Business News

Business FTC: Skechers deceived consumers with shoe ads (Video)

By JENNIFER C. KERR,Associated Press Published: May 16, 2012 at 10:49 AM PDT Last Updated: May 16, 2012 at 6:35 PM PDT

The government wants you to know that simply sporting a pair of Skechers' fitness shoes is not going to get you Kim Kardashian's curves or Brooke Burke's toned tush.

Business Key Republican: JPMorgan $2 billion loss raises questions

By MARCY GORDON,AP Business WriterScott Sistek Published: May 16, 2012 at 10:46 AM PDT

A key House Republican on Wednesday said that the $2 billion trading loss at JPMorgan Chase raises critical questions about how banks control their risks. But Republican lawmakers rejected calls from Democrats for stricter oversight of Wall Street.

Business Housing starts rose to 717,000 in April

By CHRISTOPHER S. RUGABER,AP Economics Writer Published: May 16, 2012 at 10:56 AM PDT

U.S. builders started work on more homes and apartments last month and requested more permits to build single-family homes. The increases suggest the battered housing market is healing.

Business Avoiding marriage's No. 1 pitfall: money troubles

By ALEX VEIGA,AP Business Writer Published: May 16, 2012 at 11:01 AM PDT

Newlyweds and couples moving toward marriage, take note. Love, as it turns out, is not all you need. Not if your goal is to avoid the No. 1 reason marriages end in divorce: Money problems.

Business Target's 1st quarter profits up 1.2 percent

By ANNE D'INNOCENZIO AP Retail Writer Published: May 16, 2012 at 10:41 AM PDT

Target Corp. raised its profit outlook Wednesday after reporting better-than-expected first-quarter results that were boosted by increased spending on food and cheap chic fashions.

Business JC Penney has 1Q loss as new pricing repels shoppers

By MAE ANDERSON & ANNE D'INNOCENZIO,AP Retail Writers Published: May 15, 2012 at 3:13 PM PDT Last Updated: May 16, 2012 at 9:36 AM PDT

Turns out, J.C. Penney shoppers don't prefer predictable pricing over blockbuster bargains - at least not yet.

Business Facebook IPO: Who is selling stock?

By Associated Press Published: May 15, 2012 at 9:01 AM PDT

Facebook is selling 180 million of its shares in its initial public offering. Another 157 million are coming from existing stockholders, including the company's earliest investors and CEO Mark Zuckerberg, who's selling some of his stock to cover tax obligations.

Business Geithner: JPMorgan loss shows need for tough rules

By ANDREW TAYLOR Associated Press Published: May 15, 2012 at 8:56 AM PDT

Treasury Secretary Tim Geithner said Tuesday that the recent $2 billion trading loss by JPMorgan "helps make the case" for tougher rules on financial institutions, as regulators continue to implement the 2010 law aimed at policing Wall Street.

Business U.S. companies are adding more slowly to stockpiles

By MARTIN CRUTSINGER AP Economics Writer Published: May 15, 2012 at 8:55 AM PDT

Companies' inventories rose 0.3 percent in March, the Commerce Department said Tuesday. It was the smallest increase since November.

Business Congress moves to reauthorize Export-Import Bank

By JIM ABRAMS Associated Press Published: May 15, 2012 at 8:55 AM PDT

Legislation to renew the charter of the Export-Import Bank appeared headed for approval by Congress Tuesday after months of debate over the role of the independent federal agency in aiding American exporters.

Business American Airlines ground workers split on contract

By DAVID KOENIG AP Airlines Writer Published: May 15, 2012 at 8:54 AM PDT

American Airlines ground workers split over the company's final contract offer that would spare some jobs targeted for elimination.

Business Groupon reports smaller 1Q loss, higher revenue

By Associated Press Published: May 14, 2012 at 2:45 PM PDT

Online deals company Groupon is reporting a smaller net loss and sharply higher revenue for the first quarter, helped by increased demand from a growing customer base.

Business JPMorgan exec becomes first casualty of bad trade

By Kevin CotlovePALLAVI GOGOI AP Business Writer Published: May 14, 2012 at 9:52 AM PDT

The executive responsible for trading strategy at JPMorgan Chase, one of the highest-ranking women in Wall Street, on Monday became the first casualty of the bank's stunning $2 billion loss.

Business High court nixes appeals over shipwreck treasure

By Associated Press Published: May 14, 2012 at 9:47 AM PDT

The Supreme Court has again steered clear of an international dispute over the treasure salvaged from a 19th century shipwreck.

Business Coca-Cola tries again with mid-calorie sodas

By Associated Press Published: May 14, 2012 at 9:49 AM PDT

The Coca-Cola Co. is trying mid-calorie sodas again with its Sprite and Fanta. A spokesman for the Atlanta-based company says the drinks will be tested in only four markets for a limited time.

Business Best Buy Chairman steps down after CEO probe

By Associated Press Published: May 14, 2012 at 9:48 AM PDT

Best Buy said Monday its founder Richard Schulze is stepping down as chairman after an investigation found that he knew that the CEO was having a relationship with a female employee and failed to alert the audit committee.