MARKETS
Members of Congress question sale of Chicago Stock Exchange to Chinese firm
Dozens of members of Congress plan to ask the Obama administration to review the planned acquisition of the Chicago Stock Exchange by a Chinese firm, to assess whether it poses a national security risk or a risk to the companies traded on the exchange. The Chicago Stock Exchange announced this month that it would be sold to a consortium led by the Chongqing Casin Investment Group of China, a move that would inject needed resources into the exchange and give the Chinese firm a foothold in the $22 trillion US equities marketplace. But the exchange’s CEO, John Kerin, has said that he doesn’t know who owns Chongqing Casin and that the Chinese government may be a minority stakeholder, as it is in most large Chinese businesses. — BLOOMBERG
AIRLINES
American Airlines to add restaurants for first-class passengers at four airports
American Airlines will offer restaurant-style dining for first-class customers at four airports as the world’s biggest carrier steps up competition for the most-prized travelers. In addition to creating tableside Flagship Dining, American is expanding its Flagship Lounge program, the airline said in a statement Wednesday. The lounges are sections of the carrier’s Admirals Club locations restricted to people traveling in first class. The changes are part of about $1 billion that American is spending to improve its service, including the creation of Premium Economy class, updating premium meals, resuming free snacks in coach, and adding power outlets. Flagship Dining will debut next year with complimentary service at New York’s John F. Kennedy International Airport before expanding to hubs in Dallas-Fort Worth, Los Angeles, and Miami. — BLOOMBERG
TELEVISION
ABC names black woman to head entertainment group, a first
The head of the ABC Entertainment Group is departing amid low ratings, to be replaced by the first African-American to head a broadcast TV network. ABC Entertainment president Paul Lee has decided to leave, the network announced Wednesday. His successor is Channing Dungey (left), who has been ABC Entertainment Group’s executive vice president for drama development, movies, and miniseries, overseeing drama pilots and the launches of series. Dungey shepherded ABC hits including ‘‘Scandal,’’ ‘’How to Get Away with Murder,’’ and ‘‘Quantico.’’ — ASSOCIATED PRESS
PHONES
T-Mobile’s profit nearly triples
T-Mobile US Inc.’s fourth-quarter profit nearly tripled, topping Wall Street expectations as the company added 2.1 million customers during the period. The Bellevue, Wash.-based wireless carrier reported profit of $297 million, or 34 cents per share, as revenue rose 1.1 percent to $8.25 billion. During the quarter, it added 2.1 million customers, bringing its total customer count to more than 63 million The wireless carrier said it was the 11th consecutive quarter that it added more than 1 million new customers. — ASSOCIATED PRESS
AVIATION
Bombardier to cut 7,000 jobs as sales of new planes slump
Bombardier, the Canadian transportation company, said Wednesday that it would lay off about 7,000 employees over the next two years, as it struggles to find buyers for a new series of planes that for the first time put it in direct competition with the aviation giants Boeing and Airbus. After a prolonged drought in sales announcements, the maker of airliners and trains said that Air Canada, which has its headquarters in Montreal, had signed a letter of intent to buy 45 of the new CSeries planes, with options for 30 more. Bombardier expects to start delivering the aircraft within three years and estimated that all 75 planes could cost up to $6.4 billion. While the Air Canada sale provided important help for the CSeries, sales of the aircraft remain below levels that analysts generally view as assuring the project’s success. — NEW YORK TIMES
HOME CONSTRUCTION
Cold weather slows housing construction
Cold winter weather appears to have cut into home building in the Midwest and Northeast, causing the pace of construction to tumble in January. Housing starts slipped 3.8 percent last month to a seasonally adjusted annual rate of 1.1 million homes, the Commerce Department said Wednesday. A sharp 12.8 percent decline in construction in the Midwest and a 3.7 dip in the Northeast propelled the broader decrease, with construction also falling in the South. It was nearly unchanged in the West. — ASSOCIATED PRESS
MANUFACTURING
Factories produce more goods in January
US factories cranked out more autos, furniture, and food last month, boosting production by the most since July. Manufacturing output rose 0.5 percent in January, after falling in four of the previous five months, the Federal Reserve said Wednesday. Overall industrial production, which includes mining and utilities, added 0.9 percent, the biggest jump in 14 months. The data could raise hopes that manufacturing may be stabilizing after output declined for much of last year. The strong dollar and weak overseas growth have cut into exports and the profits of large multinational corporations. By some measures, US factories had contracted since last fall.
ENTERTAINMENT
Fandango buys Rotten Tomatoes and Flixster from Warner Bros.
Comcast Corp.’s Fandango Inc. bought Flixster and Rotten Tomatoes from Warner Bros., uniting the biggest online ticket seller with popular outlets for finding films and reading reviews. Warner Bros., a unit of Time Warner Inc., will obtain a minority stake in Fandango and become a strategic partner, according to a statement Wednesday. Other terms weren’t disclosed. Rotten Tomatoes is perhaps best known for its “Tomatometer’’ rating, which represents the percentage of positive professional reviews for movies or television shows. Flixster is a website and app for discovering movies. — BLOOMBERG
INTERNET
Yahoo to shutter seven digital magazines
Yahoo! Inc. is shutting seven of its digital magazines as part of chief executive Marissa Mayer’s effort to trim costs and get the Web company back to growth. The magazines getting the ax include those focused on food, health, parenting, travel, and autos, Martha Nelson, global editor in chief, wrote in a blog post Wednesday. While the dedicated publications will be shuttered, the topics they covered will still be available via other Yahoo sites and services, she said. The new focus will be on four key areas, news, sports, finance, and lifestyle. Mayer (right) is nixing products and services as part of the plan to streamline Yahoo, which was unveiled earlier this month and calls for a staff reduction of about 15 percent and exiting older products for games and smart televisions. — BLOOMBERG
CREDIT CARDS
American Express reorganizing to save $1b
American Express Co. is reorganizing management and consolidating its marketing activities as the biggest credit-card issuer by purchases seeks to cut $1 billion in costs over the next two years. AmEx is grappling with the loss of its biggest partner, Costco Wholesale Corp., and trying to end the lender’s steepest stock slump since the financial crisis. Quarterly results will be uneven and expenses are expected to rise as the company spends money to attract new customers, AmEx has said. — BLOOMBERG
