Surge in outsourcing wipes out middle-class jobs

Business / Business News /

WASHINGTON -- For nearly 20 years Alfredo Molena made a middle-class living repairing bank ATMs in Los Angeles, despite being a high school dropout and immigrant from El Salvador.

By 2000 he was earning about $45,000 a year, enough to support his wife and two children in a spacious apartment and take periodic vacations to El Salvador and Hawaii...Read more

Sports Authority's sale of customer data raises privacy questions

Business / Business News /

When Sports Authority said "everything must go," it meant everything -- including its customers' personal information.

The Colorado sporting goods retailer, which filed for Chapter 11 bankruptcy protection in March, this week auctioned its intellectual property, including the Sports Authority name, its e-commerce site and about 114 million ...Read more

Mark Phelan: What you should know about Fiat Chrysler shifters

Business / Business News /

Fiat Chrysler has recalled 1.1 million vehicles because of a problem with their transmission shifter. Here's the problem and what you need to know about it.

Electronically controlled automatic transmissions have made cars more efficient, and allowed car companies to experiment with new designs for shifters that take up less space. For years, ...Read more

The Week Ahead: June swoon for US employment?

Business / Business News /

One month does not a trend make. But the trend in the American job market clearly has been cooling for at least four months. In the week ahead, investors will learn if the slowdown in hiring continued in June.

Last month, American companies created just 38,000 new jobs. It was the weakest month of job growth in five and a half years. It was a ...Read more

AMC considers abandoning Carmike deal; Carmike delays shareholder vote

Business / Business News /

LOS ANGELES -- AMC Entertainment Holdings Inc. is considering abandoning its attempt to buy Carmike Cinemas Inc. and become the nation's largest movie theater chain, pushing the smaller company to postpone its shareholder vote on the deal.

The potential transaction "is now at considerable risk," AMC Chief Executive Adam Aron said in a statement...Read more

Fatal autopilot Tesla crash prompts 'preliminary evaluation' by federal officials

Business / Business News /

The National Highway Transportation Safety Board is opening a preliminary evaluation into Tesla's autopilot feature, after the fatal crash of a Model S that was in self-driving mode, the electric automaker said Thursday.

According to a blog post from Tesla Motors Inc., the car was on an unnamed, divided highway when a tractor trailer drove ...Read more

Judge asks for more information in lawsuit challenging Sumner Redstone's mental capacity

Business / Business News /

CANTON, Mass. -- A Massachusetts judge on Thursday put off a decision on whether to toss out a lawsuit that challenges the mental competency of mogul Sumner Redstone, keeping alive a contentious fight over the future of media company Viacom Inc.

Viacom Chief Executive Philippe Dauman brought the lawsuit late last month after he and another ...Read more

NASA negotiates cheaper mission prices after last year's SpaceX failure

Business / Business News /

NASA negotiated discounted mission prices with SpaceX after one of the Hawthorne, Calif., company's rockets broke apart last June while laden with supplies for the International Space Station, according to a report by the space agency's office of inspector general.

The report, which was released this week, also said the most important item ...Read more

NASSCO gets $3 billion to build six Navy ships

Business / Business News /

SAN DIEGO -- The Navy will award General Dynamics-NASSCO about $3 billion to build six oiler ships in what could evolve into one of the largest contracts in the company's history.

Thursday's announcement represents the first of the 17 oilers that the Navy needs to replace aging fuel ships. The entire project is expected to cost about $8 billion...Read more

Report: Mondelez makes takeover bid for Hershey

Business / Business News /

CHICAGO -- Mondelez International, the global snack-food company known for brands like Oreo and Ritz Crackers, has made a bid to acquire Hershey, according to a Wall Street Journal report Thursday. The report said that Mondelez would move its headquarters to Pennsylvania if the deal is consummated.

Mondelez, currently based in suburban Chicago,...Read more

Lionsgate buys premium channel Starz for $4.4 billion

Business / Business News /

LOS ANGELES -- After months of on-again, off-again talks, movie studio Lionsgate has clinched a deal to buy premium cable network Starz for $4.4 billion.

Lionsgate, the Santa Monica, Calif., entertainment company behind the "Hunger Games" movies and the Netflix TV series "Orange Is the New Black," said it would pay a significant premium to buy ...Read more

Motoring Q&A: Check your hub nuts

Business / Business News /

Q: I have a 2008 Chevrolet Corvette C6 with 44,000 miles. Aside from one issue, it continues to be a trouble-free delight to drive. My only concern is that when I sharply turn at slow speeds, I hear a clunk, clunk, clunk coming from the lower rear of the car. Any comments or concerns?

A: Since I had an '07 C6 that developed the same symptoms, ...Read more

Auto review: 2016 Buick Cascada convertible could be cool if not for the controls

Business / Business News /

The Buick Cascada is a Pop-Tart. It looks great on the outside but the inside is jammed with junk.

The main problem with the sleek convertible is the congested center stack. There are 13 buttons for climate control, two dials for temperature, 22 buttons for multimedia, another half dozen for safety systems and the lock/unlock button is ...Read more

Auto review: Once you drive the new E-Class, you'll understand its name

Business / Business News /

Most of our lives are shaped by others telling us what to do, be they a parent, sibling, spouse, boss, teacher, police officer, condominium board or personal trainer.

You can now add the automobile to that list.

Because, while the lure of the open road may still appeal to your inner Andretti, the freedom it promises is no longer as free with ...Read more

Ann Marie van den Hurk: Good storytelling makes your business brand memorable

Business / Business News /

The amount of information shared digitally is staggering. In every minute of the day, there are, according to a report by business intelligence firm Domo:

-- 204 million emails sent.

-- 4 million search queries received by Google.

-- 246 million pieces of content shared by Facebook users.

-- 277,000 tweets sent.

-- 26,380 reviews posted by ...Read more

The Mortgage Professor: Rent or buy? The question that never seems to go away

Business / Business News /

Should you rent or buy?

The question never goes away because it is confronted anew by every new cohort of households. The letters I receive on the topic, such as the one below, haven't changed in the last 20 years:

"I am a 48-year-old divorced female. I have been renting for the last 10 years. ... My friends keep telling me that renting is '...Read more

Real estate Q&A: Verbal agreement needs to be sealed in writing

Business / Business News /

Q: Twenty years ago, my parents, brother and I made a verbal agreement regarding the purchase of a condo. Our parents would live in it, and after they died, it would belong to my brother and me. He and I have helped pay for the property over the years. The condo is deeded in our parents' names, but we have nothing in writing saying we will get ...Read more

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