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Thursday, August 21, 2014, 5:25 p.m.
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Bank of America agrees to nearly $17 billion settlement

posted: 08/21/2014 11:12 a.m. Discuss

WASHINGTON — The government has reached a $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis, the Justice Department announced Thursday.

Bank penalty $17 billion

posted: 08/21/2014 4:59 a.m. Comments 4

Bank of America has reached a record $17 billion settlement to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis, officials directly familiar with the matter said Wednesday.

Target scales back 2014 forecast

posted: 08/21/2014 2:36 a.m. Comment 1

Target Corp. has reduced its financial outlook twice since Brian Cornell was named chief executive officer three weeks ago. Now the company's new leader has to show he can clear that lower bar.

Apple hits new high on rebound

posted: 08/21/2014 2:35 a.m. Discuss

Apple's stock touched a new high Wednesday, reflecting investors' renewed faith in CEO Tim Cook's ability to outwit the competition and expand the technological hit factory built by the late Steve Jobs.

Lowe's: Will buy overseas, not build

posted: 08/21/2014 2:32 a.m. Discuss

If North Carolina-based Lowe's Inc. decides to expand overseas, Chief Executive Officer Robert Niblock said the home improvement company will look to do so by buying existing firms, rather than muscling in with more Lowe's stores.

Fed signals quicker exit on stimulus

posted: 08/21/2014 2:30 a.m. Discuss

Federal Reserve officials raised the possibility that they might begin removing aggressive stimulus sooner than anticipated, as they neared agreement on an exit strategy, according to minutes of their July meeting released Wednesday.

Fired for health-program refusal, suit says

posted: 08/21/2014 2:27 a.m. Discuss

Orion Energy Systems Inc. was sued Wednesday by the U.S. Equal Employment Opportunity Commission for reportedly punishing, then firing, a worker who refused to participate in a company wellness program.

Berkshire to pay $896,000 for failing to report investment

posted: 08/21/2014 2:27 a.m. Discuss

Warren Buffett's company has agreed to an $896,000 penalty for failing to tell regulators about a December 2013 investment in wallboard maker USG Corp. beforehand.

Market report: Fed rate chatter can't slow stocks

posted: 08/21/2014 2:26 a.m. Discuss

The stock market rose for a third straight day Wednesday despite a report from the Federal Reserve that showed a growing chorus of central bank officials willing to raise interest rates sooner rather than later.

Business news in brief

posted: 08/21/2014 2:25 a.m. Discuss

Global OK'd for oil by rail; Tesoro waits Just as Global Partners LP gained approval to unload more oil from rail cars at a marine terminal in Oregon, Tesoro Corp. learned its plans for a similar project in neighboring Washington will have to wait.

Target cuts annual profit outlook

posted: 08/20/2014 11 a.m. Discuss

NEW YORK — Target Corp. slashed its annual profit outlook as the discounter continues to reel from costs related to a huge data breach, a botched expansion in Canada and sluggish sales in the U.S.

Housing starts jump 15.7% in July

posted: 08/20/2014 2:31 a.m. Discuss

Housing starts surged in July to the highest level in eight months, the Commerce Department reported Tuesday, underscoring the recent pickup in builder optimism as the U.S. residential real-estate market gains some traction.

Seasonal sales lift Home Depot quarter

posted: 08/20/2014 2:29 a.m. Discuss

The Home Depot Inc., the largest U.S. home-improvement retailer, posted a second-quarter profit Tuesday that topped analysts' estimates and raised its forecast for the year as sales of seasonal merchandise rebounded. The shares gained the most in more than a year.

July price rise slowest in 5 months

posted: 08/20/2014 2:28 a.m. Discuss

U.S. consumer prices rose in July at the slowest pace in five months, the Labor Department reported Tuesday, held back by a drop in gasoline prices.

FedEx pressed to settle charges

posted: 08/20/2014 2:26 a.m. Comment 1

Federal prosecutors are seeking to compel FedEx to settle a pending drug-trafficking case by adding money-laundering charges against the parcel shipping company, attorneys and analysts said.

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