Business Highlights

___

AP Source: Justice Dept. probing development of Boeing jets

WASHINGTON (AP) — U.S. prosecutors are looking into the development of Boeing’s 737 Max jets, a person briefed on the matter revealed Monday, the same day French aviation investigators concluded there were “clear similarities” in the crash of an Ethiopian Airlines Max 8 last week and a Lion Air jet in October. The Justice Department probe will examine the way Boeing was regulated by the U.S. Federal Aviation Administration, said the person, who asked not to be identified because the inquiry is private.

___

Lyft opens up its IPO road show, offers 30 million shares

NEW YORK (AP) — Lyft officially kicked off the road show for its initial public offering with more than 30 million shares expected to sell for between $62 and $68 per share. That would raise more than $2 billion for the San Francisco ride-hailing company, which could be valued between $20 billion and $25 billion eventually.

___

UK speaker stymies PM May’s bid for 3rd vote on Brexit deal

LONDON (AP) — The speaker of Britain’s House of Commons dealt a potentially fatal blow to Prime Minister Theresa May’s ailing Brexit deal on Monday, saying the government couldn’t keep asking lawmakers to vote on the same deal they have already rejected twice. The government intends to try a third time to get lawmakers to back the deal, ideally before May joins EU leaders Thursdays at a Brussels summit where she is set to ask the bloc to postpone Britain’s departure.

___

Fed set to signal no expectation of rate hikes anytime soon

WASHINGTON (AP) — The message the Federal Reserve is poised to send when its latest policy meeting ends this week is a soothing one. It reflects an abrupt shift in tone since the start of the year. The shift toward a more hands-off Fed has pleased stock investors and encouraged the view that the central bank is done raising rates for now and might even act soon to support rather than restrain the economy.

___

From dollars to bytes: Digital payment tech companies merge

NEW YORK (AP) — Payment processing company Fidelity National Information Services is buying Worldpay for about $35 billion in cash and stock as financial transactions increasingly move online. Including debt, the deal is valued at $43 billion. Worldpay, an e-commerce “crown jewel,” processes over 40 billion transactions a year and supports more than 300 payment types across more than 120 currencies.

___

Group with consumer-friendly vibe pushes drugmakers’ message

WASHINGTON (AP) — As Congress and President Donald Trump’s administration aim to lower prescription drug costs, outside groups like the Alliance for Patient Access are seeking to sway the outcome. But not all of these organizations are clear about who they actually represent. Their names can obscure the source of the message, and they’re cagey about where they get their funding.

___

Former VP of United Auto Workers charged in corruption probe

DETROIT (AP) — A former vice-president at the United Auto Workers has been charged with conspiracy in a scheme with Fiat Chrysler executives to buy meals, golf and other perks with money from the automaker. It’s the latest development in the government’s investigation of how officials at Fiat Chrysler and the UAW enriched themselves by using money set aside for a job-training centre. The conspiracy charge against Norwood Jewell was filed Monday as a criminal information, which means a guilty plea is likely.

___

Facebook says service hindered by lack of local news

NEW YORK (AP) — Facebook says that a service it established last year to provide users with local news has been hindered by cutbacks in the news industry. The company says some 40 per cent of Americans live in areas where Facebook could not find enough local news to support its ‘Today In’ feature. It also plans to award some 100 grants, ranging from $5,000 to $25,000, to people with ideas for making more news available.

___

Apple refreshes iPad lineup, with larger entry-level model

NEW YORK (AP) — Apple has unveiled a new iPad that’s thinner and slightly larger than its current entry-level tablet. The new iPad Air will cost $499 and sport a screen that measures 10.5 inches diagonally. That compares with the standard, 9.7-inch iPad at $329. Apple is also refreshing its 7.9-inch iPad Mini for the first time in more than three years.

___

Energy companies lead modest gains for US stock indexes

NEW YORK (AP) — U.S. stock indexes finished modestly higher Monday, extending the market’s solid gains from a rally last week. Energy companies notched the biggest gains after the price of U.S. crude oil closed above $59 a barrel for the first time since November. Smaller company stocks fared better than the rest of the market. Financial, consumer goods and technology stocks accounted for much of the market’s climb. Those gains outweighed losses in communications and health care sector companies.

___

The S&P 500 gained 10.46 points, or 0.4 per cent, to 2,832.94. The Dow Jones Industrial Average rose 65.23 points, or 0.3 per cent, to 25,914.10. The Nasdaq composite added 25.95 points, or 0.3 per cent, to 7,714.48. The Russell 2000 index of smaller-company stocks picked up 10.39 points, or 0.7 per cent, to 1,563.93.

The Associated Press