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Tesla, reportedly on 'Autopilot,' rear-ends fire truck on California freeway

Business / Business News /

A Tesla Model S reportedly on "Autopilot" smashed into the back of a fire truck parked at a freeway accident scene in California Monday morning, authorities said.

The union representing Culver City firefighters whose truck was hit around 8:30 a.m. on Interstate 405 in Culver City said on Twitter that the Tesla driver said he had been using ...Read more

Fiat Chrysler's former labor chief pleads guilty in payoffs for UAW bosses

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DETROIT -- A leading figure has owned up to wrongdoing in a massive scandal involving $4.5 million in illegal cash and gifts that passed from former executives of Fiat Chrysler Automobiles to senior officials of the UAW.

Former Fiat Chrysler labor relations chief Al Iacobelli pleaded guilty Monday to conspiracy and tax evasion in a plea deal ...Read more

Amazon Go draws crowds: How does it work? Answers to questions on the new retail store

Business / Business News /

SEATTLE -- Amazon Go, the retailer's cashierless convenience store, opened in Seattle Monday morning. People were curious enough about the absence of checkout lines to brave long entry lines to get into the place during the lunchtime rush.

Here are some answers to major questions about the store, which is located in the corner of an Amazon ...Read more

Facebook admits it took too long to recognize social media's harmful effects on democracy

Business / Business News /

Facebook has been taking a long hard look at how it's affecting democracy and the social media giant doesn't like everything it sees in the mirror.

On Monday, the company admitted it took too long to recognize how its site was being abused to spread misinformation or sow division during the 2016 U.S. presidential election.

"In 2016, we at ...Read more

Trump slaps big tariffs on imported solar panels, riling renewables industry

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WASHINGTON -- The Trump administration announced Monday that it will impose hefty tariffs on the cheap, imported panels that have driven the rapid expansion of solar power in the United States, a move that industry groups warn will slow the spread of renewable energy and cost thousands of jobs.

The tariffs come as Trump has vowed to take a ...Read more

Netflix saw record subscriber growth in fourth quarter, fueled by new content

Business / Business News /

Netflix easily blew past subscription expectations for the fourth quarter of 2017 on the back of solid earnings and revenue, sending shares of the streaming entertainment giant up more than 8 percent in after-hours trading Monday.

Los Gatos, Calif.-based Netflix added 8.3 million subscribers globally during the period, beating its own guidance ...Read more

Canada Goose sues alleged Chinese web counterfeiters, warns knockoff coats might not keep you warm

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CHICAGO -- Canada Goose, the trendy luxury outerwear brand, is suing a network of unnamed Chinese businesses for allegedly selling knockoffs of its pricey apparel online at steep discounts.

The trademark infringement lawsuit, filed last week in federal court in Chicago, claims "an interrelated group of counterfeiters" is marketing fake Canada ...Read more

Credit card defaults on the rise as holiday bills come due

Business / Business News /

Americans are defaulting on their credit cards at the highest rate in nearly a year. Experts blame the improving economy: Consumers are feeling more confident in their overall financial situations and they're loosening their purse strings because of it. That confidence led to higher retail sales through the holiday season, but the credit card ...Read more

Rocket Lab's Electron rocket reaches orbit and deploys satellites

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LOS ANGELES -- Rocket Lab's Electron rocket successfully reached orbit and deployed three satellites Saturday night Pacific time in the Huntington Beach rocket company's second test flight.

The small-satellite launch company's Electron rocket carried an Earth-imaging satellite and two satellites that enable weather and ship tracking, which were...Read more

At least $370 million of ICO funds been stolen by hackers in 2017: report

Business / Business News /

Earlier last year, initial coin offerings (ICOs) were hailed as the IPO of the future for cash-strapped startups by allowing them to create cryptocurrencies and sell them to interested buyers around the world to crowdsource funds.

But a new report suggests not all funds that go in the crypto-coffer go straight to the startups themselves. Of the...Read more

United Airlines saves 170,000 gallons of fuel by using lighter paper on inflight magazine

Business / Business News /

What difference can an ounce make on an airplane?

If you are United Airlines, with 4,500 flights a day, an ounce can add up. The Chicago-based carrier said it recently began printing its inflight magazine, Hemisphere, on lighter paper, cutting 1 ounce from each magazine. It now weighs 6.85 ounces.

In an internal message to employees, United ...Read more

When a start-up like Uber or Lyft goes public, what do the drivers get?

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SAN FRANCISCO -- Edward Escobar has been driving for Uber and Lyft for nearly four years. That's eons in Silicon Valley time. If he were an employee at either ride-hailing company, he'd be considered a stalwart, probably with stock options fully vested. And if either company went public at their current valuations, he would have a good shot at ...Read more

Amazon Go cashierless convenience store opens to the public in Seattle

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SEATTLE -- Amazon Go is a go for the masses.

The retailer's cashierless convenience store opened its doors to the public Monday, a debut that follows a nearly 14-month trial run open only to the Seattle company's employees.

The store requires customers to scan their smartphone on the way in, tracks them with cameras and other sensors as they ...Read more

'Jumanji' rolls along as newcomers '12 Strong' and 'Den of Thieves' beat expectations

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LOS ANGELES -- Demonstrating the continued drawing power of Dwayne Johnson and Kevin Hart, "Jumanji: Welcome to the Jungle" fended off a pair of male-skewing, action-oriented newcomers -- "12 Strong" and "Den of Thieves" -- to top the box office for a third straight week.

On a relatively quiet weekend in what is generally considered a kind of ...Read more

Kushner's Deutsche Bank-backed property stung by tenant troubles

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NEW YORK -- In a six-floor retail space near Times Square, the Guy Fieri restaurant has closed and construction hasn't begun on celebrity chef Todd English's food hall. A tourist attraction featuring a 1/87th scale model of New York City was behind on rent for two months as of December, according to loan documents.

It wasn't supposed to be this...Read more

Here's why banks aren't paying more for your savings … unless you're wealthy

Business / Business News /

The economy continues improving, but here's one thing that's not: what banks pay ordinary savers for their deposits.

Since the financial crisis, the Federal Reserve has raised short-term interest rates five times, including last month. But for regular savers, those higher rates have barely budged what banks pay in deposit interest -- and ...Read more

Borrow $5,000, repay $42,000 β€” How super high-interest loans have boomed in California

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LOS ANGELES -- JoAnn Hesson, sick with diabetes for years, was desperate.

After medical bills for a leg amputation and kidney transplant wiped out most of her retirement nest egg, she found that her Social Security and small pension weren't enough to make ends meet.

As the Marine Corps veteran waited for approval for a special pension from the...Read more

Jimmy John's sprouts linked to multistate salmonella outbreak

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CHICAGO -- State and federal health officials are investigating a multistate salmonella outbreak linked to sprouts at Jimmy John's.

Two cases involving Illinois residents have been reported, and Jimmy John's said it would temporarily stop serving sprouts at all its locations nationwide as a precaution, after at least one request to do so from ...Read more

CFPB drops Kansas payday lending case, stoking fears Trump is backing off the industry

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KANSAS CITY -- Without explanation, the Consumer Financial Protection Bureau has dropped a lawsuit in Kansas it had filed a year ago against four payday lending companies.

The move reinforced worries among consumer advocates that the federal watchdog agency is backing away from scrutinizing the payday lending industry.

The CFPB, a federal ...Read more

Robert Reed: Waging a necessary but tough battle to restore internet's 'net neutrality' rule

Business / Business News /

The internet, as we've come to know it, is not going down without a fight.

Hooray!

A dogged and determined effort is shaping up in Congress and the courts to roll back a recent Federal Communications Commission decision that essentially hands the web over to an oligopoly of mighty internet service providers. That group includes Verizon, ...Read more