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Labor issues to pressure McDonald's despite pay bump

Thu, 04/02/2015 - 14:55
A pay bump for workers at some McDonald's restaurants isn't likely to ease the pressures the chain is facing over labor issues. McDonald's said Wednesday it would raise wages for workers at its company-owned ...
Categories: Business

Live: Wall St.'s April showers; Lumber Liquidators' pop; McDonald's pay raise

Thu, 04/02/2015 - 12:55
Join Market Movers live now for the latest premarket headlines.
Categories: Business

AP Exclusive: Airbnb to Cuba in major US business expansion

Thu, 04/02/2015 - 12:54
The popular online home-rental service Airbnb will allow American travelers to book lodging in Cuba starting Thursday in the most significant U.S. business expansion on the island since the declaration ...
Categories: Business

Futures, dollar weaken before jobs data as oil falls

Thu, 04/02/2015 - 10:55
U.S. equity-index futures dropped with the dollar as investors await U.S. jobs data. Emerging-market stocks climbed to a four-week high, while oil declined as Iran and world powers extended talks into an eighth day.
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EU regulators probe Apple's music streaming plans in Europe: FT

Thu, 04/02/2015 - 10:55
The commission has sought details from several music labels and digital streaming companies on their agreements with Apple, as the iPhone maker gears up to launch its own music streaming service this summer, the report said. The Commission is concerned that Apple would use it size, influence and relationships to get music labels to abandon rivals like Spotify, which rely on licensing with music companies for their catalogue, the FT said.
Categories: Business

Big bank brokers use decoys, spy tactics to go alone

Thu, 04/02/2015 - 10:54
Secret contracts, covert real-estate deals, scurrying around after nightfall to avoid detection: this is how far big-bank brokers are prepared to go when they plan to go independent. The Botkin Group, a team of brokers in Pittsburgh who produced $1.6 million in revenue last year for Morgan Stanley, went so far as to require non-disclosure agreements from contractors who made new signs, installed phones and delivered furniture to their new office. "We felt like we worked for the CIA," said Lester H. Botkin, 35, the youngest of the group, which also includes his father, Lester P. Botkin, 63, sister, Sara Botkin, 37, and one client service associate. They represent growing numbers of brokers who are leaving big bank brokerages, such as Morgan Stanley, Bank of America's Merrill Lynch, Wells Fargo Advisors and UBS Group AG to branch out on their own.
Categories: Business

China knocking on door of IMF's major league, U.S. wavers

Thu, 04/02/2015 - 10:54
China is closer to joining the major league of reserve currencies with a deal possible later this year to include the yuan in the International Monetary Fund's unit of account, international finance officials say. U.S. Treasury Secretary Jack Lew said after a visit to Beijing this week the yuan was not yet ready to join the virtual currency that defines the value of the IMF's reserves, used for lending to countries in financial difficulty. Beijing has made strides this year in introducing the infrastructure needed to float it freely on global capital markets. Japan, like the United States, is more cautious, the officials said.
Categories: Business

Pfizer to shutter vaccines sales business in China

Thu, 04/02/2015 - 08:55
U.S. drugmaker Pfizer Inc (PFE.N) said on Thursday it will cease its vaccines sales operations in China after an import license for one of its top-selling treatments, the only vaccine it sold in the country, was not renewed. A Pfizer spokeswoman declined to say why the Chinese import license for Prevenar, an anti-bacterial treatment, had not been renewed. The China Food and Drug Administration regulatory agency could not immediately be reached for comment. The move comes as drugmakers face growing difficulties obtaining approvals for medicines in China, the world's No. 2 drug market, where pharmaceutical executives say over-stretched regulators have added more red tape to the process of bringing drugs to market.
Categories: Business

McDonald's raising average worker wage to about $10 an hour

Thu, 04/02/2015 - 08:55
McDonald's Corp (MCD.N) plans to raise the average pay of about 90,000 U.S. workers to around $10 an hour, but the increase will not benefit workers at the vast majority of the restaurants, because they are operated by franchisees, who make their own wage decisions. Workers groups said the move by McDonald's, which is also adding benefits such as paid vacations, fell short of their goals. McDonald's, which announced the increases on Wednesday, has been fighting weak traffic and slumping sales in the United States. Starting wages at the restaurants will move to $1 above the locally mandated minimum wage.
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JPMorgan Chase on track to pay $9 billion to homeowners as part of settlement

Thu, 04/02/2015 - 08:55
JPMorgan Chase & Co (JPM.N) is on track to meet its mandate to provide billions of dollars in consumer relief to struggling homeowners as part of a settlement it reached over bad residential mortgage-backed securities it sold before the financial crisis, an independent monitor said on Thursday. Joseph Smith, the monitor overseeing the settlement the largest U.S. bank reached in 2013 with the federal government and five states, credited Chase $2.2 billion out of the $4 billion goal it is required to provide to consumers by 2017. Chase, JPMorgan's brand for consumer loans, must also pay $9 billion in cash, totaling a $13 billion settlement.
Categories: Business

China Internet authority denounces Google certificate rejection

Thu, 04/02/2015 - 08:55
A Chinese Internet regulator on Thursday slammed as "unacceptable" a decision by Google Inc to no longer recognize its certificates of trust, a move which could deter Chrome browser users accessing sites approved by the authority. Google said on its official security blog on Wednesday that it would no longer recognize the China Internet Network Information Center (CNNIC) certificate authorities, following a joint investigation between the company and CNNIC into a potential security lapse last month. It was not immediately clear how many websites CNNIC has certified and could yield warning messages. CNNIC, which plays a central role in administering China's Internet by allocating and certifying IP addresses and web domain names, urged Google to consider user rights and interests.
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GM says Korea labor costs have surged, but has no plans to exit

Thu, 04/02/2015 - 08:55
General Motors Co (GM) (GM.N) on Thursday said its labor costs have risen nearly 50 percent over the past five years in South Korea, where it makes nearly one-fifth of its global output, but that it does not plan to shut any of its four plants there. GM earlier this year said it plans to end production in Indonesia and cut operations in Thailand as part of broader restructuring. GM classifies South Korea, the world's No.5 carmaker, as one of its "high-cost" countries, Rocha said.
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GoDaddy shares soar in debut as investors buy into revamp

Thu, 04/02/2015 - 08:54
Founded 18 years ago by Bob Parsons, GoDaddy is hardly a technology start-up, yet investors snapped up its shares in the first day of trading, betting the company can grow further by providing tools to small businesses. "Even though GoDaddy is almost 20 years old, it's a growth company and it's cash flow-positive, which is what investors are interested in," said Jackie Kelley, global and Americas IPO leader for Ernst & Young.
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Bank of America at center stage in U.S. top court bankruptcy case

Thu, 04/02/2015 - 06:54
As the U.S. Supreme Court on Wednesday considered the case of a Massachusetts homeowner battling his mortgage lender over a bankruptcy plan, several justices focused their attention on his unlikely ally: Bank of America Corp. Bank of America, one of the largest U.S. banks, filed a friend-of-the-court brief in support of Louis Bullard, who owes community bank Blue Hills Bancorp Inc $387,000 for the mortgage on a property in the town of Randolph. During a one-hour oral argument on the technical issue of whether Bullard can appeal a bankruptcy judge's rejection of his proposed bankruptcy plan, some justices wondered why Bank of America, as a major creditor, would support a debtor. Bank of America originated more than $80 billion in mortgage loans in 2014.
Categories: Business

Ukraine signs new three-month deal to buy Russian gas: energy ministry

Thu, 04/02/2015 - 04:55
Ukraine has signed a new agreement to buy Russian gas over the next three months at $248 per thousand cubic meters, the Ukrainian energy ministry said in a statement on Thursday. Apart from the price, the agreement extended all the other terms of the 'winter package' which has just lapsed between Ukraine's state gas concern Naftogaz and Russia's gas giant Gazprom (GAZP.MM), the statement said. The agreement represented a "victory" for an economic approach to relations between Naftogaz and Gazprom over a political one, Energy Minister Volodymyr Demchyshyn was quoted as saying on the energy ministry's website.
Categories: Business

Morgan Stanley boosts CEO pay to $16 million in 2014: filing

Thu, 04/02/2015 - 04:55
Morgan Stanley's board boosted Chairman and Chief Executive James Gorman's compensation by one-third last year, saying the bank's performance was "strong" but had "room for continued progress," according to its proxy filing on Wednesday. Using another calculation set by the U.S. Securities and Exchange Commission which includes restricted awards from prior years and perks, Gorman received $23.3 million in 2014, up from $14.4 million the prior year. It bases Gorman's pay on how well Morgan Stanley achieved objectives from shareholder returns to cost cutting. Colm Kelleher, one of two top business executives under Gorman who oversees trading and investment banking, received a special $2 million bonus last year.
Categories: Business

U.S. auto sales demand begins to thaw in March

Thu, 04/02/2015 - 04:55
U.S. consumer demand for new vehicles began to thaw in March, especially for luxury cars and big trucks, but not every carmaker participated in the uptick. New-vehicle sales rose 0.6 percent from a year ago, to 1,545,802 vehicles, industry consultant Autodata Corp said. Among the strong performers were Toyota Motor Corp , Hyundai Motor Co , Kia Motors Corp and Audi (VOWG_p.DE). Last month's sales were driven in part by German and Japanese luxury brands, as well as by a strong appetite for big trucks and SUVs from Detroit manufacturers.
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U.S. says HSBC must do more to improve compliance

Thu, 04/02/2015 - 04:54
HSBC Holdings Plc is making progress toward cleaning up its operations, after reaching a $1.92 billion settlement of charges related to money laundering, but has not done enough, the U.S. Department of Justice said on Wednesday. The government made its criticisms after reviewing findings of an independent monitor, Michael Cherkasky, who was appointed in connection with HSBC's so-called deferred prosecution agreement with U.S. authorities.
Categories: Business

Cramer: Oil patch is ready for buyers again

Thu, 04/02/2015 - 02:55
CNBC's Jim Cramer makes a call for investors to snap up these stocks in the oil patch.
Categories: Business

Tepid U.S. jobs, factory data spark worries over Q1 growth

Thu, 04/02/2015 - 02:55
A batch of concerning data on the U.S. manufacturing and construction sectors, coupled with a weaker-than-expected reading on private-sector employment, are igniting worries about how much the economy grew last quarter.
Categories: Business