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Aetna to buy Humana for $37 billion

Business / Business News /

HARTFORD, Conn. -- Health insurer Aetna will buy rival Humana for $37 billion, the companies announced Friday.

The companies forecast saving $1.25 billion in operating costs. They didn't say whether the savings will require job cuts.

The companies predicted that Aetna's profit would begin to rise in 2017 from benefits of the acquisition. The ...Read more

Obamacare cash drives health care merger mania

Business / Business News /

LOS ANGELES--A gusher of Obamacare money is fueling a merger frenzy in U.S. healthcare.

The latest jolt came Thursday when Woodland Hills insurer Health Net Inc. agreed to be bought by Medicaid insurer Centene Corp. for $6.8 billion.

And more billion-dollar deals are in the works as health insurers, hospitals and drug companies bulk up in size...Read more

Univision files for IPO as companies covet Latino market

Business / Business News /

Univision, the largest Spanish-language broadcaster in the U.S., is going public at a time when Wall Street is salivating over the growing clout of Latino consumers.

The New York media company filed for an initial public offering with the Securities and Exchange Commission without disclosing the number of shares it would offer or the price ...Read more

Pimco Total Return still shrinking, 9 months after exit of 'bond king'

Business / Business News /

Investors withdrew $3 billion last month from Pacific Investment Management Co.'s Total Return Fund, nine months after "bond king" Bill Gross quit as manager of the flagship Pimco fund and chief investment officer for the company.

The outflow was a relative trickle compared with the flood that followed Gross' abrupt exit in September. In May, $...Read more

Appeals court sets back lawsuit over unpaid internships

Business / Business News /

A lawsuit challenging the legality of unpaid Hollywood internship programs has been dealt a major blow.

The 2nd U.S. Circuit Court of Appeals in New York on Thursday vacated a federal judge's 2013 ruling in favor of uncompensated workers on a Fox Searchlight Pictures film.

Eric Glatt and Alex Footman, two interns who worked on Fox Searchlight'...Read more

Search of airfare booking sites shows identical pricing

Business / Business News /

WASHINGTON -- Amid a federal probe of airline pricing practices, a search on popular air travel booking websites shows virtually identical ticket pricing between popular city pairs on several carriers.

The Justice Department confirmed Wednesday that it is investigating "unlawful coordination" among major airlines. The Associated Press first ...Read more

Departure of president highlights Intel management moves

Business / Business News /

Intel announced Thursday that its president, Renee James, would leave the company for "an external CEO role."

James wrote in a memo to employees that after Brian Krzanich became chief of Intel, " I knew then that being the leader of a company was something that I desired .... Now is the right time for me to take that next step."

She did not ...Read more

Ford to recall 433,000 cars for software update

Business / Business News /

Ford is recalling about 433,000 of its 2015 Focus, C-MAX and Escape vehicles for a problem with the body control module.

The software glitch could allow the engine to continue to run after the ignition is turned off and the key removed or the after pressing the Engine Stop button.

The automaker said it is not aware of any accidents or injuries...Read more

Ford to recall 433,000 cars for software update

Business / Business News /

Ford is recalling about 433,000 of its 2015 Focus, C-MAX and Escape vehicles for a problem with the body control module.

The software glitch could allow the engine to continue to run after the ignition is turned off and the key removed or the after pressing the Engine Stop button.

The automaker said it is not aware of any accidents or injuries...Read more

Car sales sizzle, but higher interest rates loom

Business / Business News /

DETROIT -- U.S. consumers are buying new cars and trucks at the strongest rate since 2001 and spending more on pickups, SUVs and luxury models.

But there are warning signs.

"We're entering into uncharted territory," said John Humphrey of J.D. Power and Associates. "There will likely be an increase in interest rates. Even a 50 basis point move...Read more

Pennsylvania governor vetoes liquor privatization bill

Business / Business News /

HARRISBURG, Pa. -- Gov. Tom Wolf has vetoed legislation that would have disbanded Pennsylvania's system of wine and liquor sales, his office said Thursday afternoon.

The governor, a Democrat, said in a statement that the Republican bill to privatize the system was not a "responsible means" of reforming the state's liquor system.

"It makes bad ...Read more

Job numbers aside, Greece and US wages weigh on economic outlook

Business / Business News /

WASHINGTON -- A solid month of hiring in June eases concerns that Greece-related global financial turmoil is spilling into the U.S. economy and raises the prospect of long-awaited hikes in U.S. lending rates.

Employers added 223,000 jobs in June, the Labor Department said Friday, and the unemployment rate fell two ticks to 5.3 percent during ...Read more

BP agrees to pay $18.7 billion for Gulf of Mexico oil spill

Business / Business News /

BP has agreed to pay $18.7 billion agreement to resolve all federal and local government claims stemming from the 2010 Deepwater Horizon oil spill.

The agreement came as U.S. District Judge Carl Barbier in New Orleans was preparing to rule on how much BP would have to pay in penalties for violating the federal Clean Water Act. As part of the ...Read more

Export-Import Bank's demise is a victory for Koch brothers

Business / Business News /

WASHINGTON –– The Export-Import Bank, created by President Franklin Delano Roosevelt to help foreign customers buy U.S. goods, has been reauthorized 16 times, usually with little fuss and often with strong Republican support.

But Congress let the bank's charter expire this week, halting any new loans.

Even more surprising than the rare ...Read more

Whole Foods admits it overcharged customers

Business / Business News /

A week after a New York City investigation found that Whole Foods Market Inc. stores were overcharging for prepackaged products, the company's co-chief executives admitted pricing mistakes were made.

"Straight up, we made some mistakes," co-chief Executive Walter Robb said in a video posted Wednesday.

Co-chief executive John Mackey said the "...Read more

MillerCoors fires top marking executives

Business / Business News /

CHICAGO -- MillerCoors on Thursday said it replaced its chief marketing officer and its president of sales and distributor operations because it's "not satisfied" with its volume performance.

Chicago-based MillerCoors said it promoted David Kroll to chief marketing officer and Kevin Doyle to president of sales and distributor operations. They ...Read more

BP reaches $18.7 billion agreement to settle Gulf of Mexico oil spill

Business / Business News /

BP has reached an $18.7 billion agreement to resolve all federal and local government claims stemming from the 2010 Gulf of Mexico disaster, bringing an end to a key chapter in the fiercely fought litigation stemming from the nation's worst oil spill.

The agreement comes as federal judge Carl Barbier in New Orleans was preparing to rule on how ...Read more

Mortgage rates hit high for 2015

Business / Business News /

The average interest rate for a conventional 30-year mortgage rose to 4.08 percent this week, its high point for the year.

Freddie Mac's weekly survey of lenders started the year at 3.87 percent and sank to 3.59 percent in early February. This week's report, released Thursday, showed the 30-year fixed-rate loan at or above 4 percent for the ...Read more

Larry Printz: Much of the newest car technology is nothing new

Business / Business News /

You climb into your brand new car. After fastening your seat belt and hitting the starter button, you push another button to put into gear. You adjust the automatic climate control using the screen at the center of the instrument panel. The gas-electric hybrid driveline powers you down the road as traction control ensures that you have maximum ...Read more

Hillary Clinton emails show a friendly face to Wall Street

Business / Business News /

Hillary Clinton tried to help one private-equity boss with a visa problem and encouraged another on a project in China. She apologized to the chairman of a big corporation for failing to commit to an event right away.

"So sorry I haven't responded before but I've been hip deep in the rollout of the Afghanistan strategy," Clinton wrote to ...Read more

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