Nation & World
Are more homeless moving to Colorado for marijuana?
Some Colorado service providers say a growing number of homeless people are moving to the state for its legal marijuana or for jobs in the industry. No agency is keeping hard data on the number of homeless people who were drawn by the legal weed, which began being sold in retail stores in January. But shelter directors who have surveyed their residents say many are citing legalization as a factor in their decisions to move.
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Japanese airbag manufacturer replaces president
The Japanese airbag manufacturer Takata, which is at the center of a global recall crisis, said Wednesday that it had removed its president and that its chairman, a grandson of the company founder, would take on the role of president, consolidating control over the company. Takata’s airbags are being recalled over a defect that could cause the bags to rupture violently when deployed in an accident, shooting shrapnel into the cabin instead of protecting the occupants. Eleven automakers have recalled over 20 million cars worldwide to fix the defect, linked to at least five deaths and dozens of injuries.
Mortgage rates inched up last week
Average U.S. mortgage rates rose slightly this week but the benchmark 30-year low remained very close to the 19-month low hit last week. Mortgage company Freddie Mac said Wednesday that the nationwide average for a 30-year mortgage edged up to 3.83 percent this week from 3.80 percent last week, which had been the lowest level since May 2013. Other mortgage rates were also up by small amounts but all remained near historically low levels that should be a boon to potential homebuyers.
Coca-Cola to cut jobs in cost-cutting effort
Coca-Cola reportedly plans to cut 1,000 to 2,000 jobs in the coming weeks as part of a $3 billion cost-cutting effort. Analysts speculated to The Atlanta Journal-Constitution last month that the cuts would be as much as 2,000 as the world’s largest soft drink company tries to rein in costs in the face of challenges to growing sales. Coke has a global work force of more than 130,000.
Bank of America shares reach 4-year high
Roaring along with the rest of the stock market, Bank of America’s shares on Wednesday cracked $18, a milestone the stock hasn’t closed above since April 2010. The Charlotte bank’s shares, which nearly fell below $5 in late 2011 on concerns about its capital levels, are up more than 16 percent this year, better than the Standard & Poor’s 500 and the KBW Bank Index. On Wednesday, the shares were up less than 1 percent to $18.07 in morning trading but closed up 5 cents at $17.98.
The Associated Press, New York Times, The Atlanta Journal-Constitution and The Charlotte Observer contributed.