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AP Top Business News At 3:40 p.m. EDT

Fed suggests it's closer to slowing bond purchases
WASHINGTON (AP) -- The Federal Reserve sketched a brighter economic outlook Wednesday and signaled it's moving closer to slowing its bond-buying program, which is intended to keep long-term interest rates low....

Top UK court overturns sanctions on Iranian bank
LONDON (AP) -- Britain's Supreme Court quashed sanctions against an Iranian bank penalized over its alleged links to Iran's nuclear weapons program, saying Wednesday that Bank Mellat had been arbitrarily singled out....

Fed foresees lower US unemployment rate
WASHINGTON (AP) -- The Federal Reserve expects the U.S. unemployment rate to fall faster this year and next than it did in March....

Stock market falls as traders fear stimulus cuts
NEW YORK (AP) -- Stocks are falling after the Federal Reserve gave a slightly more optimistic outlook for the U.S. economy, which investors took as a hint that the bank was nearer to a decision to reduce its economic stimulus program....

Men's Wearhouse ousts founder, pitchman Zimmer
NEW YORK (AP) -- Apparently, Men's Wearhouse Inc. doesn't like the way its founder looks anymore....

FedEx 4Q profit drops as priority services lag
DALLAS (AP) -- FedEx Corp.'s fourth-quarter profit fell 45 percent as international customers traded down to less-expensive delivery options and the company spent heavily on restructuring....

Diverted United 787 passengers resume Tokyo trip
SEATTLE (AP) -- Passengers from a United Airlines Denver-to-Tokyo flight that diverted to Seattle when the Boeing 787 had an oil filter issue resumed their trip Wednesday, a spokeswoman said....

Pruitt: DOJ broke rules in phone records seizure
WASHINGTON (AP) -- The Justice Department violated its own rules when it secretly seized records for thousands of phone calls to and from journalists for The Associated Press as part of a leak investigation, the head of the company said Wednesday....

Unmanned aircraft struggle to shed 'drone' image
LE BOURGET, France (AP) -- Unmanned aircraft have helped rescue stranded hikers, worked to contain wildfires and gathered data at nuclear accidents. One helped a Russian tanker find its way through Arctic ice to bring oil to a stranded Alaskan community....

Study: Wiser medication use could cut health costs
TRENTON, N.J. (AP) -- If doctors and patients used prescription drugs more wisely, they could save the U.S. health care system at least $213 billion a year, by reducing medication overuse, underuse and other flaws in care that cause complications and longer, more-expensive treatments, researchers conclude....

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Fed suggests it's closer to slowing bond purchases

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Thailand cuts rice subsidy price after $4.4B loss

Best Buy recalls batteries over fire risk

Text of the Federal Reserve's statement Wednesday


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