JACKSON HOLE, Wyo., Aug 23- The U.S. Federal Reserve is focused on an initial interest rate hike between the first quarter and the middle of next year, with possible changes in its main policy statement as soon as next month, Atlanta Fed President Dennis Lockhart said on Saturday.» Read More
DALLAS-- Southwest Airlines is making a 180- degree turn and raising fares on many routes by up to $10 per round trip. But on Friday, Southwest raised fares $2 each way for trips under 501 miles, $3 each way for 501 to 1,000 miles, and $5 each way for longer trips.
DALLAS-- American Airlines says it will modify seats on 49 more planes to prevent rows of seats from coming loose during flight. Crews will add a "secondary locking device" to seats in most of American's Boeing 767 s, spokeswoman Andrea Huguely said Friday. The seats involved are made by Weber Aircraft LLC, which did not immediately return calls for comment.
NEW YORK-- Shares of NPS Pharmaceuticals Inc. surged to their highest price in more than six years Friday as investors hope that a Food and Drug Administration advisory panel will recommend that the FDA approve NPS' bowel drug Gattex.
Citigroup Inc. reports quarterly financial results. CSX Corp. reports quarterly financial results. Intel Corp. reports quarterly financial results.
Fitch Ratings upgraded its credit rating on Burger King Friday, saying it's attracting more customers with an updated menu, cutting costs and franchising stores. That cuts costs for Burger King Worldwide Inc. while increasing revenue with franchise fees and royalty. Burger King is also trying to ramp up growth by expanding overseas.
WORKDAY WORKS: Shares of Workday Inc. jumped 74 percent to close at $48.69 on their first day of trading Friday. ABOVE RANGE: The cloud-based human resources software provider priced shares at $28 apiece, above the projected range of $24- $26. TICKER TAPE: Pleasanton, Calif.- based Workday trades on the New York Stock Exchange under the ticker symbol "WDAY."
DALLAS-- The CEO of American Eagle says he expects that the regional affiliate of American Airlines will still be sold or spun off as a separate company after American emerges from bankruptcy protection.
DALLAS-- American Airlines says it will do repairs on 49 more planes to prevent the seats from coming loose during flight. Airline spokeswoman Andrea Huguely said Friday that crews will add a backup locking device to seats in most of its Boeing 767 s. Huguely says the work started Thursday and will be done by Oct. 21.
WASHINGTON-- The United States has now spent $1 trillion more than it's taken in for four straight years. The Treasury Department confirmed Friday what was widely expected: The deficit for the just-ended 2012 budget year _ the gap between the government's tax revenue and its spending _ totaled $1.1 trillion.
NEW YORK-- Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market:. Wells Fargo& Co., down 93 cents at $34.25. STMicroelectronics NV, up 36 cents at $6.
WASHINGTON-- The Obama administration is delaying a decision that had been due Monday on whether China is manipulating its currency to gain trade advantages. GOP challenger Mitt Romney has attacked the administration for not targeting China for unfair trade practices.
JEFFERSON CITY, Mo.-- Backers of a proposal to increase Missouri's lowest-in-the nation cigarette taxes wrapped up a statewide bus tour Friday at the state Capitol. Missouri voters next month are considering an initiative that would raise the state cigarette tax to 90 cents per pack while also increasing taxes on other tobacco products.
JACKSON, Miss.-- Bunge-Ergon will suspend ethanol production at its Vicksburg plant by the end of November, saying high corn prices make it impossible to profitably make ethanol. Ergon also operates an asphalt and lubricant oil refinery in Vicksburg and has a towboat company based there, with about 250 other employees.
LOS ANGELES-- The powerful Los Angeles Department of Water and Power sued air regulators Friday over demands to control dust from Owens Lake nearly a century after the exploding metropolis siphoned water to quench its growing thirst.
LONDON-- Royal Bank of Scotland said Friday that Spanish bank Santander has backed out of its deal to buy 316 of RBS branches in the U.K., leaving the bailed-out bank looking for a new buyer. In August 2010, Santander agreed to buy the 316 RBS branches in England and Wales, along with the NatWest branch business in Scotland, but the deal was delayed several times.
Here's what's meant by the deficit and the debt _ and how the government can address them:. The amount by which spending exceeds revenue during a budget year. The total U.S. debt tops $16 trillion.
The country's two biggest mortgage lenders, Wells Fargo and JPMorgan Chase, reported Friday that a surge in home lending pushed them to record profits. JPMorgan CEO Jamie Dimon declared that the housing market "has turned the corner." JPMorgan wrote $47 billion in mortgages, compared with $37 billion last year.
NEW YORK-- Ludovic Lefebvre can stomach just one more bite. After five years of LudoBites _ hugely popular guerrilla-style, short-lived eateries held mostly around Los Angeles _ Lefebvre says he is done with so-called pop-up restaurants. By the end of the year, he plans to pop up _ and stay put _ with a new and permanent Los Angeles restaurant.
Then, out of the blue, after three years of back-biting and seemingly daily financial crisis, the European Union won the Nobel Peace Prize for fostering peace on a continent long ravaged by war.
NEW YORK-- The price of oil dropped Friday after a new report predicted a slower pace of growth in demand for oil, overshadowing concerns about unrest in the Middle East. On the New York Mercantile Exchange:. _ Benchmark oil fell 21 cents to end at $91.86 per barrel.