The stock market is mostly lower today. The Dow Jones Industrials and Standard & Poors 500 index dropped, while the technology-heavy Nasdaq rose. But the main focus for many investors is the rapid rise in bond yields.
- Union pilots at Texas-based American Airlines say the state attorney general's opposition to American's proposed merger with US Airways doesn't make sense. The Allied Pilots Association has taken out an ad in today's Dallas Morning News, saying American needs the merger to compete with bigger carriers United and Delta. Last week, Attorney General Greg Abbott argued in a column for the same newspaper that the merger was designed to eliminate competition and raise prices.
- Washington state already has the nation's highest state minimum wage at $9.19 an hour. Now, there's a push in Seattle, at least, to make it $15. So far, the City Council and mayoral candidates have said they'd consider it, but one said it may not be soon. Fast food and retail workers, meanwhile, are calling for a nationwide strike on Aug. 29 to push for $15 an hour.
- Today is the deadline for creditors to oppose Detroit's request for bankruptcy protection. Bond holders, insurers, banks, employee pension funds, individuals and companies that provided services are among those who have until just before midnight to file objections electronically. About 40 objections had been filed by early afternoon. The city has until Sept. 6 to file its responses to any objections by creditors. A multi-day hearing on the eligibility question is scheduled to start Oct. 23.
- The president and CEO of NPR is leaving after less than two years to take a similar position at the National Geographic Society. NPR's board of directors says Gary Knell will stay in the job until this fall while the board works to find a successor. Knell succeeded Vivian Schiller, who resigned under pressure after a former NPR fundraiser was caught on camera calling the tea party racist. The episode led some conservatives to call for an end to federal funding for NPR.