Business Briefs – May 27, 2018

For CEOs, $11.7 Million a Year Is Just Middle of the Pack

NEW YORK (AP) – Chief executives at the biggest public companies got an 8.5 percent raise last year, upping the median pay package for CEOs to $11.7 million. Across the S&P 500, compensation for CEOs is often hundreds of times higher than typical workers.

The pay increase matches the bump that CEOs received in 2016, according to salary, stock and other compensation data analyzed by Equilar for The Associated Press.

For the first time, the government required companies to show in their annual proxy statements just how much more bosses make than the typical employee. The typical CEO made 164 times the median pay of their employees, according to Equilar’s analysis.

Court: More Study Needed on Yellowstone-Area Gold Mining

BILLINGS, Mont. (AP) – A gold exploration proposal just north of Yellowstone National Park has suffered a significant setback with a court ruling that says Montana officials understated mining’s potential harm to land, water and wildlife. State Judge Brenda Gilbert said in a ruling released Friday that the Montana Department of Environmental Quality should have conducted a more extensive review of the proposal from Lucky Minerals. She says state officials gave too much deference to the company.

Fed Chair Powell Stresses Importance Of an Independent Fed

Federal Reserve Chairman Jerome Powell says the Fed’s independence from political pressure plays a key role in enabling the central bank to fight inflation, stabilize the economy, and regulate the financial system. Powell warned against taking that independence for granted given its recent success in keeping inflation low.

U.S. Durable Goods Drop 1.7 Percent In April But Key Category Shows Strength

WASHINGTON (AP) – Orders for long-lasting manufactured goods fell in April amid weaker demand for aircraft. But a key category that tracks business investment rose after sliding in March — a sign of health for American industry. The Commerce Department says U.S. orders for durable goods — manufactured items meant to last at least three years — fell 1.7 percent from March.

Deal Dead With Investor for Alaska Mine Project Near Fishery

JUNEAU, Alaska (AP) – A Canadian company that was courted as a partner in a proposed copper-and-gold mine near one of the world’s largest salmon fisheries in Alaska has backed away from the project. Critics of the project say they hope the end of the partnership signals the end of mining project, but neither company offered any immediate comment.

Maritime Organization Approves Bering Strait Shipping Routes

ANCHORAGE, Alaska (AP) – The International Maritime Organization has approved the first two-way shipping routes into the Arctic Ocean. The IMO accepted routes proposed by the United States and Russia for safe navigation through the Bering Strait between Alaska and Russia’s Chukotskiy Peninsula. The routes create lanes for northbound and southbound traffic and take effect Dec. 1. The designation was hailed by environmental groups that pushed for safe shipping measures.