Fed measures help stem stock losses
NEW YORK -- The stock market had a half-hearted comeback Tuesday after the Federal Reserve announced it would take small steps to stimulate the economy.
The Dow Jones industrial average, down about 100 points before the Fed announced its plans, recovered to a loss of 54. The other major market indexes also bounced back from their lows. But investors were still cautious. Stocks considered safe bets in a weak economy, including health care and consumer products firm, were among the gainers.
Netflix makes deal with 3 studios
LOS ANGELES -- Netflix has reached a five-year deal worth nearly $1 billion to stream movies from Paramount, Lionsgate and MGM online starting Sept. 1 -- a major move that boosts its "Watch Instantly" offerings and makes the studios' joint pay TV venture Epix immediately profitable.
The agreement marks a further push by Netflix to stream movies to homes directly via personal computers, game consoles, Blu-ray players and TVs, and away from its rent-by-mail method.
Epix, the pay TV channel launched in October by Paramount, Metro-Goldwyn-Mayer and Lions Gate Entertainment will make the movies, including new releases, available to Netflix 90 days after they premiere on premium pay TV and subscription on-demand.
Length delays on tarmac fell in June
NEW YORK -- The government says three flights in June sat on the tarmac for more than three hours, but there was no increase in the cancellation rate of flights among the nation's biggest airlines. All three were United Airlines flights, and all broke the three-hour limit by five minutes or less.
More than 268 flights were delayed for more than three hours in June 2009.
June was the second month the tarmac-delay rule was in effect. Airlines face stiff fines if they do not return passengers to the terminal within the three-hour limit.
The Transportation Department reported the statistics Tuesday. Hawaiian Airlines operated the most flights on time, followed by Alaska Airlines and US Airways.
Housing trust has new top executive
The Lowcountry Housing Trust, an advocate for affordable housing, has named Dale Saunders as its new executive director.
Most recently, Saunders was regional expanding markets manager with Freddie Mac. He has 25 years of experience in housing and community development. Saunders begins his new job Aug. 31.
He succeeds Tammie Hoy, who had led the Charleston-based group since 2004. She left to work with the Federal Reserve Bank of Richmond.
Kingstree to get 75 jobs at fiber plant
A company that manufactures manmade fibers is investing $7 million and adding 75 jobs in Williamsburg County.
Palmetto Synthetics LLC said it is expanding its plant in Kingstree. The new building and equipment line are scheduled to be completed in March.
The company's Williamsburg County operations makes polyester fibers used in a range of applications, from apparel to automotive products.