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Money & Markets

Goldman Sachs to pay $5B in mortgage settlement

NEW YORK - Goldman Sachs said Thursday it will pay roughly $5 billion to settle federal and state probes of its role in the sale of shoddy mortgages in the years leading to the housing bubble and subsequent financial crisis.Coming nearly eight years after the crisis, the settlement is by far ...

JPMorgan Chase’s earnings rise 9 percent

NEW YORK - Banking giant JPMorgan Chase & Co. said Thursday that its fourth-quarter profits rose 9 percent from a year earlier, helped by strong performance in its consumer banking division and lower legal expenses.The largest U.S. bank by assets said it earned $4.91 billion, or $1.32 ...

US budget deficit rose in December

WASHINGTON - The federal budget deficit increased in December and for the third month is running ahead of last year's pace.The deficit totaled $14.4 billion in December, the Treasury Department reported Wednesday. That compares to a small surplus of $1.9 billion in December 2014.For the first ...

Fed: Economy expanded in 9 of 12 districts

WASHINGTON - The Federal Reserve says the economy expanded across most of the United States in December and early January. The Fed says in its latest snapshot of the economy that most of its 12 regional bank reported steady growth. The Atlanta and San Francisco banks described growth as ...

FDA approves genetically engineered potato

BOISE, Idaho - A potato genetically engineered to resist the pathogen that caused the Irish potato famine is as safe as any other potato on the market, the Food and Drug Administration says.In a letter Tuesday to Idaho-based J.R. Simplot Co., the FDA said the potato isn't substantially ...

Argentina seeks better terms for $10B of debt

BUENOS AIRES, Argentina - Argentine Finance Minister Alfonso de Prat-Gay says the country is in a position to negotiate better terms for $10 billion in defaulted debt.The government began talks Wednesday with so-called holdout creditors in New York in hopes of getting what it describes as ...

Oil keeps falling. And falling. How low can it go?

DALLAS - The price of oil keeps falling. And falling. And falling. It has to stop somewhere, right?Even after trending down for a year and a half, U.S. crude has fallen another 17 percent since the start of the year and is now probing depths not seen since 2003."All you can do is forecast ...

Apple defies industry trend as PC sales fall again

SAN FRANCISCO - Apple keeps defying a PC industry trend: While other major computer-makers saw shipments fall in 2015, Apple increased the number of Macs it shipped worldwide last year, according to estimates from two research firms on Tuesday.Total PC shipments have been declining, ...

Calif. regulators reject Volkswagen recall plan

LOS ANGELES - California regulators on Tuesday rejected Volkswagen's recall plan for some of the German automaker's most popular diesel models that used software to intentionally deceive government emissions tests, including the Beetle, Jetta, Golf and Passat.The rejection doesn't rule out an ...

MetLife mulls spinoff or IPO

NEW YORK - MetLife plans to carve off a substantial portion of its U.S. life insurance business via a sale, spinoff or an initial public offering as the parent company challenges harsher regulatory oversight. The company has been disputing its designation by federal regulators as a ...

High court seems ready to scrap mandatory public union fees

WASHINGTON - The Supreme Court appears ready to deliver a major setback to American unions as it considers scrapping a four-decade precedent that lets public-sector labor organizations collect fees from workers who decline to join.During more than an hour of oral arguments Monday, the high ...

Drugmaker Shire in $32B deal for US-based Baxalta

TRENTON, N.J. - Irish drugmaker Shire PLC's second attempt to buy Baxalta looks more likely to succeed, with Baxalta's board backing the sweetened offer of $32 billion in cash and stock. If the deal goes through, the combined company would be one of the world's top 20 drugmakers by revenue and ...

Are unlimited data plans on their way back?

NEW YORK - AT&T is once again experimenting with offering unlimited data plans to smartphone customers while promoting its DirecTV service, signaling a potential reversal of industry trends toward data caps and charges for big video watchers.AT&T is trying to capitalize on its ...

VW plans to submit emissions fixes to EPA

DETROIT - Volkswagen's new chief executive plans to present remedies for fixing diesel engines that cheat on emissions tests when he meets with the top U.S. environmental regulator this week.CEO Matthias Mueller said that as of now VW has only given technical data to the Environmental ...

With SUV look, tech touches, Chrysler aims to revive minivan

DETROIT - Thirty-three years ago, Chrysler invented the minivan. Now, it's reinventing it - with styling reminiscent of an SUV, high-tech features and a first-ever hybrid version that Chrysler hopes will make minivans popular again. The 2017 Chrysler Pacifica was unveiled Monday morning at the ...

It’s not just about China: Company profits to drop — again

NEW YORK - Tumult in China triggered the worst opening week for U.S. stocks in history, and this week investors could get plenty more to worry about.Profits are expected to drop at U.S. companies.Again.Earnings for companies in the Standard and Poor's 500 index are forecast to drop for the ...

APNewsBreak: Government not ensuring pilot skills are sharp

WASHINGTON - The government is falling short in ensuring airline pilots keep up their flying skills and get full training on how to monitor sophisticated automated control systems in cockpits, according to the Transportation Department's internal watchdog.Most airline flying today is done ...

Suspicious powder delays flights at Swedish airport

HELSINKI - Skavsta Airport in southeastern Sweden was partially evacuated Sunday and flights were delayed when security staff found what they believed was suspicious powder after a passenger had checked in luggage, airport officials said.The check-in area and baggage hall of the departure ...

Software update allows self-parking, limits speed

DETROIT - Some Tesla Motors vehicles can park themselves without a driver inside with a software update beamed to customers over the weekend. The update also puts new speed limits on Tesla's semi-autonomous Autopilot mode and makes several enhancements, including automatically slowing when the ...

Trump leaves wiggle room on China tariff

WASHINGTON - Donald Trump is leaving himself wiggle room on his proposal to impose a massive tax on goods from China. He now says he doubts the tariff would be necessary at all. He says he's confident China would change its behavior to avoid it and start trading more fairly.The Republican ...