Business

/

ArcaMax

Obama administration has forgiven $171 million owed by former Corinthian students

Business / Business News /

LOS ANGELES -- The U.S. Department of Education has agreed to forgive $171 million of debt owed by former students of the bankrupt for-profit school Corinthian Colleges Inc., most of them in California.

The government said Wednesday that it has granted relief to 11,173 students who attended one of the defunct Santa Ana, Calif., company's ...Read more

Belk CEO Tim Belk to retire, ending 128 years with family member at the helm

Business / Business News /

CHARLOTTE, N.C. -- Tim Belk, CEO of the Charlotte-based retail chain that bears his name, is retiring in July -- ending 128 years of day-to-day family leadership of a company that grew from a single shop to the biggest department store chain in America.

Lisa Harper, a Durham native and University of North Carolina at Chapel Hill graduate who ...Read more

PrivateBancorp to be sold to CIBC for $3.8 billion

Business / Business News /

CHICAGO -- The PrivateBank's parent, Chicago-based PrivateBancorp, is in a deal to be acquired by Toronto-based CIBC for $3.8 billion.

If approved by regulators and PrivateBancorp shareholders, the acquisition of the Chicago-based bank, whose bread-and-butter has been commercial, private banking and wealth management services, expands CIBC's ...Read more

Consumer spending shows solid gains even as income growth slows

Business / Business News /

WASHINGTON -- Americans continued their spring spending spree last month after a slow winter even as the growth in their incomes slowed, signaling an improved economic expansion in the second quarter.

Consumer spending increased 0.4 percent in May, the Commerce Department said Wednesday.

The figure was down sharply from a 1.1 percent gain the ...Read more

General Mills beats Wall Street expectations on fourth quarter earnings

Business / Business News /

MINNEAPOLIS -- General Mills beat earnings expectations as it carved out more profit amid declining sales this spring, and executives on Wednesday unveiled a new focus around products that will deliver both.

The company said it would invest more heavily in what it called "growth" businesses. In the U.S., that means cereal, snack bars and ...Read more

Chipotle to add chorizo to menus nationwide this fall

Business / Business News /

Chipotle is adding chorizo to its meat offerings in select cities starting Wednesday, and it expects to bring the spicy chicken and pork sausage to restaurants nationwide this fall.

The Denver-based company said in late April that it was considering chorizo again after it shelved testing of the ingredient following a rash of foodborne illness ...Read more

Valspar shareholders approve sale to Sherwin Williams

Business / Business News /

MINNEAPOLIS -- Shareholders of Valspar Corp. approved the sale of the paint-making firm to the larger Sherwin-Williams Wednesday during a special shareholders meeting held in downtown Minneapolis.

The vote and meeting, run by Valspar's General Counsel Rolf Engh, gave one of two approvals needed to finalize the deal, worth an estimated $11.3 ...Read more

United, flight attendants reach tentative deal on first post-merger contract

Business / Business News /

CHICAGO -- United Airlines and its flight attendants have tentatively agreed to a new contract that would cover all of the airline's 25,000 flight attendants for the first time since the 2010 merger between United and Continental Airlines.

A council of elected local union leaders at the Association of Flight Attendants unanimously approved ...Read more

Amazon begins selling discounted phones to Prime customers

Business / Business News /

SEATTLE -- Amazon.com is adding discounted smartphones to the roster of goodies available to members of its Prime program.

Members of the $99-a-year subscription program can pre-order two Android smartphones at a $50 discount to their retail price. The BLU R1 HD will sell for $49.99, and Motorola's Moto G will cost $149.99.

Both phones will ...Read more

Troy Wolverton: Microsoft retreats from aggressive Windows 10 push

Business / Business News /

Microsoft has heard the complaints about the tactics it's using to push Windows 10 on users, and it's finally backing off.

Later this week, the company plans to roll out an update for Windows 7 and 8 that will change the alerts it has been using to promote Windows 10. Unlike before, the alerts will now offer users a clear choice to decline ...Read more

Tech Q&A: How to use decades-old software on today's PCs

Business / Business News /

Q: I'm visually impaired and have a "closed circuit TV magnification device" attached to my PC. It worked on Windows 7, even though the vision program was designed for Windows XP.

But now that I've upgraded my PC to Windows 10, the software manufacturer, Enhanced Vision, says my vision software won't work with that operating system. Is there a ...Read more

Lending Club plans layoffs, discloses loans to former CEO and family members

Business / Business News /

Lending Club plans to lay off 179 workers, or about 12 percent of its workforce, its latest response to a still-unfolding crisis that has cooled investors' interest in the firm's loans and pushed the company to dismiss its founding chief executive.

The San Francisco online lender reported the layoffs in a securities filing early Tuesday. The ...Read more

Pittsburgh's Dollar Bank to merge with smaller Virginia institution

Business / Business News /

PITTSBURGH -- Pittsburgh-based Dollar Bank has agreed to merge with Bank (At)lantec, a Virginia-based mutual bank with four branch offices, in a move that the larger mutual bank sees as a blueprint for further deals.

The combined institution will have assets of more than $7.5 billion, according to Tuesday's announcement.

Both boards have ...Read more

New Pinterest feature aims to link your photos to products

Business / Business News /

SAN FRANCISCO -- Pinterest will soon turn smartphone cameras into a tool that helps users discover and buy products, the company announced Tuesday when it revealed strategies intended to transform its digital scrapbook service into a shopping hub.

The San Francisco company, which lets people save images and links from around the web, hopes its ...Read more

Amazon adds 50 Dash Buttons, says orders roll in twice a minute

Business / Business News /

SEATTLE -- Amazon is expanding its one-press Dash Button technology to toys and musical equipment.

The Seattle-based company released 50 new Dash Buttons Tuesday, investing further in the technology that lets Prime subscribers press a small, physical button to instantly reorder a specific item from Amazon.

Dash Buttons launched last year as a ...Read more

Simon Ramo, TRW co-founder who shaped California aerospace, dies at 103

Business / Business News /

LOS ANGELES -- Not long after leaving Howard Hughes' fledgling Hughes Aircraft Co. and starting an aerospace firm in Los Angeles in 1953, Simon Ramo received a call from President Dwight D. Eisenhower.

The president told the young scientist that the country needed to develop a rocket capable of delivering a nuclear warhead to the other side of ...Read more

Airbnb sues hometown of San Francisco to block new rental law

Business / Business News /

SAN FRANCISCO -- Airbnb Inc. filed a lawsuit against its home city of San Francisco on Monday in an attempt to block new regulation it said would violate federal protections for Internet companies.

The short-term property rental company slammed the city's new ordinance, which would require Airbnb and similar firms such as VRBO and HomeAway to ...Read more

VW settles emissions-cheating cases for $14.7 billion, agrees to buy back cars

Business / Business News /

LOS ANGELES -- Volkswagen has agreed to pay nearly $15 billion to settle government allegations in the U.S. linked to its cheating on emissions tests and to buy back or terminate the leases of nearly half a million of its cars.

As part of the settlement announced Tuesday, the German automaker is to spend about $10 billion to buy back or modify ...Read more

Recalled Ikea dressers 'simply too dangerous,' top safety official says

Business / Business News /

WASHINGTON -- Citing six deaths since 1989, federal safety regulators on Tuesday announced a recall of 29 million Ikea dressers they say are dangerously unstable and can tip onto children.

The retailer has agreed to offer buyers in most cases full refunds for the units. If customers want to keep the dressers, the company said it will dispatch ...Read more

Economy's winter chill wasn't that bad, but growth still anemic, at 1.1 percent

Business / Business News /

WASHINGTON -- The winter wasn't as rough for the U.S. economy as earlier thought, with growth revised upward Tuesday to a 1.1 percent annual rate -- more than double the initial estimate but still an anemic pace.

The new figures from the Commerce Department mean growth from January through March was only off slightly from the 1.4 percent annual...Read more