Feds keeps key rate unchanged
WASHINGTON — The Federal Reserve kept its benchmark interest rate unchanged Wednesday but noted that inflation is nearing its 2 percent target rate after years of remaining undesirably low. The Fed ended its latest policy meeting by leaving its key short- term rate unchanged at 1.5 percent to 1.75 percent, the level it set in March.
Record loss for Tesla
DETROIT — Tesla posted a record $ 709.6 million net loss in the first quarter and burned through $ 745.3 million in cash while struggling to crank out large numbers of its Model 3 mass- market electric car. CEO Elon Musk said during a sometimestesty conference call with analysts Wednesday that it’s “quite likely” Tesla will make money and have positive cash flow in the third quarter. “It’s high time we became profitable,” said Musk.
Amazon awaits outcome of Seattle business ‘ head tax’
SEATTLE — Amazon said it has halted construction planning on a high- rise building in Seattle while it awaits the outcome of a city proposal to tax worker hours. The City Council is considering a proposed “head tax” on high- grossing businesses to raise about $ 75 million annually for affordable housing and homelessness services. Amazon would pay more than $ 20 million under the proposal.
Subway CEO retiring after 3 years
NEW YORK — Subway CEO Suzanne Greco is retiring from the post she took over from her brother following his death three years ago. Subway said in statement Wednesday that Greco will retire on June 30, and Trevor Haynes will take over as interim CEO. Greco’s brother, Fred DeLuca, co- founded the company in 1965 as a single restaurant in Connecticut. He was 17; Greco was 7.
Dylan teams with distillery for whiskey
NASHVILLE, Tenn. — Music icon Bob Dylan is partnering with a distillery to make whiskey at a 140- year- old Tennessee church and bottle it under the name Heaven’s Door.
Spotify has 75 million subscribers
SAN FRANCISCO — About 4 million more subscribers began paying for Spotify during the first three months of the year. The gains announced Wednesday gave Spotify 75 million subscribers through March. Apple’s music- streaming service has about 40 million.