Latest Business News

Asian stocks take breather from trade tension; markets mixed

Jun. 19, 2018 11:26 PM EDT

SINGAPORE (AP) — Asian markets were mixed on Wednesday as traders sidelined tariffs that the U.S. and China have threatened to impose on one another, focusing on positive housing data instead. KEEPING SCORE: Japan's benchmark Nikkei 225 index rose less than 0.1 percent to 22,287.42 and South Korea's Kospi...

South Korean crypto exchange loses $31 million from hack

Jun. 19, 2018 11:18 PM EDT

SEOUL, South Korea (AP) — A leading South Korean cryptocurrency exchange says $31 million worth of virtual currencies have been stolen by hackers. Bithumb, South Korea's second-largest exchange, said cyberattacks from late Tuesday night to Wednesday morning led to the loss of 35 billion won worth of...

Survey: Companies in China feel pressure to give up tech

Jun. 19, 2018 10:39 PM EDT

BEIJING (AP) — One in five foreign companies in China feels compelled to hand over technology for market access, a business group said Wednesday, highlighting a key irritant in an escalating U.S.-Chinese trade dispute. The European Union Chamber of Commerce in China's report follows President Donald...

Honolulu mayor vetoes bill to limit Uber, Lyft 'surge' fares

Jun. 19, 2018 9:49 PM EDT

HONOLULU (AP) — Honolulu's mayor has vetoed a bill aimed at setting limits for what ride-hailing services such as Uber and Lyft can charge during peak demand. Mayor Kirk Caldwell said Tuesday he wants to see new technology blend with old. The bill sought to prevent "surge pricing" rates getting higher than...

Washington, D.C., passes ballot initiative that would eliminate 2-tiered minimum wage for tipped employees

Jun. 19, 2018 9:38 PM EDT
WASHINGTON (AP) — Washington, D.C., passes ballot initiative that would eliminate 2-tiered minimum wage for tipped employees.

California lawmakers move closer to regional electric grid

Jun. 19, 2018 9:19 PM EDT

SACRAMENTO, Calif. (AP) — A contentious proposal to link oversight of California's electric grid with other states in the U.S. West narrowly cleared a legislative hurdle Tuesday, keeping alive a proposal that has divided environmentalists over the best way to expand renewable energy. The proposal, backed...

After query, Ross shorted stock in Kremlin-tied firm: report

Jun. 19, 2018 9:14 PM EDT

WASHINGTON (AP) — Commerce Secretary Wilbur Ross made a trade betting that the stock in a shipping company with Russian-government ties would fall, a transaction coming just days after he learned of a possible negative news story about his investment in the company. Ross reported on a government form...

Mobile carriers cut off flow of location data to brokers

Jun. 19, 2018 9:04 PM EDT

Verizon, AT&T, Sprint and T-Mobile have pledged to stop providing information on U.S. phone owners' locations to data brokers, stepping back from a business practice that has drawn criticism for endangering privacy. The data has apparently allowed outside companies to pinpoint the location of wireless devices...

Starbucks to accelerate store closings next year

Jun. 19, 2018 8:17 PM EDT

NEW YORK (AP) — Starbucks says it will accelerate its store closings in the U.S. next year as it tries to boost sluggish sales. The Seattle-based company announced Tuesday that it will close 150 underperforming stores in heavily penetrated markets, up from the usual rate of 50 closings a year. The company...

At least 3 withdraw from Business Council of Alabama

Jun. 19, 2018 8:07 PM EDT

MONTGOMERY, Ala. (AP) — A day after Alabama's largest electrical utility quit a business group that tries to influence policy and politics in Montgomery, two other companies confirmed they've also departed. Regions Bank and PowerSouth Energy Cooperative announced they've also exited the Business Council of...