WASHINGTON ― When the Federal Reserve announced the end of its landmark bond buying program Wednesday, it also signaled the start of something else: The Janet Yellen era.Officially, Yellen has been Fed chair since February. But the phase-out of the bond-buying stimulus program Yellen inherited from her predecessor, Ben Bernanke, truly marks her inauguration. She can now begin to fully stamp her influence on the central bank.With the job market showing steady gains, Yellen must now grapple with t

Oct. 30, 2014

MILAN (AP) ― Fiat Chrysler Automobiles announced Wednesday it will spin off sports car maker Ferrari into a separate company, a move to unlock the luxury brand’s value and distinguish it from its mass-market parent.The spinoff aims to raise money to support the newly merged carmaker’s plans to invest 48 billion euros ($61 billion) over five years to compete with global giants Toyota and Volkswagen. Shares in Fiat Chrysler soared on the news.“I think we are doing the right thing by giving Ferrari

Oct. 30, 2014

NEW YORK (AFP) ― Apple is in preliminary talks to sell the iPhone in Iran, if sanctions are eased on the Middle East nation, the Wall Street Journal reported Wednesday.Citing unnamed sources, the newspaper said Apple had begun talks with distributors to open official sales channels in Iran if authorized.Apple currently does not have any sales outlets or partners in Iran, but its products are available through unofficial sellers, the Journal noted.Queried by AFP, Apple declined to comment on the

Oct. 30, 2014

BERLIN (AFP) ― More than 80 countries signed up to a deal that could help end banking secrecy Wednesday in what the sponsors hope will be a major step in the global battle against tax evasion and fraud.A total 51 countries signed up to the Multilateral Competent Authority Agreement under which their national tax authorities will exchange information automatically from September 2017.And more than 30 other countries said they would sign up a year later in 2018. Among the first round of signatorie

Oct. 30, 2014

Apple CEO Tim Cook says he's proud to be gay. The public declaration, in an essay written for Bloomberg Businessweek, makes Cook the highest-profile business CEO to come out.Cook said that while he never denied his sexuality, he never publicly acknowledged it, either. The executive said that for years he's been open with many people about his sexual orientation and that plenty of his Apple colleagues know he is gay. Cook wrote in the column published Thursday that it wasn't an easy choice to pub

Oct. 30, 2014

BUDAPEST (AP) ― Tens of thousands of protesters marched Tuesday against a plan by the Hungarian government to tax Internet use from 2015.The rally, the second in three days objecting to the scheme, was also a sign of growing discontent among mostly younger citizens against Prime Minister Viktor Orban’s policies centralizing power and increasing the role of the state to the detriment of private enterprise.Orban’s governing party, Fidesz, won its second consecutive two-thirds majority in April and

Oct. 29, 2014

SAN FRANCISCO (AFP) ― Facebook Tuesday reported its quarterly profit nearly doubled but saw its stock pounded after outlining a plan to invest heavily in the future instead of reveling in short-term riches.Facebook shares, which had been near record levels in recent days, dropped more than nine percent to $73.29 in after-market trades.The drop followed an earnings call in which executives said they will pour money into talent and technologies with the potential to pay off handsomely down the roa

Oct. 29, 2014

Alongside the Dubai Mall, one of the world’s largest shopping centers, sits an ersatz version of what would be an authentic retail experience in most Persian Gulf cities: an Arab souk. If, in the evening, you stroll through this air-conditioned, hassle- and haggle-free caricature of a market, staffed mostly by smiling South Asians, you can amble out onto the shores of man-made Burj Khalifa Lake, named after the world’s tallest building, which looms over it. Here ― bumping elbows with a veritable

Oct. 29, 2014

NEW YORK (AFP) ― Less than three months after launching their takeover bid, Brazilian billionaires Jose Luis Cutrale and Joseph Safra snapped up U.S. banana giant Chiquita, trumping its merger plan with Ireland’s Fyffes.Juice exporter Cutrale Group and investment bank Safra Group will buy Chiquita in a $1.3 billion deal, including debt, the companies said Monday.The acquisition propels Cutrale, which claims a one-third share of the $5 billion global orange juice market, into the top ranks in the

Oct. 28, 2014

WASHINGTON (AFP) ― IBM announced Monday it would offer its analytics platform and other technology for use in African countries affected by the Ebola outbreak.The U.S. computing giant said it is offering the assistance in Sierra Leone, one of the countries hardest hit by the deadly disease, and in nearby Nigeria, which has been declared Ebola-free.The initiative allowing residents to directly report Ebola-related issues and concerns via SMS or voice calls to public health officials in Sierra Leo

Oct. 28, 2014

WASHINGTON (AP) ― The global economy has slumped. Turmoil has gripped financial markets. And the U.S. job market, despite steady gains, still isn’t fully healthy.Yet when the Federal Reserve meets this week, few foresee any major policy changes. The Fed is expected to complete a bond-buying program, which was intended to keep long-term interest rates low. And, to support the economy, it will likely reiterate it’s in no rush to raise its key short-term rate.The economy the Fed will discuss has be

Oct. 28, 2014

MOSCOW (AFP) ― Russia’s economy ministry warned on Monday that growth slowed in the third quarter and could contract in the fourth as the fallout from the Ukraine crisis takes a further toll on the economy. Growth has slipped slightly to 0.7 percent in the third quarter from 0.8 percent in the second quarter, Oleg Zasov, the head of forecasting at the ministry said. “We are expecting to see a small contraction in the fourth quarter,” Zasov was quoted by Russian news agencies as saying, adding th

Oct. 28, 2014

Apple Inc.’s bid to replace the consumer wallet with its mobile payment system ran into a roadblock as CVS Health Corp. and Rite Aid Corp. disabled the technology in their drugstores. CVS and Rite Aid are among 220,000 U.S. merchants that already have technology in place to read the short-range wireless signals that enable customers of Apple Pay or similar services to make a purchase by waving their smartphones. The retailers weren’t among those specifically named as accepting Apple Pay when the

Oct. 27, 2014

Panasonic Corp.’s ratings upgrade shows that its investment in self-driving autos and car batteries has breathed new life into the company as it scales back on consumer electronics. Japan’s Rating & Investment Information Inc. raised its ranking on the company one level to “A” on Oct. 20, the credit assessor’s first increase for the manufacturer. The price of Panasonic’s bonds maturing in 2018 is near the record high reached July 9. President Kazuhiro Tsuga is pouring tens of billions of yen int

Oct. 27, 2014

The emerging crisis over air bags traces back to a little-known Japanese company that for over 20 years has supplied the safety devices to automakers including Toyota Motor Corp., Honda Motor Co. and General Motors Co. Air bags made by Takata Corp. are linked to at least four deaths and more than 30 injuries in the U.S. after the safety devices deployed with too much force, spraying metal shrapnel at occupants. U.S. authorities have begun an investigation and more than 7 million cars made by 10

Oct. 27, 2014

TOKYO (AP) ― Toyota kept its lead over rivals Volkswagen and General Motors as the world’s top-selling automaker in the first nine months of the year, Monday reporting record sales of 7.615 million vehicles, up nearly 3 percent from the previous year. Volkswagen said earlier this month it sold 7.40 million vehicles for January-September, barely edging out General Motors Co. in the closely watched auto sales race. GM reported sales of 7.372 million cars and trucks worldwide earlier this month. Ja

Oct. 27, 2014