The Metropolitan Transportation Authority and the union representing New York City’s subway and bus workers agreed on a tentative contract that would raise wages by 8 percent over five years without fare increases.
The price of protecting municipal bonds against default is dropping by an unprecedented amount, signaling that investors are separating Puerto Rico’s economic woes from a broader fiscal rebound by states and localities.
Hudson Yards, the $20 billion Related Cos. development on Manhattan’s far west side, is taking a key step forward as work begins on a platform over the area’s rail depot designed to support three skyscrapers.
Investigators believe the driver of a Metro-North Railroad train wasn’t fully alert moments before the train rounded a curve at almost three times the speed limit and jumped the tracks, killing four people and seriously injuring 11, said a person familiar with the probe.
The top U.S. railroad-safety regulator ordered Metro-North Railroad’s operator to act immediately to boost safety following a series of accidents, including the Dec. 1 derailment in which investigators think the train’s driver wasn’t fully alert before the crash.