Business Highlights
WASHINGTON (AP) — Federal Reserve Chair Janet Yellen on Wednesday indicated that the U.S. economy is on track for an interest rate hike this month, but she said the Fed will need to review incoming data before making a final decision.
Yellen gave an upbeat assessment of the economy's progress, describing it as in line with its expectations for the labor market and inflation.But she added that policymakers need to be cautious in deciding when to start raising rates given that the Fed doesn't have much room to cut them if the economy begins to falter.
SAN FRANCISCO (AP) — Yahoo's board is considering an activist shareholder's demand to sell the Internet services the company is best known for, a maneuver that might help the company dodge a tax bill of more than $10 billion looming over its holdings in China's Alibaba Group.
The boardroom intrigue revolves around a recent proposal from Starboard Value, a New York hedge fund that been pressuring Yahoo CEO Marissa Mayer to take dramatic steps to boost the company's stock.
Research firm comScore said shopping by phone, laptop or tablet jumped 21 percent to $3.11 billion Monday, fueled by a 53 percent surge in spending via mobile devices.
WASHINGTON (AP) — American businesses stepped up hiring last month, led by strong gains in retail, finance and other service industries, a private survey found.
NEW ORLEANS (AP) — The Justice Department launched a sweeping and costly criminal investigation after BP's rig explosion in the Gulf of Mexico killed 11 workers and caused the nation's worst offshore oil disaster.
Productivity, the amount of output per hour of work, has slowed considerably in recent years — a worrisome trend because it is considered the key factor in boosting living standards.
HELSINKI (AP) — Nokia shareholders have overwhelmingly approved the acquisition of ailing French telecom Alcatel-Lucent, removing one of the last hurdles to the 15.6 billio