Archive for May, 2015

Bank of America Paying $30 Million Fine for Debt Collection Methods

Bank of America is to be fined $30 million for the violation of the consumer’s protection with regard to collecting debt from military personnel. Treasury Department division, the Office of the Comptroller of the Currency made the announcement late last week of the civil penalty. BOA is the second largest bank in the U.S. and […]

Eli Lilly and AstraZeneca Testing New Combination of Cancer Drug

Eli Lilly and AstraZeneca are combining two cancer drugs in a clinical trial against tumors that are solid in the latest sign such cocktails might be what lies ahead in fighting the deadly disease. The experimental AstraZeneca antiPD-L1 immunotherapy MEDI4736 is to be tested alongside the approved medicine Cyramza by Lilly, the two companies announced […]

Cyber Attack Exposes Tax Returns at IRS

Criminals used data that was stolen to get access to prior tax returns for over 100,000 people through an application on the website of the Internal Revenue Service, said the agency on Tuesday. Using social security numbers, birth dates, street addresses and other information that was obtained elsewhere, the hackers completed a authentication process and […]

Charter Communications Closing in on Time Warner Cable Deal

Charter Communications is closing in on a deal to acquire Time Warner Cable for $55 billion that would boost the cable operator up to the rank of one of the largest pay television and broadband companies in the U.S., creating a potent rival for DirecTV and Comcast. The companies are currently holding advanced talks for […]

Richest Man in China Loses $15 Billion in An Hour

Li Hejun the richest man in China had a bad week this past week. The chairman of Hanergy the solar panel company lost over $15 billion Wednesday when company shares dropped by 47% in trading on the Hong Kong exchange in just over an hour. The company had more than $18.6 billion wiped from its […]

Jobless Claims in U.S. Increase; Average for Four Weeks at 15-Year Low

The number of people in the U.S. filing new unemployment benefit claims was slightly higher than expected during last week, but the overall trend continued suggesting that the labor market was still tightening. The jobs market has strengthened despite the economy remaining sluggish that is characterized by tepid spending by consumers as well as weak […]

TJX Increases Profit for Full Year Forecast

TJX Cos., the owners of Marshalls and TJ Maxx, the off price chains, has announced it raised its comparable sales and profit forecast, for the full year after being encouraged by more shoppers hungry for bargains and visiting their stores. Shares at the company, which reported sales and profit for the quarter that were better […]

Starbucks Employee Rants at Customer, No Longer Working

An employee at Starbucks in Queens, New York was suspended and is no longer working for the company after a video was posted on social media giant Facebook of her yelling at and berating a customer. The video starts with the employees screaming at a customer over a straw. When her customer asks to see […]

Consumer Sentiment Drops the Most in More Than Two Years

Consumer sentiment in the U.S. fell unexpectedly during May by is most in over two years as the economy was viewed by Americans in a bad light. The preliminary index of sentiment from the University of Michigan dropped from 95.9 during April to 88.6, which is its lowest since October. The decrease of 7.3 points […]

Nissan Profit Increases on Growth in Sales and Cost Cutting

Nissan Motor Company the second largest automaker in Japan said it is expecting its operating profit to increase by 15% during the current financial year, It forecasted its sales growth for vehicles in most of its regions and promised large cuts in costs. This follows strong earnings in its just ended year due to big […]

Noble Energy Acquiring Rosetta Resources in a $2 billion Deal

Noble Energy the natural gas and oil producer said it was purchasing Rosetta Resources for $2 billion, which highlights a consolidation driven by the steep fall in oil prices around the globe. The deal would give Noble an entry into Texas Permian Basin gas and oil regions and the Eagle Ford Shale field. Shareholders of […]

April Inflation in China Remained Muted

China’s inflation was muted more than expected during April and producer prices dropped for the 37th straight month, which added to concerns over growing deflationary pressure that likely will trigger further easing measures by the government. Annual consumer inflation rose 1.5% during April edging up from the 1.4% in March but well below the 1.6% […]

Jobless Claims Near Low of 15 Years

The number of people in the U.S. filing new claims for benefits for unemployment rose last week marginally, but stayed close to a low of 15-years in a sign the labor market continues to get stronger despite only moderate growth in the economy. Initial claims for benefits of state unemployment were up 3,000 to 265,000 […]

Panera Dropping 150 Artificial Ingredients

Panera Bread Co has committed to removing more that 150 artificial colors, sweeteners, preservatives and flavors from its menu before the end of 2016. This is the latest move by a large food company in response to a shift by consumers towards foods looked at as healthier and simpler. The gourmet sandwich and salad chain […]

David Goldberg dies at 47

Best known for being the husband of the COO at Facebook Sheryl Sandberg, Dave Goldberg, died Friday at the age of 47. However, few know he was royalty in Silicon Valley as well. He sold to Yahoo a music streaming company when he was just 33 and he raised over $1 billion for funding SurveyMonkey, […]

Chevron Profit Passes Expectations

Natural gas and oil producer Chevron Corp reported a drop of 43% in profit for the quarter on Friday, although its results were able to beat expectations on Wall Street as cost cutting and robust margins in refining helped to offset the strong impact of oil prices tumbling. The reliance on its refining operations were […]