Business

/

ArcaMax

MillerCoors announces another craft beer deal

Business / Business News /

CHICAGO -- MillerCoors continues to make moves in craft beer, announcing Friday it reached an agreement to take a majority stake in the Eugene, Ore.-based Hop Valley Brewing Co.

This comes just about a week after Chicago-based MillerCoors said it was taking a majority interest in Athens, Ga.-based Terrapin Beer Co. -- another craft brewery with...Read more

Startup CEO charged over illegal, 'unsightly' container home

Business / Business News /

LOS ANGELES -- A 30-foot-long shipping container that a Los Angeles startup chief executive tried to turn into a hilltop home has landed him in criminal court.

Rob Rhinehart, who founded meal replacement beverage company Soylent Co., has been charged with unpermitted construction and grading and zoning code violations, the Los Angeles city ...Read more

Chevron loses $1.47 billion as slump in oil prices persists

Business / Business News /

SAN RAMON, Calif. -- Battered by a deep slump in worldwide oil prices, Chevron posted its third straight quarterly loss, a setback that shoved the company's shares lower on Friday.

The energy giant lost $1.47 billion during the quarter that ended in June, compared with a profit of $571 million for the year-ago second quarter.

"The second ...Read more

US economy grew at surprisingly weak 1.2 percent annual rate in second quarter

Business / Business News /

The weak start to 2016 continued through the spring, with the U.S. economy growing at a surprisingly weak 1.2 percent annual rate in the second quarter, the Commerce Department said Friday.

The first of three estimates for the April-June period was less than half of what economists had forecast and could cause Federal Reserve policymakers to ...Read more

The Week Ahead: 'Full employment' is good, but when will wages rise?

Business / Business News /

The week ahead is a jobs week. Amid dozens of quarterly corporate financial reports and central bank meetings across the globe, American investors will get their monthly dose of employment data.

And so what? According to the data, the U.S. is statistically near full employment. In May, John Williams, the president of the Federal Reserve Bank of...Read more

Mark Phelan: Historians record every bolt, every curve on classic cars

Business / Business News /

ALLENTOWN, Pa. -- The first Camaro Chevrolet ever built sits on a turntable in a photographically perfect white room devoid of right angles and shadows.

After a long strange trip that began in a secret corner of General Motors' Norwood, Ohio, assembly plant and included years as a heavily modified drag racer, Camaro No. 001 is back in the ...Read more

Massachusetts judge allows Sumner Redstone case to go on

Business / Business News /

LOS ANGELES -- A Massachusetts judge will allow Viacom Chief Executive Philippe Dauman's case against Sumner Redstone to proceed but will not order an immediate mental examination of the ailing media mogul.

The Thursday decision by Probate Judge George F. Phelan to take the case represents a partial victory for the Viacom chief, whom Redstone ...Read more

Alphabet revenue surges

Business / Business News /

MOUNTAIN VIEW, Calif. -- Google parent company Alphabet on Thursday beat Wall Street expectations on several fronts, chalking up $21.5 billion in second-quarter revenue, a 21 percent increase over the same period last year.

Analysts had predicted revenue of $20.8 billion for the quarter.

Alphabet's quarterly report also revealed the firm has ...Read more

Proposed rules would limit harassment by debt collectors

Business / Business News /

The Consumer Financial Protection Bureau is taking its first step toward reining in debt collectors, releasing an early outline of rules aimed at preventing them from harassing consumers and trying to collect debts that don't exist.

The proposal, discussed Thursday at a CFPB hearing in Sacramento, Calif., would require collection companies to ...Read more

Oracle is buying cloud company NetSuite for $9.3 billion

Business / Business News /

Oracle Corp. is buying cloud company NetSuite Inc. in a deal valued at $9.3 billion, combining two Silicon Valley firms that both count Larry Ellison as a founder and top shareholder.

Oracle Chief Executive Mark Hurd said the companies' cloud applications complement each other. "We intend to invest heavily in both products -- engineering and ...Read more

PG&E profits tumble, but customers face higher gas bills Aug. 1

Business / Business News /

SAN FRANCISCO -- Pacific Gas & Electric's second-quarter profits tumbled, the utility reported Thursday -- but its bottom line could soon be bolstered when a big increase in monthly gas bills arrive for residential customers starting in early August.

The embattled utility told analysts on a conference call Thursday that customers will soon see ...Read more

Ford's second-quarter earnings down 9 percent to $2 billion

Business / Business News /

DETROIT -- Ford earned $2 billion in the second quarter, down 9 percent from the same period a year ago, as the long-running boom in U.S. vehicle sales showed signs of cooling.

Ford earned 52 cents per share, short of Wall Street expectations, which averaged 60 cents a share among 14 analysts surveyed by Thomson Reuters.

Total revenue rose 6 ...Read more

GNC replaces chief executive

Business / Business News /

PITTSBURGH -- Two years after GNC Holdings hired top retail industry executive Michael Archbold to reverse a downturn, he has been replaced by GNC board member Robert Moran, a former chairman and chief executive of PetSmart Inc.

In a surprise announcement Thursday morning, the Pittsburgh-based vitamin and wellness products maker said Moran, 65,...Read more

Clinton tests a demand-side line: Wage growth creates GDP growth

Business / Business News /

WASHINGTON -- Just last month, Hillary Clinton began including an idea in her speeches that suggests a shift in thinking for the Democratic Party: Wage growth may not just be good for the people who get a raise. It may be good for economic growth.

"It's really simple," she said at a rally in June in Ohio. "Higher wages leads to more demand, ...Read more

In a boost for Uber, China legalizes ride-sharing services

Business / Business News /

BEIJING -- Lifting a cloud of regulatory uncertainty hanging over the future of Uber and its competitors in China, the government on Thursday legalized ride-sharing services but announced new licensing requirements and other rules.

The new regulations, to take effect Nov. 1, require drivers to have at least three years of driving experience and...Read more

Consumer Confidential: As the VCR finally dies, a lament for once-great technologies

Business / Business News /

It's a little silly to lament the demise of a technology that has been well-demised for years.

But last week's announcement that production will cease within days at the last Japanese factory manufacturing VCRs is a cause for reflection -- both about where we've been technologically and where we're going.

"It's one of those moments," Langdon ...Read more

Ann Marie van den Hurk: How Pokemon Go could be very good for your small business

Business / Business News /

In case you haven't heard, Pokemon Go has taken the United States by storm.

Released earlier this month, it became the top free downloaded app in Apple's app store and Google's Play store. There have been more than 15 million installs on Apple and Android devices so far this month, according to App intelligence provider Sensor Tower.

Pokemon ...Read more

Real estate Q&A: Condos can opt out of costly fire sprinklers

Business / Business News /

Q: I understand that there is a state law in Florida, where I live, requiring condominium associations to retrofit buildings with fire sprinklers. This sounds expensive. Can you tell me what is going on here?

-- Theodore

A: In 2003, the Florida Legislature required condominium buildings to be retrofitted with fire sprinkler systems, and the ...Read more

Facebook's second-quarter earnings beat Wall Street's expectations

Business / Business News /

MENLO PARK, Calif. -- Facebook's growth picked up more momentum on Wednesday with the tech firm reporting second-quarter sales and earnings that beat Wall Street's expectations.

Driven by mobile ad sales, Facebook raked in $6.4 billion in the second quarter, up 59 percent from the same period last year. That's better than the $6 billion in ...Read more

Whole Foods' earnings report misses analyst forecast; shares fall

Business / Business News /

AUSTIN, Texas -- Austin-based Whole Foods Market issued a mixed third-quarter earnings report on Wednesday, missing on some Wall Street forecasts and triggering a drop in the retailer's stock in after-hours trading.

Whole Foods said it had record revenue for the quarter of more than $3.7 billion with earnings per share of 37 cents. Thomson ...Read more