Money & Markets

UK’s May signals EU clean break

LONDON — Britain will make a clean break from the European Union and not seek to remain "half-in, half-out," Prime Minister Theresa May will say Tuesday, disappointing businesses and voters who want the country to stay in the bloc's single market. In her most detailed speech on the U.K.'s ...

Stark inequality: Oxfam says eight men as rich as half the world

DAVOS, Switzerland — The gap between the super-rich and the poorest half of the global population is starker than previously thought, with just eight men, from Bill Gates to Michael Bloomberg, owning as much wealth as 3.6 billion people, according to an analysis by Oxfam released ...

AP PHOTO
In this Monday photo, Andrea Ledesma spreads sauce on pizza dough at Classic Slice restaurant in Milwaukee. Ledesma thought she would be making more at this point in her life and she's not alone. With a median household income of $40,581, millennials earn 20 percent less than boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data by the advocacy group Young Invincibles.

Millennials are falling behind their boomer parents

SOUTH MILWAUKEE — Baby Boomers: your millennial children are worse off than you. With a median household income of $40,581, millennials earn 20 percent less than boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data by the ...

EPA moves to preserve gas mileage requirements

WASHINGTON — The Environmental Protection Agency moved Friday to cement strict fuel economy requirements that force the auto industry to make new cars and trucks significantly more efficient, a decision that will be difficult for the incoming Trump administration to undo. The EPA said in ...

Takata Justice Department

Takata agrees to guilty plea, will pay $1B

DETROIT — Takata Corp. has agreed to plead guilty to a single criminal charge and will pay $1 billion in fines and restitution for a years-long scheme to conceal a deadly defect in its automotive air bag inflators. The U.S. Attorney's Office in Detroit announced the deal Friday, hours after ...

Driverless electric shuttle being tested in Vegas

LAS VEGAS — There's a new thrill on the streets of downtown Las Vegas, where high- and low-rollers alike are climbing aboard what officials call the first driverless electric shuttle operating on a public U.S. street. The oval-shaped shuttle began running Tuesday as part of a 10-day pilot ...

AP PHOTO
In this Thursday, Nov. 5, 2015, file photo, 2015 Jeep Grand Cherokees appear on display at a Fiat Chrysler dealership in Doral, Fla. On Thursday, the U.S. government alleged that Fiat Chrysler Automobiles failed to disclose that software in some of its pickups and SUVs with diesel engines allows them to emit more pollution than allowed under the Clean Air Act.

US gov’t accuses Fiat Chrysler of cheating on emissions

WASHINGTON — The U.S. government accused Fiat Chrysler on Thursday of failing to disclose software in some of its pickups and SUVs with diesel engines that allows them to emit more pollution than allowed under the Clean Air Act. The Environmental Protection Agency issued a "notice of ...

EpiPen

CVS rival to EpiPen, sold for a 6th the price

CVS is now selling a rival, generic version of Mylan's EpiPen at about a sixth of its price, just months after the maker of the life-saving allergy treatment was eviscerated before Congress because of its soaring cost to consumers. The drugstore chain says it will charge $109.99 for a ...

Amazon plans to hire 100K within 18 months

NEW YORK — Amazon plans to hire 100,000 full time workers over the next 18 months, highlighting its ambitious expansion plans — and the sharp contrast the e-commerce powerhouse strikes against brick-and-mortar retailers, many of which are cutting jobs and closing stores. The new hires will ...

AP PHOTO
In this Oct. 13, 2015, file photo, a Volkswagen Touareg diesel is tested in the Environmental Protection Agency's cold temperature test facility in Ann Arbor, Mich. VW on Tuesday, disclosed that it is in advanced talks to settle the criminal case by pleading guilty to unspecified charges and paying $4.3 billion in criminal and civil fines, a sum far larger than any recent case involving the auto industry.

Six Volkswagen employees indicted in emissions scandal

WASHINGTON — Six high-level Volkswagen employees from Germany were indicted in the U.S. on Wednesday in the VW emissions-cheating scandal, while the company itself agreed to plead guilty to criminal charges and pay $4.3 billion — by far the biggest fine ever levied by the government against ...

Judge: Exxon Mobil must give documents to AG

BOSTON — Exxon Mobil has been ordered to hand over documents related to a state investigation into whether it misled the public about the impact of fossil fuels on the climate. Wednesday's decision by a Suffolk Superior Court judge is a win for Attorney General Maura Healey, who's trying to ...

Steven Mnuchin

Treasury pick boosted investment with TV talk

WASHINGTON — President-elect Donald Trump's choice to become Treasury secretary, Steven Mnuchin, will sell 43 assets to avoid conflicts of interest in office, according to new filings made public Wednesday by the U.S. Office of Government Ethics. Statements Mnuchin made in a November ...

Energy choice Perry steps away from DAPL

WASHINGTON — Former Texas Gov. Rick Perry says he has stepped down from the boards of two energy companies that are developing the Dakota Access Pipeline project. Perry, who is Trump's choice for energy secretary, said in a letter to ethics officials that he resigned Dec. 31 from Energy ...

AP PHOTO
This May 6, 2012, file photo, shows a Wells Fargo sign at a branch in New York. Wells Fargo announced Tuesday, it is completely restructuring how it pays tellers and other bank branch employees after a scandal over its aggressive sales practices.

Wells Fargo overhauls pay plan for bank branch employees

NEW YORK — Wells Fargo announced a complete restructuring Tuesday of how it pays tellers and other bank branch employees, with incentives now tied to how often customers use their accounts, as the company tries to right itself after a scandal over its aggressive sales practices. The ...

Sam Brownback

Kansas governor to seek ‘modest’ tax increases to fix budget

TOPEKA, Kan. — Republican Gov. Sam Brownback said Tuesday that he will propose "modest, targeted" tax increases to help close Kansas' serious budget shortfalls while strongly defending an income tax break that some fellow GOP lawmakers want to end. Brownback also told a joint session of the ...

VW: Draft deal in scandal contains $4.3B in fines

FRANKFURT, Germany — German automaker Volkswagen AG said Tuesday that it was in "advanced talks" with United States authorities over a proposed settlement in its diesel emissions scandal under which the company would pay $4.3 billion in criminal and civil fines. The draft settlement would ...

FILE - In this Sept. 20, 2006, file photo, Heaven Hill's master distiller Parker Beam holds a bottle of Rittenhouse Rye Whisky made at the Bardstown, Ky. distillery. Beam, who carried on his family's historic bourbon-making tradition, died Monday, Jan. 9, 2017, after battling amyotrophic lateral sclerosis, better known as Lou Gehrig's disease. He was 75. (AP Photo/Patti Longmire, File)

Parker Beam, master distiller of Kentucky bourbon, dies

LOUISVILLE, Ky. — Parker Beam, who carried on his family's historic bourbon-making tradition as longtime master distiller for Kentucky-based Heaven Hill Distilleries, died Monday after battling amyotrophic lateral sclerosis, better known as Lou Gehrig's disease. He was 75. Beam's career as ...

A 2018 Ford F-150 is displayed at the North American International Auto show, Monday, Jan. 9, 2017, in Detroit. (AP Photo/Carlos Osorio)

Ford adding diesel engine, other features to F-150

DETROIT — For the first time, Ford is offering a diesel engine on its F-150 pickup. The change is one of several coming for America's best-selling pickup in the 2018 model year. The revamped truck goes on sale this fall, with the diesel option following in the summer of 2018. The F-150 ...

Detroit Mayor Mike Duggan, center, and North American International Auto Show Chairman Sam Slaughter, right, are given a tour of the Mopar area from Ron Stallworth, left, of Fiat Chrysler Automobiles, Friday, Jan. 6, 2017, in Detroit. The show opens to the media on Monday, Jan. 9 and to the public on Jan. 14. (AP Photo/Carlos Osorio)

Detroit auto show: Google, Camry and the shadow of Donald Trump

DETROIT — Fresh off a record year for U.S. auto sales, carmakers meet in Detroit next week to show buyers what's coming next — and ponder their own future under a Trump administration. More than 40 new vehicles will debut at the North American International Auto Show, which is one of the ...

Fiat Chrysler to build 3 new Jeeps, create 2,000 jobs in United States

DETROIT — Fiat Chrysler will add three new Jeeps to its lineup including a pickup truck as it invests $1 billion in two U.S. factories, furthering its effort to increase production of hot-selling SUVs and pickup trucks and get out of producing small and midsize cars. The expansion will ...