business highlights As rate hike nears, Fed’s hints on future to be scrutinized

business highlights As rate hike nears, Fed’s hints on future to be scrutinized

WASHINGTON (AP) — It's not about what it will do. It's about what it will say.

The worst-kept secret in the financial world is that the Federal Reserve is all but sure Wednesday to raise interest rates from record lows by a modest quarter point. The uncertainty hinges on what the Fed will say about how much and how fast it expects to raise rates again in coming months. A relatively aggressive pace would contribute to higher borrowing rates and risks slowing the economy. It could also roil financial markets.

Fear and loaning: Investors are running from junk bonds

NEW YORK (AP) — Investors are rushing out of junk bonds, spooked by last week's closure of a mutual fund focused on some of the lowest-quality, highest-yielding bonds.

The shutdown comes on top of fears that a spike in bond defaults is coming, and it's led investors to rush for the exits.

The price drops are hitting many investors who are new to junk bonds and have little experience with the notoriously volatile market. In recent years, investors have been creeping into ever-riskier options in search of more income. They've been attracted to junk bonds, also known as high yield, because they pay higher interest rates than high-quality bonds but they're issued by companies more likely to default.

AP report on slave-peeled shrimp spurs calls for boycott

NEW YORK (AP) — U.S. officials and human rights activists are urging Americans to not buy fish and shrimp tied to supply chains in Thailand, where The Associated Press has found slaves are forced to work in the seafood industry.

The AP reported Monday that it found enslaved workers who were forced to peel shrimp in Thailand for up to 16 hours a day for little or no pay, and many were locked inside for months or even years on end.

U.S. customs records show the shrimp made its way into the supply chains of major U.S. food stores and retailers as well as the supply chains of some of America's best-known seafood brands and pet foods.

Cheniere Energy replacing CEO Souki

HOUSTON (AP) — Cheniere Energy has announced the departure of its co-founder and chief executive under pressure from activist investor Carl Icahn.

Icahn first revealed a sizeable stake in Cheniere in August, then two weeks later announced that he had upped that stake to more than 11 percent. The company agreed to seat two of his associates on the board and on Monday, announced that it was replacing Charif Souki, who helped to found the company and has ambitiously tried expand the company's reach.

Cheniere named board member Neal Shear as interim president and CEO.

Newell Rubbermaid buying Jarden in cash-and-stock deal

ATLANTA (AP) — Newell Rubbermaid is buying Jarden Corp. in a cash-and-stock deal that it says will generate about $16 billion in revenue per year with brands such as Paper Mate, Sharpie, Elmer's, Rubbermaid, Lenox, Yankee Candle and Graco.

Jarden shareholders will receive $21 in cash and 0.862 shares of Newell Rubbermaid stock for each share they own. The implied total value is $60 per share worth about $13.2 billion.

Newell Rubbermaid shareholders will own about 55 percent of the combined business.