade and TikTok talks

WASHINGTON (AP) — U.S. Treasury Secretary Scott Bessent is traveling to Madrid this weekend for trade talks with Chinese counterparts. He will meet Chinese Vice Premier He Lifeng to discuss tariffs and national security issues, including TikTok ownership. This will be the fourth round of discussions this year, following meetings in London, Geneva, and Stockholm. The U.S. and China have agreed to several 90-day pauses on increasing tariffs to avoid a trade war. Congress has approved a U.S. ban on TikTok unless its parent company, ByteDance, sells its controlling stake. Bessent will also meet Spanish officials to discuss U.S.-Spain relations.