Lawsuit: Coastal Bridge, the company best known for receiving the contract to repair the Sunshine Bridge, owes over $1.5 million in unpaid supplies costs, two companies allege in a lawsuit, WAFB-TV reports. According to the lawsuit, the companies—Mississippi-based Warren Paving and Louisiana-based Slats Lucas—claim that Coastal Bridge missed the 30-day payment deadline for supplies it purchased from them to complete public works projects across the state. Read the full story.
No rate cuts: Federal Reserve Chairman Jerome Powell says the U.S. economy appears durable with steady growth and unemployment near a half-century low but faces risks from the broadening viral outbreak that began in China. Giving the Fed’s semiannual monetary report to Congress, Powell said this morning that the Fed is content with where interest rates are, suggesting that no further rate cuts are being contemplated unless economic conditions were to change significantly. Read the full story.
Major merger: A judge’s approval of T-Mobile’s takeover of Sprint will usher in a new balance of power in the U.S. wireless market and test whether three giants will compete as aggressively for cellphone users as four unequal players once did, The Wall Street Journal reports. U.S. District Judge Victor Marrero concluded the deal, worth $26 billion when it was struck two years ago, wasn’t likely to substantially lessen competition and rejected the main arguments by a group of states seeking to block the deal as anti-competitive. Read the full story.
