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Microsoft's profit climbs 28 percent with shift to web-based software

Business / Business News /

SEATTLE -- Microsoft reported a jump in quarterly earnings on Thursday, reflecting continued progress in the company's shift toward web-based business software.

Revenue during the three months that ended March 31 was up 8 percent from a year earlier, and net income surged 28 percent, as the company boosted sales of its profitable package of on-...Read more

Southwest Airlines will stop overbooking flights after United dragging

Business / Business News /

FORT WORTH, Texas -- Southwest Airlines said it will stop overbooking flights sometime in the next quarter, partly in response to the United Airlines dragging incident two weeks ago.

Chief Executive Officer Gary Kelly said the Dallas-based airline hasn't been overbooking much recently because more customers have been showing up for their ...Read more

Starbucks falls short of revenue forecast but earns record second-quarter profit

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SEATTLE -- Starbucks shares were down 3 percent in after-hours trading Thursday following second-quarter earnings that showed flat same-store sales growth in the U.S. and revenue that didn't meet Wall Street expectations.

For the quarter that ended April 2, sales growth at stores open at least a year was 3 percent both globally and in the U.S. ...Read more

Under Armour posts its first quarterly loss, but stock soars

Business / Business News /

BALTIMORE -- After years of rapid growth, Under Armour has no plans this year to jump into new businesses or look for new U.S. retail partners to sell its products. Instead, this is a year to step back and reset.

That message, delivered Thursday by Under Armour CEO Kevin Plank, came as the Baltimore-based brand announced its first quarterly ...Read more

Dragged passenger reaches settlement with United Airlines

Business / Business News /

CHICAGO -- United Airlines has reached a settlement agreement with the passenger who was bloodied and dragged down the aisle of a plane after refusing to give up his seat, attorneys for the passenger said Thursday.

Dr. David Dao, 69, of Elizabethtown, Ky., suffered a concussion, broken nose and sinus injury during the April 9 incident on a ...Read more

NBCUniversal CEO Steve Burke says he's optimistic a writers' strike can be averted

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NBCUniversal Chief Executive Steve Burke waded into the delicate topic of a looming writers' strike Thursday.

The Writers Guild of America has received a strike authorization vote from members who are just days from a possible walkout that would disrupt TV and film productions nationwide. That prospect has raised concern on Wall Street about ...Read more

American Airlines first-quarter profits decline 66 percent

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FORT WORTH, Texas -- American Airlines said Thursday its first quarter profits dropped 66 percent as the carrier paid significantly more for jet fuel.

The Fort Worth-based carrier said net income declined to $234 million as revenues grew 2 percent to $9.6 billion. The company paid $1.70 per gallon of jet fuel, up 40 percent from the first ...Read more

Ford first quarter profits fall 35 percent

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DETROIT -- Ford's first-quarter profits sank to $1.6 billion, a 35 percent drop compared to the same period a year ago, as higher costs for warranties, recalls and materials -- not to mention falling industry sales in the U.S. -- eroded profits.

During the first quarter last year, the Dearborn, Mich., automaker earned a profit of $2.4 billion, ...Read more

Yellen may see inflation risk in deficit-busting Trump tax cuts

Business / Business News /

WASHINGTON -- What President Donald Trump giveth to the economy with massive tax cuts, Federal Reserve Chair Janet Yellen may be tempted to taketh away with higher interest rates.

With the economy already near maximum employment, the central bank is inclined to use tighter credit to keep the economy from overheating as taxes are reduced and ...Read more

Trump says US will 'terminate' NAFTA if talks fail

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WASHINGTON -- Hours after his White House sounded a diplomatic tone about the United States' future in a North American free trade pact, President Donald Trump issued a threat to Canada and Mexico.

While Trump thinks a new deal on the North American Free Trade Agreement is "very possible," he tweeted Thursday that if a fair deal cannot be ...Read more

The Mortgage Professor: Purchasing a house with a home equity conversion mortgage: How to do it right

Business / Business News /

One of the biggest upsides to purchasing a house with a home equity conversion mortgage is that doing so does not impose a monthly payment burden on the borrower. The disadvantage is that this type of reverse mortgage, offered through the Federal Housing Administration, will cover only about 50-60 percent of the house price, depending on the ...Read more

On the House: Down payment is renters' biggest hurdle, study finds

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Renters, what's keeping you from making the leap to buying a house?

Would that reason be the same if you lived in the New York area? How about a place as expensive as San Francisco, or more affordable like Detroit?

According to a first-ever study sponsored by Zillow and conducted by market researcher Ipsos, no matter where renters live across ...Read more

Real estate Q&A: Sell your home to a relative on favorable terms, but put it in writing

Business / Business News /

Q: What do we need to consider if we sell our home to a close relative? Specifically, are there any tax ramifications or other potential issues if we want to help our family member by selling for significantly below market value?

-- Anonymous

A: You can sell your property at a discount and offer favorable terms, but get all that in a written ...Read more

White House unveils tax plan that's broad on goals, short on specifics

Business / Business News /

WASHINGTON -- The White House announced a broad tax overhaul plan on Wednesday that would dramatically cut taxes for corporations, but it did not explain how the government would pay for the massive tax reductions.

Treasury Secretary Steven Mnuchin and chief economic adviser Gary Cohn billed Wednesday's announcement as a starting point for ...Read more

Net neutrality is next and biggest target for new FCC chairman

Business / Business News /

WASHINGTON -- The nation's top telecommunications regulator on Wednesday unveiled a plan to dismantle the tough net neutrality rules for online traffic that Democrats pushed through in 2015 over the objections of major internet service providers.

Net neutrality regulations are designed to ensure the unfettered flow of online content. They ...Read more

Trump wants to lower business rate to 15 percent in 'biggest tax cut' in US history, Mnuchin says

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WASHINGTON -- President Donald Trump wants to sharply reduce the tax rate for all businesses -- from multinational corporations to mom-and-pop shops -- to 15 percent in the "biggest tax cut" in U.S. history, Treasury Secretary Steven T. Mnuchin said Wednesday.

But the Trump administration has not embraced a House Republican proposal to include ...Read more

Twitter's revenue declines but beats Wall Street's expectations

Business / Business News /

SAN FRANCISCO -- Twitter on Wednesday reported its first revenue decline since going public in 2013, a sign the tech firm still faces an uphill battle to attract advertisers even as it lures in more users.

Twitter executives, pointing to the company's bump in users, said it's making progress.

"This past quarter is giving us a lot of confidence...Read more

Fiat Chrysler quarterly profits rise 34 percent to $698 million

Business / Business News /

DETROIT -- Fiat Chrysler Automobiles said Wednesday it earned a profit of $698.2 million (641 million euro) during the first quarter, a 34 percent gain compared with the same period a year ago, driven primarily by profits in Europe and gains by its Maserati brand.

The earnings are a record best for the company, which was formed from the merger ...Read more

A strike by TV and movie writers may be just days away. Here's what you need to know

Business / Business News /

LOS ANGELES -- Ready or not, Hollywood may be thrust into another writers' strike in less than a week.

A decade after the previous walkout that lasted 100 days, film and TV executives are once again bracing for a strike that could roil the business and Los Angeles' bedrock entertainment industry. The ripple effect of a walkout is expected to ...Read more

Starbucks Roastery in Chicago will be its largest yet

Business / Business News /

CHICAGO -- Starbucks plans to open a four-level Roastery flagship on Chicago's Michigan Avenue, its largest space yet for the high-end concept that the coffee giant is rolling out around the world.

Executive Chairman Howard Schultz said the company plans to bring its Starbucks Reserve Roastery showplace to the current Crate & Barrel building at...Read more

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