Bose will stop making and selling hearing aids

SPORTS FIELD

Lowell sells baseball stadium to UMass

The Lowell City Council has unanimously agreed to sell LeLacheur Park to the UMass Building Authority for $1 million, which will be transferred to UMass Lowell once the transaction closes. The park and its 4,767 spaces will be sold in their “current state”, according to the complete agreement. Built in 1998, the stadium is the home of the UMass Lowell River Hawks baseball team. The park was formerly home to the Lowell Spinners, a minor league baseball affiliate of the Boston Red Sox that was discontinued in 2020 after Major League Baseball opted to reduce its number of minor league affiliates. The agreement stipulates that the transaction will close after a 60-day “due diligence” period, followed by a 30-day closing period. Without the Spinners to create revenue or pay for the upkeep and maintenance of the park, city council members were eager to sell what had become an expense for the city. The deal allows the city to reduce costs while transferring full ownership to UMass Lowell. The agreement calls for the university to invest $3 million in the park through renovations and improvements over the next five years, according to the full agreement. — COLLIN ROBISHEAUX

AVIATION

Boeing profit down but sees strong year-end

Boeing reported lower profits and weaker revenue than analysts had expected for the second quarter, but said Wednesday it was set to resume deliveries of its 787 Dreamliner jet and that he was on track to end the year with more money coming into the business than going out. of this one. The company said it earned $160 million in the quarter, down from $567 million in the same period last year, on revenue of nearly $16.7 billion, 2% lower than the last year. – NEW YORK TIMES

SOCIAL MEDIA

Twitter is shrinking office space around the world

Twitter is reducing its physical office space in several global markets, including San Francisco, New York and Sydney, as the company cuts costs and leans more into remote working. Twitter will significantly reduce its presence in San Francisco by freeing up an office on Tenth Street directly behind the Market Street headquarters, according to an email sent to employees on Wednesday. Twitter currently occupies several floors in the building. He also dropped plans to open an office across the bay in Oakland. The company may close its Sydney office and plans to close several other offices once the leases expire, including those in Seoul; Wellington, New Zealand; Osaka, Japan; Madrid; Hamburg, Germany; and Utrecht, Netherlands, according to the memo. Business space in other key markets will be reduced, including Tokyo, Mumbai, New Delhi, Dublin and New York. Twitter is not planning any job cuts, according to the email. — BLOOMBERG NEWS

TELECOMMUNICATIONS

T-Mobile sees more subscribers coming

T-Mobile raised its subscriber growth forecast for the second straight quarter, outpacing inflation-related setbacks that have ensnared rivals AT&T and Verizon. T-Mobile now expects to add 6 million to 6.3 million new subscribers this year, up from an earlier view of 5.3 million to 5.8 million. The company also led its wireless competitors in total customer growth in the second quarter, adding 1.7 million regular monthly subscribers, including 723,000 telephone customers. — BLOOMBERG NEWS

INFLATION

This Iconic New York Breakfast Will Cost You More

Ah, the bacon, egg and cheese. The classic bodega breakfast sandwich is a staple in the diet of many New Yorkers. It’s easy to make, easy to eat on the go, and inexpensive, just not as cheap as it used to be. To keep up with current levels of inflation due to the pandemic and the war between Russia and Ukraine, bodega owners have no choice but to raise the prices of their famous breakfast sandwiches. at low price. “Bacon, egg and cheese – you can’t take that sandwich away,” said Bronx bodega owner Francisco Marte. “It’s New Yorkers’ favorite sandwich.” Marte had to raise the prices of everything from sugar to potato chips, and the cost of its bacon, egg and cheese sandwich went from $2.50 to $4.50. — ASSOCIATED PRESS

WORK

British railway strike

Britain’s rail network collapsed on Wednesday after 40,000 workers walked off the job in a dispute over jobs, pay and working conditions. Rail companies said only about a fifth of services across the country were to operate. The 24-hour strike by cleaners, flagmen, maintenance workers and station staff comes a month after the country’s most disruptive rail walkout in three decades halted trains across the UK in start of summer holiday season. — ASSOCIATED PRESS

INTERNATIONAL

China denies trying to recruit Fed informants

The Chinese government on Wednesday dismissed as a “political lie” a Wall Street Journal report that Beijing tried to recruit informants into the Federal Reserve System to obtain US economic data. The report, citing an investigation by a Senate panel, adds to accusations of Chinese hacking and other efforts to steal US business and government information. — ASSOCIATED PRESS

AIRLINES COMPANIES

Lufthansa strike disrupts travel to Germany

More than 1,000 Lufthansa flights were canceled on Wednesday due to an all-day strike by the airline’s German ground staff, affecting tens of thousands of passengers in Europe’s latest travel crisis. About 134,000 passengers had to change their travel plans or cancel them altogether. Lufthansa’s main hubs in Frankfurt and Munich were the most affected, but flights were also canceled in Düsseldorf, Hamburg, Berlin, Bremen, Hanover, Stuttgart and Cologne. — ASSOCIATED PRESS

RAILROADS

Norfolk Southern delivery issues persist

Norfolk Southern continued to battle the delivery delays that have plagued freight railways this year and reported flat profit in the second quarter as the number of shipments delivered fell 3%. The Atlanta-based railroad has consistently exceeded Wall Street expectations as fare increases and higher fuel surcharges helped it turn a profit of $819 million. — ASSOCIATED PRESS

MANUFACTURING

Durable goods orders up in June

Orders to US factories for durable goods rose unexpectedly in June, fueled by an increase in defense aircraft as well as sustained demand for equipment. Orders of durable goods – items expected to last at least three years – rose 1.9% in June after rising 0.8% a month earlier, Commerce Department figures showed on Wednesday. — BLOOMBERG NEWS