Business Highlights

Published on NewsOK Modified: August 29, 2014 at 4:41 pm •  Published: August 29, 2014
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As stocks rise, so does anxiety: Time to get out?

NEW YORK (AP) — The market has nearly tripled in a little over five years, and with each record close, the temptation grows to take your winnings and flee. If only you had done that in the crashes that began in 2000 and 2008, you might be a lot richer.

Plenty of experts think stocks are about to drop. But many others offer compelling arguments for the rally to continue for years.

Remember, though, that even the best investors find it nearly impossible to time the market to catch the lows and highs.

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Malaysia Airlines to cut 6,000 staff in overhaul

KUALA LUMPUR, Malaysia (AP) — Malaysia Airlines will cut 6,000 workers as part of a $1.9 billion overhaul announced Friday to revive its damaged brand after being hit by double passenger jet disasters.

The staff reduction represents about 30 percent of its current workforce of 20,000. A search for a new CEO is underway but there is no move to change the airline's name, which some branding experts have said was necessary for a successful makeover.

Khazanah Nasional, the state investment company that owns 69 percent of the airline, said the overhaul includes the establishment of a new company that will take over the existing Malaysia Airlines business and its reduced staff.

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German economic fears growing but Merkel strong

BERLIN (AP) — Ordinary Germans are spooked about the future. Businesses are starting to see black clouds on the horizon. And an economy that has been the envy of Europe is showing cracks, shrinking unexpectedly last quarter amid the conflict in Ukraine.

It might seem like enough to put any leader into trouble. But Chancellor Angela Merkel's popularity remains sky-high, with nobody in sight to touch her.

It shows the German public is prepared to endure some hardships — such as a rise in energy costs if the sanctions war with Russia escalates — as long as Merkel is seen as dealing strongly with the crisis.

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Startups offer banking for smartphone users

NEW YORK (AP) — The latest banks are small enough to fit in the palm of your hand.

Startups, such as Moven and Simple, offer banking that's designed specifically for smartphones, enabling users to track their spending on the go.

Some things haven't changed. Like traditional banks, customers open a checking account, get a debit card and are able to make check deposits and pay their bills. Like many Internet banks before them, they have no maintenance or overdraft fees, there are no physical branches and depositing cash is a challenge.

What makes Moven and Simple different is their apps. Every time a debit card is swiped at a store, a notification is sent to the phone letting the user know how much was spent and how much money is left in the account.

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Russian fund with US advisers eludes sanctions

WASHINGTON (AP) — As President Barack Obama warns of stepped-up economic punishments against Russia for its military incursions inside Ukraine, U.S. sanctions have so far avoided one prominent financial institution: the $10 billion Russian Direct Investment Fund, which has partnered with brand-name American companies and whose advisers include top U.S. and European private equity executives.

Despite its ties to Russian state businesses and officials, the Russian Direct Investment Fund has managed to operate unaffected by the sanctions imposed by the U.S. and EU in response to Russian President Vladimir Putin's military actions in Ukraine.

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US consumer spending dips 0.1 percent

WASHINGTON (AP) — U.S. consumer spending fell in July, with a drop in auto purchases accounting for most of the weakness. Income growth also slowed.

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