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Bank of America settles mortgage probes for $16.65 billion

Breaking Business News - 46 min 45 sec ago
WASHINGTON/NEW YORK (Reuters) - Bank of America Corp reached a record $16.65 billion settlement with the U.S. government to settle charges that it and companies it bought misled investors into buying troubled mortgage-backed securities, helping the bank close a major chapter tied to the financial crisis.






U.S. court denies Allergan bid to speed insider trading suit

Breaking Business News - 48 min 24 sec ago
(Reuters) - A federal judge in California on Thursday denied a request by Allergan Inc to expedite its civil suit claiming that Valeant Pharmaceuticals International Inc and Pershing Square Capital Management engaged in insider trading ahead of their bid to buy Allergan.

U.S. judge calls Argentina debt swap plan 'illegal'

Breaking Business News - 1 hour 8 min ago
NEW YORK (Reuters) - U.S. District Judge Thomas Griesa on Thursday called Argentina's proposed debt restructuring plan "illegal" but stopped short of holding the country in contempt, saying that would not help resolve the dispute that led to the nation's second default in a dozen years.






Exclusive: Chrysler's Ram pickup may stick with steel through 2020 - sources

Breaking Business News - 1 hour 36 min ago
DETROIT (Reuters) - Chrysler Group [CHRY.UL] is planning an extensive facelift of its full-size Ram 1500 pickup in spring 2017, but has no firm plans to follow rivals General Motors and Ford Motor Co in replacing steel body panels with aluminum until a complete redesign after 2020, industry sources told Reuters.

Gap raises forecast; to open 40 stores in India

Breaking Business News - 1 hour 51 min ago
(Reuters) - Apparel retailer Gap Inc raised its full-year profit forecast, encouraged by strong sales of its lower-priced Old Navy clothes, and said it would open 40 stores in India as part of its strategy to expand in emerging markets.






Exclusive: Lockheed, suppliers brainstorm how to lower F-35 operating costs

Breaking Business News - 1 hour 54 min ago
WASHINGTON (Reuters) - Lockheed Martin Corp met with 90 key suppliers last week to brainstorm ways to lower the long-term cost of operating and maintaining the F-35 fighter jets from the Pentagon's current forecast of $1.02 trillion through 2065.

S&P 500 sets record close on signs of healthier economy

Breaking Business News - 2 hours 36 min ago
NEW YORK (Reuters) - U.S. stocks ended higher on Thursday, with the S&P 500 at a record after a flurry of positive economic data, as investors hoped for signs from an annual meeting of central bankers that interest-rate hikes are not imminent.






Exclusive: Ouya scores Xiaomi partnership to take games to China

Breaking Business News - 2 hours 53 min ago
SAN FRANCISCO (Reuters) - U.S video game service Ouya is turning to Asia to capture the growth that has eluded the startup on its own home turf.






Home Depot names Craig Menear CEO

Breaking Business News - 3 hours 1 min ago
(Reuters) - Home Depot Inc named Craig Menear its chief executive, replacing Frank Blake, who will stay on as chairman.

GameStop second-quarter sales beat expectations; shares rise

Breaking Business News - 3 hours 7 min ago
SAN FRANCISCO (Reuters) - GameStop Corp on Thursday reported its quarterly revenue surged by 25 percent over the prior year, topping expectations, buoyed by the success of new game releases as well as solid sales of gaming hardware from Microsoft and Sony Corp.






JPMorgan customers targeted in email phishing campaign

Breaking Business News - 3 hours 9 min ago
BOSTON/NEW YORK (Reuters) - Fraudsters are targeting JPMorgan Chase & Co customers in an email "phishing" campaign that is unusual because it attempts to collect credentials for that bank and also infect PCs with a virus that steals passwords from other institutions.

Ford tells dealers to stop selling some C-Max, Focus models

Breaking Business News - 3 hours 29 min ago
DETROIT (Reuters) - Ford Motor Co has told its dealers to stop test-driving and selling C-Max and Focus models produced during a week this month because of potential problems with the steering gear assembly, a notice sent to dealers on Wednesday shows.






Denver biz reporter moving to Minneapolis

Talking Biz News - 4 hours 2 min ago
Kristen Painter, currently the airlines and aerospace reporter at The Denver Post, will be joining the Minneapolis Star Tribune business team to cover growth and development. Painter, who is originally from Minnesota, will start...

Exclusive: France forced to import wheat as rain hits crop quality

Breaking Business News - 4 hours 20 min ago
PARIS (Reuters) - France's rain-hit wheat crop has delivered the first shock of the 2014/15 season: the EU's top grower and exporter is buying Lithuanian and British milling wheat to mix with its unusually poor-grade crop to meet contracts signed before the harvest.

Politician complains about SEC leaks to biz reporters

Talking Biz News - 5 hours 37 min ago
House Financial Services Committee Chairman Jeb Hensarling criticized the SEC for leaks to the news media in a letter to SEC Chair Mary Jo White this week, reports Eamon Javers of CNBC. Javers writes,...

Sprint and T-Mobile offer further price discounts

Breaking Business News - 5 hours 49 min ago
WASHINGTON (Reuters) - Sprint Corp unveiled a plan on Thursday that gives subscribers access to unlimited data for $60 a month, the industry's cheapest unlimited data offering as the carrier attempts to reverse the decline in its subscriber base.

Cadillac considers moving some functions to Manhattan

Breaking Business News - 6 hours 39 min ago
DETROIT (Reuters) - General Motors Co's premium Cadillac group is considering expanding its offices from Detroit to Manhattan, GM said Thursday, as part of an effort to remake the brand's image and broaden its appeal outside North America under new boss Johan de Nysschen.






Apple’s silence doesn’t help it with biz reporters

Talking Biz News - 6 hours 51 min ago
John Siracusa, who writes about Apple for Ars Technica, was interviewed by Chris Ip of Columbia Journalism Review about how the tech giant is covered. Here is an excerpt: How has Apple coverage changed...

EBay considering PayPal spinoff: report

Breaking Business News - 6 hours 52 min ago
(Reuters) - EBay Inc is considering a spinoff of PayPal, its fast-growing payments unit, as soon as next year, tech news website The Information reported, citing sources.

U.S. airlines doubled profit margins in first half, trade group says

Breaking Business News - 7 hours 7 min ago
SEATTLE (Reuters) - U.S. airlines more than doubled their net profit margin in the first half of the year as revenue rose nearly three times faster than costs, trade group Airlines for America said on Thursday.