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Senate Approves Trade Bill in Victory for Obama

48 Republicans supported the measure, but only 14 Democrats voted for it

(WASHINGTON)—In a victory for President Barack Obama, the Senate passed bipartisan legislation Friday night to strengthen the administration’s hand in global trade talks, clearing the way for a highly unpredictable summer …

Barack Obama

Automakers to reveal models covered by wider air bag recall

DETROIT (AP) — Eleven automakers are expected next week to reveal which models are being added to a massive recall of air bags made by Takata Corp.

On Tuesday, the U.S. National Highway Traffic Safety Administration announced a deal with Takata to declare millions of its air bag inflators defective …

Airbags

Justice Department finds criminal wrongdoing in GM ignition switch defect: NYT

WASHINGTON (Reuters) - U.S. Justice Department investigators have identified criminal wrongdoing in General Motors Co's

failure to disclose a defective ignition switch, and they are negotiating what is expected to be a record penalty, the New York Times reported on Friday.

Citing people briefed on …

U.S. Justice Department

Yellen: US rates could go up 'at some point this year'

The chair of the US Federal Reserve, Janet Yellen, said she expects the central bank to begin raising interest rates "at some point this year".

She said delaying the long-awaited move would pose risks to the economy.

The US economy is likely to recover from a slow start to this year and if it does, …

Janet Yellen

IMF rules out 'quick and dirty' Greek deal as Juncker warns of Grexit 'indignity'

Late night talks yield no deal for Greece as Germany's finance minister reportedly touts parallel currency plan

An agreement over Greece's eurozone future continued to elude European leaders, as late night talks failed to bridge the gap between Athens' Leftist government and its creditor …

Greece

Warren Buffett: $15 minimum wage will hurt the working class

The billionaire argues that we should help low-wage workers by investing in education instead.

Warren Buffett is a favorite of the American left for his support of such policies as higher taxes on the rich and healthcare reform.

But advocates for workers rights may be a little less pleased with the …

Warren Buffett

Cancer charities accused of spending $187 million in donations on dating sites, trips to Disney

Money went to vacations and dating sites instead of cancer patients.

The defendants spent less than 3% of the donated funds on cancer patients

Federal regulators accused four cancer charities Tuesday of spending more than $187 million in donations not to help patients, but on cars, luxury cruises and …

Walt Disney Company

McDonald's Shareholders OK Dirctor-Nomination Rules

McDonald's Corp shareholders on Thursday approved a proposal that would make it easier to nominate directors to the board of the fast-food chain, which is in turnaround mode after losing customers and sales to competition and after internal missteps.

Investor support for such new director nomination …

New York

West Coast dockworkers approve new labor contract

West Coast dockworkers ratified a labor contract Friday covering 29 ports, ending a year-long process for a new deal that erupted into labor strife on the docks.

The new contract, which the union and shipping companies started negotiating last May, will expire in July 2019. Members of the …

Shipping

Can Gilead keep growing without a big deal?

Investors have been punishing the biotech giant for sitting out a recent M&A frenzy. That’s made the stock look enticingly cheap.

Gilead Sciences GILD has been good to Susan Kempler. Her $5 billion TIAA-CREF Growth & Income Fund bought the stock in 2011, the day after Gilead acquired Pharmasset, a …

Gilead

China-Taiwan talks seek to maintain momentum for closer ties

TAIPEI, Taiwan (AP) — Negotiators from Taiwan and China met Saturday for talks in an attempt to maintain momentum for the forging of closer ties in the face of a skeptical Taiwanese public.

The talks resulted in no firm agreements but underscored Taiwanese President Ma Ying-jeou's determination to …

Asia

Here's what getting £578 million wiped off your company's value looks like

It's been a tough week for Plus500.

The trading company, which lets people place bets on stock and currency markets through something called a contract for difference, has had £578 million ($896 million) wiped off it's value in just the last week after a hellish 66% share price fall in five …

Investing

Why many experts missed this: Cheap oil can hurt US economy

WASHINGTON (AP) — If there was one thing most economists agreed on at the start of the year, it was this: Plunging oil prices would boost the U.S. economy.

It hasn't worked out that way.

The economy is thought to have shrunk in the January-March quarter and may barely grow for the first half of 2015 …

Economics

U.S. bird flu causes egg shortage, emergency measures

CHICAGO/NEW YORK (Reuters) - As a virulent avian influenza outbreak continues to spread across the Midwestern United States, some egg-dependent companies are contemplating drastic steps - importing eggs from overseas or looking to egg alternatives.

A spokeswoman for Archer Daniels Midland Co said …

Viruses

Hidden Resort Fees Can Add Up Fast

Up to $30 a night -- or more!

As you shop for vacation destinations, be on the lookout for costly resort fees. Resort fees are separate fees added on top of your nightly rate to cover certain amenities that the hotel provides. Resort fees are typically automatically added onto your bill, whether or …

North America Travel

At Indy 500, it's a showdown between Honda, Chevrolet engines

At Sunday's 99th running of the Indianapolis 500, half the engines circling the track at nearly 200 mph will have come from a small factory in the Santa Clarita hills.

That's where Honda engineers prepared for their showdown with Chevrolet, which supplies the other half of the engines for this …

Honda

Takata Air Bag Recall Could Take Years

The recall of Takata airbags this week was the largest automotive recall in U.S. history. NPR's Scott Simon talks to correspondent Sonari Glinton about how and when companies announce a recall.

Airbags

Five global banks just proved that no one can stop Wall Street from breaking the law

This week, five Wall Street banks pleaded guilty to felony charges related to interest rate rigging and foreign exchange manipulation.

The guilty pleas mean the banks are literally felons, and it's a distinct shift in the way law enforcement has dealt with Wall Street in the past.

Lawsuits and legal …

Wall Street

Democrats see skimpy insurance as the next health care issue

WASHINGTON (AP) — A different health care issue has emerged for Democrats, in sync with the party's pitch to workers and middle-class voters ahead of next year's elections.

It's not the uninsured, but rather the problem of high out-of-pocket costs for people already covered.

Democrats call it …

Insurance

Yellen Sticks To Forecast Of Rate Hike This Year, Followed By Gradual Moves

WASHINGTON – The Federal Reserve will likely raise interest rates this year, if the economy improves as expected, and the pace of future hikes will be gradual, Federal Reserve Chairwoman Janet Yellen said Friday. Her comments essentially stick to the message she has sent since the beginning of the …

Federal Reserve

Now it’s tougher to get a reverse mortgage

New federal rules that kicked in last month may make it harder for some people to qualify for reverse mortgages.New rules will make applicants prove they’re good risksThis article is reprinted by permission from NextAvenue.org.New federal rules that kicked in last month may make it harder for some …

Mortgages

What not to buy this Memorial Day

When it comes to annual sales, most people know Memorial Day weekend is packed full of deals. But if you're in the market for certain items, you'd probably be better off cooking on the grill or lounging by the pool instead of hitting the stores.

Here are five things you shouldn't buy this Memorial …

Memorial Day

Philippines backs support for small enterprises at APEC meet

MANILA, Philippines (AP) — The Philippines' top trade official on Saturday called for support for the integration of micro, small and medium enterprises in global trade, which he said would help reduce poverty and inequality in the Asia-Pacific region.

Trade has been a powerful growth engine in the …

Philippines

F1 Overtakes Premier League Soccer With 130% Boost In Prize Money

Formula One auto racing teams have received a bigger boost to their prize money over the past seven years than the clubs in Premier League soccer according to a new investigation.

The news comes on the eve of F1′s Monaco Grand Prix which is renowned for glitz and excess more than any other race. …

ECB's Draghi urges euro zone to unite for economic reform

ROME (Reuters) - European Central Bank President Mario Draghi has urged euro zone countries to unite in the task of reforming the bloc's economies, saying sharing sovereignty was an opportunity and not a threat.

Draghi is pushing governments not to waste the time ECB money printing has bought them. …

Economics

Bank of England admits to researching 'Brexit' risks

London (AFP) - The Bank of England revealed it is researching the economic risks of Britain leaving the European Union, just as Prime Minister David Cameron began negotiations with EU leaders ahead of a referendum on membership.

The central bank study, which could have a major impact on the debate …

United Kingdom

Another patch put in place for highway and transit funding

WASHINGTON (AP) — Congress has sent President Barack Obama a bill to keep highway and transit aid flowing to states for another two months and prevent shutdown of summer construction projects.

The Senate approved the bill by voice vote early Saturday; the measure passed the House earlier in the …

Government

South Korea seeks deeper cooperation with Japan on China-led AIIB

TOKYO (Reuters) - South Korea called on Saturday for deeper cooperation with Japan on a China-led development bank, while Japan remained cautious about the lender, which it and ally the United States have held back from joining.

A meeting between the Japanese and South Korean finance ministers was …

Japan

Thailand passes first inheritance tax to raise revenue in lackluster economy

BANGKOK (Reuters) - Thailand's military government has passed the country's first inheritance tax bill, as part of tax reforms to broaden the tax base and boost revenue in a lackluster economy.

The bill, approved by the National Legislative Assembly late on Friday, will require inheritors of assets …

Inheritance Tax

Eggs Aren’t The Only Thing That Just Got More Expensive

French fries and Egg McMuffins, we're looking at you.

More than half of American consumers say they are concerned about the bird flu outbreak, according to an NPD Group survey. And yes, there’s ample reason to fret: The virus has killed nearly 40 million birds, including 32 million hens, or about …

Eggs

Woman chains herself to Shell ship in bay north of Seattle

BELLINGHAM, Wash. (AP) — A woman has chained herself to the Arctic Challenger, a support ship for Royal Dutch Shell's exploratory oil drilling plans, Bellingham police said.

KCPQ-TV said the ship is anchored in Bellingham Bay, north of Seattle.

A police spokesman said officers talked to the ship, the …

Seattle

FAA Cheating Scandal Reaches into HR Office

The National Black Coalition of Federal Aviation Employees, NBCFAE, broke its self-imposed five month code of silence late Thursday, and denied allegations it was involved in a Federal Aviation Administration cheating scandal that now reaches into the agency’s human resources office as first …

Human Resources

These states rob from the poor and give to the rich

The federal tax code is a powerful for reducing income inequality: in general, high-earners are taxed at higher rates than low-income people, with a significant part of that money going toward programs that help the poor, like food stamps and other safety net payments.

But we don't usually think as …

Wealth

Monaco car collector profits from 'flipping' Ferraris

Pieter van Naeltwijck is no ordinary car collector.

The Monaco millionaire makes his money in real estate, but brings in a little extra by buying and selling some of the newest, most exclusive cars on the planet.

When a supercar manufacturer launches a new model, van Naeltwijck snaps it up. Limited …

Monaco

More investors think U.S. stocks are going nowhere fast

Retail investors surveyed by the American Association of Individual Investors who are neutral on stocks hit the highest level in 12 years at the same time those who are bullish fell to a more than two-year low—that could be good news for the market.

AAII survey’s neutral reading has been above 45% …

Stocks

Futures higher ahead of Yellen speech

U.S. stock futures were higher Friday, ahead of a speech by Federal Reserve Chair Janet Yellen on the outlook for the economy.

Here is where major market index futures stood ahead of the start of regular trading:

Dow: +0.1%

S&P 500: +0.01%

Nasdaq: +0.1%

Chinese stocks hit a seven-year high as investors …

Stocks

Facebook wants to build a $1B data center facility in Fort Worth, Texas

Social networking giant Facebook has submitted a proposal to build its fifth data center facility in the world, this time in Fort Worth, Texas.

Facebook has not yet announced the news. And a spokeswoman declined to comment on rumors. But local and state documents suggest it’s Facebook.

The investment …

Facebook