Business News

US Judge Slaps $1.3B Fine On Bank Of America

Updated: 07/30/2014 - A federal judge imposed a $1.3 billion civil penalty against Bank of America on Wednesday for its role in selling risky mortgages to Fannie Mae and Freddie Mac that were advertised as safe investments.

Us Judge Slaps $1.3B Fine on Bank of America

Posted: 07/30/2014 - A federal judge imposed a $1.3 billion civil penalty against Bank of America on Wednesday for its role in selling risky mortgages to Fannie Mae and Freddie Mac that were advertised as safe investments.

Probe Exposes Flaws Behind Rollout

Posted: 07/30/2014 - Officials tell The Associated Press that a nonpartisan investigative report concludes that management failures by the Obama administration set the stage for the computer problems that paralyzed the website last fall.

US Economy Grew Four Percent in Spring

Posted: 07/30/2014 - After a dismal winter, the U.S. economy sprang back to life in the April-June quarter, growing at a fast 4 percent annual rate on the strength of higher consumer and business spending.

Chevron Overhaul Heads For Vote

Posted: 07/29/2014 - Chevron's five-year quest for approval of a $1 billion overhaul of its aging refinery in the San Francisco Bay Area city of Richmond is facing a decisive vote by city officials.

JPMorgan Paying $650K To Settle CFTC Charges

Posted: 07/29/2014 - JPMorgan Chase will pay $650,000 to settle charges from federal regulators of filing inaccurate reports on the trading positions of some of its large customers.

More Business News

Economic News

  • Growth Rebound Stokes Fed Debate
    Federal Reserve officials delivered a modestly more upbeat assessment of the economy amid a second-quarter growth rebound and deepening debate inside the central bank about when to start raising interest rates.
  • Fed Boosts View of Economy
    The Federal Reserve said it would scale back its bond purchases to $25 billion monthly and delivered a modestly more upbeat assessment of inflation, jobs and the economy, hours after a stronger-than-expected U.S. growth report.
  • U.S. Jobless Claims Rise
    The number of U.S. workers claiming unemployment aid rose last week after sinking to a 14-year low earlier in the month.
  • Employment Costs Rise 0.7%
    Employers' labor costs rose at their fastest rate in nearly six years in the second quarter, a sign that falling unemployment could be boosting pay for workers.
  • Families Borrowing Less to Pay for College
    American families are relying more on their income and savings and less on loans to pay for college, a study found.
  • Homeowner Program Faces Mounting Backlog
    The Obama administration's signature program to aid struggling homeowners has hit another speed bump: The mortgage companies processing applications can't keep up with demand.
  • Private Sector Reins in Pace of Hiring
    U.S. businesses slowed their pace of hiring in July, according to an employment survey. The number of private-sector jobs created this month was fewer than economists expected.
  • Home-Price Growth Slows
    Home prices across the U.S. slowed sharply to a single-digit pace in May on a year-over-year basis, the slowest rate since February 2013, according to a home-price report.
  • Consumer Confidence Rises in U.S.
    Consumers turned more upbeat about the economy this month, according to a consumer confidence report. Better sentiment about job availability supports expectations for a good increase in July payrolls.
  • U.S. Pending Home Sales Slip
    The number of contracts signed to buy previously-owned homes slipped in June, a sign the housing recovery remains choppy despite a retreat in interest rates.

US Business News

  • Samsung's Mobile Chief Is in the Hot Seat
    The head of Samsung's mobile division, J.K. Shin, is facing pressure as weakening phone sales propel the company toward a third straight quarter of operating-profit declines.
  • Blame It on the World Cup
    Companies selling TVs, sports drinks and snacks scored, but the makers of washing machines lost out.
  • For Coke in U.S., No Opportunity Too Small
    Coca-Cola can no longer lean on its foreign markets for reliable growth, which means it must turn around its U.S. business. That won't be easy, as Americans are drinking less soda.
  • U.S. Oil Exports Ready to Sail
    A tanker of oil from Texas set sail for South Korea, the first unrestricted sale of unrefined American oil since the 1970s.
  • Exxon Profit Jumps 28%, But Production Declines
    Exxon said its profit for the second quarter rose 28%, despite pumping oil and gas at the lowest rate in almost five years.
  • Siemens Cautious on Energy Unit
    Siemens posted a rise in second-quarter profit but the German engineering giant warned that its energy business remains a challenge and conflicts around the globe increasingly threaten its expansion plans.
  • Adidas Warns on Profit
    The German sporting goods company stunned investors by slashing its profit forecast for the year, citing challenges to its golf business, lower consumer spending in Russia and the cost of its World Cup marketing.
  • Target Picks Pepsi Veteran as New CEO
    Target is bringing in PepsiCo executive Brian Cornell as its new CEO, turning to an outsider for the first time in its history to repair a battered corporate culture and navigate a sea change in shopping habits.
  • Boeing to Build New 787 Dreamliner in S. Carolina
    Boeing plans to build a new version of its flagship 787 Dreamliner jet exclusively at its nonunion factory in South Carolina.
  • AB InBev Scores with World Cup
    Anheuser-Busch InBev reported that strong sales volume growth and cost cuts boosted net profit in the second quarter, driven in part by World Cup sales.
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