Business News

Jul 24, 5:47 PM EDT

Business Highlights


In Google vs. the EU, a $2.7B fine could just be the start

SAN FRANCISCO (AP) - Google parent Alphabet Inc. booked a $2.7 billion fine against its quarterly earnings based on a ruling by European antitrust authorities. Although the search giant can shrug off the cost, doubts linger about its ability to operate freely on the continent going forward.


Fed will likely focus on low inflation but leave rates alone

WASHINGTON (AP) - Low inflation will likely be a key discussion point when the Federal Reserve holds its latest policy meeting. The Fed has raised its benchmark interest rate twice this year, but no one expects another rate hike when its meeting ends Wednesday. And unless inflation picks up, some analysts foresee no further increase this year.


Yes, you can buy happiness - if you spend it to save time

WASHINGTON (AP) - New research shows that you can buy happiness if you spend some of that cash on buying yourself some free time. Scientists surveyed more than 6,000 people in four countries and found they were a little bit happier when they used money to save themselves time. That includes things like housekeeping and grocery delivery services.


U.S. stock indexes mixed ahead of busy earnings week

NEW YORK (AP) - Stocks mostly fell on Monday, and broad indexes pulled back modestly ahead of a busy week of corporate earnings reports and a meeting of the Federal Reserve. Technology stocks, though, added to their big gains for the year and helped push the Nasdaq composite to another record.


U.S. maker of panels in London fire: Others install them

ATLANTA (AP) - The leader of a company that manufactured panels on a London apartment tower where at least 80 people perished in a fire says the firm quit supplying it for high-rises because it doesn't control how the material is installed. Arconic CEO David Hess says the company continues to cooperate with investigators after the June 14 inferno at Grenfell Tower. Hess say others, such as architects and contractors, are responsible for ensuring that cladding complies with regulations.


Health officials: Norovirus likely caused Chipotle illnesses

NEW YORK (AP) - Health officials say norovirus was likely the cause of the reported illnesses that temporarily shut a Chipotle last week. The store reopened after sanitization last Wednesday and officials say they're not aware of any customers becoming ill since then. They say 135 individuals have reported becoming ill. Norovirus is a leading cause of illnesses from contaminated food.


US home sales fell in June; would-be buyers can't find homes

WASHINGTON (AP) - Homebuyers faced surging prices and a shrinking number of properties for sale in June - causing the pace of purchases of existing homes to fall. The National Association of Realtors says sales of existing homes slipped 1.8 percent last month to a seasonally adjusted annual rate of 5.52 million. Sales levels have been nearly flat for the past year, a sign that the housing market may be stalling amid the pressures of fewer listings and higher prices.


Greece readies first foray into bond markets in 3 years

ATHENS, Greece (AP) - Greece is poised to tap international bond markets for the first time in three years in a move the government hopes will signal that the country is ready to its exit its bailout era. In an announcement Monday, the country said it had hired six global banks to manage the five-year bond issue on Tuesday.


Grab builds out war chest in a fight for car-share dominance

JAKARTA, Indonesia (AP) - The taxi app Grab has been given an additional $2 billion in financing, revealing the competition among car services in Asia that have forced companies like Uber to take a back seat to rivals with deep pockets. The latest round of funding comes from Japan's Softbank and China's top ride-hailing firm Didi Chuxing. Grab said Monday that it expects another $500 million will come from other existing and new investors.


Europe concerned at impact of U.S. energy sanctions on Russia

BRUSSELS (AP) - European Union officials are "activating all diplomatic channels" to press home their concerns that looming U.S. energy sanctions against Russia could impact Europe's energy supplies. U.S. lawmakers are scheduled to consider the sanctions package as early as Tuesday, and the bill could be sent to President Donald Trump before Congress breaks for the August recess.


The Standard & Poor's 500 lost 2.63 points, or 0.1 percent, to 2,469.91 after nine of the 11 sectors that make up the index logged losses. The Dow Jones industrial average fell 66.90 points, or 0.3 percent, to 21,513.17. The Nasdaq composite rose 23.05 points, or 0.4 percent, to 6,410.81.

Benchmark U.S. crude rose 57 cents, or 1.2 percent, to $46.34 per barrel. Brent crude, the standard for international oil prices, rose 54 cents, or 1.1 percent, to $48.60 a barrel. Natural gas fell 7 cents to $2.90 per 1,000 cubic feet. Wholesale gasoline slipped a penny to $1.56 a gallon and heating oil was nearly flat at $1.52 a gallon.

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