National Business Update
Latest business news from around the nation
Oil falls near $94 on small drop in supplies
The price of oil fell near $94 a barrel Wednesday as the nation's oil supply fell less than expected and demand for gasoline remained weak. Benchmark crude for July delivery declined $1.90 to close at $94.28 a barrel on the New York Mercantile Exchange. The Energy Department said U.S. crude ...
Fiat Industrial aims to shift tax home to Britain
Fiat Industrial disputed as "absolutely false" reports Wednesday that Italy would lose 500 million euros ($646 million) in tax revenues if it moves its tax base to Britain after it completes a merger with its U.S.-based subsidiary CNH Global NV. But the maker of heavy trucks, farm and construction vehicles ...
Fed weighed slowing its pace of bond purchases
Several Federal Reserve policymakers this month favored slowing the Fed's efforts to maintain record-low long-term interest rates as early as June — if the economy showed strong and sustained growth. But those officials appeared at odds over what evidence would demonstrate such gains. Minutes of the Fed's April 30-May 1 ...
EU steps up fight against tax evasion by end 2013
The European Union's leaders took a major step in tackling tax-dodgers Wednesday by pushing to end bank secrecy across the bloc's 27 members by the end of the year. German Chancellor Angela Merkel hailed the agreement to set up an automatic exchange of bank information among the EU's tax authorities ...
Bernanke signals Fed to maintain stimulus efforts
Chairman Ben Bernanke told Congress Wednesday that the U.S. job market remains weak and that it is too soon for the Federal Reserve to slow its extraordinary stimulus programs. Reducing the Fed's efforts to keep borrowing rates low would "carry a substantial risk of slowing or ending the economic recovery," ...
'Boom Town Baby': African stock markets see gains
The barrage of hourly tweets sent out by Aly-Khan Satchu — East Africa's version of CNBC's Mad Money host Jim Cramer — cheers on what Satchu says is a growing sentiment among investors: If you're not investing in Africa, you should be. Or as Satchu loudly proclaims on his Twitter ...
Weak yen a help for Japan, but headache elsewhere
A steady fall in the value of the yen is proving a godsend for exporters such as Toyota. The cheaper yen is making their products more affordable overseas. Japan's trading partners are generally pleased, too, even though the lower yen makes their exports relatively more expensive. As many see it, ...
Judge: Hollister clothing unfriendly to disabled
A federal judge in Denver is contemplating an injunction against Abercrombie & Fitch Co. and J.M. Hollister LLC after ruling earlier that nearly 250 of their clothing stores that cater to a hip, young clientele are unfriendly to the disabled. The lawsuit was filed on behalf of several Colorado customers ...
Fox show brings messy workplaces to television
This time "you're fired" is more than a Donald Trump catchphrase. Fox is turning the firing of real people from real jobs into prime-time entertainment starting this week. The network on Thursday will begin airing "Does Someone Have to Go?" a series where cameras go into small businesses and employees ...
Feds open special inspection into NC nuke plant
Federal regulators said Wednesday that they are conducting a special inspection of a nuclear power plant outside North Carolina's capital city that was forced to shut down last week after operators discovered corrosion and cracking in the reactor vessel's covering. Two Nuclear Regulatory Commission specialist inspectors will join the on-site ...
Germans, French eye plan to create jobs for young
Germany and France are preparing to launch a drive to combat the problem of high European youth unemployment, which officials in Berlin say will center on trying to get business involved and make better use of already-pledged public money. Germany's labor minister, Ursula von der Leyen, said Wednesday that she ...
IMF calls on Britain to do more for growth
The International Monetary Fund has called on Britain to do more to support the economic recovery, urging the government Wednesday to speed up investment in infrastructure and come up with a plan to privatize its bailed out banks. In a review of Britain's policies, which had been hotly anticipated after ...
US auto factories cutting back on summer downtime
The Detroit automakers are largely forgoing the traditional two-week summer break at their factories and speeding up production to meet buyers' growing demand for new cars and trucks. Ford Motor Co. said Wednesday that 21 of its North American factories will shut for only one week this summer. That includes ...
AAA: 31.2M drivers to take Memorial Day road trip
It's going to be another busy Memorial Day weekend on the nation's highways. From Thursday through Monday, 31.2 million Americans will drive 50 miles or more to a beach, campground or other getaway, according to car lobbying group AAA. That's a small increase from last year but still well short ...
Stocks edge higher as investors watch the Fed
Stocks are opening slightly higher as investors watch for the latest moves from the Federal Reserve. The Dow Jones industrial average was up 39 points at 15,424 shortly after the opening bell Wednesday, a gain of 0.2 percent. The Standard & Poor's 500 index was up four points at 1,673, ...
Oil stays near $96 before crude stocks report, Fed
The price of oil was little changed above $96 a barrel Wednesday as investors waited confirmation of a rise in U.S. crude stocks and the Federal Reserve's latest views on the U.S. economy. By early afternoon in Europe, benchmark crude for July delivery was down 3 cents to $96.15 a ...
Futures rise; all eyes on the Fed
U.S. stock futures are rising with the nation's central bank seemingly committed to ushering along a financial rebound and the housing market nearing an important milestone. Dow Jones industrial futures are up 15 points to 15,370. S&P futures have added 2.2 points to 1,667.80. Nasdaq futures are up 4.25 points ...
Sony mulls hedge fund's entertainment sale idea
Sony's CEO Kazuo Hirai says the electronics giant's board will discuss a proposal by U.S. hedge fund manager Daniel Loeb to spin off up to 20 percent of its movie, TV and music division. Hirai was asked about the proposal at a corporate strategy presentation Wednesday. He did not give ...
Kerry praises $2.1 billion Raytheon deal in Oman
U.S. Secretary of State John Kerry met Wednesday with officials in Oman to discuss their plans to buy a $2.1 billion air defense system from American manufacturer Raytheon. Kerry met with the Arab country's defense minister, a day after discussions with Oman's sultan. Kerry thanked them for their decision to ...
Japan's central bank says economy picking up
Japan's central bank says the world's third-biggest economy is "picking up" as demand recovers in other countries and remains resilient at home, though the trade deficit widened in April, for the tenth straight month. The Bank of Japan ended a policy meeting on Wednesday with no change to its strategy ...
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