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
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, and topped analysts' expectations. The Foster City, California- based company said earnings increased to $3.66 billion, or $2.20 per share, from $772.6 million, or 46 cents per share, in the same quarter a year ago.
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WASHINGTON— Six years ago the Social Security Administration embarked on an aggressive plan to replace outdated computer systems overwhelmed by a growing flood of disability claims.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.
NEW YORK— Brooklyn Roasting Co. has a booming business based on helping people thousands of miles away. Sales of its Fair Trade coffee, which comes from Mexico, Peru, Indonesia and Ethiopia, have soared from $900,000 in 2011 to $4.4 million last year.
SAN FRANCISCO— Facebook and most other social networks are built on the premise that just about everything should be shared— except the money those posts produce. At least two services are trying to change that. "I just feel like everyone on social networks has been taken advantage of for long enough," says Michael Nusbaum, a New Jersey surgeon who created Bonzo Me.
July 23- Yum Brands Inc's China division has stopped buying from OSI China, after Shanghai police detained five people connected to the meat supplier's factory at the center of a new food safety scandal, Yum said on Wednesday.
July 23- Yum Brands Inc's China division has stopped buying from OSI China, after Shanghai police detained five people connected to the food supplier's factory at the center of a new food safety scandal, Yum said on Wednesday.
RICHMOND, Va.— Fitness equipment maker Core Health& Fitness is planning to invest $2 million to expand a Grayson County manufacturing plant, creating 250 jobs. Vancouver, Washington- based Core Health& Fitness says it will continue to make Nautilus equipment as well as other fitness equipment brands such as Star Trac and StairMaster.
Star Nathan Fielder opened the Dumb Starbucks coffee shop in a Los Angeles strip mall in February. It quickly drew lines of curious residents, national media attention and legal scrutiny by the real Starbucks. So far, Fielder, Comedy Central and parent company Viacom Inc. have escaped legal action.