Business News

Local Bakery Turns to Twitter to Issue Apology

Posted: 4:11 AM - Last week Rounds bakery received a cease and desist letter from a law firm representing Dominique Ansel Bakery, the bakery that trademarked the name "cronut." The co-owners at Rounds took to Twitter to issue their apology.

US Jobless Aid Applications Rise to 283K

Posted: 10/23/2014 - The number of people applying for U.S. unemployment benefits rose last week after falling to a 14-year low the previous week. Despite the increase, weekly applications remain at historically low levels that suggest hiring is gaining steam.

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Economic News

  • Fed's 'Stress Test' to Look at Corporate Debt Exposure
    The Federal Reserve will examine how exposed the largest U.S. banks are to “risky corporate borrowers” as part of the 2015 edition of its stress tests.
  • New-Home Sales Rise 0.2%
    New-home sales rose slightly in September after surging in August, hitting their fastest pace of the recovery despite downward revisions to sales during the summer months.
  • Spain's Recovery Continues
    Spain’s economy grew an estimated 0.5% and added 151,000 jobs in the third quarter, driven by a strong summer tourist season, lower borrowing costs and confidence that one of the eurozone’s strongest recoveries is still on track.
  • U.S. Jobless Claims Remain Near 14-Year Lows
    The number of new claims for jobless benefits rose last week but remained near 14-year lows, the latest sign of an improving labor market.
  • France, Italy Take Austerity Fight to Brussels
    European Union leaders staked out opposing positions on austerity ahead of a summit here, where France and Italy will attempt to fend off pressure from the bloc’s budget hawks to cut their deficits faster.
  • Low Inflation, Flatter COLA: Social Security Benefits to Get 1.7% Bump
    Tens of millions of elderly and disabled Americans will see a small bump in their Social Security payments next year, another reflection of a sluggish economic recovery that has kept inflation low.
  • Russian Economy Stalls
    Russia’s economy—battered by Western sanctions and falling prices for oil, its main export—stalled in September even as inflation hit the highest levels in months, data showed Wednesday.
  • U.S. Agencies Approve Relaxed Mortgage-Lending Rules
    Three U.S. agencies signed off on relaxed mortgage-lending rules, helping complete a long-stalled provision of the 2010 Dodd-Frank financial law.
  • Despite Riches, Venezuela Starts Food Rationing
    The government in Caracas rolls out fingerprint scanners to limit purchases of basic goods, infuriating consumers, amid a shortage of products.
  • Global Growth Woes Threaten to Beset U.S. Economy
    Another bout of weakening global growth is buffeting a U.S. economy that has faced five years of uneven growth, raising a crucial question: Can the U.S. pull the rest of the world through a slow patch or will sluggish global growth hobble the recovery?

US Business News

  • Amazon Stumbles on Spending
    Amazon’s soaring ambitions are coming at a steep cost, dragging the e-commerce giant to its largest quarterly loss in 14 years.
  • Gucci Finds Luxury a Tougher Sell
    The travails at Gucci are emblematic of the problems afflicting fashion’s big power houses.
  • Apple iTunes Sees Drop in Music Sales
    Digital music sales at Apple iTunes store have fallen 13% to 14% world-wide since the start of the year, according to people familiar with the matter, underscoring the fragility of the music industry’s nascent recovery.
  • P&G to Shed Duracell
    P&G said it plans to exit its Duracell business, with plans to carve off the leading battery brand with $2 billion in global sales into a separate company. The plan was announced as P&G reported flat sales and a 34% profit drop for its fiscal first quarter.
  • Ford's Profit Falls 34%
    Ford said third-quarter income fell 34% from a year ago to $835 million as lower truck production and higher warranty and recall costs hurt results in its core North American operations and losses in Europe widened.
  • U.S. to Name New Auto-Safety Chief
    The Obama administration is close to naming a permanent top auto-safety regulator amid criticism of the agency’s handling of large air-bag recall, which an administration official on Friday called “suboptimal.”
  • Trinity to Stop Shipments of Guardrail Systems
    Trinity Industries said its Trinity Highway Products unit will stop shipments of its ET-Plus guardrail systems until more crash testing is completed.
  • UPS Growth Fueled by Increase in Shipments in U.S. and Abroad
    United Parcel Service Inc. reported robust third-quarter growth, fueled by an increase in package shipments both in the U.S. and abroad and the strongest increase in domestic business-to-business deliveries in several years, signaling a strengthening U.S. economy.
  • USPS Wins Approval to Continue Grocery-Delivery Test
    The U.S. Postal Service this week won approval for a two-year grocery delivery test, giving letter carriers permission to continue to deliver totes containing food in the San Francisco area.
  • Indonesia Plays Legal Hardball
    Indonesian prosecutors are increasingly bringing criminal charges against employees of large companies for allegedly causing losses to the state, a development that is chilling the business community there.
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