• Pope's upcoming visit inspires anxiety in Philadelphia

    Updated: 21 min ago

    PHILADELPHIA (AP) — Eight weeks before Pope Francis arrives in Philadelphia as the centerpiece of his U.S. visit, it's still unclear how much he'll disrupt traffic, business and daily life. With official information scant, rumors are swirling about massive security fencing and miles of street closures. There are fears of long walks, too-few bathrooms and a dearth of food in areas where traffic is restricted. The lack of clarity is breeding confusion and consternation in the City of Brotherly Love and contempt for the people who run it. City officials blame the Secret Service, which has declared Francis' Sept. 26-27 visit a National Special Security Event.

  • Nokia and Whole Foods are big market movers

    Updated: 25 min ago

    NEW YORK (AP) — Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Nokia Corp., up 44 cents to $7.03 The networking technology company reported better-than-expected second-quarter profit on higher demand in mobile broadband. Wynn Resorts Ltd., up $8.09 to $104.12 The casino operator reported worse-than-expected second-quarter profit and revenue, but remained upbeat on its Macau operations. The Procter & Gamble Co., down $3.23 to $77.39 The consumer products company's quarterly results were weighed down by softer sales volume and unfavorable currency exchange rates. T-Mobile US Inc., up $1.82 cents to $38.

  • Fearful of being left out to dry, bond funds hold more cash

    Updated: 26 min ago

    NEW YORK (AP) — Imagine the bond market as a crowded swimming pool, except it's one where the water level drops whenever someone tries to leave. By the time you attempt to get out, you're stuck at the bottom, unable to exit because the ladder is 10 feet above your head. Now you know what the bond market is worried about. Bond fund managers are increasingly talking about the market's "liquidity," or how easy it is to buy and sell bonds. Concerns are rising that the day is approaching when everyone will rush for the exits at once and drain the market's liquidity, perhaps after the Federal Reserve begins raising interest rates. "I think liquidity is misunderstood, and I think it is often taken for granted," says Matt Freund, c

  • Starwood falls after rival rebuts report of merger talks

    Updated: 28 min ago

    STAMFORD, Conn. (AP) — Shares of hotel operators Starwood Hotels & Resorts and InterContinental Hotels Group rose in early trading Thursday on reports the companies were talking about a possible merger, but slumped when InterContinental Hotels said that wasn't true. Shares of Starwood, the owner of the Sheraton and St. Regis hotels, gained as much as 5.2 percent and InterContinental Hotels Group stock added 4.8 percent Thursday morning. InterContinental Hotels, the owner of the Holiday Inn chain, said it is not in talks with Starwood about combining their businesses. By the end of trading, shares of Starwood lost $4.45, or 5.4 percent, to $78.20, while U.S.-traded shares of InterContinental Hotels Group PLC declined 27 cent

  • US stocks eke out tiny gains after erasing an early loss

    Updated: 37 min ago

    NEW YORK (AP) — Stocks are closing with tiny gains after clawing back ground they lost earlier. Investors have been focusing on a rush of company earnings reports Thursday, and the results have been mixed. Procter & Gamble and Facebook slid after investors didn't like what they heard from the companies. Murphy Oil and Western Digital rose. Whole Foods plunged 12 percent. Its sales growth slowed sharply after New York City officials found it was overcharging customers. The Standard & Poor's 500 rose a fraction to 2,108. The Nasdaq gained 17 points, or 0.3 percent, to end at 5,128. The Dow Jones industrial average gave up five points, less than 0.1 percent, to 17,745. Bond prices rose. The yield on the

  • EPA reviews $15 million settlement for Hawaii molasses spill

    Updated: 37 min ago

    HONOLULU (AP) — The Environmental Protection Agency is reviewing a $15.4 million settlement between Hawaii and a shipping company that spilled 1,400 tons of molasses into Honolulu Harbor for possible effects on its investigation. Dean Higuchi, agency spokesman for Hawaii, said Thursday that the EPA was still looking into whether Matson Inc. violated the Clean Water Act during the 2013 spill. Under the settlement announced Wednesday, Matson will end its molasses operation in Hawaii. Company spokesman Jeff Hull says moving molasses from a Maui sugar company to Honolulu is a remnant from the days when Hawaii had many sugar plantations. The settlement includes costs of ending Matson's molasses operation and a $5.9 million

  • Meeting unions, Clinton offers support for $12 minimum wage

    Updated: 39 min ago

    SILVER SPRING, Md. (AP) — Hillary Rodham Clinton is offering some support for a proposal in the Senate that would raise the federal minimum wage to $12 an hour. Congressional Democratic leaders have backed legislation sponsored by Washington Sen. Patty Murray that would increase the rate to $12 an hour by 2020. That's several dollars lower than the $15 standard backed by labor and anti-poverty activists. But the Democratic presidential candidate says she pays attention to Murray's proposals, "because she knows how to get it through the Congress." Clinton says she wants to "get behind a proposal that has a chance of succeeding.

  • Amgen hikes 2015 forecast after 2Q increase in profit, sales

    Updated: 46 min ago

    THOUSAND OAKS, Calif. (AP) — Higher sales of Amgen's blockbuster rheumatoid arthritis drug Enbrel and some newer drugs boosted second-quarter profit 7 percent. The biotech giant topped Wall Street expectations and hiked its 2015 profit forecast. Amgen, based in Thousand Oaks, California, says net income rose to $1.65 billion, or $2.15 per share. Excluding one-time charges, adjusted net income was $1.98 billion, or $2.57 per share. Analysts surveyed by FactSet were, on average, expecting earnings of $2.43 per share. Total revenue climbed 3.7 percent to $5.37 billion, edging the $5.32 billion analysts expected. Amgen hiked its 2015 adjusted earnings per share forecast to $9.55 to $9.80, up from $9.35 to $9.65. It

  • Facebook ready to test giant drone for Internet service

    Updated: 48 min ago

    MENLO PARK, Calif. (AP) — Facebook says it will begin test flights later this year for a solar-powered drone with a wingspan as big as a Boeing 737, in the next stage of its campaign to deliver Internet connectivity to remote parts of the world. Engineers at the giant social network say they've built a drone with a 140-foot wingspan that weighs less than 1,000 pounds. Designed to fly at high altitudes for up to three months, it will use lasers to send Internet signals to stations on the ground. Though Facebook is better known for online software that lets people share news with friends, watch viral videos — and view commercial advertising — engineers in a unit called the Connectivity Lab are working on a different set o

  • High-end indoor cycling chain SoulCycle files to go public

    Updated: 56 min ago

    NEW YORK (AP) — SoulCycle, the high-end indoor cycling fitness chain, is heading to Wall Street. The New York company filed for an initial public offering Thursday, hoping to raise as much as $100 million. SoulCycle didn't say how many shares it plans to offer, or at what price, so that number may change. The company says it named chief operating officer Melanie Whelan as CEO last month, replacing co-founders Elizabeth Cutler and Julie Rice. SoulCylce says Cutler and Rice will remain involved with the company they started in 2006 with one studio in New York. There are now 38 SoulCycle studios around the country and the company plans to open as many as 250.

  • Scientist: Oil slick likely from natural seafloor seepage

    Updated: 1 hr ago

    LOS ANGELES (AP) — Coast Guard officials were still trying to determine the source of a mysterious miles-long oil slick off California's Santa Barbara County shoreline, but a scientist said Thursday that it's likely the result of naturally occurring seepage from the sea floor. Authorities said the 3-mile sheen was harmless to people and beaches remained open — in contrast to the mass closure that occurred in May when a broken pipeline spilled 100,000 gallons of crude oil, fouling sands, seabirds and fishing areas in the same general area.

  • Mondelez tops Street 2Q forecasts

    Updated: 1 hr ago

    DEERFIELD, Ill. (AP) — Shares of Mondelez International Inc. jumped Thursday after the snack maker reported better-than-expected earnings for the second quarter due to reduced expenses. The Deerfield, Illinois-based company said cost-saving measures in delivery and production helped boost its bottom line despite foreign currency pressures. CEO Irene Rosenfeld said in a statement that the company would use the savings to "step up investments in marketing, sales and capacity expansion to accelerate revenue growth and improve market share." Mondelez reported net income of $406 million, or 25 cents per share, for the three months ended June 30 compared with $622 million, or 36 cents per share, in the prior-year period.

  • Virgin America's 2Q profit beats Wall Street forecasts

    Updated: 1 hr ago

    Virgin America's second-quarter profit beat Wall Street expectations on cheaper fuel, and the airline plans to grow at a double-digit rate next year after it starts flying to Hawaii. Its shares, which have slumped this year, rose more than 7 percent in afternoon trading. Virgin America Inc. expects to boost passenger-carrying capacity by 2 to 3 percent in the third quarter, 9 to 10 percent in the fourth, and 13 to 15 percent in 2016. That kind of growth might be expected to rattle airline investors, who are worried that carriers are cheapening their tickets by adding too many flights. Virgin's average fare fell 4 percent in the second quarter, when the airline didn't expand its capacity.

  • Saudi Arabia asks NY judge to drop it from Sept. 11 lawsuit

    Updated: 1 hr ago

    NEW YORK (AP) — An attorney for Saudi Arabia says that nation had nothing to do with the Sept. 11 attacks and should be dismissed as a defendant in lawsuits brought by victims' families. Attorney Michael Kellogg made the argument Thursday during a hearing in New York. Saudi Arabia was dismissed nine years ago from the litigation but was restored as a defendant in 2013 by a federal appeals court in Manhattan. Kellogg says there are no facts showing Saudi Arabia knew of the attacks in advance or knowingly aided terrorists. The lawsuits were brought in 2002 and afterward against countries, companies and organizations accused of aiding al-Qaida and other terrorist groups. They sought billions of dollars in damages.

  • US judge rules Greenpeace in contempt for Oregon protest

    Updated: 1 hr ago

    PORTLAND, Ore. (AP) — A federal judge on Thursday ordered Greenpeace USA to pay a fine of $2,500 for every hour that protesters dangling from a bridge in Oregon continue to block a Royal Dutch Shell icebreaker from leaving for oil drilling in the Arctic. There was no sign that the protesters were about to leave Portland after the ruling in Anchorage by U.S. District Court Judge Sharon Gleason that Greenpeace is in civil contempt. Gleason in May granted Shell's request that activists protesting Shell's Arctic drilling plans be ordered to stay away from Shell vessels and beyond buffer zones. Earlier Thursday, the Shell oil icebreaker Fennica retreated when activists dangling from the St.

  • Hollywood's Relativity Media files for bankruptcy protection

    Updated: 1 hr ago

    LOS ANGELES (AP) — Relativity Media, the struggling "mini major" Hollywood studio behind movies such as "Immortals" and "Mirror Mirror," has filed for Chapter 11 bankruptcy protection. The filing will allow the studio to continue to operate while restructuring. The company owes more than $300 million to creditors and the filing comes after a spate of lawsuits between it and an entity called RKA that had lent it money to market movies. The filing Thursday came a day after Relativity announced it was laying off 75 of its approximately 350 employees. Relativity had also pushed back the release of several movies to preserve cash, including the Kristin Wiig-led comedy "Masterminds.

  • Coleman appointed to Missouri utility regulation panel

    Updated: 1 hr ago

    JEFFERSON CITY, Mo. (AP) — Missouri Gov. Jay Nixon says he'll appoint former state Sen. Maida Coleman to a panel of utility regulators. Nixon on Thursday announced he wants the St. Louis Democrat to serve on the Public Service Commission starting Aug. 10. The panel oversees public utilities such as water and electricity. Coleman's appointment must be confirmed by the Senate. She's set to replace current commission chairman Robert Kenney, who has served on the panel since July 2009. His term is up in August. Coleman currently is director of the state Office of Community Engagement. Nixon created the office in September 2014 in the wake of protests after a white policeman shoot a black 18-year-old in Ferguson.

  • Vegas-area coal plant owners to pay $4.3M to settle lawsuit

    Updated: 1 hr ago

    LAS VEGAS (AP) — Operators of a coal-fired power plant outside Las Vegas are agreeing to pay $4.3 million to settle a lawsuit and clean up contamination that neighboring Native Americans blame for health problems and water pollution. NV Energy and the California Department of Water Resources don't admit liability or wrongdoing in the proposed settlement involving Reid Gardner Power Generation Station. The agreement was filed Tuesday in U.S. District Court. It's slated to become final Sept. 8. The power plant is due to close by 2017. Attorney Robert Wiygul (WEYE'-guhl), who represents the Moapa Band of Paiute Indians and the Sierra Club, said Thursday that some of the funds are earmarked for a Moapa reservation h

  • Congress passes 3-month highway, transit aid patch

    Updated: 1 hr ago

    WASHINGTON (AP) — Congress sent President Barack Obama a three-month bill to keep highway and transit money flowing to states on Thursday, one day before the deadline for a cutoff of funds. Earlier in the day, the Senate passed a sweeping, long-term transportation bill, setting up discussions with the House this fall on what the future course of transportation policy should be and how to pay for programs. The Senate approved the short-term bill by vote of 91 to 4. The House passed the same bill a day earlier, and then left for its August recess. Lawmakers said they hope the 3-month patch — the 34th short-term transportation extension since 2009 — will be Congress' last. It extends the government's authority to pro

  • Executive, daughter on college trip killed in plane crash

    Updated: 1 hr ago

    MILWAUKEE (AP) — The victims of a fiery plane crash in Milwaukee were identified Thursday as a top executive at a Boston capital investment firm and his teenage daughter who were traveling to the Midwest for a college visit. Joseph Trustey, a former Army captain, and his 18-year-old daughter, Anna, died when their small single-engine plane crashed and erupted in flames Wednesday evening at Timmerman Airport, according to Summit Partners, where Trustey was an executive. Witnesses reported being unable to help because of flames and smoke. The National Transportation Safety Board is investigating, and there was no immediate word on what caused the crash.




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