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

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Bill to create state public bank could jumpstart SF efforts

California may move $10 billion of its investment banking funds to rebuild… Continue reading

Breed, Walton test negative for COVID-19 after exposure to the virus

Mayor London Breed announced Thursday she tested negative for COVID-19 after notified… Continue reading

‘No timetable’ for cable car return, SFMTA says

How the temporary absence of cable cars means more than just a loss of transit routes

As city schools weigh reopening, doubts about safety dominate conversations with teachers

‘If I don’t feel safe as an educator, how am I going to be prepared to teach?’

Supreme Court deals Trump a defeat, upholds demand for his tax returns

By David G. Savage Los Angeles Times The Supreme Court dealt President… Continue reading

Most Read