Business | MyFOX Spokane

Supervalu shares fall to all-time low

Submitted by Fox First at Ten on July 12th

NEW YORK (AP) - Shares of Supervalu shed nearly half their value, falling to an all-time on Thursday after the grocery store chain reported dismal first-quarter results and said it is considering options for the business, which may include putting itself up for sale. Analysts said the steps the

Oil falls on concerns about global economy

Submitted by Fox First at Ten on July 12th

By CHRIS KAHNAP Energy Writer NEW YORK (AP) - The price of oil is falling as the latest batch of data deliver mixed views of the global economy. Reports out of Europe on Thursday said borrowing costs rose in Spain and unemployment rose in Greece, stoking concerns about the region's financial

News Summary: Boeing in focus at air show

Submitted by Fox First at Ten on July 12th

By The Associated Press IN THE SHADOWS: Airbus got more orders in what has been a subdued performance at the Farnborough Airshow, ahead of a big deal between Boeing and United Airlines. TAKING OFF: The European aircraft manufacturer booked a potential $6.35 billion worth of orders. The four deals

New sanctions on Iran boost oil prices

Submitted by Fox First at Ten on July 12th

By CHRIS KAHNAP Energy Writer NEW YORK (AP) - Fears of violence in the Persian Gulf escalated Thursday, pushing the price of oil higher. The Obama administration slapped Iran with more sanctions aimed at stifling its nuclear program. Traders, who worry that the sanctions will eventually lead to a

Former bank CEO, vice presidents indicted in Va.

Submitted by Fox First at Ten on July 12th

By BROCK VERGAKISAssociated Press NORFOLK, Va. (AP) - The former chief executive of the Bank of the Commonwealth and three former vice presidents have been indicted by a federal grand jury on charges that they conspired to commit bank fraud. The Bank of the Commonwealth opened in 1971 and was

485,000 high chairs recalled after injury reports

Submitted by Fox First at Ten on July 12th

WASHINGTON (AP) - More than 485,000 Chico Polly high chairs are being recalled after a design flaw led to children getting cuts and bruises. Importer Artsana USA Inc. knows of 21 children getting injured from falling against pegs on the back legs of the chairs, which are meant to store the tray.

US 30-year mortgage rate drops to record 3.56 pct.

Submitted by Fox First at Ten on July 12th

By MARCY GORDONAP Business Writer WASHINGTON (AP) - Average U.S. rates on fixed mortgages fell again to record lows, giving would-be buyers more incentive to brave the housing market. Mortgage buyer Freddie Mac says the average rate on the 30-year loan fell to 3.56 percent. That's down from 3

All eyes on JPMorgan as banks report earnings

Submitted by Fox First at Ten on July 12th

By PALLAVI GOGOIAP Business Writer NEW YORK (AP) - It's been a scandal-filled few months for banks. JPMorgan Chase revealed a $2 billion trading loss, triggering an investigation by the government and hearings in Congress. Then the large banks were implicated in a global dust-up over interest

Data firm: Global spending on drugs slows to 2016

Submitted by Fox First at Ten on July 12th

By LINDA A. JOHNSONAP Business Writer TRENTON, N.J. (AP) - Growth in global spending on medications will slow markedly over the next four years due to a slew of new low-cost generic drugs coming to pharmacies in the U.S. and other developed countries, along with slower increases in what those

Buffett says general economy slowing this summer

Submitted by Fox First at Ten on July 12th

By JOSH FUNKAP Business Writer OMAHA, Neb. (AP) - Billionaire investor Warren Buffett said Thursday that U.S. economic growth has slowed in the last two months as fears about Europe's debt woes mounted. Buffett's comments during an interview Thursday on the cable TV network CNBC contrast