Money & Markets

Li says Chinese economic growth in ‘proper range’

BEIJING - China's No. 2 leader tried Wednesday to mollify foreign concerns about its economic slowdown, saying growth is in the "proper range" and Beijing has no plans to allow its currency to decline further.Speaking at a meeting of the World Economic Forum in the eastern city of Dalian, ...

McDonald’s to switch to cage-free eggs

NEW YORK - McDonald's says it will switch to cage-free eggs in the U.S. and Canada over the next decade, marking the latest push under CEO Steve Easterbrook to try and reinvent the Big Mac maker as a "modern, progressive burger company." Under pressure to revive slumping sales, McDonald's has ...

Uber gives $5.5M to for robotics fellowships

PITTSBURGH - Uber has given Carnegie Mellon University $5.5 million to support a new robotics faculty chair and three fellowships. The ride-sharing company said Wednesday that the gift is part of a partnership with the university's National Robotics Engineering Center that is aimed at producing ...

China’s shifting economy mints US corporate winners, losers

China is losing its appetite for dump trucks, iron ore and construction cranes. But the Chinese still want to travel and give their kids a better education.Growth in the world's second-largest economy is decelerating and rattling financial markets around the world. Behind that slowdown is an ...

Yahoo; IRS declined to rule on Alibaba spinoff

SAN FRANCISCO - Yahoo says the IRS has declined to issue a private ruling that would have confirmed that the Internet company can spin off its stake in China's Alibaba Group tax free, although it says the agency hasn't made a final decision on the deal's tax status.Yahoo disclosed the federal ...

United CEO Jeff Smisek steps down amid federal investigation

The chairman and CEO of United Airlines is stepping down in connection with an investigation into the airline's dealings with the former chairman of the agency that operates New York-area airports. United Continental Holdings Inc. said Tuesday that Jeff Smisek and two other senior executives ...

Toyota to roll out new Prius hybrid

LAS VEGAS - The rollout of Toyota's new Prius comes at an inauspicious time for gas-sipping vehicles. The Japanese automaker plans to roll out a sleeker version of the car that runs on gas and electricity at a glitzy event Tuesday night in Las Vegas. But gas prices nationwide were at $2.39 per ...

UAW president says he hasn’t picked an automaker to target

DETROIT - With just a week left before contracts expire with Detroit's three automakers, the United Auto Workers union says it hasn't chosen a target company.But President Dennis Williams said Monday he'll pick between Ford, General Motors and Fiat Chrysler before the contracts end on Sept. ...

Chinese drywall suit and Chinese government agencies

NEW ORLEANS - More than a year after suing the Cabinet agency that oversees China's biggest state-owned companies, lawyers for people who say their homes were ruined by drywall made in China are still trying to get the lawsuit served on the State-Owned Assets Supervision and Administration ...

EU farmers protest price slump

BRUSSELS - Thousands of farmers protested outside European Union headquarters on Monday to demand more aid and higher prices for their milk and pig meat. The European Commission responded with a support plan worth $560 million. In a tense standoff, farmers from across the 28-nation EU pelted ...

Lufthansa pilots’ union calls strike

BERLIN - A union representing Lufthansa pilots has called a one-day strike at the German airline's long-distance and cargo operations on Tuesday - the latest in a string of walkouts.The Vereinigung Cockpit union has hit various Lufthansa units with more than a dozen short-term walkouts over ...

France sees stronger economic growth in 2016

PARIS - French President Francois Hollande says he's confident the country's long-stagnant economy has turned a corner and will post stronger growth in 2016, the last full-year of his term. Hollande has made bringing down the country's stubbornly high unemployment rate a condition for his ...

US jobless rate falls to 7-year low; Fed move still unclear

WASHINGTON - U.S. unemployment fell to a seven-year low of 5.1 percent last month, but hiring slowed - a mixed bag of news that offers few clues to whether the Federal Reserve will raise rock-bottom interest rates later this month.The Labor Department report, issued Friday, was closely watched ...

China’s stock rescue jolts companies, reform plans

BEIJING - Tonhe Electronics is a casualty of Beijing's frantic effort to stop a stock market bust.The maker of electrical equipment, part of a technology industry the ruling Communist Party wants to promote, hoped to raise 200 million yuan ($32 million) from an initial public offering of stock ...

Toyota to invest $50M in car-tech research

EAST PALO ALTO, Calif. - Toyota is investing $50 million with Stanford University and the Massachusetts Institute of Technology in hopes of gaining an edge in an accelerating race to phase out human drivers.The financial commitment announced Friday by the Japanese automaker will be made over ...

Emera plans to buy Teco Energy for $6.48B

NEW YORK - Canadian energy company Emera said Friday it will buy Teco Energy, an electric and gas utility that does business in Florida and New Mexico, for about $6.48B. Emera Inc. said it will pay $27.55 per share of Teco Energy, about 31 percent over Friday's closing price.

Students ask Dept. of Education to discharge college debt

WASHINGTON - More than 3,000 former Corinthian College students will have their college loans erased, the first wave of debt relief tied to the collapse of the for-profit higher education chain. The potential cost to taxpayers if all Corinthian students seek relief: $3.2 billion.So far, almost ...

US services firms expand rapidly, lifted by strong sales

WASHINGTON - U.S. services companies expanded at a healthy pace in August, lifted by robust consumer spending resulting from steady job gains.The Institute for Supply Management said Thursday that its services index slipped to 59 from 60.3 in the previous month. July's reading was the highest ...

Settlement in tech wage case harks back to different era

SAN FRANCISCO - A federal judge has approved a $415 million settlement that ends a lengthy legal saga revolving around allegations that Apple, Google and several other Silicon Valley companies illegally conspired to prevent their workers from getting better job offers.The case focused on a ...

Kraft Heinz expands Kraft Singles recall

NEW YORK - Kraft Heinz is expanding a recall of Kraft Singles products, saying a problem with the packaging film affects 10 times as many cases as it first thought.The company recalled 335,000 cases Thursday because a thin strip of packaging film may stick to the slice after the wrapper has ...