Fifth Third to buy MB Financial for $4.7 billion

Business / Business News /

CHICAGO -- Fifth Third Bancorp will buy Chicago-based MB Financial Bank for $4.7 billion, the banks announced Monday.

The merger will create the fourth-largest Chicago bank in total deposits with a 6.5 percent market share, and give the combined company 20 percent of the city's "middle market" banking relationships. MB branches will take the ...Read more

Sports gambling may be coming to California — but it's unclear who will take your bets

Business / Business News /

If there is one sure bet Californians can make now that the Supreme Court has cleared the way for legalized sports gambling, it's this: Months, if not years, of haggling lie ahead before residents can wager a dime on any game.

And that haggling could be a spectacle in itself as tribal casinos, card clubs and racetracks get into a likely ...Read more

On Philanthropy: UN's development goals are a roadmap for powerful donor impact

Business / Business News /

In 2015, the United Nations adopted the 2030 Agenda for Sustainable Development and established a set of 17 Sustainable Development Goals. Let's put these new goals into a good news/bad news context.

Between 2000 and 2015, the world made enormous progress on some of its most pressing problems. For example:

--The global mortality rate for ...Read more

The Journey: Balancing college spending and retirement saving

Business / Business News /

Let's stop blaming colleges for ruining retirement.

To be sure, student loan debt topped $1.5 trillion in the first quarter, according to the Federal Reserve. That's a huge number.

It's also true that more 60-plus people are carrying education debt, either for themselves, children or grandchildren, though that's a little misleading because due...Read more

Susan Tompor: Think twice about betting on Wall Street's 'fear gauge'

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Wall Street's rocky ride in 2018 -- a level of chaos we've not seen in quite some time -- has everyday investors fearing for their 401(k)s.

But many times, panic can drive you into pretty risky deals. The same applies to rushing into something you don't understand because your neighbor has a convincing story on a hot new way to make money.

...Read more

Consumer Confidential: Uber and Lyft see the light on sexual assault, but they could do a whole lot better

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Ride-sharing giants Uber and Lyft patted themselves on the back this week for adopting a totally #MeToo policy that victims of sexual assault and harassment won't be held to the companies' forced-arbitration requirement and will be able to seek their day in court.

"We have learned it's important to give sexual assault and harassment survivors ...Read more

'Deadpool 2' tops 'Avengers' but fails to surpass its predecessor

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LOS ANGELES -- Two Josh Brolin-led Marvel movies dominated the domestic box office this weekend, led by 20th Century Fox's "Deadpool 2."

"It's Deadpool's world and we're just living in it," said Chris Aronson, the studio's president of distribution.

The film opened in first place with $125 million, the second biggest debut for an R-rated film ...Read more

U.S. puts tariffs against China 'on hold,' Mnuchin says

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WASHINGTON –– The Trump administration has decided not to impose tariffs on Chinese products for now, after progress between the two nations on trade issues in two days of talks, Treasury Secretary Steven Mnuchin said.

"We're putting the trade war on hold, right now," Mnuchin said on "Fox News Sunday."

President Donald Trump has threatened...Read more

Bill would require airlines, commuter rail lines, bus companies to adopt anti-harassment rules

Business / Business News /

Federal lawmakers have proposed legislation to require airlines and other transportation operations to adopt policies to crack down on harassment and abuse.

The bill by Rep. Peter DeFazio, D-Ore., calls on airlines, bus companies, railroads and commuter lines to adopt anti-harassment policies within 90 days of the bill's passage. DeFazio's ...Read more

How Ballast Point, once one of the fastest-growing craft breweries, lost its mojo — and how it might get it back

Business / Business News /

When Constellation Brands bought Ballast Point for $1 billion in 2015, it was buying one of the fastest-growing craft breweries in the country.

Ballast Point has plummeted back to earth after its meteoric rise, though, a sales decline that reflects early missteps after the merger and the slowing growth of craft beer in general, according to ...Read more

Trump works to cut high-skilled visas in NAFTA deal

Business / Business News /

WASHINGTON -- The Trump administration is working to slash the number of visas granted to Canadian and Mexican professionals as part of ongoing NAFTA negotiations among the three countries.

U.S. Trade Representative Robert Lighthizer is leading the push as part of President Donald Trump's "Buy American, Hire American" initiative promised during...Read more

Leslie Moonves helped make CBS a TV juggernaut, but the brawl over a Viacom merger could lead to his exit

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CBS unveils its new fall prime-time schedule each spring by hewing to tradition: The presentation always occurs in mid-May, it always takes place at Carnegie Hall and CBS Chief Executive Leslie Moonves always relishes his role as the network's proud papa.

But there was something different this week as Moonves strode onto the historic stage. ...Read more

ZTE has to change management to win US reprieve, Kudlow says

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WASHINGTON -- Chinese telecom company ZTE Corp. will have to change its management, including by possibly appointing new board members, to win a reprieve from U.S. sanctions that shut it off from key suppliers, the director of the White House National Economic Council said.

"We're not talking about letting them off scot-free by any stretch," ...Read more

PayPal pays up big for Sweden's iZettle

Business / Business News /

PayPal is paying up to get a bigger piece of the market for payments made at retail terminals outside the United States.

PayPal said Thursday it will pay $2.2 billion in cash to acquire Stockholm-based iZettle, in what is the biggest-ever acquisition in PayPal's history. IZettle, which PayPal calls "the leading small business commerce platform ...Read more

Under the Hood: Adjusting timing, like tune-ups, a thing of the past

Business / Business News /

Q: Last week I took my pickup in for a tune-up because it was running rough and needed to be checked out. I told the service fellow they might want to check the timing. He replied with a smirk that they "don't do that stuff anymore" and they'd "put the scanner on it to see what was wrong." It turned out it had two bad ignition coils, and it runs...Read more

The Most Radical Economic Plan in Years, and Now It's Mainstream

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WASHINGTON -- Every American who wants a job has one.

That's the street-level understanding of "full employment." With a jobless rate that fell to 3.9 percent last month, many economists -- including policy makers at the Federal Reserve -- say the U.S. is basically there.

On the surface, it's an odd time to turn the government into an employer...Read more

Spouses of tech workers find help in fight against proposed work changes

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WASHINGTON -- Tens of thousands of foreign nationals living legally in the United States but facing threats to their work eligibility got a boost this week when nearly 30 percent of all U.S. House members signed on to their cause.

Led by Reps. Pramila Jayapal, D-Wash., and Mia Love, R-Utah, 130 representatives signed a letter to the Department ...Read more

China hopes to placate Trump with promise to buy billions more in U.S. goods

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WASHINGTON -- Chinese officials are hoping to mollify President Trump's oft-stated displeasure with America's huge trade imbalance with China by pledging to import billions more of made-in-U.S.A. products.

Whether Beijing's promised shopping spree and other concessions, made during talks this week in Washington, will lead to a detente in what ...Read more

Oil prices surging — and that means gasoline prices are going up, too

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Crude oil prices have hit their highest levels in nearly four years and that means motorists are paying more for gasoline just as the upcoming Memorial Day weekend moves the summer driving season into high gear, pushing the price at some stations in San Diego over the $4 a gallon mark.

Brent crude -- the international benchmark for oil prices -...Read more

From panic to triumph: Behind the scenes of Ford's epic F-150 restart

Business / Business News /

DEARBORN, Mich. -- What if Facebook or Nike couldn't do business for more than a week?

"The whole world would shut down," said Joe Hinrichs, president of global operations for Ford.

So, when production of the F-Series pickup line halted -- with annual revenue of $40 billion, exceeding that of Facebook, Nike and most other modern corporate rock...Read more