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White House boosts startup companies headed by women, minorities

Business / Business News /

WASHINGTON--The White House became the showcase Tuesday for more than 30 startup companies as President Barack Obama urged investors to back more women and minorities to diversify America's next generation of entrepreneurs.

"The next Steve Jobs might be named Stephanie or Esteban," Obama said.

"We've got to make sure that we're taking full ...Read more

Consumer Financial Protection Bureau sues payday lender

Business / Business News /

The Consumer Financial Protection Bureau has filed a lawsuit against a Canadian payday lending company, alleging that its web of subsidiaries collected money that consumers did not owe and falsely threatened borrowers with imprisonment or wage garnishment.

In the lawsuit, regulators say the British Columbia-based NDG Financial Corp. and its "...Read more

ABC chief Paul Lee talks about TV's changing business model

Business / Business News /

BEVERLY HILLS, Calif. -- Running a TV network these days isn't as easy as A-B-C. But ABC is coming off a strong season, with a handful of breakout TV shows.

The network, fueled by Shonda Rhimes dramas "Grey's Anatomy," "Scandal" and "How to Get Away With Murder," was one of the few broadcasters that saw its ratings grow in the recently ended ...Read more

Walt Disney Co. earnings: 5 things to know

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LOS ANGELES -- Walt Disney Co., the world's largest entertainment firm, has turned in another strong fiscal quarter, setting a new record for quarterly profit.

The company, based outside Los Angeles in Burbank, reported net income of $2.483 billion in its fiscal third quarter, up 11 percent from a year earlier. Revenue rose 5 percent to $13.1 ...Read more

'Fantastic Four' expected to dominate weekend in a slower month at box office

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LOS ANGELES -- Though "Fantastic Four" likely will have a solid debut at the weekend box office, August is still shaping up to be slower than years past.

Last summer, the movie industry suffered its worst May-to-Labor Day season since 1997, after adjusting for inflation. But things would have been worse without the surprise superhero hit "...Read more

Tennessee health care company buys LA firm for $1.6 billion

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LOS ANGELES -- IPC Healthcare Inc., a Los Angeles company that employs doctors at hospitals across the United States, agreed Tuesday to be acquired by a Tennessee company for about $1.6 billion.

Team Health Holdings Inc. of Knoxville will pay $80.25 per share for IPC in an all-cash deal it said would create "the nation's leading physician ...Read more

Cerner chief promises Pentagon contract 'on time, on budget'

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WASHINGTON -- Cerner Corp. is confident it can handle the mammoth task of upgrading the U.S. military's medical records -- and it already has a model system ready to go, says the company's president, Zane Burke.

"The Department of Defense (contract) is big and complex and hard, but it's not new to Cerner to do big and complex and hard projects,...Read more

Target to rebrand CityTarget, TargetExpress stores as just Target

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MINNEAPOLIS -- As Target Corp. has begun rolling out smaller-format stores in the last few years, the names of them -- CityTarget and TargetExpress -- have sometimes sparked some confusion.

While CityTarget stores located in dense, urban areas are generally smaller than Target's other big-box stores, that wasn't the case with the CityTarget ...Read more

Office Depot to accelerate store closures

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FORT LAUDERDALE, Fla. -- The ever-shrinking Office Depot saw retail sales decline 8 percent in its second quarter as the office-supply retailer closes stores and prepares to merge with rival Staples.

Office Depot, based in Boca Raton, said Tuesday that it is accelerating its store-closure plan and expects to close about 175 stores this year and...Read more

Boston Scientific completes $1.6 billion deal for AMS men's health devices

Business / Business News /

MINNEAPOLIS -- Boston Scientific Corp. has acquired three men's health devices from American Medical Systems, creating a new division expected to bring in sales of nearly $1 billion a year.

The Massachusetts-based device company paid $1.6 billion in upfront cash to buy AMS' devices to treat noncancerous enlarged prostates, erectile dysfunction ...Read more

Increase in auto crashes hurts Allstate

Business / Business News /

CHICAGO -- Allstate customers are crashing their cars harder and more often -- and the insurance giant is paying the price.

The insurer late Monday blamed an "increased frequency and severity of auto accidents" for lower-than-expected earnings in the second quarter of 2015.

Earnings per share fell 38 percent from $1.01 over the same period ...Read more

Gas prices dropping, could hit $2 a gallon

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WASHINGTON -- Think of it as Christmas in August. Gasoline prices are expected to drop sharply this month and might be approaching $2 a gallon in much of the country by the time winter's chill arrives.

Normally, pump prices are flat or even up a bit in August as Americans finish up the summer holidays with a roadtrip before sending the kids ...Read more

2016 Chevy Volt will have longer range, lower price tag

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Consumers will be able to squeeze more juice out of the 2016 Volt.

Chevrolet has announced that the second generation of its plug-in electric hybrid sedan can travel 53 miles on electric power before its gas-powered engine kicks in.

That's well up from the 38-mile range offered on the first-generation Volt.

The new mileage marker puts the ...Read more

United CFO leaves for PayPal

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CHICAGO -- The chief financial officer of Chicago-based United Continental Holdings, parent of United Airlines, has resigned, the carrier announced Tuesday.

John Rainey will become chief financial officer at online payment company PayPal Holdings, based in San Jose, Calif. He had been CFO at United since April 2012.

The resignation of United's...Read more

GM to invest $877M for new body shop at Michigan plant

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DETROIT -- General Motors will spend $877 million to build a new body shop and assembly equipment at a Michigan assembly plant.

The investment at Flint Assembly, about 60 miles northwest of Detroit, is the latest announced portion of GM's $5.4 billion capital improvement initiative at 40 U.S. plants.

"This investment will allow us to use a ...Read more

A month into its life, Baxalta finds itself fending off Shire

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CHICAGO -- Barely a month after becoming an independent company, Baxalta -- the former biosciences division of Baxter International -- faces a battle over its future.

Irish drugmaker Shire said Tuesday that it has made an unsolicited offer to buy the company, based in suburban Chicago, for about $30.6 billion in stock.

In a statement, Shire ...Read more

Comcast expanding discounted Internet access

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PHILADELPHIA -- Responding to criticism that its discounted Internet Essentials service was only available to poor families with children, Comcast Corp. said on Tuesday that it would expand the $9.95-a-month program to low-income senior citizens.

Philadelphia-based Comcast will begin the project for senior citizens in Palm Beach, Fla., and ...Read more

Twitter experiments with 'News Tab' feature

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Twitter rolled out a News Tab feature to some of its U.S. users Tuesday, an experimental effort to make it easier for people to find headlines that are trending on the platform.

The feature is the latest in a string of products the San Francisco company has launched since Jack Dorsey took the reins as chief executive in June. Facing mounting ...Read more

Diane Stafford: Involuntary part-time workers aren't happy

Business / Business News /

Charles Dickens' famous phrase opening "A Tale of Two Cities" -- It was the best of times, it was the worst of times -- lends itself to a new study by the John J. Heldrich Center for Workforce Development.

Professor Carl Van Horn and his colleagues at Rutgers University this spring did an in-depth survey of 944 workers, 504 of whom were ...Read more

Balancing Act: Workplace mentoring boosts careers, skills and retention

Business / Business News /

After 10 years in the workforce, Edward Cruz wanted someone to guide him on his career path, an experienced professional who could provide objective advice. Cruz, director of career development at the University of Miami, took a bold step. He called a senior leader he met at an industry conference and asked him to be his mentor, offering the man...Read more