FRANKFURT, Germany — The International Monetary Fund says the European Central Bank and other policymakers across Europe need to keep interest rates at current elevated levels until they’re sure inflation is under control despite sluggish growth. The Washington-based IMF says cost of underestimating inflation’s persistence could be painfully high and result in another painful round of rate hikes that could rob the economy of a large chunk of growth.
NEW YORK — Stocks drifted to another mixed close as Wall Street continues to recalibrate following its sharp recent swings. The S&P 500 edged up 0.1% Wednesday, its third straight day of quiet trading. The Dow slipped 40 points, and the Nasdaq composite rose 0.1%. Eli Lilly jumped after getting U.S. approval for a weight-loss drug, while Warner Brothers Discovery sank after reporting a worse loss for the last quarter than expected.
DETROIT — GM’s Cruise autonomous vehicle unit is recalling all 950 of its cars to update its software after one dragged a pedestrian to the side of a San Francisco street last month. The company says in documents posted by U.S. safety regulators Wednesday that with the updated software, Cruise vehicles will remain stationary in similar cases. The Oct. 2 crash prompted Cruise to suspend driverless operations nationwide after California regulators found its cars were a safety hazard.
LAS VEGAS — The Culinary Workers Union in Las Vegas has reached a tentative deal with casino giant Caesars Entertainment that could help avert a sweeping strike. The 5-year deal announced Wednesday by the union marks a major breakthrough after several months of unsuccessful negotiations. It comes just days before tens of thousands of hospitality workers could walk off the job and onto picket lines. Deals haven’t been reached with MGM Resorts International and Wynn Resorts.
NEW YORK — A federal regulator says Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards. The Consumer Financial Protection Bureau said Wednesday that Citibank argued internally that Armenian Americans were more likely to commit fraud and referred to applicants as “bad guys” or affiliated with organized crime.