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Money & Markets

California regulator slams PG&E over electricity shut-off

SAN FRANCISCO — California’s top regulator excoriated top executives of the state’s largest utility even as Pacific Gas & Electric repeatedly said they know they failed to meet public expectations when the company cut the power to more than 2 million people last week. Marybel ...

IMF head says more needed to boost growth than US-China deal

WASHINGTON — The International Monetary Fund’s new leader said Thursday that a trade truce between the United States and China could trim expected losses to the world economy but won’t be enough to produce strong global growth. Before last week’s tentative trade agreement, the IMF had ...

Netflix heads into showdown with slowing subscriber growth

SAN FRANCISCO — Netflix’s subscriber growth is bogging down even before the leading video streaming service confronts high-powered threats from Apple and Walt Disney Co. The latest sign of the challenges the company is facing emerged Wednesday with the release of its third-quarter ...

Key takeaways from the Democratic debate

the Associated Press A dozen Democratic presidential candidates participated in a spirited debate Tuesday over health care, taxes, gun control and impeachment. Here are some key takeaways from the three-hour forum in Westerville, Ohio. Warren’s rise attracts attacks Sen. Elizabeth Warren ...

Despite defections, Facebook officially launches Libra

NEW YORK (AP) — Facebook officially moved forward with its plans Monday to create a new digital currency called Libra, despite several high-profile defections from the project and intense criticism from U.S. regulators and politicians. The Libra Association, the nonprofit that will govern ...

Visa, Mastercard shun Facebook’s Libra digital currency plan

NEW YORK — Visa and Mastercard on Friday announced their departure from Facebook’s Libra project, a major setback to the social network’s plan for a worldwide digital currency. Along with the two payment giants, several other large companies have said they’re exiting Libra. Payment ...

Trump says US-China trade talks are ‘going very well’

WASHINGTON — President Donald Trump offered an upbeat assessment of U.S.-China trade talks and said he would meet at the White House on Friday with the leader of the Chinese negotiating team. Expectations were low that the negotiations would do much to resolve a 15-month trade battle that ...

Lights out: Power cut in California to prevent deadly fires

SONOMA, Calif — More than a million people in California were without electricity Wednesday as the state’s largest utility pulled the plug to prevent a repeat of the past two years when windblown power lines sparked deadly wildfires that destroyed thousands of homes. The unpopular move ...

Powell sees cooler US hiring in possible hint of rate cuts

WASHINGTON — Federal Reserve Chairman Jerome Powell said Tuesday that U.S. job growth since early last year was not as robust as thought, a hint that the Fed may be ready to keep cutting interest rates to support the economy. Powell also said the Fed will soon announce plans to buy ...

US seeks to blacklist Chinese artificial intelligence firms

The United States is blacklisting a group of Chinese tech companies that develop facial recognition and other artificial intelligence technology that the U.S. says is being used to repress China’s Muslim minority groups. A move Monday by the U.S. Commerce Department puts the companies on a ...

GM-UAW talks take turn for worse; settlement not near

DETROIT — Contract talks aimed at ending a 21-day strike by the United Auto Workers against General Motors have taken a turn for the worse, hitting a big snag over product commitments for U.S. factories, a union official wrote in an email to members. The letter from UAW Vice President ...

Purdue opioid deal blasted as records show $13B to Sacklers

Attorneys general representing nearly half the states and lawyers for more than 500 local governments on Friday blasted the terms of Purdue Pharma’s offer to settle thousands of lawsuits over the nation’s opioid crisis in court filings that also said the company had funneled up to $13 ...

US-Europe dispute threatens main artery of world trade

BRUSSELS — The trade wars threatening to push the global economy into recession are entering a new phase, with the United States and European Union escalating a dispute that endangers the world’s biggest trade relationship. After the Trump administration slapped steep tariffs on $7.5 ...

US tariffs on EU goods would include cheese, wine, aircraft

WASHINGTON — The Trump administration plans to impose tariffs on $7.5 billion worth of European imports _ from gouda cheese to single-malt whiskey to large aircraft _ beginning Oct. 18 to retaliate against illegal European Union subsidies for aviation giant Airbus. The latest escalation in ...

2020 Democrats in dash for money before third quarter ends

WASHINGTON — Bernie Sanders said, “I hate asking people for money” — and then asked for money. Joe Biden’s campaign warned that President Donald Trump would “feel like he won” if a fundraising goal wasn’t reached. And Beto O’Rourke offered to “try to text you” in exchange ...

Feds crack Medicare gene test fraud that peddled cheek swabs

WASHINGTON — Federal agents took down an alleged Medicare scam Friday that exploited seniors’ curiosity about genetic medicine by enticing them to get their cheeks swabbed for unneeded DNA tests. Medicare was billed $2.1 billion. Dubbed “Operation Double Helix,” the crackdown targeted ...

Marijuana vape sales lag as lung illnesses rise in US

PORTLAND, Ore. — Vaping products, one of the fastest-growing segments of the legal marijuana industry, have taken a hit from consumers as public health experts scramble to determine what’s causing a mysterious and sometimes fatal lung disease among people who use e-cigarettes. The ailment ...

US House passes bill giving pot businesses access to banking

The U.S. House of Representatives passed a bill Wednesday that would grant legal marijuana businesses access to banking, a measure that would clear up a longstanding headache for the industry. The bill, called the SAFE Banking Act, passed 321-103 on the strength of near-unanimous support from ...

Pelosi orders impeachment probe: ‘No one is above the law’

WASHINGTON — House Speaker Nancy Pelosi launched a formal impeachment inquiry against President Donald Trump on Tuesday, yielding to mounting pressure from fellow Democrats and plunging a deeply divided nation into an election-year clash between Congress and the commander in chief. The probe ...

GM strike in 2nd week: Some progress but no end in sight

NEW YORK — The strike against General Motors by 49,000 United Auto Workers entered its second week Monday with progress reported in negotiations but no clear end in sight. Bargainers met all weekend and returned to talks Monday morning as the strike entered its eighth day. Talks continued ...