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Lending Club plans layoffs, discloses loans to former CEO and family members

Business / Business News /

Lending Club plans to lay off 179 workers, or about 12 percent of its workforce, its latest response to a still-unfolding crisis that has cooled investors' interest in the firm's loans and pushed the company to dismiss its founding chief executive.

The San Francisco online lender reported the layoffs in a securities filing early Tuesday. The ...Read more

Pittsburgh's Dollar Bank to merge with smaller Virginia institution

Business / Business News /

PITTSBURGH -- Pittsburgh-based Dollar Bank has agreed to merge with Bank (At)lantec, a Virginia-based mutual bank with four branch offices, in a move that the larger mutual bank sees as a blueprint for further deals.

The combined institution will have assets of more than $7.5 billion, according to Tuesday's announcement.

Both boards have ...Read more

New Pinterest feature aims to link your photos to products

Business / Business News /

SAN FRANCISCO -- Pinterest will soon turn smartphone cameras into a tool that helps users discover and buy products, the company announced Tuesday when it revealed strategies intended to transform its digital scrapbook service into a shopping hub.

The San Francisco company, which lets people save images and links from around the web, hopes its ...Read more

Amazon adds 50 Dash Buttons, says orders roll in twice a minute

Business / Business News /

SEATTLE -- Amazon is expanding its one-press Dash Button technology to toys and musical equipment.

The Seattle-based company released 50 new Dash Buttons Tuesday, investing further in the technology that lets Prime subscribers press a small, physical button to instantly reorder a specific item from Amazon.

Dash Buttons launched last year as a ...Read more

Simon Ramo, TRW co-founder who shaped California aerospace, dies at 103

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LOS ANGELES -- Not long after leaving Howard Hughes' fledgling Hughes Aircraft Co. and starting an aerospace firm in Los Angeles in 1953, Simon Ramo received a call from President Dwight D. Eisenhower.

The president told the young scientist that the country needed to develop a rocket capable of delivering a nuclear warhead to the other side of ...Read more

Airbnb sues hometown of San Francisco to block new rental law

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SAN FRANCISCO -- Airbnb Inc. filed a lawsuit against its home city of San Francisco on Monday in an attempt to block new regulation it said would violate federal protections for Internet companies.

The short-term property rental company slammed the city's new ordinance, which would require Airbnb and similar firms such as VRBO and HomeAway to ...Read more

VW settles emissions-cheating cases for $14.7 billion, agrees to buy back cars

Business / Business News /

LOS ANGELES -- Volkswagen has agreed to pay nearly $15 billion to settle government allegations in the U.S. linked to its cheating on emissions tests and to buy back or terminate the leases of nearly half a million of its cars.

As part of the settlement announced Tuesday, the German automaker is to spend about $10 billion to buy back or modify ...Read more

Recalled Ikea dressers 'simply too dangerous,' top safety official says

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WASHINGTON -- Citing six deaths since 1989, federal safety regulators on Tuesday announced a recall of 29 million Ikea dressers they say are dangerously unstable and can tip onto children.

The retailer has agreed to offer buyers in most cases full refunds for the units. If customers want to keep the dressers, the company said it will dispatch ...Read more

Economy's winter chill wasn't that bad, but growth still anemic, at 1.1 percent

Business / Business News /

WASHINGTON -- The winter wasn't as rough for the U.S. economy as earlier thought, with growth revised upward Tuesday to a 1.1 percent annual rate -- more than double the initial estimate but still an anemic pace.

The new figures from the Commerce Department mean growth from January through March was only off slightly from the 1.4 percent annual...Read more

North American leaders meet with Brexit and Trump clouding ties

Business / Business News /

OTTAWA, Canada -- The shadow of Brexit and rising protectionist sentiment loom large as President Barack Obama meets his North American counterparts this week to bolster the world's largest trading bloc.

Obama, Canadian Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto hold the so-called Three Amigos summit Wednesday in ...Read more

US policy for credit cards in Cuba is too lenient, critics say

Business / Business News /

MIAMI -- U.S. residents who travel to Cuba will be able to use a MasterCard issued by Florida-based Stonegate, the bank announced this month. But what happens if they use the card in a hotel owned by the Cuban military or a property seized by the Cuban government from U.S. owners in the 1960s?

For now, nothing. Since January 2015, the Obama ...Read more

Liz Reyer: Feeling burnout out at work? You may benefit from taking broad view

Business / Business News /

Q: I think I'm on the edge of burnout. I'm crabby at work and losing interest in what I do, even though I know I actually like it. How can I get back on track?

--Heidi, 32, health care worker, fending off burnout

A: Take a look at your whole life. Is this feeling pervading your personal life, too? Relationships outside of work or other ...Read more

Diane Stafford: 4 steps to stem political disruption at work

Business / Business News /

Take it outside: That's the overarching advice for any employee who feels the need to share political opinions at work.

Just weeks before what's expected to be rousing Republican and Democratic national conventions, the presidential campaign has elevated political tension in the United States.

Passionate supporters and detractors of Donald ...Read more

Rex Huppke: Workplace harassment is alive and well

Business / Business News /

You would think by now, with seemingly endless training sessions and awareness-raising programs and strongly worded policies in employee handbooks, that American workplaces would be largely devoid of harassment.

Unfortunately, you would be wrong.

The U.S. Equal Employment Opportunity Commission formed a task force to study workplace harassment...Read more

Your Office Coach: Retired worker attends company functions without paying

Business / Business News /

Q: One of our retirees keeps showing up at employee social functions. "Gary" stopped working here three years ago, yet he still attends every gathering and is usually among the last to leave. He even won the grand prize at our big raffle drawing last year.

Our social events are planned by a committee and typically include annual spring and fall...Read more

Balancing Act: When work slows in summer, work out

Business / Business News /

Almost every day, Sergio Perez walks to the supermarket from his Miami office to grab lunch, trekking about a mile each way. While the heat can be intense in summer months, Perez, who works 50 to 60 hours a week in financial services, says the routine is the easiest way to squeeze fitness into his work-life balance.

When I hear friends talk ...Read more

Analysis: On financial services, Britain snatched defeat from the jaws of victory

Business / Business News /

LONDON -- Just over a year ago, British financial traders were celebrating a landmark court victory over their European rivals. The Luxembourg-based General Court had overturned a demand by the European Central Bank that clearing of trades in euro-denominated assets take place only in countries that use the euro as their currency.

British ...Read more

Ikea to halt sale of deadly dressers, offer refunds to millions

Business / Business News /

PHILADELPHIA -- After the death of three toddlers in two years, Ikea has agreed to immediately stop selling dressers that can too easily tip over onto children and offer full refunds to the millions of customers who bought them, according to a federal agency source briefed on the plans.

Details of the agreement, which the source called "...Read more

Perdue plans to reform its chicken welfare policies

Business / Business News /

BALTIMORE -- The short lives of chickens raised by Perdue Foods will improve under what animal-rights activists called unprecedented animal welfare reforms announced Monday by the poultry producer.

The company, based in Salisbury, Md., plans sweeping changes in how it breeds, raises and slaughters its chickens as consumers demand to know more ...Read more

Answers to 6 questions over what Brexit means to your wallet

Business / Business News /

WASHINGTON -- Panic over Great Britain's startling vote to exit the European Union sent global financial markets skidding anew Monday, with shock waves felt from Shanghai to Wall Street.

The British pound touched 1985 levels against the U.S. dollar. Germany's DAX exchange finished more than 3 percent lower, and the Dow Jones industrial average ...Read more