Stock market steadies as Trump gets down to business

Business / Business News /

When Donald Trump took the presidential oath Friday, the stock market was trading modestly higher with the Dow Jones industrial average up 97 points.

Prices then moved in choppy fashion as traders kept glancing at televised views of Trump's inauguration in Washington.

"It certainly was an all-eyes-on event," said Art Hogan, chief market ...Read more

Trump's call to 'buy American' raises specter of trade wars

Business / Business News /

WASHINGTON -- President Donald Trump called on all Americans to come together Friday, but he did not extend that invitation to the rest of the world.

Instead, Trump issued a loud decree "to be heard in every city, in every foreign capital" that he was reshaping the U.S. vision.

The priority was clear: "America first." The cheers were loud.

...Read more

HUD suspends FHA mortgage insurance rate cut an hour after Trump takes office

Business / Business News /

An hour after Donald Trump assumed the presidency Friday, his administration indefinitely suspended a pending rate cut for mortgage insurance required for FHA-backed mortgages, which are popular with first-time home buyers and those with poor credit.

The move by the Department of Housing and Urban Development -- one of the first acts of Trump's...Read more

Apple sues Qualcomm for about $1 billion over royalties

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SAN DIEGO -- Apple is suing Qualcomm for roughly $1 billion, saying Qualcomm has been "charging royalties for technologies they have nothing to do with."

The suit follows the U.S. Federal Trade Commission's lawsuit against Qualcomm earlier this week over allegedly unfair patent licensing practices.

The complaint, filed in U.S. District Court ...Read more

Walgreens to pay $50M to settle claims that it violated anti-kickback law

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CHICAGO -- Walgreens has agreed to pay $50 million to the federal government and states to settle allegations that it illegally gave discounts to Medicare and Medicaid beneficiaries to encourage them to fill their prescriptions at Walgreens.

The federal anti-kickback statute prohibits giving anything of value to people covered by Medicare, ...Read more

Trump will be a cable news boon, challenge

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NEW YORK -- Cable news networks had reason to feel bittersweet about the end of 2016 as Donald Trump's historic campaign for the White House drove their ratings to record levels. But in the days leading up to his inauguration as the 45th president of the United States, Trump's continuing love-hate relationship with them provided a compelling ...Read more

The Week Ahead: Earnings, the economy and expectations

Business / Business News /

The week ahead promises plenty of news for investors. It'll be the first workweek for President Donald Trump and his administration. The heart of fourth-quarter corporate earnings season will begin. And the preliminary data on the 2016 American economy will be released.

The earnings reports and economic statistics very well may reflect a decent...Read more

Mark Phelan: Detroit auto show hits and misses

Business / Business News /

From affordable small SUVs to all manner of family sedan, sporty and luxury cars, the soon-to-conclude 2017 North American International Auto Show at Cobo Center in Detroit embodies the variety of vehicles on sale.

There's plenty of technology, too. Ford has a just-for-fun driving simulator that reproduces the thrills of driving its GT supercar...Read more

Feds suit says TCF tricked customers on overdraft fees

Business / Business News /

WASHINGTON -- The Consumer Finance Protection Bureau, or CFPB, sued TCF Bank Thursday, claiming that the bank tricked customers into paying a $35 service fee to cover each overdraft on their accounts.

The suit accuses TCF, headquartered outside the Twin Cities, of pushing overdraft services even as new federal rules prohibited overdraft charges...Read more

Costco to pay $11.75M over handling of opioids and other drugs

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SEATTLE -- Costco will pay the U.S. government $11.75 million to settle allegations that some of its pharmacies improperly filled prescriptions for controlled substances, the U.S. Justice Department said Thursday.

The Justice Department alleged that Costco pharmacies filled prescriptions that were incomplete, lacked valid Drug Enforcement ...Read more

Tesla cleared in fatal Autopilot crash

Business / Business News /

SAN JOSE, Calif. -- The National Highway Traffic Safety Administration said Thursday it has closed an investigation of a fatal Tesla Autopilot Tesla crash, finding no defects and declining to issue a recall notice.

The six-month investigation into the nation's first self-driving vehicle fatality found no problems with the design or performance ...Read more

Amazon Web Services passes Google on most popular list

Business / Business News /

SEATTLE -- In some corners of the high-tech workplace, is more popular than Google.

Services built by Amazon Web Services, Amazon's cloud-computing division, were the fourth most popular workplace web application in November, up one spot from a year earlier.

That's according to Okta, a San Francisco company whose products help ...Read more

Hidden traps that cause startups to fail, and how to avoid them

Business / Business News /

Venturing into the world of entrepreneurship can be exciting. But, the early days of a business are also the time when your venture is most vulnerable to failure. About 25 percent of startups fail within a year, and 50 percent fail within the first four years, according to figures from Statistic Brain.

Several hidden traps can cause startups to...Read more

On the House: When a new fence fails to impress

Business / Business News /

Q: I recently had a new fence installed, and I am pretty unhappy about it. The wood quality is terrible, as if they used seconds. The salesman said this is the way the fence should look. I have only paid half the total cost. Should I ask them to repair/replace anything before I pay the balance?

A: Since I haven't seen your fence, it's hard for ...Read more

Could the 30-year mortgage survive without the government?

Business / Business News /

WASHINGTON -- Republicans are raising the prospect of making the biggest change to home loans since the New Deal.

Two of President-elect Donald Trump's Cabinet picks, along with Republican lawmakers, have been speaking publicly about curbing government backing for the kind of loan that the majority of Americans rely on to buy a house: the 30-...Read more

China and Mexico were sending back the U.S. jobs Trump promised before he started making deals

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WASHINGTON -- In some of the states where economic frustration propelled Donald Trump to the White House, the jobs he promised were already coming back before he started making deals.

For the first time in decades, areas of the Carolinas that had been crippled by the loss of the textile industry are getting some of those jobs back from China. ...Read more

Target, with holiday sales off, expects lower earnings

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MINNEAPOLIS -- Target executives revealed that holiday sales were worse than expected and lowered their outlook for fourth-quarter results.

Comparable sales in November and December dropped 1.3 percent as the retailer continued to get less traffic to its stores, a trend that started last spring. Online sales were strong but could not make up ...Read more

Is Wells Fargo closing enough branches?

Business / Business News /

As digital customers bypass bank branches--and after its phony-accounts-for-cash scandal--Wells Fargo bank closed 84 of its 6,300 branches last fall, and plans to close 200 this year, plus 200 next year, chief financial officer John Shrewsberry told investors at the company's year-end conference call last week.

Wall Street's reaction: Is that ...Read more

Oracle paid white men more than women, blacks, Asians, Labor Department alleges

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REDWOOD SHORES, Calif. -- Technology company Oracle has discriminated against women, African Americans, Asians and non-Asians in its employment practices, the U.S. Department of Labor said Wednesday after filing a lawsuit.

"The leading technology company has a systemic practice of paying Caucasian male workers more than their counterparts in ...Read more

US agency sues nation's largest student-loan servicer, accusing it of cheating borrowers

Business / Business News /

The Consumer Financial Protection Bureau sued the nation's largest servicer of student loans Wednesday, alleging that Navient Corp. cheated borrowers, resulting in higher payments for Americans struggling to payback their student loans.

The federal consumer agency said that Navient, formerly part of Sallie Mae, "failed to provide the most basic...Read more