Builder of the Dakota Access oil pipeline sues Greenpeace, other groups

LAWSUITS

Firm sues Greenpeace over Dakota Access

The company that built the disputed Dakota Access oil pipeline is suing Greenpeace and other groups, alleging they disseminated false information about the project and interfered with construction.

Texas-based Energy Transfer Partners alleges the groups’ actions interfered with the company’s business, facilitated crimes and acts of terrorism, and violated racketeering and defamation laws.

The lawsuit filed Tuesday in federal court in North Dakota seeks unspecified damages.

A Greenpeace spokesman says the group hasn’t seen the lawsuit and declined to comment.

The 1,200-mile pipeline began moving North Dakota oil through South Dakota and Iowa to a distribution point in Illinois on June 1, after months of delays caused by legal wrangling and protests by tribes and groups that feared environmental harm.

— Associated Press

MEDIA INDUSTRY

Village Voice to end print edition

The Village Voice, the alternative weekly newspaper co-founded by Norman Mailer and known for its culture coverage and investigative reporting, said Tuesday that it will end its print version and continue as an online-only publication.

Peter Barbey, who purchased the newspaper from Voice Media Group in 2015, said in a statement that the move is part of the media’s migration to the Internet and that its readers expect “a range of media, from words and pictures to podcasts, video, and even other forms of print publishing.”

The publication is still considering when it will end the print edition, said Luke Carron, a Village Voice spokesman.

The newspaper has been distributed free in the New York City area since 1996 and was mostly supported by classified advertising, which declined with the rise of Craigslist and other Internet outlets.

The Voice was started by Mailer and three others in New York’s Greenwich Village in 1955. It became a forerunner of the alternative weekly press movement that challenged mainstream newspapers in cities across the nation with their coverage of art, politics and other news. The Voice published the works of cartoonist Jules Feiffer and writers such as Ezra Pound, James Baldwin, Lester Bangs and Allen Ginsberg.

— Reuters

BANKING

Profits up for U.S. lenders in 2nd quarter

U.S. banks kept a lid on costs and booked higher interest income in the second quarter, boosting profits by 10.7 percent on the year-ago period, the Federal Deposit Insurance Corporation said Tuesday.

The $48.3 billion in profits during the second quarter indicate that the U.S. banking sector is in good health, said FDIC Chairman Martin Gruenberg, but he warned some lenders may be taking on too much risk as they try to chase higher returns.

“The bottom line is the industry remains in pretty good shape and is a source of strength and stability for the economy,” said Gruenberg, whose term is due to expire in November.

The average return on assets was 1.14 percent, the highest in 10 years, while loan growth slowed for a third consecutive quarter, the U.S. banking regulator said.

The number of problem banks fell to 105 from 112, the lowest since the financial crisis, but many banks are locked into long-term loans at near-record high levels and could be stung by a quick uptick in interest rates, Gruenberg said.

— Reuters

Also in Business

Verizon is raising the price of its unlimited plan while introducing a slightly cheaper, more limited version. Verizon, like its rivals, will start charging more for higher-quality video while hoping to attract cost-conscious customers with a cheaper plan. Verizon’s unlimited plan had cost $80 a month for one line. Beginning Wednesday, with HD video — capped at 720p for phones — it will cost $85, while plans with DVD-quality streaming will cost $75. For a family of four, the “premium” version costs $200; the cheaper plan is $160.

Panera Bread will start listing the amount of added sugar and calories on its cups for seven drinks, including cola and iced tea. The move is the latest by the company to appeal to Americans who are increasingly concerned about what is in their food and drinks. Panera said the new cups will be available in eight cities this week, including New York, Chicago and St. Louis. They will be in the chain’s more than 2,000 locations by the middle of September.

Michigan’s economic development board on Tuesday approved state incentives designed to snag least 1,500 new jobs. Lear, which makes automotive seating and electrical systems, will qualify for a grant worth up to $4.35 million if it adds 435 jobs by mid-2020 at the new $29.3 million facility to be built in Flint. The fund’s board also approved a $2.5 million grant to secure Penske Logistics’ planned addition of 403 jobs at a new Midwest distribution warehouse in Romulus that could cost up to $98.6 million, and it approved a $2.9 million grant for LG Electronics to spend up to $25 million and create 292 jobs in Hazel Park and Troy by the end of 2021.

— From news reports

Coming today

8:30 a.m.: Labor Department releases weekly jobless claims.

10 a.m.: Freddie Mac releases weekly mortgage rates.

10 a.m.: National Association of Realtors releases existing-home sales for July.

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