Feds investigating payment service Venmo for possible deceptive practices

Business / Business News /

LOS ANGELES -- Popular peer-to-peer payment service Venmo is under investigation by the Federal Trade Commission in connection with possible unfair and deceptive practices.

It's the latest sign of increased regulatory scrutiny of emerging financial technology firms, and at least the second time Venmo may have run afoul of regulators.

Venmo's ...Read more

Snapchat to feature 2016 Olympics highlights

Business / Business News /

LOS ANGELES -- Snapchat is the first service to reach a deal to feature videos from NBC's coverage of the Olympics.

The Los Angeles appmaker and the Comcast Corp.-owned broadcaster announced the agreement Friday. It will see the two companies split revenue from ads running alongside the videos. Snapchat isn't paying an upfront rights fee, news ...Read more

Consumer spending growth slows despite jump in income

Business / Business News /

WASHINGTON -- Americans were hesitant to open their wallets last month despite swelling incomes, with spending growth slowing in a sign of the economy's weak start to the year.

Consumer spending rose just 0.1 percent in March, down from an upwardly revised 0.2 percent increase the previous month, the Commerce Department said Friday. The latest ...Read more

Column: Live, from Madison Avenue, 'SNL' getting into advertising game

Business / Business News /

From the maker of Super Bass-o-Matic '76, Mom Jeans, Colon Blow cereal and the recently controversial Heroin AM comes something not entirely new and not necessarily improved: real commercials.

NBC's "Saturday Night Live" is moving beyond parody, planning to get into the ad game with both feet next season and not even holding its nose while ...Read more

Rovi agrees to buy TiVo in $1.1 billion deal

Business / Business News /

SAN JOSE, Calif. -- Confirming media reports, TV technology company Rovi announced Friday that it plans to acquire TiVo in a $1.1 billion cash-and-stock deal.

The merger would combine Rovi's electronic media guide technology with TiVo's expertise in digital video recorders and digital set-top boxes. Although Rovi CEO Tom Carson will head the ...Read more

Chevron suffers quarterly loss, job cuts are underway

Business / Business News /

SAN RAMON, Calif. -- Jolted by the slump in oil prices, Chevron reported on Friday a first quarter loss that was worse than Wall Street's expectations, a setback that caused the company's shares to drop, and raised the specter of thousands of job cuts worldwide this year.

"Matching our organizational size to expected future activity levels" is ...Read more

Auto review: 2016 BMW X1 feels more like a crossover, less like a compromise

Business / Business News /

"Is that the new BMW X5?" asked my neighbor. When I tell him it is actually the X1, two sizes smaller, he looks perplexed. "It has grown up!" Exactly. It has grown up -- casting a wider shadow from a body that's noticeably more sophisticated. It's pretty nice inside too. But is it a real BMW -- a legitimate driving machine?

Unlike the previous ...Read more

Auto review: 2016 Audi TT is a cute coupe with more style than power

Business / Business News /

The third-generation Audi TT is ... cute. It's a coupe that doesn't have the performance chops to compete with the thoroughbreds of the class, but has enough style to stand out from the herd.

The TT coupe has four seats, unlike the two-seat Roadster, but those rear seats are best used for a four-legged friend or to open up the hatch for more ...Read more

The Week Ahead: American workers coming off the sidelines

Business / Business News /

Every month for the past six years, American companies have created more jobs than they've eliminated. When the April jobs report is released in the week ahead, it's expected we'll see that trend continue.

It's the longest streak of monthly job gains on record with the Bureau of Labor Statistics. And while it's impressive, there's another ...Read more

Mark Phelan: Smartphone app for fuel economy ratings

Business / Business News /

The best tool for comparing vehicles' fuel efficiency and annual fuel costs can now travel with you when you shop for a vehicle., the Environmental Protection Agency website that delivers fuel economy ratings and more for every car, SUV and light-duty pickup on sale in the United States is accessible on smartphones thanks to a ...Read more

Get ready to ride: Motorcycle prep for veterans and novices

Business / Business News /

CHICAGO -- As the days get longer, the urge to twist the throttle gets stronger. But before you get back in the saddle, take some time to be sure you and your motorcycle are ready.

The best way to prepare your ride for the season is to have started last season with a trickle charger and fuel stabilizer.

"If you didn't do the prep you may find ...Read more

Cuba travel lawsuit against Carnival withdrawn

Business / Business News /

MIAMI -- In the wake of a reversal in a Cuban policy that prevented those born in Cuba from taking cruises to the island, a class-action lawsuit against Carnival Cruises and its Fathom line was pulled Thursday.

A notice of voluntary dismissal was filed in U.S. District Court in Miami on behalf of Francisco Marty and Amparo Sanchez, who ...Read more

How creating new Facebook stock will keep Mark Zuckerberg in control

Business / Business News /

When Facebook Inc. announced its first-quarter earnings Wednesday, a few things were clear: The number of users on the social network is climbing, its ad revenue is soaring and its shareholders have every reason to be smiling ear to ear.

The company's stock jumped more than 7 percent on Thursday to a high of $116.73.

Less clear was the company...Read more

Amazon shares soar on strong earnings, revenue gains

Business / Business News /

SEATTLE -- Amazon's market value surged to near record levels as the company widely beat Wall Street's expectations in the first quarter.

The tech and retail giant posted profit of $513 million, or $1.07 per diluted share, nearly doubling the 58 cents expected by analysts and swinging from a $57 million loss in the same quarter last year.

...Read more

Carl Icahn dumps all of his Apple stock

Business / Business News /

LOS ANGELES -- Billionaire business magnate Carl Icahn, whose investment decisions can influence the stock market, said Thursday that he dumped what was left of his nearly 1 percent stake in Apple Inc. on fears that Chinese authorities would bully the iPhone maker.

Shares of Apple sunk after his announcement in a live interview on CNBC. The ...Read more

Suit accuses Jessica Alba's Honest Co. of falsely labeling infant formula

Business / Business News /

LOS ANGELES -- Honest Co., a Los Angeles-area startup co-founded by actress Jessica Alba that sells more than 100 consumer products touted as healthy and nontoxic, has been hit with another lawsuit challenging its product claims.

This time the product is Honest's organic infant formula, which the Organic Consumers Association alleges is falsely...Read more

Viacom's Paramount Pictures suffers $136 million operating loss

Business / Business News /

LOS ANGELES -- Viacom Inc. continues to suffer from Paramount Pictures' box-office blues.

The media company's fiscal-second-quarter earnings were marred by more missteps from the Melrose Avenue movie studio.

Paramount released two films that underwhelmed audiences: "Zoolander 2," with Ben Stiller and Owen Wilson, and "Whiskey Tango Foxtrot" ...Read more

Katzenberg to relinquish DreamWorks Animation CEO role after Comcast deal

Business / Business News /

LOS ANGELES -- Jeffrey Katzenberg, the Hollywood mogul whose name has been synonymous with DreamWorks Animation, will step down as chief executive after his company is sold to Comcast Corp.'s NBCUniversal.

After the deal closes, Katzenberg will become chairman of DreamWorks New Media, made up of the company's stakes in Awesomeness TV and NOVA, ...Read more

Obama says 'The Big Short' was wrong: Wall Street has changed

Business / Business News /

WASHINGTON -- Looking back on his economic legacy, President Barack Obama disputes the conclusion in the movie "The Big Short" that nothing changed on Wall Street after the 2008 economic meltdown and maintains that his policies have helped stabilize the financial sector.

In a wide-ranging interview with the New York Times published Thursday, ...Read more

New Red Wings home to be named Little Caesars Arena

Business / Business News /

DETROIT -- By naming the new home of the Detroit Red Wings the Little Caesars Arena, the Ilitch family, which owns both the team and the pizza company, may have foregone a multimillion-dollar source of cash from an outside bidder. But that's OK, said Christopher Ilitch, CEO of the family's Ilitch Holdings.

"For our organization, this is more ...Read more