Amazon's profit more than doubles in first quarter

Business / Business News /

Amazon got off to a roaring start in 2018, posting a profit during the first three months of the year that easy surpassed analysts' expectations.

The Seattle retail giant on Thursday reported a profit of $3.27 a share during the three months ended in March, from $1.48 a share a year ago ago. Sales, including more than $4 billion contributed by ...Read more

Microsoft earnings beat analyst expectations

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Microsoft reported third-quarter financial results Thursday that surpassed analyst expectations, once again rising on the strong growth in its cloud products.

Microsoft said revenue from its Azure cloud computing service grew 93 percent during the quarter, a trend that has marked the company's momentum in the increasingly important market for ...Read more

As Ford phases out most cars, Chicago plant will produce a new SUV

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CHICAGO -- The Ford assembly plant on Chicago's Southeast Side is not expecting any layoffs as the company phases out most cars -- including the signature Taurus sedan built there -- in favor of SUVs and trucks.

The Torrence Avenue plant, Ford's oldest in continuous operation, will end production of the Taurus and Police Interceptor sedans by ...Read more

Intel gets big boost from strong data-center sales

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SANTA CLARA -- Intel reported better-than-expected first-quarter earnings and sales Thursday as the semiconductor leader turned in strong sales from its data-center business to go along with solid gains from its traditional personal computer chip offerings.

After the stock market close, Intel said it earned 93 cents a share, on $16.1 billion in...Read more

Starbucks Q2 sales grow, but profit margin shrinks

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Starbucks brewed $6 billion in sales during its fiscal second quarter, but saw its operating margin shrink amid business changes in China and investments in its workforce.

The Seattle-based coffee giant said Thursday that earnings in the quarter ended April 1 were $660.1 million, or 47 cents per share, up 4 percent from the year-earlier period,...Read more

Byron Allen, the comedian-turned media mogul, explains why he wants to be in the movie business

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Entertainment Studios founder Byron Allen is known for unexpected bets, such as recently buying the Weather Channel's parent company for $300 million.

Even so, why would the comedian, who owns television channels such as Pets.TV and Cars.TV, want to get into the business of releasing big-screen features?

In remarks at CinemaCon in Las Vegas, ...Read more

Is the Consumer Financial Protection Bureau the most powerful federal agency ever? Not quite

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WASHINGTON -- Rep. Jeb Hensarling welcomed the new director of the Consumer Financial Protection Bureau, a fellow Republican, to a hearing this month in the same way he did the former Democratic holder of the job -- by accusing him of wielding near-dictatorial authority.

"When Richard Cordray was director of the CFPB, I maintained it was ...Read more

Design industries are critical to Detroit's future but need nurturing

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DETROIT -- Back in 2002, urban guru Richard Florida published his influential book "The Rise of the Creative Class," which highlighted the importance of so-called "creatives" -- artists, graphic designers, architects, and others -- to the vitality of cities trying to overcome long-term decline.

Florida's book helped set the agenda for many a ...Read more

'We did not sign up to work at a strip club': Former servers allege sexual harassment at Twin Peaks 'breastaurant'

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CHICAGO -- When Sarah Blaylock joined the staff of Twin Peaks in Orland Park, a Chicago suburb, she signed an agreement that laid out the expectations for a "Twin Peaks Girl."

She said she understood that the lodge-themed restaurant chain wanted its all-female waitstaff to be physically fit and well-groomed. She said she felt comfortable ...Read more

Gmail's new 'confidential mode' offers more privacy controls — but don't get too comfortable

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In rolling out major updates to Gmail, Google announced Wednesday that the popular email service will soon feature a new "confidential mode" that promises to give users more control over who sees the emails they send, and for how long.

Users should still be mindful about what they send over email, privacy experts warned, as messages sent in ...Read more

Desperate for workers, Connecticut manufacturers gain new training school

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Tunxis Community College is establishing Connecticut's eighth advanced manufacturing education program as employers struggle to keep up with demand for workers.

Brian J. Fries, president of Atlantic Precision Spring Inc., a Bristol-based metal-stamping manufacturer, said the college training program, set to launch in August, can't come soon ...Read more

Bank of America CEO on gun violence: 'We have to help.'

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CHARLOTTE, N.C. -- At Bank of America's annual shareholder meeting Wednesday, CEO Brian Moynihan stood firm on his company's decision to stop serving some gun makers in the aftermath of the Parkland, Fla., school shooting.

During the question-and-answer session, a shareholder asked Moynihan how much business the bank was giving up because of ...Read more

The Mortgage Professor: Undoing Dodd-Frank: Are portfolio lenders more cautious?

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The Dodd-Frank Wall Street Reform and Consumer Protection Act was a congressional overreaction to the financial crisis of 2008-9, and a process of amelioration is underway. Under the proposed Economic Growth, Regulatory Relief and Consumer Protection Act, introduced by Sen. Mike Crapo, R-Idaho, certain provisions of Dodd-Frank would not apply to...Read more

Real estate Q&A: Don't know what to do about your neighbor's tree? Here's help

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Q: I read your recent tree article and want to know how I can protect myself? -- Bob

Q: My neighbor has a tree near the fence, and the roots are intruding in my yard and ruining the fence. What can I do? -- Jay

Q: I do not think the law is fair that I have to pay for damage caused by my neighbor's trees! Where the trunk lies, so should the ...Read more

Ford names China leadership amid slumping sales and 'bumpy ride'

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DETROIT -- Ford has announced new leaders for its China operations and organizational changes there.

The moves follow by four months the sudden departure of Jason Luo as the automaker's China CEO. Luo was in the post only five months, leaving for still-unexplained "personal reasons that predate his time at Ford."

The Dearborn-based automaker ...Read more

Ford announces $1.7B quarterly profit, deep cuts to car lineup

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DETROIT -- The company that put Americans in cars affirmed Wednesday that those vehicles are going the way of the Model T and it will focus ever more on trucks and SUVs.

Ford, during its announcement Wednesday that it had a first-quarter profit of $1.7 billion, said its traditional car lineup soon will be trimmed to just the Mustang and a new ...Read more

General Motors reports pretax profit of $2.6B in first quarter

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DETROIT -- General Motors said it earned $2.6 billion in pretax profits in the first quarter of 2018.

The results, released Thursday morning, were a decline of $944 million from the same period a year ago. The company said it had net income of $1.1 billion for the quarter after taxes and special charges. Overall revenue of $36.1 billion was a ...Read more

Jeep powers Fiat Chrysler quarterly profit jump of 60 percent to $1.2 billion

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DETROIT -- Fiat Chrysler Automobiles said Thursday it earned a profit of $1.2 billion (1 billion euro) during the first quarter, a nearly 60 percent gain over the same period a year ago, driven in part by a jump in worldwide Jeep shipments, improved performance in South America and a lower U.S. corporate tax rate.

The earnings were a first-...Read more

The EPA won't ban these paint strippers, so groups petition Lowe's: Do It Yourself

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Environmental groups and the family of a man who died last year from exposure to fumes from an off-the-shelf paint stripper are petitioning Lowe's Home Improvement stores to stop selling products containing a chemical compound blamed for at least 56 deaths since 1980.

North Carolina-based Lowe's is one of many home improvement and hardware ...Read more

Minnesota farmers, ethanol producers see EPA waivers as attack

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WASHINGTON -- Brian Thalmann has been selling corn for ethanol for two decades. In that time the farmer from Plato, Minn., says he has never seen an attack on renewable fuel like the one currently underway by the U.S. Environmental Protection Agency (EPA).

Using a secretive process, EPA Administrator Scott Pruitt has increased the issuance of ...Read more