Business briefs: Bernanke cuts federal funds rate

For the first time in the Federal Reserve chief’s tenure, the central bank Tuesday slashed the federal funds rate by half a percentage point, to 4.75 percent, and left the door open to further relief to prevent a painful housing slump and jarring credit crunch from driving the country into recession. As a result, several major commercial banks dropped their prime lending rate.

FRED REID

Burlingame-based Virgin America Inc., the airline partly owned by U.K. billionaire Richard Branson, won U.S. permission to keep Reid, its CEO, until Feb. 18 so the company has time to find a replacement. The ruling is a victory for Virgin America, which had agreed to replace Reid after the Transportation Department said it was worried he would be beholden to Branson.

businessBusiness & Real Estate

Just Posted

Cabernet sauvignon grapes sat in a container after being crushed at Smith-Madrone Winery in St. Helena. (Courtesy Smith-Madrone Winery)
San Francisco’s ‘Champagne problems’ — Wine industry suffers supply chain woes

‘Everywhere you turn, things that were easy are no longer easy’

Glasses behind the bar at LUNA in the Mission District on Friday, Oct. 15, 2021. Glassware is just one of the many things restaurants have had trouble keeping in stock as supply chain problems ripple outward. (Kevin N. Hume/The Examiner)
SF restaurants face product shortages and skyrocketing costs

‘The supply chain crisis has impacted us in almost every way imaginable’

A Giants fans hangs his head in disbelief after the Dodgers won the NLDS in a controversial finish to a tight Game 5. (Chris Victorio/Special to The Examiner)
Giants dream season ends at the hands of the Dodgers, 2-1

A masterful game comes down to the bottom of the ninth, and San Francisco came up short

<strong>Workers with Urban Alchemy and the Downtown Streets Team clean at Seventh and Market streets on Oct. 12. <ins>(Kevin N. Hume/The Examiner)</ins> </strong>
<ins></ins>
Why is it so hard to keep San Francisco’s streets clean?

Some blame bureaucracy, others say it’s the residents’ fault

Speaker of the House Nancy Pelosi — seen in Washington, D.C., on Tuesday — touted Congressional Democrats’ infrastructure bill in San Francisco on Thursday. (Stefani Reynolds/The New York Times)
Pelosi touts infrastructure bill as it nears finish line

Climate change, social safety net among major priorities of Democrats’ 10-year funding measure

Most Read