Business News

Business China's clout on show with BRICS bank formation
A developing nation version of the World Bank was formally agreed this week two years after India proposed the idea to Brazil, Russia, China and South Africa. Yet even as the five governments hailed its formation, there were questions about whether four of them might simply be paying to move from U.S. financial hegemony to dominance by another economic superpower: China.
Business US home construction drops 9.3 percent in June US home construction drops 9.3 percent in June
U.S. home construction fell in June to the slowest pace in nine months, a setback to hopes that housing is regaining momentum and will boost economic growth this year.
Business Fiat denies merger talks with VW Fiat denies merger talks with VW
Italian automaker Fiat and its main shareholder denied on Thursday a media report that the company is in merger talks with rival Volkswagen. The German carmaker also said it had no plans for mergers or acquisitions.
Business Senators call on GM CEO to fire top lawyer Senators call on GM CEO to fire top lawyer
Lawmakers on Thursday demanded General Motors fire its chief lawyer and open its compensation plan to more potential victims as a Senate subcommittee delved deeper into GM's mishandling of the recall of small cars with defective ignition switches
Business Microsoft cutting 18,000 jobs, signals new path Microsoft cutting 18,000 jobs, signals new path(Video)
Microsoft announced the biggest layoffs in its history Thursday, saying it will cut up to 18,000 jobs or 14 percent of its staff as it works to cut down on management layers and integrate the Nokia cellphone business it bought in April.
Business Kern water officials ponder enforcement of fines for waste Kern water officials ponder enforcement of fines for waste(Video)
California water regulators on Tuesday approved fines up to $500 a day for residents who waste water on lawns, landscaping and car washing. Now, Bakersfield and Kern County officials trying to decide if and how the penalties will be implemented in their area.