China said earlier this month work was ongoing on a draft anti-terrorism law that would require foreign companies to hand over encryption keys and otherwise facilitate Beijing's ability to bypass security measures, despite U.S. protests. "We have already made clear our concerns regarding forced technology transfer and other attempts to bar technological...» Read More
WASHINGTON-- Tennessee lawyer Brian Manookian says he never considered himself a gun enthusiast. He owns just one handgun and was raised in a gun-free home. An analysis by The Associated Press of data tracking the health of the gun industry shows that President Barack Obama has presided over a heyday for guns.
SALES DIP: U.S. home sales dropped 1.7 percent in September to a seasonally adjusted annual rate of 4.75 million, the National Association of Realtors said. That's down from a rate of 4.83 million in August, which was the highest in more than two years. UPWARD TREND: Sales are up 11 percent from a year earlier, a sign of the housing market's steady recovery.
NEW YORK-- Shares of Biogen Idec Inc. continued to slump Friday after the company said the Food and Drug Administration has delayed a decision on its multiple sclerosis pill BG-12.
Texas- based oilfield services company Baker Hughes Inc. reported Friday that 1,410 rigs were exploring for oil and 427 were searching for gas. A year ago, Baker Hughes listed 2,013 rigs. Of the major oil- and gas-producing states, Alaska gained five rigs while Arkansas, Colorado and North Dakota rose by two each.
NEW YORK-- United Parcel Service Inc. is expected to offer a subdued view of the global economy when it reports its third-quarter results before the market opens Tuesday. Smaller rival FedEx Corp. said the same in September. Last month FedEx unveiled a plan to boost profit by $1.7 billion annually by shedding jobs, aircraft and underused assets.
NEW YORK-- Shares of Capital One Financial Corp. rose to a nearly five-year high Friday, as recent big acquisitions helped the bank grow net income 47 percent in the third quarter. THE SPARK: Capital One on Thursday said that it earned $1.17 billion, or $2.01 per share for the three months ended Sept. 30.
ALBANY, N.Y.-- New York Attorney General Eric Schneiderman has sued a Queens beauty school, claiming it convinced hundreds of students to pay course fees but failed to train them as nail specialists.
AUSTIN, Texas-- The Texas Supreme Court on Friday upheld the state's much-maligned business tax that provides the second-biggest source of general revenue, preserving current rules for now before lawmakers potentially overhaul the law next year.
WASHINGTON-- The maker of Banana Boat sunscreen is recalling a half-million bottles of spray-on lotion after reports that a handful of people have caught on fire after applying the product and coming in contact with open flames.
INDIANAPOLIS-- The state Department of Workforce Development says Indiana's unemployment rate was 8.2 percent in September, the first drop in in five months even though the state lost 6,000 private-sector jobs. The 8.2 percent rate matches the unemployment rate for Indiana in July and is a full percentage point lower than it was in September 2011.
THE NEWS: HMX Acquisition Corp., the owner of tailored clothing brands including Hickey Freeman and Hart Schaffner Marx, is filing for Chapter 11 bankruptcy protection. THE CONTEXT: The labels Hickey Freeman and Hart Schaffner Marx got their start in 1887 in Chicago and have been worn by presidents including Barack Obama.
WASHINGTON-- Medicare is coming under scrutiny in the meningitis outbreak that has rekindled doubts about the safety of the nation's drug supply. In 2007, Medicare revoked coverage of compounded inhaler drugs for lung disease.
September was the second month in a row the unemployment rate dropped in Louisiana, after no improvement since January, when joblessness hit a post-recession low of 6.9 percent. Louisiana had a 7.2 percent unemployment rate in September 2011. In September 2011, the state had 148,000 unemployed people.
HELENA, Mont.-- Montana's seasonally adjusted unemployment rate decreased slightly to 6.1 percent in September, compared to the national rate of 7.8 percent. Labor Commissioner Keith Kelly says that the downward trend was fueled by an increase of 1,100 jobs in the state.
OPERATION SIMPLIFICATION: General Electric reported strong third quarter profits Friday in the midst of its transformation to a simpler company focused on traditional industrial operations. THE BOTTOM LINE: GE's net income rose 49 percent in the third quarter to $3.49 billion, or 33 cents per share.
But times are tough for unions in the Rust Belt, even in a longtime bastion like Michigan.
The euro fell to $1.3023 in late trading Friday from $1.3061 late Thursday. The British pound fell to $1.6014 from $1.6062. The dollar rose to 79.28 Japanese yen from 79.23 yen, to 0.9285 Swiss franc from 0.9253 Swiss franc and to 99.34 Canadian cents from 98.53 Canadian cents.
NEW YORK-- HMX Acquisition Corp., the owner of tailored clothing brands including Hickey Freeman and Hart Schaffner Marx, is filing for Chapter 11 bankruptcy protection.
AMSTERDAM-- The European Union's executive, the Commission, has objected to United Parcel Service's proposed $6.75 billion takeover of TNT Express NV, the companies say. They say the watchdog argues that the deal as it stands would have a negative effect on the market for express delivery of small packages in Europe.