Money & Markets

FedEx 1st-quarter results mixed

DALLAS - FedEx reported disappointing results for its latest quarter, and the delivery giant cut its full-year profit forecast on weaker demand for freight services and higher costs in its ground division.The company also said it plans to hire more than 55,000 seasonal workers for the holidays, ...

As Fed meets, decision on rate hike seems like a toss-up

WASHINGTON - Will they or won't they?Nine years after they last raised their benchmark interest rate and after months of feverish speculation, Federal Reserve policymakers this week may finally raise that rate from a record low near zero.Unless they don't.Financial markets have been zigzagging ...

HP to jettison up to 30,000 jobs

SAN FRANCISCO - Hewlett-Packard Co. is preparing to shed up to another 30,000 jobs as the Silicon Valley pioneer launches into a new era in the same cost-cutting mode that has marred much of its recent history.The purge announced Tuesday will occur within the newly formed Hewlett Packard ...

Nina Tassler leaving as CBS entertainment chief

NEW YORK - Nina Tassler, one of the most prominent women in the television industry as CBS entertainment chairman since 2004, said Tuesday she will leave her job at the end of the year to pursue other creative interests. CBS has been the most-watched television network in prime time during ...

Fiat Chrysler, UAW reach tentative contract deal

DETROIT - The United Auto Workers union and Fiat Chrysler have reached a tentative deal on a new contract that will set the pattern for pacts with General Motors and Ford.Terms of the deal were not disclosed, but both sides said a news conference would be held Tuesday evening.The union was ...

Communist Party issues blueprint on overhauling bloated state industry

BEIJING - China's Communist Party issued a long-awaited blueprint for overhauling bloated state industries while retaining the party's dominance in the economy.The government of President Xi Jinping is under pressure to reverse an economic slowdown and reduce reliance on trade and investment to ...

Ukrainian firm, CEO paying $30M to settle

WASHINGTON - A Ukrainian firm and its CEO are paying $30 million to settle U.S. regulators' charges they were part of an international web of hackers and traders that made $100 million by getting advance peeks at sensitive corporate news releases.The Securities and Exchange Commission announced ...

Google names auto veteran to lead self-driving car push

Google has hired auto industry veteran and former Hyundai U.S. CEO John Krafcik to run its self-driving car program.Krafcik, 53, is credited with turning around Hyundai's U.S. operations, leading the company to huge sales increases after the Great Recession. Early in his career as a mechanical ...

Presales for latest iPhones may surpass other models

NEW YORK - Preorders for its latest iPhone have been so strong that Apple expects to surpass last year's record, when it sold 10 million phones during the first weekend. Apple began taking preorders for the iPhone 6s and iPhone 6s Plus on Saturday.The new models, which go on sale Sept. 25, have ...

Gambling or not, daily fantasy sports faces scrutiny

LAS VEGAS - Think wagering $20 to win $1 million by picking a winning combination of NFL players for a fantasy team this Sunday is gambling? The league says it isn't.So do fast-growing daily fantasy sports companies like DraftKings and FanDuel that offer the games and advertise with the long ...

More than 500 people attend memorial service for LL Bean CEO

WESTBROOK, Maine - L.L. Bean's flagship 24/7 stores in Freeport closed on Sunday for the first time in nearly a half-century as 500 people gathered at a memorial service for the retailer's longtime leader.The service for Leon Gorman was held at a performing arts center in nearby Westbrook. ...

US oil production seen tumbling, but low prices may hold on

PARIS - Oil supply from the United States, Russia and other countries outside of OPEC is expected to drop sharply next year - possibly the steepest decline since the Soviet Union collapsed - because of low prices, the International Energy Agency forecast Friday.In its latest monthly report, the ...

S. Carolina official threatens to sue over nuke fuel project

COLUMBIA, S.C. - South Carolina's top prosecutor has warned the Obama administration that he's prepared to sue - again - if a nuclear fuel processing project isn't made a priority.In a letter sent earlier this month, Attorney General Alan Wilson wrote to Energy Secretary Ernest Moniz that they ...

Trump says he’s bought 100 pct of Ms. Universe

NEW YORK - Donald Trump spokesman Michael Cohen confirmed the Republican presidential hopeful has purchased NBC's half of the Miss Universe Organization and settled all lawsuits against the media company.The move, which Trump announced via Twitter on Friday morning, gives him full ownership of ...

Microsoft names Brad Smith president, CLO

NEW YORK - Microsoft has given longtime executive Brad Smith the title of president, as the company continues its transition to a new generation of leadership. Smith's full title will be president and chief legal officer. He has been Microsoft's general counsel since 2002 and became an ...

New federal food safety rules issued after deadly outbreaks

WASHINGTON - Food manufacturers must be more vigilant about keeping their operations clean under new government safety rules released Thursday in the wake of deadly foodborne illness outbreaks linked to ice cream, caramel apples, cantaloupes and peanuts.The rules, once promoted as an Obama ...

Justice Dept. encourages prosecutions of corporate execs

WASHINGTON - Despite the many challenges in bringing such cases, the Justice Department is renewing its commitment to prosecuting corporate executives for financial misdeeds, Deputy Attorney General Sally Yates said Thursday.In a warning shot to Wall Street, Yates unveiled new policies to guide ...

US wholesale stockpiles slipped in July

WASHINGTON - Expectations for U.S. consumer spending appear to have dimmed in July, as wholesalers cut their inventories slightly and sales fell.Wholesale stockpiles slipped 0.1 percent, while sales dropped 0.3 percent, the Commerce Department said Thursday. This follows a solid 0.7 percent ...

New York state OKs $15 minimum wage

NEW YORK - New York state will gradually raise the minimum wage for fast-food workers to $15 an hour - the first time any state has set the minimum that high. Gov. Andrew Cuomo's administration formally approved the increase Thursday - a move the Democratic governor announced at a labor rally ...

Why US job openings are surging, while hiring plods

WASHINGTON - U.S. companies are advertising a lot more jobs. But when it comes to filling them, many remain cautious.Job openings soared 8 percent to 5.75 million in July, the most since records began in 2000, the Labor Department said Wednesday.Meanwhile, total hiring slipped to just below 5 ...