• How much more does the CEO make? You may find out

    Updated: 16 hr ago

    WASHINGTON (AP) — CEOs make a lot more than the average working Joe or Jane. And in the near future, Americans will find out how big the disparity actually is within publicly traded companies. Federal regulators, under mandate from a 2010 law that reshaped regulation after the financial crisis, will require companies to reveal the extent of their own pay gaps. The Securities and Exchange Commission is scheduled to vote Wednesday to formally adopt the rule, which will compel public companies to disclose the ratio between their chief executives' annual compensation and median employee pay. Public reporting of the gap is unlikely to result in a rush to cut executives' pay packages or boost employee salaries.

  • Appeals court reinstates trucker lawsuit over NY road tolls

    Updated: 16 hr ago

    NEW YORK (AP) — Truckers who claim the New York State Thruway Authority charges excessive tolls are back on track after a federal appeals court reinstated their claims Tuesday. The 2nd U.S. Circuit Court of Appeals in Manhattan said three commercial trucking companies, their national trade association and individual truckers can proceed with claims that the Thruway Authority violates the U.S. Constitution by charging excessive tolls along a major artery. The lawsuit alleges that the high tolls reduce trucker revenue and force consumer prices higher. The truckers say it's wrong that up to 12 percent of toll revenues, or $100 million annually, is spent maintaining or improving the New York Canal System.

  • AllScripts reports 2Q loss

    Updated: 16 hr ago

    CHICAGO (AP) — Allscripts Healthcare Solutions Inc. (MDRX) on Tuesday reported a loss of $3.2 million in its second quarter. The Chicago-based company said it had a loss of 1 cent per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were 12 cents per share. The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share. The electronic health records company posted revenue of $351.7 million in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $350.4 million. AllScripts expects full-year earnings in the range of 42 cents to 50 cents per

  • Activision Blizzard tops Street 2Q forecasts

    Updated: 16 hr ago

    SANTA MONICA, Calif. (AP) — Activision Blizzard Inc. (ATVI) on Tuesday reported second-quarter profit of $212 million. On a per-share basis, the Santa Monica, California-based company said it had profit of 29 cents. Earnings, adjusted for one-time gains and costs, were 13 cents per share. The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share. The maker of "Call of Duty" and other video games posted revenue of $759 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $666 million. For the current quarter ending in October, Activision Blizzard expects its per-share

  • Dreamworks reports 2Q loss

    Updated: 16 hr ago

    GLENDALE, Calif. (AP) — Dreamworks Animation SKG Inc. (DWA) on Tuesday reported a loss of $38.6 million in its second quarter. On a per-share basis, the Glendale, California-based company said it had a loss of 45 cents. Losses, adjusted for restructuring costs and pretax expenses, were 13 cents per share. The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 29 cents per share. The animation studio posted revenue of $170.8 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $171.1 million. Dreamworks shares have increased slightly more than 7 percent since the beginning of the year.

  • Philanthropist, GOP powerbroker Elsie Hillman dies at 89

    Updated: 17 hr ago

    PITTSBURGH (AP) — Elsie Hillman, a philanthropist and political activist who helped propel moderate Republicans to state and national offices, died Tuesday. She was 89. Her death was confirmed by her husband of 70 years, billionaire industrialist Henry Hillman, and their four children. Elsie Hillman is a former Republican National Committeewoman who used her political acumen and money to help President George H.W. Bush get elected in 1988 and congressman Tom Ridge get elected governor in 1994. Hillman was also known to have advised or supported former Republican Govs. William Scranton and Dick Thornburgh, former U.S. Sens. John Heinz and Arlen Specter, and former Vice President Nelson Rockefeller.

  • Shire offers to buy Baxter drug spinoff for $30 billion

    Updated: 17 hr ago

    NEW YORK (AP) — The Irish drugmaker Shire is offering to buy Baxalta for about $30 billion in stock as it attempts to solidify its strengthening position in rare disease treatments. Shire first made its offer on July 10, a little more than a week after Baxalta was spun off from Baxter International Inc. Baxalta said Tuesday that the offer is too low and that accepting it would be risky because it is in its early stages as a stand-alone company. Earlier this year, Shire said it would pay $5.2 billion to acquire NPS Pharmaceuticals Inc., which specializes in drugs for rare conditions. Baxalta, a Deerfield, Illinois, company spun off by Baxter International Inc. in July, focuses on bleeding disorders.

  • Coach and MGM are big market movers

    Updated: 17 hr ago

    NEW YORK (AP) — Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Coach Inc., up 98 cents to $31.41 The luxury handbag maker reported better-than-expected fiscal fourth-quarter profit and revenue, though sales continued to fall. Baxalta Inc., up $3.95 to $37.10 Shire PLC is offering to buy the biotechnology company in a $30 billion takeover to boost its portfolio of rare-disease drugs. MGM Resorts International, up $1.90 to $21.75 The casino operator reported a drop in second-quarter profit, but the earnings and revenue results beat Wall Street forecasts. The Allstate Corp., down $7.04 to $62.

  • Court says chipmaker Marvell owes CMU $278M, not $1.54B

    Updated: 17 hr ago

    NEW YORK (AP) — A federal appeals court reduced a judgment against chipmaker Marvell Technology by more than $1.25 billion, but still says the company owes Carnegie Mellon University $278 million for patent infringement. Judge Richard Taranto of the Court of Appeals for the Federal Circuit reversed a decision that awarded Carnegie Mellon $1.54 billion. However Taranto agreed that Marvell infringed on patents held by Carnegie Mellon. A previous decision awarded Carnegie Mellon a royalty payment of 50 cents for each chip Marvell sells. Taranto rejected most of Marvell's challenges to that ruling, saying Marvell owes royalties on chips that were imported into the U.S. even though they were made in other countries and were sold

  • FDA lays out extra steps to clean scopes linked to outbreaks

    Updated: 18 hr ago

    WASHINGTON (AP) — Federal health officials laid out extra safety measures that hospitals can take to clean specialized medical scopes that have been linked to sometimes deadly bacterial outbreaks across the U.S. However, Food and Drug Administration officials acknowledged on Tuesday that not all hospitals have the staff, expertise and resources to take the steps, including sterilizing scopes with toxic gas to kill bacteria. Even with such steps "the risk of infection transmission cannot be completely eliminated," the FDA said in an online statement Despite the risks of infection, the FDA says the devices should remain available because they benefit "appropriately selected patients.

  • Lands director to give oil and gas presentation in SW Idaho

    Updated: 18 hr ago

    BOISE, Idaho (AP) — The director of the Idaho Department of Lands is scheduled to make an informational presentation about the state's policies and laws on natural gas and oil production. Tom Schultz also plans to answer questions at the open house set for 6 p.m. Monday at the McCain Middle School in Payette. The nascent industry is being propelled by new technologies that have pinpointed what companies believe are profitable reserves, mainly in southwest Idaho. Schultz says he'll give a brief history of oil and gas regulation in the state and how his agency has been updating regulations. Schultz also plans to explain some of the complexities concerning oil and gas drilling, such as split estates and integration

  • Fire sale on stuff that burns: Oil, natural gas, coal down

    Updated: 18 hr ago

    NEW YORK (AP) — These days it seems whatever can be burned to power a car, heat a home, make electricity or ship people and goods around the globe is being sold at bargain basement prices. Prices for coal, natural gas, oil and the fuels made from crude such as gasoline and diesel are all far less expensive than they have been in recent years. Consumers are rejoicing. Fossil fuel companies are reeling. Countries that import energy, such as the U.S., China, Japan and those in the European Union, are getting an economic boost. Exporters, such as Russia, Saudi Arabia and Venezuela are facing lower income and budget shortfalls.

  • Clarification: Pimco-SEC story

    Updated: 18 hr ago

    NEW YORK (AP) — In a story Aug. 3, The Associated Press reported that the investment management company Pimco said the Securities and Exchange Commission may take legal action against its total return fund. The story should have made clear that the inquiry involves only Pimco's Total Return Active Exchange Traded Fund.

  • Chicago firm to build clean-energy facility in Rhode Island

    Updated: 18 hr ago

    PROVIDENCE, R.I. (AP) — A Chicago-based company that plans to build a natural-gas-fueled energy facility in Rhode Island said Tuesday that the project will reduce harmful emissions, cut energy costs and create more than 300 jobs. Invenergy CEO Michael Polsky was joined by Gov. Gina Raimondo to unveil details about the $700 million Clear River Energy Center to be built in Burrillville. The company must receive approval from the Rhode Island Energy Facility Siting Board before moving forward with the project. The 900-megawatt plant would displace less-efficient power plants in the region, thereby decreasing emissions of harmful pollutants, and would not increase electricity consumption, Polsky said.

  • EU regulators clear Pfizer's purchase of Hospira

    Updated: 19 hr ago

    NEW YORK (AP) — European Union regulators on Tuesday approved Pfizer's $15.23 billion purchase of injectable drug and infusion device maker Hospira. The European Commission said Pfizer agreed to sell the European rights to experimental biosimilar version of the immune disorder drug Remicade and a few other products, including some chemotherapy drugs, in certain markets. The Commission said it was concerned the sale would have reduced competition for those drugs in in some countries or in the European Economic Area as a whole. Pfizer, the second-largest drug company in the world in terms of revenue, agreed to buy Hospira of Lake Forest, Illinois, in February.

  • Willis, Stewart, Lively among cast for Allen's next film

    Updated: 20 hr ago

    NEW YORK (AP) — Bruce Willis, Kristen Stewart and Blake Lively are among the stars of Woody Allen's next film. Allen announced the cast for his latest film Tuesday. The not-yet-titled movie will begin shooting this month in New York and Los Angeles. As he typically does, Allen announced the cast in alphabetical order and revealed no plot details. Parker Posey co-starred in Allen's last film, "Irrational Man," and will be in this next one, too. Also starring are Jesse Eisenberg, Jeannie Berlin, Corey Stoll and Ken Stott. In the three weeks since it was released, "Irrational Man" has made $1.1 million in North American theaters.

  • Aetna turns in better-than-expected 2Q, hikes forecast again

    Updated: 20 hr ago

    Aetna's second-quarter earnings jumped 33 percent and the health insurer raised its 2015 forecast again after receiving a boost from a government business it plans to feed with a roughly $35 billion acquisition. Aetna said Thursday that it gained members in both its Medicare and Medicaid businesses, and higher underwriting margins or improved profitability helped balance a jump in operating costs during the quarter. The nation's third-largest health insurer easily topped Wall Street expectations. The company also raised its 2015 forecast for the third time. It now expects full-year operating earnings of at least $7.40 per share. That's up from a range of $7.20 to $7.40 that it predicted this spring. Analysts expect, on

  • Deere recalls more than 2,000 lawn tractors for crash risk

    Updated: 20 hr ago

    NEW YORK (AP) — Deere is recalling more than 2,000 lawn tractors because the brake arm can fail and cause a crash. There have been no reports of injuries, the U.S. Consumer Product Safety Commission said Tuesday. The recall is for John Deere models D110, D125, D130, D140, D155, D160 and D170 with serial numbers beginning with 1GXD. They were sold at Home Depot, Lowe's and other stores since May. They cost between $1,700 and $2,700. About 1,700 were sold in the U.S. and 370 in Canada. Deere & Co., based in Moline, Illinois, said customers should stop using the tractors and contact the company for a free repair. Owners can call (800) 537-8233 or go to http://www.deere.com and select "Recall Information" from the S

  • Virginia Democratic Senator backs Iran nuclear deal

    Updated: 20 hr ago

    WASHINGTON (AP) — Democratic Sen. Tim Kaine of Virginia is backing the international accord with Iran. The former Democratic Party chairman made the announcement on Tuesday in a speech on the Senate floor. He says the deal takes Iran's nuclear program that was on the verge of success and disables it for many years through peaceful diplomatic means. He said the pact reached by the United States, Western powers and Tehran is a "dramatic improvement over the status quo" in boosting global security. Kaine is a member of the Foreign Relations and the Armed Services committees. His support is crucial to the Obama administration and its all-out campaign to secure the backing of congressional Democrats in the face of uniform

  • Court upholds $96M award to Chevron in dispute with Ecuador

    Updated: 20 hr ago

    WASHINGTON (AP) — A federal appeals court has upheld a $96 million arbitration award to Chevron Corp. stemming from a 1990s-era oil contract dispute with the government of Ecuador. The U.S. Court of Appeals for the District of Columbia Circuit on Tuesday rejected Ecuador's challenge to the 2011 award from the Netherlands-based international arbitration panel. The dispute centers on seven contracts that Texaco Petroleum Inc. had with Ecuador in 1991-93. Chevron bought Texaco in 2001. Chevron claimed that Ecuador had violated provisions of a 1997 investment treaty by failing to resolve lawsuits in a timely fashion. The appeals court agreed with a 2013 ruling from a federal district judge that sided with Chevron.




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