Top Stories

  • Facebook anticipates an FTC privacy fine of up to $5 billion
    Updated: 04/24/2019 7:15 PM

    SAN FRANCISCO (AP) — Facebook said it expects a fine of up to $5 billion from the Federal Trade Commission, which is investigating whether the social network violated its users' privacy. The company set aside $3 billion in its quarterly earnings report Wednesday as a contingency against the possible penalty but noted that the "matter remains unresolved." The one-time charge slashed Facebook's first-quarter net income considerably, although revenue grew by 25% in the period. The FTC has been looking into whether Facebook broke its own 2011 agreement promising to protect user privacy.
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  • White House voices support for embattled Fed choice
    Updated: 04/24/2019 6:53 PM

    WASHINGTON (AP) — A senior White House official expressed support Wednesday for one of President Trump's picks for the Federal Reserve board, Stephen Moore, two days after a second choice withdrew from consideration. "We continue to back Stephen Moore," Larry Kudlow, director of the president's National Economic Council, told reporters at the White House. "He's in the process, being vetted by the FBI and so forth, and if he gets through that we will nominate formally." Kudlow's comments come after two days of revelations about provocative articles Moore has written about women for various conservative publications.
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  • Occidental tries to outbid Chevron for Anadarko Petroleum
    Updated: 04/24/2019 6:17 PM

    NEW YORK (AP) — A bidding war is breaking out over Anadarko Petroleum, with Occidental making an offer that it says is about a 20% premium to Chevron's deal announced earlier this month, a rare move not often seen in the U.S. oil industry. Houston-based Occidental Petroleum Corp. said the proposed combination would bolster its position in the Permian Basin in Texas and New Mexico, where it is already the largest oil producer. "We have been focused on Anadarko for several years because we have long believed that we are ideally positioned to generate compelling value from a combination with them," Occidental President and CEO Vicki Hollub said in a statement.
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  • US stock indexes finish slightly lower a day after record
    Updated: 04/24/2019 5:03 PM

    U.S. stocks closed slightly lower Wednesday as the market gave back some of its gains a day after the S&P 500 and Nasdaq hit record highs. Energy stocks led the modest slide as crude oil prices fell after a three-day rally. Communications companies also helped pull the market lower, offsetting gains in real estate and other sectors. Bond prices rose as traders took a more defensive approach. Stocks wavered between small gains and losses through much of the day as investors continued to wade through a steady flow of corporate earnings.
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  • Boeing's troubled jet is costing $1 billion to fix so far
    Updated: 04/24/2019 4:59 PM

    Boeing is already estimating a $1 billion increase in costs related to its troubled 737 Max and has pulled its forecast of 2019 earnings because of uncertainty surrounding the jetliner, which remains grounded after two crashes that killed 346 people. The $1 billion figure is a conservative starting point. It covers increased production costs over the next few years but does not include the company's spending to fix software implicated in the crashes, additional pilot training, payments to airlines for grounded jets, or compensation for families of the dead passengers.
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  • Rehab patients' unpaid work for big companies likely illegal
    Updated: 04/24/2019 1:15 PM

    A nationally renowned drug rehab program in Texas and Louisiana has sent patients struggling with addiction to work for free for some of the biggest companies in America, likely in violation of federal labor law. The Cenikor Foundation has dispatched tens of thousands of patients to work without pay at more than 300 for-profit companies over the years. In the name of rehabilitation, patients have moved boxes in a sweltering warehouse for Walmart, built an oil platform for Shell and worked at an Exxon refinery along the Mississippi River.
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  • Conservatives reject move to topple PM Theresa May, for now
    Updated: 04/24/2019 12:58 PM

    LONDON (AP) — British Prime Minister Theresa May's job is safe, for now, after Conservative lawmakers decided against enabling a new challenge to her leadership. Graham Brady, chairman of a powerful party rules committee, said Wednesday the body had decided not to change the rule that a party leader can only face one no-confidence vote in a year. Pro-Brexit Conservatives are angry with May's failure to take Britain out of the European Union, almost three years after voters backed leaving. They want her replaced with a more staunchly pro-Brexit leader.
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  • Wall Street keeps hitting records. What do investors do now?
    Updated: 04/24/2019 12:30 PM

    The S&P 500 just hit an all-time high, recovering from last year's dramatic plunge. The economy seems to be on fairly solid footing, still it's anyone's guess what happens next for the stock market. So what does this mean for the average investor? Here are answers to some questions about where stocks stand and what Wall Street experts think you should do next: Q. The S&P is at an all-time high, should I be euphoric? A. No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market.
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  • Correction: Zinke-Gold Mining Job story
    Updated: 04/24/2019 12:28 PM

    BILLINGS, Mont. (AP) — In an April 16 article on former Interior Secretary Ryan Zinke taking a job with U.S. Gold Corp., The Associated Press erroneously reported that Zinke would receive up to $120,000 a year in expenses related to his consulting contract, citing a company filing with the U.S. Securities and Exchange Commission. Zinke's consulting contract, also on file with the SEC, specifies that the maximum $120,000 total includes both expenses and $90,000 in consulting fees, paid in cash and stock.
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  • Parent? Boss? Business owners who hire their teens are both
    Updated: 04/24/2019 12:09 PM

    NEW YORK (AP) — When Susie Carder gave her daughter Amanda a summer job in her business coaching company, the teenager knew office gossip was forbidden. On Amanda's second day, Carder caught her in the break room, complaining — Carder describes it as talking smack — about how little her mother was paying her. "I said, 'excuse me, you're not happy with the amount of money you're making?' She said no. I said, 'OK, well I guess you should find somewhere else to work that will pay you what you deserve!'" says Carder, whose company that bears her name is based in San Diego.
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