Money & Markets

Earns Wells Fargo

Wells Fargo’s 2Q profit, interest rates, rise

Wells Fargo said its profit edged higher in the second quarter as the bank got a boost from rising interest rates and the planned sale of its insurance service business. The San Francisco-based bank said its profit grew 5 percent to $5.8 billion, or $1.07 per share. That was more than the ...

Airline on-time performance slips

WASHINGTON — Fewer flights were on time and consumer complaints about airlines rose in May, according to the latest government figures . The Transportation Department said Friday that 79.1 percent of flights on the 12 largest U.S. airlines arrived on time in May, down from 83.4 percent in May ...

AP PHOTO
In this Jan. 6, 2016 file photo, an electronic advertisement for DraftKings hangs on the side of Madison Square Garden in New York. On Thursday, DraftKings announced it pulled out of a proposed merger with FanDuel, scrapping potential partnership between fantasy sports companies.

DraftKings, FanDuel call off daily fantasy sports merger

BOSTON — The two leading daily fantasy sports companies DraftKings and FanDuel scrapped their proposed merger on Thursday, about a month after federal regulators sued to block it. The Federal Trade Commission — along with the attorneys general of California and the District of Columbia ...

Qatar crisis grinds on as top US diplomat leaves the Gulf

DUBAI, United Arab Emirates — The top U.S. diplomat concluded a week of shuttle diplomacy in the Persian Gulf crisis on Thursday bearing no promise of an imminent breakthrough, but he voiced optimism that Qatar and its four Arab neighbors might soon at least be willing to talk face to ...

Nevada Marijuana

Nevada adopts emergency rules to combat pot bottleneck

CARSON CITY, Nev. — Nevada moved Thursday to reduce supply problems at recreational marijuana stores that have faced overwhelming demand for newly legal pot and the possibility of their shelves going empty. Regulators approved emergency rules that would speed up licensing for pot ...

FDA OKs new J& J treatment for psoriasis

TRENTON, N.J. — U.S. regulators approved a new psoriasis drug from Johnson & Johnson Thursday. Johnson & Johnson said that in one patient study, about seven in 10 patients getting the drug, Tremfya, had clear or nearly clear skin after 24 weeks of treatment. That compares with about ...

FILE - In this Friday, May 13, 2016, file photo, a man uses his mobile phone near an Apple store in Beijing. On Wednesday, July 12, 2017, Apple announced it will open a data center in mainland China with ties to the country’s government, raising concerns about the security of iCloud accounts that store personal information transferred from iPhones, iPads and Mac computers there. (AP Photo/Ng Han Guan, File)

Apple to open data center in China with government ties

SAN FRANCISCO — Apple will open a data center in mainland China with ties to the country's government, raising concerns about the security of iCloud accounts that store personal information transferred from iPhones, iPads and Mac computers there. The data center announced Wednesday will be ...

FILE - In this May 25, 2017 aerial photo, storage tanks from the Standard Oil Refinery in El Segundo, Calif., are seen behind the El Porto neighborhood in Manhattan Beach, Calif. A plan to extend California's signature climate initiative for another decade looks beyond cutting greenhouse gas emissions and takes aim at toxic air in the polluted neighborhoods around refineries and factories. (AP Photo/Reed Saxon, File)

Proposed California climate deal takes aim at toxic air

SACRAMENTO, Calif. — A plan to extend California's signature climate initiative for another decade looks beyond cutting greenhouse gas emissions and takes aim at toxic air in the polluted neighborhoods around refineries and factories. The proposal comes as Gov. Jerry Brown moves to bolster ...

AP PHOTO
In this photo taken June 29, workers rest near billboard showing Chinese President Xi Jinping, reading: "Welcome President", right, and billboard reading: "Nobody was hurt in my shift today" in front of the Zelezara Smederevo steel mill, in the city of Smederevo, 45 kilometers east of Belgrade, Serbia. When U.S. Steel sold its loss-making smelter in Serbia to the government for $1 in 2012, few thought the communist-era factory would ever be revived.

China’s ambition, US retreat on show in Serbian factory town

SMEDEREVO, Serbia — A giant Chinese red flag flutters on a pole where an American flag used to fly at a steel mill in this dusty industrial Serbian town. The company logos of U.S. Steel are faded on the huge chimneys stacks, replaced by those of a Chinese company. When U.S. Steel sold its ...

Seattle OKs new income tax for wealthy residents

SEATTLE — Seattle's wealthiest would become the only Washington state residents to pay an income tax under legislation approved by the City Council, a measure designed as much to raise revenue as to open a broader discussion about whether the wealthy pay their fair share. The council voted ...

Congress Health Overhaul

GOP divisions multiply as Trump pressures Senate on health care

WASHINGTON — Republican divisions over health care multiplied Monday as President Donald Trump pressured GOP senators to act quickly, and Vice President Pence suggested they might have to revert to a straightforward "Obamacare" repeal if they can't agree on an alternative. Consensus on a ...

Mt Gox CEO goes on trial in Japan

TOKYO — A Tokyo court has begun hearings into charges that the head of the failed Japan-based bitcoin exchange Mt. Gox accessed its computer system and inflated his account by $1 million. French-born Mark Karpeles was whisked into the Tokyo District Court early Tuesday after arriving in a ...

AP PHOTO
In this Nov. 9, 2015, file photo, Pastor Yul Dorn poses for a portrait inside his home, where he was facing eviction due to foreclosure in San Francisco. Dorn and his wife expect to join the growing ranks of African-Americans who do not own their homes, a rate that was nearly 30 percentage points higher than that of whites in 2016, according to a report by Harvard University's Joint Center for Housing Studies.

Black homeowners struggle as US housing market recovers

SAN FRANCISCO — Yul Dorn and his wife raised their son and daughter in a three-bedroom home crammed with family photos, one they bought in a historically African-American neighborhood in San Francisco more than two decades ago. Today, the couple is living in a motel after they were evicted ...

Treasury Secretary Mnuchin says no to tax hike on wealthy

WASHINGTON — Treasury Secretary Steven Mnuchin said Sunday the Trump administration isn't considering a tax increase on wealthier Americans, knocking down a report that White House adviser Steve Bannon had floated the idea as a way to pay for tax cuts for middle-income taxpayers. "I have ...

US prosecutors: illegal gold used for money-laundering

MIAMI — A man who considered himself the Pablo Escobar of gold smuggling and two other former workers at a Miami-area refinery imported more than $1 billion in illegally mined gold from South America in a vast money-laundering scheme from 2013 to 2016, U.S. prosecutors say. In a criminal ...

Schumer calls on FDA to regulate ‘snortable chocolate’

NEW YORK — U.S. Sen. Charles Schumer is urging federal regulators to look into a "snortable chocolate" powder, saying he's worried that it could prove harmful and is being marketed like a drug. In a letter Saturday, the New York Democrat asked the Food and Drug Administration to investigate ...

US buyout firm Apollo to buy ClubCorp for $1.1B

WASHINGTON — Apollo Global Management has agreed to purchase ClubCorp, which owns more than 200 golf and country clubs, for $1.1 billion. Apollo, a private equity firm, said Sunday that it would pay $17.12 per share in cash, a 30.7-percent premium over the company's closing share price ...

AP PHOTO
In this May 22, photo, a "Now Hiring" sign welcomes a customer entering a Best Buy store in Hialeah, Fla. U.S. employers added a robust 222,000 jobs in June, the most in four months, a reassuring sign that businesses may be confident enough to keep hiring despite a slow-growing economy.

Hiring surged last month in a sign of US economic vitality

WASHINGTON — Hiring surged in June in a surprising show of U.S. economic vitality eight years into the recovery from the Great Recession. Pay gains remain weak, though, a stark reminder of one of the economy's key shortcomings. Employers added 222,000 jobs last month, and hiring in the ...

Kushners face heated trial over suburban Jersey mall project

WASHINGTON — Days after a seaside reception for his father-in-law's presidential campaign, Jared Kushner set out to pitch a deal to a small-town mayor: Kushner Cos. would transform an aging shopping mall into a live-work destination, bringing culture and commerce to a scraggy stretch of the ...

Penn Station Summer of Hell

NYC commuters brace for a ‘summer of hell’

NEW YORK — A massive two-month repair project will launch Monday at the country's busiest train station, temporarily exacerbating the daily commuting struggle during what New York's governor has predicted will be a "summer of hell." But it's only a stopgap measure against a root problem it ...