Money & Markets

2 Fed officials think data will justify rate hike this year

WASHINGTON - It's a question whose answer seems to be in constant flux: When will the Federal Reserve finally raise interest rates?Two voting members of the Fed's policy committee weighed in Friday with a similar view: That a rate hike remains likely by the end of 2015 but that any Fed decision ...

UAW leaders OK richer Fiat Chrysler contract

DETROIT - The United Auto Workers union unveiled a richer proposed contract with Fiat Chrysler on Friday, a week after angry union members voted down a previous agreement.The new agreement would gradually eliminate a much-maligned tiered pay system and bring all U.S. factory workers to the same ...

Petition assures House vote to revive Ex-Im Bank

WASHINGTON - Several dozen Republicans teamed up with Democrats Friday to assure a House vote on reviving the U.S. Export-Import Bank, giving the effort to save the bank new life more than three months after its charter lapsed.The development came as bank supporters got a majority of the House ...

Netflix raising US price for most popular video plan by $1

SAN FRANCISCO - Netflix is raising the price of its Internet video service by $1 for new customers in the U.S., Canada and some Latin America countries to help cover its escalating costs for shows such as "House of Cards" and other original programming.The new price of $10 per month for ...

VW executive apologizes but says scandal not his fault

WASHINGTON - Volkswagen's top U.S. executive offered deep apologies yet sought to distance himself Thursday from the emissions scandal enveloping the world's largest automaker, asserting top corporate officials had no knowledge of the cheating software installed in 11 million diesel cars.Though ...

Amazon challenges Etsy with ‘Handmade at Amazon’

NEW YORK - Amazon is launching its site for handcrafted goods called Handmade at Amazon on Thursday, hoping to capitalize on shoppers' appetite for homemade goods ahead of the holiday season.The move throws down the gauntlet to craft-selling site Etsy. But at least at the time of launch, the ...

Average rate on 30-year mortgage falls to 3.76 pct

WASHINGTON - Average long-term U.S. mortgage rates fell sharply this week amid concern over a labor market that has shown recent signs of weakness.Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage dropped to 3.76 percent from 3.85 percent a week earlier. ...

Auto experts: Top managers probably knew of VW cheating

DETROIT - Auto industry insiders strongly suspect the emissions cheating scandal at Volkswagen is much wider and reaches higher up the corporate ladder than the company is letting on.Volkswagen's new CEO, Matthias Mueller, was quoted Wednesday as telling a German newspaper that the ...

Cali. wants renewable energy for half its power

LOS ANGELES - Gov. Jerry Brown dramatically increased California's climate-change goals on Wednesday, committing the state to use renewable energy for half its electricity and make existing buildings twice as energy-efficient in just 15 years.Brown tried for an even stronger measure that also ...

US official: Cuba should develop private sector

HAVANA - U.S. Commerce Secretary Penny Pritzker on Wednesday called on the Cuban government to let private enterprise thrive on the communist-ruled island and to grant its citizens greater access to the Internet. Pritzker was visiting Cuba for two days, leading a delegation of officials from ...

US trade deficit widens to $48.3 billion in August

WASHINGTON - The U.S. trade deficit jumped sharply in August as exports fell to the lowest level in nearly three years while imports increased, led by a surge in shipments of cellphones from China.The deficit increased 15.6 percent to $48.3 billion, the biggest deficit since March, the Commerce ...

Senate panel probing VW’s use of tax credits

WASHINGTON - The Senate Finance Committee opened a probe Tuesday into Volkswagen's use of a federal tax credit intended for fuel-efficient cars as the company's emissions-rigging scandal widened.Sens. Orrin Hatch, R-Utah, and Ron Wyden, D-Ore. said in a letter to Volkswagen that more than $50 ...

UAW threatens strike in talks with Fiat Chrysler

DETROIT - The United Auto Workers union is threatening to go on strike against Fiat Chrysler after its membership rejected a tentative contract deal with the company.In a statement, Fiat Chrysler said Tuesday that it received a strike notice from the union, and that it continues to work toward ...

Express Scripts to cover new cholesterol drugs

The nation's biggest pharmacy benefits manager has decided to cover two new drugs that lower artery-clogging cholesterol but raise concern over prices that can top $14,000 a year.Express Scripts said Tuesday that it will pay for prescriptions of Amgen Inc.'s Repatha as well as Praluent from ...

Portugal government re-elected despite painful austerity

LISBON, Portugal - Portugal's center-right coalition government earned another four-year term Sunday, winning a general election behind an improving economy that weathered the austerity measures contested across Europe, but falling short of a crucial outright majority in Parliament.With 99 ...

US regulator missed its best chance to catch VW cheating

CHICAGO - More than a decade ago, the U.S. Environmental Protection Agency helped develop a technology that ultimately was used by an independent laboratory to catch Volkswagen's elaborate cheating on car emissions tests. But EPA used the technology primarily to test trucks rather than ...

Wal-Mart cuts 450 workers from HQ

NEW YORK - Wal-Mart laid off 450 workers at its headquarters Friday as the world's largest retailer attempts to become more nimble so that it can better compete with the likes of Amazon.com.There are more than 18,000 people who work at the headquarters in Bentonville, Arkansas, a close-knit ...

Shell, Total first foreign gas stations in Iran

TEHRAN, Iran - Iran's state TV is reporting that Royal Dutch Shell and France's Total will be the first foreign companies to be allowed to operate gasoline stations inside Iran. The Press TV channel quotes the head of Iran's filling stations union, Bijan Haj Mohammadreza, as saying 100 new ...

US auto sales show big gains, except at Volkswagen

DETROIT - September was a blockbuster sales month for the U.S. auto industry - except at Volkswagen, where an emissions scandal forced the company to halt sales of most of its diesel-powered vehicles.Strong consumer demand, easy credit and generous incentives combined to fill dealer showrooms. ...

Nearly two-thirds of UAW members reject Fiat Chrysler deal

DETROIT - Nearly two thirds of United Auto Workers at Fiat Chrysler voted to reject a proposed contract agreement with the company.Sixty-five percent of the membership voted against the pact, the union said Thursday, sending UAW leaders scrambling for a Plan B. Union leaders from across the ...