BALTIMORE (AP) — Maryland Gov. Wes Moore warned Thursday of a “very long road ahead” to recover from the loss of Baltimore's Francis Scott Key Bridge as the Biden administration approved $60 million in immediate federal aid after the deadly collapse. Massive barges carrying cranes streamed toward the site to begin the challenging work of removing twisted metal and concrete as a first step toward reopening a key shipping route blocked by the wreckage of the span. Moore promised that “the best min
Rite Aid, one of the largest U.S. pharmacy chains, received permission from a U.S. judge on Thursday to begin voting on a bankruptcy restructuring plan that would turn over most of the company's equity to its bondholders, while still leaving open the possibility of a sale. U.S. Bankruptcy Judge Michael Kaplan approved Rite Aid's voting proposal at a court hearing in Trenton, New Jersey, saying that the bankruptcy case needed to move quickly to avoid further restructuring costs that could push the company into liquidation. Rite Aid's bankruptcy plan, revised on Thursday, would cut $2 billion in debt and provide $47.5 million to junior creditors, including individuals and local governments who have sued the company for allegedly ignoring red flags and illegally filling prescriptions for addictive opioid medication.
Markets in Asia on Friday will be quieter and probably more range-bound than usual with most of the rest of the world closed for Good Friday, but there is always the chance of outsized moves when liquidity is so thin. Especially if Japanese authorities take advantage of the calm to intervene in the currency market and pull the yen up from this week's 34-year low near 152.00 per dollar. The first quarter draws to a close with global sentiment riding pretty high after revised fourth quarter U.S. growth and inflation data on Thursday boosted the 'soft landing' or even 'no landing' scenario.
MINNEAPOLIS (AP) — The ownership transfer of the Minnesota Timberwolves slammed to a halt when Glen Taylor declared on Thursday he won't take the final step of his drawn-out $1.5 billion deal to hand Marc Lore and Alex Rodriguez the majority stake because they didn't meet all of the deadlines in the sale conditions. Lore and Rodriguez, who agreed to the purchase nearly three years ago, strongly disputed Taylor's stance. They said he simply had cold feet about letting go. “We went through the pro
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