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David Koch, Wichita son who influenced American politics, has died

Business / Business News /

WICHITA, Kan. -- David Koch, who along with his brother Charles ran Koch Industries for decades and became a household name in American politics, has died.

Koch was 79. Koch Industries said in a statement he died "after many years of fighting various illnesses."

Koch was born in Wichita. He was an executive at Koch Industries until he retired ...Read more

David Koch, industrialist who funded conservatives, dies at 79

Business / Business News /

David Koch, the industrialist and libertarian who used his fortune to transform American politics while also donating more than $1 billion to philanthropic causes, has died. He was 79.

The death was confirmed by Koch's spokeswoman Cristyne Nicholas.

Koch, whose net worth of about $59 billion in the Bloomberg Billionaires Index tied him with ...Read more

China to impose fresh tariffs on US goods, including cars

Business / Business News /

BEIJING -- China on Friday said it plans to impose tariffs on an additional $75 billion worth of U.S. goods imported into the country.

The tariffs will range between 5% and 10% and be implemented in two phases on Sept. 1 and Dec. 15, the Customs Tariff Commission of the State Council has announced.

In a separate announcement, China said it ...Read more

Boeing and FAA give more signs of preparations for a 737 Max return to flight

Business / Business News /

Thursday brought more strong hints that Boeing and the Federal Aviation Administration are moving steadily toward ungrounding the 737 Max as soon as October.

The FAA said Thursday it's inviting "a cross-section of line pilots from carriers that operate the aircraft around the world" to participate in simulator testing "as part of the overall ...Read more

Under the Hood: Oil life indicator gives better guidance than lube joint sticker

Business / Business News /

Q: My Honda Civic has a computer that estimates remaining oil life. That usually indicates I have about 50% oil life left when I reach the mileage indicated on my windshield sticker for my next oil change. The sticker is placed there by the repair shop doing the oil change. Should I follow the instructions of the manufacturer/car computer or the...Read more

Shopping abroad for cheaper medication? Here's what you need to know

Business / Business News /

In its effort to temper the sky-high prices Americans pay for many vital medications, the Trump administration last month unveiled a plan that would legalize the importation of selected prescription drugs from countries where they sell for far less. But the plan addresses imports only at the wholesale level; it is silent about the transactions ...Read more

Why Trump is using Henry Ford, gas mileage to call out automakers on Twitter

Business / Business News /

President Donald Trump is angry with automakers, including Ford, that have signed onto a deal with California for fuel-economy standards that are tougher than what the administration wants.

"Henry Ford would be very disappointed if he saw his modern-day descendants wanting to build a much more expensive car, that is far less safe and doesn't ...Read more

The Week Ahead: Consumers are key to recession worries

Business / Business News /

The recession fears are real. A recession isn't.

Emotions and facts often compete for investors' attention. The friction between the two drives short-term price changes.

The economy will fall into a recession. The business cycle ebbs and flows. What worries investors is when will the contraction come and how bad will it be.

It's impossible, ...Read more

An oil pipeline got approved without controversy in Minnesota? Seems so

Business / Business News /

The notion of a noncontroversial new oil pipeline seems quaint these days, yet Minnesota utilities regulators Thursday approved just such a project.

Enbridge got the green light to reroute a 10-mile stretch of its "Line 4" crude oil pipeline through the Fond du Lac Reservation. The Fond du Lac Band of Lake Superior Chippewa requested and ...Read more

Riot Games settles class-action suit by female employees who alleged harassment and discrimination

Business / Business News /

Riot Games has settled a class-action lawsuit filed by workers who said they were routinely subjected to sexual harassment and discrimination in the course of their jobs at the Los Angeles video game studio.

The suit originated last November when two women who had worked at the company, which is owned by the Chinese technology giant Tencent, ...Read more

Amazon ends controversial practice of using tips to meet drivers' wage guarantees

Business / Business News /

Amazon delivery drivers were surprised to learn earlier this year that the e-commerce giant would at times dip into their tips to cover their promised wages. That's about to change, according to an email the company sent drivers on Wednesday.

Amazon will start to give a full breakdown of how much Flex drivers, who deliver for the company's ...Read more

Former Hulu executive leaves Quibi in high-level shakeup at streamer

Business / Business News /

SAN FRANCISCO -- Tim Connollly, the head of partnerships and distribution for streaming video start-up Quibi, has left the company as part of a reorganization.

Connolly, a former Hulu executive who joined in 2018, has exited and the team that reported to him has been reorganized, according to a person familiar with the matter who declined to be...Read more

Former members of Trump's Doral golf club may wait the rest of their lives for refunds from the president

Business / Business News /

MIAMI -- Golfers who quit their memberships at Trump National Doral after the property's namesake became president were aiming to lose their link to a man they do not support. Turns out they could be waiting for Trump to pay them back for the rest of their lives.

Two longtime golf members who resigned weeks after Trump won the 2016 presidential...Read more

'Robocalls are a scourge.' Phone companies pledge to combat them in deal with states

Business / Business News /

WASHINGTON -- The average American has received more than 100 robocalls already this year: annoying and unwanted calls, scammers looking to exploit vulnerable populations, and all manner of alerts -- some important and others simply fake.

Twelve of the nation's largest phone companies, including AT&T, Sprint, T-Mobile, Verizon, Charter and ...Read more

Uber faces another sexual harassment lawsuit from female engineer

Business / Business News /

A former Uber software engineer is suing the company, saying it fired her after she reported sexual harassment and discrimination.

In a lawsuit filed this week in San Francisco County Superior Court, Yingnan Li claims she was subjected to harassment, was denied equal pay and a promotion, and eventually was terminated after complaining about her...Read more

Apple looking to new iPhones to spur upcoming holiday sales: report

Business / Business News /

Apple may be putting more emphasis on services such as Apple Music and its upcoming Apple TV+ streaming television offering, but that doesn't mean the tech giant is giving up on its iconic products in any way.

As an example of that, Apple is expected to hold an event in September in which it will unveil not only new models of the iPhone, but ...Read more

Amazon is harnessing the 'strange and remarkable' growth of independent sellers with new tools, investments

Business / Business News /

While Amazon first opened its selling apparatus to independent businesses in 1999, the company's courtship of and reliance upon them has gained a new prominence this year, most recently with a suite of tools, services and investments detailed Thursday.

Jeff Bezos began his tone-setting annual letter to shareholders in April by describing the ...Read more

Is Trump relying on American consumers to save the economy from recession?

Business / Business News /

WASHINGTON -- As President Trump considers tax cuts to bolster a weakening economy and his reelection prospects, the financial wild card may be the American consumer.

Consumer spending of late has outperformed expectations, compensating for the softness in business investments, manufacturing and net exports due largely to Trump's trade war with...Read more

We tested popular cellphones for radiofrequency radiation. Now the FCC is investigating.

Business / Business News /

The Apple iPhone 7 was set to operate at full power and secured below a tub of clear liquid, specially formulated to simulate human tissue.

With the push of a button, a robotic arm swung into action, sending a pencil-thin probe dipping into the tub. For 18 minutes, it repeatedly measured the amount of radiofrequency radiation the liquid was ...Read more

Renters are being forced out of Philadelphia apartments to make way for tourists

Business / Business News /

PHILADELPHIA -- Residents of the Lofts at 509 Vine apartments near Philadelphia's historic Old City are to be replaced with business travelers and tourists, as the property becomes the latest in the city to fall under the control of a new breed of tech-enabled startups that are converting residential real estate into visitor accommodations.

...Read more