Over 80 percent of California is now in extreme or exceptional drought. CNBC's Jane Wells reports UC Davis predicts this will cost the state $2.2 billion.» Read More
WASHINGTON— After spending nearly $300 million on a new computer system to handle disability claims, the Social Security Administration still can't get it to work. Six years ago, Social Security embarked on an aggressive plan to replace outdated computer systems overwhelmed by a growing flood of disability claims.
A few have forfeited their right to do business in Texas by not filing tax reports. Perry, the longest-serving governor in Texas history and a possible 2016 presidential candidate, has for several years travelled the country extolling the strength of the Texas economy and bragging about his efforts to bring new investment to the state, including the tech fund.
WEST POINT, New York— President John F. Kennedy is getting his old look back on new collectors' coins.
WASHINGTON, July 24- A U.S. lawmaker will pressure the U.S. Securities and Exchange Commission on Thursday to consider a raft of reforms, after William Ackman's aggressive efforts to take over Allergan Inc raised concerns about loose rules governing disclosure and shareholder voting.
SAN FRANCISCO, July 23- Federal Trade Commissioner Julie Brill, speaking in Washington on Wednesday, expressed concern about the way apps on smartphones and mobile devices are siphoning sensitive health data, and how some of that information may then be shared with third parties.
WASHINGTON— Laurie Dishman told senators through tears Wednesday that she was choked and raped on a Royal Caribbean cruise by one of the line's employees, using her experience to shed light on the dangers that passengers might face on cruises.
SAN FRANCISCO— Twitter acknowledged that it has been hiring too many white and Asian men to fill high-paying technology jobs, just like several other major companies in Silicon Valley.
PALO ALTO, Calif.— Varian Medical Systems Inc. on Wednesday reported earnings that decreased by 5.1 percent in its fiscal third quarter. The Palo Alto, California- based company said profit decreased to $107.1 million, or $1.02 per share, from $112.8 million, or $1.03 per share, in the same quarter a year ago.
FOSTER CITY, Calif.— Gilead Sciences Inc. on Wednesday reported profit that more than quadrupled in its second quarter, topping analysts' expectations on sales of its new breakthrough drug for hepatitis C.
SAN DIEGO— Qualcomm Inc. on Wednesday reported net income that climbed by 42 percent in its fiscal third quarter, and topped analysts' expectations. But its earnings guidance for the current quarter fell short of Wall Street estimates, and Qualcomm stock fell $3.95, or 4.8 percent, to $77.65 in aftermarket trading.
WASHINGTON— Six years ago the Social Security Administration embarked on an aggressive plan to replace outdated computer systems overwhelmed by a growing flood of disability claims. In 2008, Social Security said the project was about two to three years from completion.
SAN FRANCISCO, July 23- AT&T Inc and the Chernin Group are close to buying a majority slice of Fullscreen, in a deal that will value the popular YouTube video network at $200 million to $300 million, said tech blog Re/code, citing sources familiar with the target company.
Facebook Inc. said Wednesday that it earned $788 million, or 30 cents per share, in the April-June period. Adjusted earnings were 42 cents per share, handily beating Wall Street's expectations of 33 cents, according to a poll by Zacks Investment Research. This was the fifth quarter in a row that Facebook beat Wall Street's forecasts.
LOS ANGELES— The rebound in U.S. home values over the past couple of years has placed many homeowners in a better position to sell their home for a profit. "The most important thing in pricing and getting your house sold fast is to do your homework," said Michael Corbett, a real estate expert at Trulia, a housing information and listing website.
OSI Group, a privately-held company based in Aurora, Illinois, was thrust into the spotlight this weekend when a Chinese TV station reported that one of its Shanghai plants repackaged old beef and chicken and slapped new expiration dates on them.
SHANGHAI/ LANGFANG, China, July 23- Yum Brands Inc's China division severed ties to OSI China after Shanghai police detained five people from that supplier's meat processing factory at the center of a food safety scare that has ensnared several major Western brands.
SAN FRANCISCO/ FRANKFURT, July 22- European Union antitrust regulators are preparing to step up investigations of Google Inc's practices on several fronts and are likely to revise certain terms of a settlement involving its search engine that was proposed earlier this year, the Wall Street Journal reported on Tuesday.
FRANKFURT, July 23- When Bill Gross eventually retires as chief investment officer of California- based asset manager Pimco, his "Bond King" crown will go with him. Allianz, the German insurer which owns Pimco, wants to ensure that in a post-Gross era the asset manager he co-founded will not be so reliant on the investment decisions of one person.
HAMBURG/ FRANKFURT, July 23- Hamburg has told Uber, a U.S. car service whose smartphone app summons rides at the touch of a button, to stop operating in the German city, adding to resistance the company has faced globally from local regulators and taxi drivers.
WASHINGTON— The Food and Drug Administration on Wednesday approved a new cancer drug from Gilead Sciences Inc. to treat three types of blood cancer. The FDA has approved three other drugs for the disease in the last year: Roche's Gazyva, Janssen Pharmaceutical's Imbruvica and GlaxoSmithKline's Arzerra.