PITTSBURGH (AP) — The city of Pittsburgh is seeking approval of a half-million-dollar payment to settle lawsuits over the collapse of a bridge into a ravine more than 2 1/2 years ago.
Deputy Mayor Jake Pawlak said Friday he had asked the Pittsburgh City Council to authorize a payment of $500,000, the full liability damage cap, to settle lawsuits filed on behalf those who were on the city-owned Forbes Avenue bridge when it fell Jan. 28, 2022, plunging a bus and four cars about 100 feet (30 meters) into the Fern Hollow Creek. Another vehicle drove off the east bridge abutment and landed on its roof. There were injuries but no one died.
The agreement needs approval from the council and a judge overseeing the case.
Attorneys for the plaintiffs said the action was a surprise but that they appreciated the city "accepting responsibility for allowing one of its bridges to collapse, and agreeing to pay its statutory limits to partially resolve this case,” the Pittsburgh Post-Gazette reported. Legal action against three engineering firms will continue, they said.
Federal investigators have said that the city didn't adequately maintain or repair the bridge and failed to act on inspection reports, leading to the corrosion of the structure’s steel legs. City officials didn't dispute the findings and cited creation of a new bridge maintenance division and a tripling of funding for maintenance and repairs.
A new bridge at the site 5 miles (8 kilometers) east of downtown Pittsburgh opened in December 2022.
FILE - A crane is in place as part of clean up efforts at the Fern Hollow Bridge in Pittsburgh that collapsed, Jan. 28, 2022. I (AP Photo/Gene J. Puskar, file)
FILE—A Pittsburgh Transit Authority bus sits on the Fern Hollow Bridge in Pittsburgh after it collapsed in this on Jan. 28, 2022. (AP Photo/Gene J. Puskar, File)
NEW YORK (AP) — U.S. stock indexes are holding near their records ahead of an announcement that’s expected to kick off a series of cuts to interest rates meant to keep the economy out of a recession. The S&P 500 was little changed in early trading Wednesday. The Dow Jones Industrial Average slipped 71 points, or 0.2%. The Nasdaq composite was 0.2% higher. Treasury yields rose in the bond market ahead of the Federal Reserve’s decision on rates. Now that inflation has been easing, the U.S. central bank is widely expected to cut its main interest rate for the first time in more than four years.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Wall Street ticked slightly higher early Wednesday as markets awaited an expected interest rate cut by the U.S. Federal Reserve, the first in more than four years.
Futures for the S&P 500 and the Dow Jones industrials were each up less than 0.1% before the bell.
The Fed’s announcement comes later Wednesday, with the overwhelming expectation on Wall Street that the U.S. central bank will lower the federal funds rate. The rate has been in a range of 5.25% to 5.50% for more than a year.
The Fed began raising rates in early 2022 — 11 times in about 17 months — in a bid to stifle the four-decade high inflation that rooted during the U.S. economy's unexpectedly swift rebound from the COVID-19 recession of 2020.
It’s unclear just how large the Fed’s rate cut will be, but Wall Street traders and some economists foresee a growing likelihood that Fed officials will announce a larger-than-usual half-point cut. Many analysts are predicting a more typical quarter-point rate cut.
With inflation barely above their target level, Fed officials have been shifting their focus toward supporting a weakening job market and achieving a rare “soft landing,” whereby it curbs inflation without causing a recession. A half-point rate cut would signal that the Fed is as determined to sustain healthy economic growth as it is to conquer high inflation. This week’s move is expected to be only the first in a series of Fed rate cuts that will extend into 2025.
Lower rates would help boost the slowing economy, as it has become increasingly more expensive to borrow money for everything from houses to cars to corporate debt.
Tupperware Brands fell 7.5% overnight after the iconic food storage company filed for Chapter 11 bankruptcy protection. The Orlando company — which had a brief resurgence during the COVID-19 pandemic when people were holed up at home and cooking for themselves — plans to continue operating and will seek court approval for a sale.
Consumer-facing genetics research company 23andMe Holding Co. tumbled more than 9% after seven independent directors resigned from the board. In a letter to CEO and Board Chair Anne Wojcicki, the board members expressed frustration that management had not produced “a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders.”
Shares of 23andMe, which has yet to turn a quarterly profit since going public in 2021, are trading for about 31 cents apiece.
Microsoft announced that it was partnering with asset management company Blackrock and technology investor MGX to raise $30 billion for new and expanded data centers to meet demand for computing power used in artificial intelligence applications. Shares of Microsoft and Blackrock were largely unchanged in premarket.
Elsewhere, in midday European trading, France's CAC 40 slid 0.4% and Britain’s FTSE 100 shed 0.6%. Germany's DAX inched down less than 0.1%.
The Bank of Japan and the Bank of England are also holding monetary policy meetings later this week. But neither central bank is expected to move on rates, although the language of what the officials say could be an indicator of later moves and still influence markets.
Asian markets advanced. Japan’s Nikkei 225 gained 0.5% to finish at 36,380.17. Australia’s S&P/ASX 200 was virtually unchanged, inching up less than 0.1% to 8,142.10. South Korea’s Kospi added 0.1% to 2,575.41.
Trading was closed in Hong Kong for a national holiday. The Shanghai Composite index edged 0.5% higher to 2,717.28.
Japan reported its trade deficit totaled 695 billion yen, or $4.9 billion in August, down 26% from a year earlier, according to the Finance Ministry, recording a deficit for the second month straight.
Exports totaled 8.4 trillion yen ($59 billion), up 5.6% from the same month the previous year. Shipments to Asia rose while exports to the U.S. fell. Imports totaled 9.1 trillion yen ($64 billion), up 2.3% from a year earlier. By region, imports from European nations, in categories such as pharmaceuticals, showed the strongest growth.
Both numbers fell short of forecasts for 10% growth in exports and and even higher increases for imports.
The Japanese yen has gained in value against the U.S. dollar in recent weeks, helping to boost the country’s purchasing power.
The dollar slipped to 141.90 Japanese yen from 142.34 yen. The dollar had traded at levels over 150 yen earlier this year.
The euro cost $1.1121, up modestly from $1.1117.
In energy dealings, benchmark U.S. crude declined 51 cents to $69.45 a barrel. Brent crude, the international standard, fell 50 cents to $73.20 a barrel.
A bus passes the Wall St. subway station on Wednesday, Sept. 18, 2024, in New York. (AP Photo/Peter Morgan)
The New York Stock Exchange, with a banner for American Eagle Outfitters, is shown on Tuesday, Sept. 17, 2024, in New York. (AP Photo/Peter Morgan)
A person stands near an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
People stand near an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
A person rides a bicycle in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
