• PayPal's new chief promises new services for a mobile world

    Updated: 23 hr ago

    SAN FRANCISCO (AP) — As PayPal prepares to split from its corporate parent, its new chief executive is promising to expand the popular online payment system, adding a variety of services for consumers to use when shopping on their phones or in traditional stores. PayPal will be spinning off from parent company eBay later this year at a time when it's facing new competitive challenges. Alibaba, Amazon and even Facebook are promoting online payment systems, while Apple Pay and Google Wallet are competing to handle transactions in stores and on mobile devices.

  • The latest things to know about the Takata air bag recall

    Updated: 23 hr ago

    DETROIT (AP) — Out of concern for the safety of drivers, the U.S. government may step in to manage a giant recall of air bags made by Takata Corp. On Thursday, the government's National Highway Traffic Safety Administration started the process to take control of the recall of 33.8 million air bags that can spew shrapnel into drivers or passengers. The recall covers roughly one in seven vehicles on U.S. roads. Many questions about the problem remain unanswered as an investigation continues, but here's what you need to know about the largest automotive recall in U.S. history: THE DANGER In a crash, the air bag can deploy with too much force and pelt unsuspecting drivers or passengers with fragments from a me

  • A look at how California spill compares with 1969 disaster

    Yesterday

    GOLETA, Calif. (AP) — An oil slick stretched across 9 miles of coastal waters Thursday after a pipeline rupture spilled thousands of gallons of sticky, stinking crude just north of Santa Barbara. Crews are working around the clock to rake, skim and vacuum it up. The coastline was the scene of a much larger spill in 1969 — the largest in U.S. waters at the time. Here are some things to know about the two spills: ___ VOLUME OF CRUDE The 1969 blowout at a Union Oil Co. offshore platform dumped more than 3 million gallons of crude oil over a span of a month. Up to 30 miles of beaches were fouled. Tuesday's pipeline break lasted about three hours.

  • Senate Democrats demand more money for Amtrak repair backlog

    Yesterday

    WASHINGTON (AP) — Senate Democrats on Thursday demanded that Republicans provide more money for Amtrak so the railroad can tackle a $21 billion maintenance and repair backlog, including replacing tunnels more than a century old. Democrats at a news conference cited last week's deadly crash in Philadelphia and said the backlog is compromising safety and service. Investigators have said the crash could have been prevented if expensive safety technology called positive train control had been in operation. The technology can prevent derailments due to excessive speed and collisions between trains.

  • Taxes matter in fund investing, even when there's no bill

    Yesterday

    NEW YORK (AP) — Most of us don't worry about taxes when it comes to mutual funds. We don't need to because we invest in them through a 401(k), IRA or another account designed to delay taxes until after retirement. More than half of all money invested in mutual funds is in tax-deferred accounts. That makes it easy to ignore whether other shareholders in the same fund are getting a big tax bill just because they're holding it in a taxable account. Even so, it can pay to consider a mutual fund's tax history, regardless of whether your money is in a taxable or tax-deferred account. That's because funds that keep tax bills down tend to have better returns, even before taxes are taken into account.

  • McDonald's CEO 'proud' of pay hike; protesters want more

    Yesterday

    NEW YORK (AP) — McDonald's CEO Steve Easterbrook said Thursday he was "incredibly proud" of a decision to bump pay for some workers, even after protesters called on the company to do more outside its annual shareholder meeting. Easterbrook, who stepped into his role in March, is fighting to revive sluggish sales and convince people that McDonald's is a "modern, progressive burger company." But the push comes at a time when protests for pay of $15 an hour and a union have been spreading around the country. Hundreds of protesters turned out in Oak Brook, Illinois on Wednesday and Thursday before the company's meeting.

  • Canadian e-commerce platform Shopify climbs in market debut

    Yesterday

    NEW YORK (AP) — Shares of Shopify climbed 51 percent in its first day of trading Thursday, a day after raking in about $131 million in its initial public offering, more than the company expected. Shopify stock rose $8.68 to close at $25.68. The offering of 7.7 million shares priced at $17 each, valuing the entire company at around $1.27 billion. The Canadian company works with merchants who want to offer their own online checkout services, providing a platform for small- and mid-size businesses that sell products online. Clients can use Shopify's software to handle sales made through mobile phones, the Web, physical stores and other means. Shopify Inc. said it handled about $3.8 billion in transactions in 2014, and it

  • Lumber Liquidators, NetApp are big market movers

    Yesterday

    NEW YORK (AP) — Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Lumber Liquidators Holdings Inc., down $4.17 to $21.10 The flooring retailer's CEO, Robert Lynch, abruptly quit as the company deals with an investigation into its imports from China. Best Buy Co., up $1.33 to $35.11 The consumer electronics retailer reported better-than-expected quarterly results as it cuts costs and revamps stores. Booz Allen Hamilton Holding Corp., down $3.37 to $25.13 The defense contractor reported worse-than-expected fiscal fourth-quarter results and issued a disappointing outlook. Salesforce.com Inc., up $2.75 to $72.

  • Lumber Liquidators CEO quits, catching company off guard

    Yesterday

    NEW YORK (AP) — Lumber Liquidators CEO Robert Lynch has abruptly quit the company that is embroiled in an investigation over products imported from China. Shares tumbled more than 16 percent in trading on Thursday. The company said Lynch resigned "unexpectedly" and declined to provide more details on the resignation when asked by The Associated Press. The company earlier this month said that it had suspended the sale of all laminate flooring made in China after disclosing that the Justice Department is seeking criminal charges against it. At the time Lumber Liquidators said that it decided to suspend the sales while a board committee completes a review of its sourcing compliance program.

  • GOP senators advance bill to ease rules on smaller banks

    Yesterday

    WASHINGTON (AP) — Republican senators advanced legislation Thursday that would ease rules on smaller banks and other requirements of the landmark law reining in Wall Street and the financial industry after the 2008 crisis. But it received no support from Democrats, making its chances of Senate passage slim. The 12-10 party-line vote came in a sometimes rancorous session of the Senate Banking Committee. Sen. Richard Shelby of Alabama, the committee's Republican chairman, authored the legislation that would bring a sweeping rewrite of the 2010 law that arose from the financial crisis and the ensuing Great Recession. That law, known as Dodd-Frank, was enacted despite Republican opposition by a Congress controlled by Democrats.

  • Hewlett-Packard sells stake in Chinese unit for $2.3B

    Yesterday

    NEW YORK (AP) — Hewlett-Packard is selling a controlling stake in its China sever and storage unit, a move that comes as the Chinese government, apparently worried about U.S. cyberspying, has encouraged the use of local companies. HP said Thursday it will sell the 51 percent stake in the business for about $2.3 billion to Tsinghua Holdings, part of state-owned Tsinghua University. The sale will create a partnership to be called H3C. HP said the move will accelerate growth in the country. "HP is making a bold move to win in today's China," said CEO Meg Whitman. "Partnering with Tsinghua, one of China's most respected institutions, the new H3C will be able to drive even greater innovation for China, in China.

  • IRS refunds $10M to tax preparers who paid to take test

    Yesterday

    WASHINGTON (AP) — The IRS is refunding a total of $10 million to thousands of tax preparers who paid to take a competency test, the agency announced Thursday. A federal court struck down IRS regulations in 2013 that sought to require some tax preparers to get training and take a test. An appellate court upheld the ruling last year, saying the IRS lacked the legal authority to mandate the testing. The IRS said about 89,000 tax preparers paid $116 apiece to take the test. The agency said it is issuing refunds to those preparers. Letters will be mailed to those getting refunds on May 28 and checks will be mailed on June 2, the IRS said. Return preparers took the test between November 2011 and January 2013.

  • US stock market notches tiny gains; oil price rises sharply

    Yesterday

    NEW YORK (AP) — U.S. stocks are closing slightly higher, led by an advance in energy stocks as the price of oil climbs. Salesforce.com was among the big gainers Thursday after reporting results that beat analysts' forecasts. Best Buy was also up after reporting strong earnings. The Dow Jones industrial average edged up a fraction of point to 18,285. The Standard & Poor's 500 index rose five points, or 0.2 percent, to 2,130. The Nasdaq composite climbed 19 points, or 0.4 percent, to 5,090. Oil rose $1.74, or 3 percent, to $60.72 a barrel following reports that U.S. storage levels are falling. That sent energy stocks higher. Rig operator Transocean gained 4 percent. Bond prices rose. The yield on the 10-year

  • AP PHOTOS: Crews rake, vacuum up oil after California spill

    Yesterday

    GOLETA, Calif. (AP) — Cleanup is underway after an oil spill spanning 9 miles of California coastline, with crews in protective suits working hard to rake, shovel and vacuum up the sticky black goo. Up to 105,000 gallons leaked from the ruptured pipeline Tuesday, and up to 21,000 gallons reached the sea just northwest of Santa Barbara, according to early estimates. The environmental impact still is being assessed. The spill occurred along a long, rustic coast that forms the northern boundary of the Santa Barbara Channel, home to a rich array of sea life. ___ Follow AP photographers and photo editors on Twitter: http://apne.ws/15Oo6jo .

  • CVS paying $10.4B in cash for drug distributor Omnicare

    Yesterday

    CVS Health will pay more than $10 billion for pharmaceutical distributor Omnicare in a deal primed to feed its fast-growing specialty drug business and tap a lucrative and growing market: care for the elderly. The acquisition announced Thursday will give one of the biggest U.S. pharmacy benefits managers national reach in dispensing prescription drugs to assisted living and skilled nursing homes, long-term care facilities, hospitals and other care providers. Omnicare's long-term care business operates in 47 states and the District of Columbia. The deal also will bring in more business doling out specialty drugs.

  • Nielsen: 13.76 million viewers for Letterman

    Yesterday

    NEW YORK (AP) — Comic celebrities turned out for David Letterman's late-night farewell — and so did his biggest audience in more than 21 years. The Nielsen company said Thursday that 13.76 million viewers saw Letterman end his 33-year career as a late-night TV host with a final show Wednesday night. The last time Letterman had so many viewers was in February 1994, when his show aired after CBS' telecast of the Winter Olympics. More people watched Letterman than anything else in prime time on Wednesday night. Letterman's final show started at 11:35 p.m. and lasted more than an hour as CBS let it run long.

  • Best Buy jumps after 1Q sales, profit top Wall St. views

    Yesterday

    RICHFIELD, Minn. (AP) — Best Buy's stock jumped in trading Thursday after its first-quarter sales and profit managed to top analysts' expectations. The big-box electronics retailer, based in Minneapolis, said sales of mobile phones, big televisions and major appliances helped sales, offsetting weakness in tablets and computers. Overall, the company's net income declined after being pumped up a year earlier by a one-time tax structure change. It was only a few years ago that critics were about to write Best Buy's obituary, questioning how a big-box retailer could compete in a shifting landscape where shoppers are increasingly researching products at big stores and then buying online for a lower price.

  • Correction: McDonald's Shareholders-Salaries story

    Yesterday

    OAK BROOK, Ill. (AP) — In a May 20 story about a protest outside of McDonald's corporate headquarters near Chicago, The Associated Press erroneously reported that about 100 protesters were arrested. Nobody was arrested at Wednesday's demonstration, but more than 100 people were arrested at a protest there last year. A corrected version of the story is below: Hundreds march at McDonald's headquarters about low wages Protesters call for $15 an hour outside McDonald's headquarters ahead of shareholder meeting By TERESA CRAWFORD Associated Press OAK BROOK, Ill. (AP) — Hundreds of protesters marched near McDonald's suburban Chicago headquarters Wednesday, shutting down at least one building on the corpo

  • Obama sees trade vote as "big step forward"

    Yesterday

    WASHINGTON (AP) — President Barack Obama says his trade agenda took "a big step forward" Thursday when it cleared a key Senate hurdle. The legislation would let Obama negotiate trade deals that Congress can accept or reject, but not change. Obama says his trade plan is good for American businesses and workers, and contains safeguards to ensure strong labor and environmental standards. The president says the trade deal is "going to open up access to markets that too often are closed," even as those other countries are selling goods in the United States. The president spoke during a meeting with his Cabinet.

  • Records tally accidents involving company in oil spill

    Yesterday

    Reports filed with federal regulators show that Plains All American, the company involved in the California oil spill, and its subsidiaries operate more than 6,000 miles of hazardous-liquid pipelines in at least 20 states. Those companies handle over 4 million barrels of crude and other liquid fuels daily. Since 2006, the companies have reported 199 accidents and been subject to 22 enforcement actions by federal regulators. The accidents resulted in a combined 725,500 gallons of hazardous liquids spilled and damages topping $25 million.




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