Money & Markets

Indonesia to join Asia trade pact

WASHINGTON - Indonesia's leader says his country intends to join a sweeping Pacific Rim trade deal involving the United States. Indonesian President Joko Widodo is making the announcement after meeting with President Barack Obama in the Oval Office.Indonesia had previously expressed interest in ...

US new home sales fall sharply in Sept.

WASHINGTON - Sales of new homes plunged sharply in September to the slowest pace in 10 months, as higher prices and slower overall economic growth weigh on the housing market. The Commerce Department said Monday that new-home sales slumped 11.5 percent last month to a seasonally adjusted annual ...

GOP-led Congress moves to block Obama’s Clean Power Plan

WASHINGTON - Congressional Republicans are moving to block President Barack Obama's plan to force steep cuts in greenhouse gas emissions from U.S. power plants. Rep. Ed Whitfield, R-Ky., filed resolutions on Monday opposing Obama's plan to impose new regulations on new and existing coal-fired ...

States reliant on fossil fuels sue over new clean air rules

WASHINGTON - States and industry groups dependent on fossil fuels filed court challenges Friday to President Barack Obama's Clean Power Plan, which aims to reduce greenhouse gas emissions.Opponents of the plan filed a flurry of lawsuits at the U.S. Court of Appeals as the Environmental ...

Twitter CEO gives up $200M in stock for company employees

SAN FRANCISCO - After laying off more than 300 workers, Twitter CEO Jack Dorsey is trying to lift the spirits of the remaining employees by giving them 6.8 million shares of the stock he owns in the online messaging service.Dorsey is giving up the stock, currently worth more than $200 million, ...

New health overhaul challenge reaching Supreme Court

WASHINGTON - Opponents of President Barack Obama's health care overhaul are taking yet another challenge to the law to the Supreme Court, and say they will be back with more if this one fails.A new appeal being filed Monday by the Pacific Legal Foundation contends that the law violates the ...

Deadline looms for auto workers’ strike threat against GM

DETROIT - Contract talks between General Motors and the United Auto Workers union continued Sunday just hours before a midnight deadline for a possible strike.GM spokeswoman Katie McBride said Sunday afternoon that talks were on a fast pace and the company still hoped to get an agreement by ...

China move shows global reliance on low rates to lift growth

BEIJING - China's sixth interest-rate cut in a year shows how hard it is to keep the world's second-biggest economy growing vigorously while attempting one of history's most audacious economic transformations.The country's central bank on Friday announced cuts in benchmark interest rates on ...

Trail hiker pleads guilty to wire fraud in embezzling case

CINCINNATI - A Kentucky accountant who spent much of six years as a fugitive hiking the Appalachian Trail pleaded guilty Friday to a wire fraud count and agreed to pay back money embezzled in an $8.7 million case.Federal authorities will drop 74 other counts of wire fraud and money laundering ...

American Airlines profit soars on cheap jet fuel

FORT WORTH, Texas - American Airlines plans to offer a version of the low-fare, no-frills approach to flying that is boosting profit margins at discount carriers.Officials at American, the world's biggest airline, say they need to fight back against small but fast-growing rivals including ...

P&G struggles to lift sales as it refocuses on core

CINCINNATI - Procter & Gamble, which is attempting to refocus on core brands and regain its standing as a top competitor, struggled to boost sales in its first quarter. Even stripping out the effects of the strong dollar, which is weighing on all multinationals, organic sales declined 1 ...

US home sales rebound in September after August slump

WASHINGTON - Americans snapped up more homes in September, suggesting that the U.S. housing sector remains insulated from global economic turmoil.The National Association of Realtors said Thursday that sales of existing homes jumped 4.7 percent last month to a seasonally adjusted annual rate of ...

Amazon 3Q sales surge approaching holidays

NEW YORK - Amazon is Primed for success as the busy holiday season approaches. The e-commerce powerhouse reported a surprise third-quarter profit, driven by a boost in revenue from its Prime Day promotion and continued strong growth in its cloud-computing offerings.Results beat expectations, ...

UAW approves contract with Fiat Chrysler

DETROIT - The United Auto Workers union has approved a new four-year contract with Fiat Chrysler and now will turn its attention to bargaining with General Motors. UAW members at Fiat Chrysler's U.S. factories voted 77 percent in favor of the agreement, the union said. The contract covers ...

Diesel scandal keeps VW’s sales forecast flat

DETROIT - After some summer gains, Volkswagen's U.S. sales seem to have stalled amid revelations it cheated on emissions tests.Volkswagen Group's sales are expected to be flat in October, even as total U.S. sales rise 8 percent for one of the best Octobers in more than a decade, according to ...

GM overcomes huge recall costs to post healthy 3Q profit

DETROIT - General Motors' third-quarter profit fell slightly, but the company rode strong North American sales to overcome $1.5 billion in costs from its deadly ignition switch recall. Its shares rose almost 7 percent in afternoon trading Wednesday.The Detroit automaker's net income slipped 1.4 ...

Xi inks nuclear power deal as UK seeks Chinese investment

LONDON - Britain will be China's "partner of choice" in the West, Prime Minister David Cameron declared Wednesday, as China demonstrated its commitment by putting down a 6 billion-pound ($9.3 billion) stake in the U.K.'s first nuclear power plant since the 1980s.Chinese President Xi Jinping ...

YouTube to launch $10-a-month ad-free video, music plan called Red

LOS ANGELES - YouTube on Wednesday unveiled a new $10-a-month subscription plan in the U.S. called Red that combines ad-free videos, new original series, movies from top YouTubers, and on-demand unlimited streaming music.Red builds on Google's existing music streaming service by providing ...

ICahn starts super PAC to push tax revamp

WASHINGTON - Billionaire New York investor Carl Icahn said Wednesday he is creating a $150 million super PAC focused on revising corporate tax law.Icahn will use his super PAC to press Congress to pass legislation that stops U.S. companies from moving their profits overseas to take advantage of ...

American Express 3Q results miss estimates

NEW YORK - American Express reported a 16 percent drop in profits from a year earlier, missing analysts' estimates, as the credit card company was hurt by higher expenses and remains under pressure from the strong U.S. dollar. The company also cut its full-year forecast.AmEx said Wednesday that ...