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Wells Fargo to pay $24.1 million for improper repossession of servicemembers' cars

Business / Business News /

WASHINGTON -- The reputation of Wells Fargo & Co. took another blow Thursday when it agreed to pay $24.1 million for the improper repossession of cars owned by members of the U.S. military.

The bank agreed to pay $4.1 million to settle a Justice Department investigation into the repossession of 413 cars without the necessary court order from ...Read more

Report: Qualcomm eyes NXP Semiconductor acquisition

Business / Business News /

SAN DIEGO -- Qualcomm is reportedly in talks to buy NXP Semiconductor for about $30 billion in what could be a blockbuster, transformative deal for the San Diego wireless company.

Citing unnamed sources familiar with discussions, The Wall Street Journal reported Thursday that the two companies are in discussions. A Qualcomm spokeswoman said the...Read more

Report: Qualcomm eyes NXP Semiconductor acquisition

Business / Business News /

SAN DIEGO -- Qualcomm is reportedly in talks to buy NXP Semiconductor for about $30 billion in what could be a blockbuster, transformative deal for the San Diego wireless company.

Citing unnamed sources familiar with discussions, The Wall Street Journal reported Thursday that the two companies are in discussions. A Qualcomm spokeswoman said the...Read more

Los Angeles, U.S. Bank reach $13.5 million settlement on foreclosed homes in disrepair

Business / Business News /

LOS ANGELES -- The Los Angeles city attorney has reached a $13.5 million settlement with U.S. Bank to resolve allegations that the nation's fifth largest bank operated as a slumlord and allowed hundreds of foreclosed properties to deteriorate, fostering crime and blight in L.A. neighborhoods slammed by the housing crisis.

The settlement, ...Read more

House members demand probes of Wells Fargo, banking industry

Business / Business News /

Lawmakers on Thursday intensified their calls for a wide range of investigations into Wells Fargo & Co. -- and into the practices of other banks -- as political fallout from the San Francisco institution's creation of unauthorized accounts continues to grow.

During a vitriol-filled, four-hour hearing on Capitol Hill, members of the House ...Read more

Costco narrowly tops profit estimates

Business / Business News /

SEATTLE -- Costco Wholesale on Thursday beat Wall Street's earnings estimates for the quarter and fiscal year that ended Aug. 28.

The warehouse giant, headquartered outside Seattle, reported quarterly profit of $779 million, or $1.77 per diluted share, up from $767 million, or $1.73 per diluted share, last year. Analysts had expected earnings ...Read more

Banks warming up to mortgages again after housing crisis

Business / Business News /

If you want to buy a home and go to a bank for a mortgage, you may get a warmer welcome than people have received in years.

The mortgage lending market is thawing. Banks are providing more mortgages after essentially closing up shop when the housing crash and financial crisis devastated mortgage brokers and many lenders in 2008, according to ...Read more

FCC delays decision on rule that would require pay TV to offer streaming programming

Business / Business News /

The FCC delayed a vote scheduled Thursday on Chairman Tom Wheeler's proposed rule to require pay TV services to offer their programming on streaming apps.

"We have made tremendous progress and we share the goal of creating a more innovative and inexpensive market for these consumer devices," said a statement from Wheeler and Commissioners ...Read more

United reaches tentative agreement on new contract with technicians

Business / Business News /

CHICAGO -- United Airlines is a step closer to an agreement that, if approved, would be the first joint contract for the airline's roughly 9,000 technicians.

The International Brotherhood of Teamsters voted Wednesday to finalize a tentative agreement for a contract agreed to in principle last month, United and the union said.

"This tentative ...Read more

Microsoft creates artificial intelligence research group

Business / Business News /

SEATTLE -- Microsoft says it has created a 5,000-person engineering and research team focused on artificial intelligence, an effort to reposition the company to capitalize on the rapid growth in software aided by machine-learning algorithms. The move comes as Qi Lu, a longtime Microsoft engineering leader who was most recently executive vice ...Read more

Redstones officially urge Viacom-CBS merger talks

Business / Business News /

LOS ANGELES -- Sumner Redstone and his daughter, Shari, have officially taken a key step toward putting Viacom and CBS back together again.

National Amusements Inc., the Redstone-controlled movie theater chain and investment vehicle, on Thursday sent a letter to the boards of directors at both companies urging them to consider merging.

The ...Read more

Real estate Q&A: How to deal with an 'underwater' mortgage

Business / Business News /

Q: Back during the real estate bust, we fell behind on our mortgage and worked with our lender to get a loan modification. The lender added the delinquent amount to the end of the mortgage. Now, almost 10 years later, we have retired and are looking to relocate to a smaller house. Although our home's value has increased, we still are "underwater...Read more

Ann Marie van den Hurk: Focus holiday promotions on customer emotions

Business / Business News /

November and December will be here before you know it, meaning it's time to start planning your business's holiday promotions.

Timing matters. Releasing promotions too early could result in fewer sales, and holding off your promotions for too long could also be detrimental. Knowing your customers and their shopping habits is essential to ...Read more

In Trump's world, every step you take could cost more

Business / Business News /

GAINESVILLE, Ga. -- Marina Carpenter had just purchased Chinese-made shoes at a Payless ShoeSource in this city northeast of Atlanta when she pondered what would happen if the coming presidential election led to a double-digit price increase.

Like many Americans, she doesn't have lots of extra income and said she'd be forced to cut back if ...Read more

CBS-Viacom merger may be closer to reality

Business / Business News /

LOS ANGELES -- The oft-foretold reunification of CBS Corp. and Viacom Inc. may be moving closer to reality.

National Amusements Inc., the theater chain operator and investment vehicle of media mogul Sumner Redstone, is preparing to call on the two companies to consider merging, two people close to the matter said Wednesday.

National Amusements...Read more

Consumers aren't as excited as the auto industry about self-driving cars

Business / Business News /

SAN FRANCISCO -- If Ford, Volvo, GM and Uber are to be believed, self-driving cars will soon dominate our roads and car ownership will be a thing of the past.

If regular consumers are to be believed, automakers need to hold their horses, because people aren't ready for a self-driving future. Those are the findings from a new survey commissioned...Read more

California treasurer sanctions Wells Fargo over fake-accounts scandal

Business / Business News /

LOS ANGELES -- California's state treasurer announced Wednesday that he has temporarily severed some business relationships with Wells Fargo & Co. over revelations that the bank created millions of accounts without customers' permission.

Treasurer John Chiang said his office will no longer invest in Wells Fargo securities, go through Wells ...Read more

Senators want to know if EpiPen maker violated law

Business / Business News /

WASHINGTON -- Several U.S. Senators have asked the Justice Department to determine whether Mylan Pharmaceuticals broke the law in classifying its brand name EpiPen as a generic device in order to lower rebates the company paid to Medicaid.

"Pharmaceutical companies are responsible for determining whether their products are innovator (i.e. brand...Read more

Sikorsky deal overwhelmingly approved by Connecticut lawmakers

Business / Business News /

HARTFORD, Conn. -- The Connecticut General Assembly gave bipartisan backing Wednesday to a $220 million deal to keep Sikorsky Aircraft building a new line of helicopters in the state until at least 2032, but it came with election year criticism by Republicans of fiscal and economic development policies of the Democratic-run Legislature and Gov. ...Read more

Lawmakers press Fed's Janet Yellen to punish Wells Fargo for fake accounts scandal

Business / Business News /

WASHINGTON -- Outraged lawmakers pressed Federal Reserve Chairwoman Janet L. Yellen on Wednesday to punish Wells Fargo & Co. for creating as many as 2 millions fake accounts, but she declined to commit to any regulatory penalties.

"Two million phony accounts. Break them up!" Rep. Brad Sherman, D-Calif., told Yellen during a hearing of the House...Read more