• Ford recalls 432K cars because of software problem

    Updated: Thu, Jul 2, 2015

    NEW YORK (AP) — Ford is recalling 432,000 Focus, C-Max and Escape vehicles because of a software problem that could keep their engines running after drivers try to shut them down. Ford Motor Co. says there is a flaw in the body control module software in the vehicles. As a result of the problem, the engine could keep running after the key is turned to "off" and removed, or after the start/stop button is pressed to turn the engine off. The Dearborn, Michigan-based company says no injuries or accidents have been associated with the problem. Ford says dealers will update the software at no cost to consumers. The recall covers some model 2015 Focus cars, C-Max hybrids and Escape sport utility vehicles.

  • Correction: Dominion-Coal Ash story

    Updated: Thu, Jul 2, 2015

    RICHMOND, Va. (AP) — In a story June 27 about coal ash impoundments at the Possum Point Power Station, The Associated Press reported erroneously that U.S. rules governing coal ash disposal were in response to the Duke Energy coal ash spill in North Carolina in February 2014. While the Environmental Protection Agency announced the rules in December 2014, they were years in development. A corrected version of the story is below: Critics: Dominion Virginia jumping gun on coal ash cleanup Environmental groups fearful Virginia utility coal ash plan will leave permanent pollutant By STEVE SZKOTAK Associated Press RICHMOND, Va.

  • Average US rate on 30-year mortgage rises to 4.08 percent

    Updated: Thu, Jul 2, 2015

    WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week, reaching high levels for the year. Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage rose to 4.08 percent this week from 4.02 percent a week earlier. The rate on 15-year fixed-rate mortgages increased to 3.24 percent from 3.21 percent. Mortgage rates have increased in recent weeks, in the midst of the spring home buying season, as the economy has shown signs of improvement. A year ago, the average 30-year rate was 4.12 percent; the 15-year average was 3.22 percent. Data issued Tuesday showed that home prices increased at a solid clip in April, led by double-digit gains in Denver and San Francisco.

  • Foundations for first US offshore wind farm head for RI

    Updated: Thu, Jul 2, 2015

    PROVIDENCE, R.I. (AP) — Five massive structures that will be attached to the ocean floor for the nation's first offshore wind farm are coming to Rhode Island. Deepwater Wind is building a five-turbine wind farm off Block Island, with the ability to power 17,000 homes as early as next year. The steel foundations were built in Houma, Louisiana. They're being shipped north on three barges, with each structure in two large pieces. The first barge is expected to leave Friday and arrive at the site by mid-July, depending on weather, said Deepwater Wind CEO Jeffrey Grybowski. The foundations will be installed by mid-September, he added.

  • Correction: Money & Markets Extra-Wireless & Cashless-Vouch

    Updated: Thu, Jul 2, 2015

    In the Wireless & Cashless module provided as part of Money & Markets Extra for the week ending Saturday, June 27, The Associated Press reported erroneously the name of the CEO of Vouch, a startup that dubs itself a "social network for credit." The correct name is Yee Lee. A corrected version of the story is below: Vouch, a startup that dubs itself a "social network for credit," aims to use your social contacts to gauge if you are worthy of a loan - and how large. Launched earlier this year, Vouch tries to differentiate itself in the alternative lending space by creating a social network for lending rather than using people's existing networks such as Twitter and Facebook, says CEO and co-founder Yee Lee, who was an ear

  • IMF: Greece needs debt relief and 50 billion euros in new financing from October through 2018

    Updated: Thu, Jul 2, 2015

    WASHINGTON (AP) — IMF: Greece needs debt relief and 50 billion euros in new financing from October through 2018.

  • Bleisure Bits: Convention diversions in Big Sky, Montana

    Updated: Thu, Jul 2, 2015

    BIG SKY, Mont. (AP) — The morning stretched ahead of me with my breakfast meeting finished and my lunch meeting hours away. So while the rest of the conference attendees headed for the next presentation, I played hooky to try hooking a trout on one of Montana's blue-ribbon streams that just happened to be across the roadway. Big Sky, located 50 miles north of Yellowstone National Park, is an out-of-the-way setting for business conferences and conventions. Those lucky souls whose annual meeting or company retreat is held there will find endless outdoor diversions when an escape from the elbow-to-elbow meetings is needed. Skiing, hiking, mountain biking, rafting and golfing are steps away. Wildlife viewing can be had in Yello

  • Scripps buys controlling share in Polish broadcaster

    Updated: Thu, Jul 2, 2015

    WARSAW, Poland (AP) — The U.S. media company Scripps Networks Interactive Inc. has finalized an agreement for a controlling stake in Poland's largest commercial broadcaster, a 584-million-euro ($650 million) deal that comes as the U.S. company expands into Europe. Scripps Networks Interactive, which is based in Knoxville, Tennessee, on Thursday announced the completion of the deal for a 52.7-percent interest in TVN, a media company with a range of news, lifestyle and entertainment channels.

  • Rainbow Facebook photos: Armchair activism or shifting tide?

    Updated: Thu, Jul 2, 2015

    NEW YORK (AP) — You may have noticed your Facebook friends getting considerably more colorful. More than 26 million Facebook profile photos have taken on a rainbow hue in the days since the U.S. Supreme Court ruled on Friday that marriage is a right guaranteed under the Constitution regardless of a person's sexual orientation. People have been covering their profile photos with the Facebook-supplied overlay that uses the best-known symbol of the lesbian, gay, bisexual and transgender rights movement: the rainbow. Call it armchair activism. Call it a mark of a shifting tide in public opinion. The rainbows are the latest sign of the important place social media has taken in our lives, when it comes to self-expression, p

  • Philadelphia legalizes Airbnb-type rentals before pope visit

    Updated: Thu, Jul 2, 2015

    PHILADELPHIA (AP) — Philadelphia has legalized and plans to tax Airbnb and other short-term rentals ahead of Pope Francis' visit in September and next year's Democratic National Convention. Airbnb says the city on Wednesday became the nation's largest to legalize rentals through online marketplaces. It joins San Francisco and Portland, Oregon, among cities authorizing the transactions. Philadelphia also changed zoning rules to allow rentals in residential areas and is subjecting them to an 8 1/2 percent hotel tax. The rentals had been operating tax free. City Councilman William Greenlee says Airbnb-type rentals are essentially short-term hotels and should be made to follow the same rules. A permit is required fo

  • US factory orders fell 1 percent in May

    Updated: Thu, Jul 2, 2015

    WASHINGTON (AP) — Orders to U.S. factories fell in May by the largest amount in three months, while a key category that signals business investment plans dropped for a second month. Factory orders declined 1 percent in May from April, when orders retreated 0.7 percent, the Commerce Department reported Thursday. Orders in a category that serves as a proxy for business investment were down 0.4 percent. Much of the weakness in May reflected a big 35.3 percent fall in demand for commercial aircraft. But even outside of the volatile transportation category, orders were up only a tiny 0.1 percent. The lackluster showing suggests that manufacturing is still struggling with challenges such as lower energy prices and a strong dollar

  • US factory orders drop 1 percent in May; demand in key investment category also down

    Updated: Thu, Jul 2, 2015

    WASHINGTON (AP) — US factory orders drop 1 percent in May; demand in key investment category also down.

  • PNM files ownership plan, coal supply deal with regulators

    Updated: Thu, Jul 2, 2015

    ALBUQUERQUE, N.M. (AP) — New Mexico's largest electric provider says it's on track to meeting a deadline for submitting to regulators key documents related to the future of the coal-fired San Juan Generating Station. Public Service Co. of New Mexico says it filed an agreement detailing the future ownership makeup of the plant, a coal supply contract and a purchase and sale agreement for San Juan Mine between BHP Billiton and Westmoreland Coal Co. Some of the power plant's owners still are reviewing the restructuring agreement, but PNM expects to have those signatures by Aug. 1.

  • US stocks open higher following mostly positive job report

    Updated: Thu, Jul 2, 2015

    NEW YORK (AP) — U.S. stocks are opening slightly higher as investors look over a mostly positive report on the job market. Bond prices rose early Thursday as investors saw some pockets of weakness in the report. While payrolls grew overall, wage growth stalled and many people gave up looking for work. U.S.-listed shares of BP rose 4 percent after the company reached an $18.7 billion settlement with several states to resolve litigation over the 2010 Gulf of Mexico oil spill. The Dow Jones industrial average rose 50 points, or 0.3 percent, to 17,806. The Standard & Poor's 500 index gained four points, or 0.2 percent, to 2,081. The Nasdaq composite climbed five points, or 0.1 percent, to 5,018. The yield on t

  • Newly independent, Energizer announces dividend and buyback

    Updated: Thu, Jul 2, 2015

    NEW YORK (AP) — A day after splitting the company in two, Energizer said it would issue a dividend and buy back up to 7.5 million shares. Energizer spun off its personal care division, a major provider of shaving and feminine care products, as well as sun care items. The St. Louis company will pay out a 25 cent dividend on September 9 to all shareholders of record as of the close of business on August 19. The stock repurchases will be determined on an ongoing basis. Energizer Holdings Inc., a company that logged $1.8 billion in revenue last year, now operates independently from its other division, now called Edgewell Personal Care Co. Edgewell makes Hawaiian Tropic and Edge shaving cream. Energizer makes branded

  • Gulf states reach $18.7 billion settlement with BP over 2010 Deepwater Horizon oil spill

    Updated: Thu, Jul 2, 2015

    NEW ORLEANS (AP) — Gulf states reach $18.7 billion settlement with BP over 2010 Deepwater Horizon oil spill.

  • Spanish-language broadcaster Univision files for IPO

    Updated: Thu, Jul 2, 2015

    NEW YORK (AP) — Spanish-language broadcasting company Univision Holdings Inc. filed plans Thursday to launch an initial public offering of its stock. The New York-based company said Thursday that it expects to raise up to $100 million in the offering. It did not say how many shares it will sell or how much they will cost. It expects the stock to trade on the New York Stock Exchange or on Nasdaq under the symbol "UVN." Proceeds from the IPO will be used to repay debt and for general corporate purposes. Univision's principal unit is Media Networks, which operates Univision Network and UniMas. It also operates nine cable networks, including Galavision and the sports cable network Univision Deportes. It also operates 67 r

  • Applications for US jobless aid rise to still-low 281,000

    Updated: Thu, Jul 2, 2015

    WASHINGTON (AP) — More people sought U.S. unemployment benefits last week, but the level of applications is still low and points to an improving job market. The Labor Department says weekly applications rose 10,000 to a seasonally adjusted 281,000. The four-week average, a less volatile figure, ticked up 1,000 to 274,750. Applications are a proxy for layoffs. Even with the increase, they remain far below 300,000, a historically low level that indicates companies are confident enough in the economy to hold onto their workers. That confidence can also cause them to hire more people. Consumers have stepped up spending on clothing, furniture and cars, spurring faster growth. Home sales have also accelerated and are now ru

  • Applications for US jobless benefits rise to still-low 281,000, a sign of healthy job market

    Updated: Thu, Jul 2, 2015

    WASHINGTON (AP) — Applications for US jobless benefits rise to still-low 281,000, a sign of healthy job market.

  • US unemployment rate falls to 5.3 percent as employers add 223,000 jobs in June

    Updated: Thu, Jul 2, 2015

    WASHINGTON (AP) — US unemployment rate falls to 5.3 percent as employers add 223,000 jobs in June.




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