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Apple reportedly opening a research and development center in China

Business / Business News /

Apple Inc. is reportedly planning to open its first research and development center in China, allowing the tech giant to extend its reach in a vital market and maintain goodwill with the Chinese government.

The Cupertino, Calif., tech giant will eventually invest 300 million yuan, or $45 million, in the facility, which will have 500 employees, ...Read more

Lexmark sale to Chinese consortium approved by federal agency

Business / Business News /

LEXINGTON, Ky. -- Lexmark's sale to the Chinese consortium led by APEX Technology and PAG Asia Capital cleared its hurdle with a U.S. federal agency on Friday.

The Committee on Foreign Investment in the U.S. approved the acquisition.

The deal still has to receive approval from the Chinese government, but that is anticipated by the end of 2016,...Read more

Consumer spending stalls as incomes post slowest growth since winter

Business / Business News /

WASHINGTON -- Consumer spending barely grew in August after a sharp rise the previous month as incomes rose by the smallest amount since winter, the Commerce Department said Friday.

Analysts had expected Americans to slow their pace of spending following strong 0.4 percent growth in July.

But the growth of less than 0.1 percent -- meaning ...Read more

Key step in American-US Airways merger scheduled for Saturday

Business / Business News /

If all goes well, American Airlines passengers won't realize that the Fort Worth, Texas-based airlines took a key and potentially tricky step on Saturday in its merger with US Airways.

The combination of American Airlines and US Airways to create the world's largest carrier was announced in 2013, but such a process takes several steps and won't...Read more

McCormick boosts sales, profit in third quarter

Business / Business News /

BALTIMORE -- McCormick & Co. boosted sales and profit in a third quarter driven by strong global demand for flavorings and healthy foods, the spice maker reported Friday.

Net income rose to $127.7 million from $97.6 million in the third quarter of 2015. Earnings jumped to $1 per share from 76 cents per share compared with same quarter a year ...Read more

Mark Phelan: GM leads chase for vehicle of the year honors

Business / Business News /

General Motors placed an industry-leading eight vehicles among the semifinalists for the North American Car, Truck and Utility vehicle of the year.

The 30 semifinalists for the three awards range from compact economy cars to electric vehicles, luxury sedans, pickups and one minivan.

I'm the president of the jury that presents the awards, and I...Read more

The Week Ahead: It's not the political debate, it's the economic data

Business / Business News /

The nation's headlines have been filled with surveys of Americans saying how they will vote this presidential election. Investors may be better served by focusing on the economic data underpinning voters' motivations.

That means jobs and wages.

On Friday in the week ahead, the latest set of work and wage statistics will be released.

And ...Read more

Northwestern Mutual to cut 'hundreds' of jobs

Business / Business News /

MILWAUKEE -- Northwestern Mutual Life Insurance Co. plans to eliminate about 100 jobs this year and "hundreds" more in 2017, the company's top executive told employees Thursday morning.

"As we invest in our strategic priorities to meet our clients' current and future needs, we are also committed to maintaining our strong financial position ...Read more

Congress members question whether SpaceX should conduct its own investigation

Business / Business News /

LOS ANGELES -- Ten Republican Congress members led by Rep. Mike Coffman, R-Colo., have sent a letter to the heads of the Air Force, NASA and the Federal Aviation Administration questioning whether SpaceX should be allowed to lead its own investigation into a Sept. 1 launch pad explosion that destroyed a Falcon 9 rocket and a communications ...Read more

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

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