BP will pay $18.7 billion to settle civil claims arising from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico— the worst in U.S. history.
Apple had conspired in 2010 with five major book publishers to fix e-book prices, a federal appeals court said, upholding the verdict. It called Apple’s transgressions “the supreme evil of antitrust.”
Sprint will pay $50 million to settle claims brought by the Consumer Financial Protection Bureau that it engaged in “cramming,” charging mobile customers for services that they never ordered.
A record 85.1 million acres of soybeans are in the ground, the Agriculture Department said, but heavy rain has flooded fields and slowed plant development. Corn and soybean conditions in Illinois, Indiana, Iowa and Ohio have shown deterioration with the rain.
J.M. Smucker said it cut prices for most of its Folgers and Dunkin’ Donuts coffee brands sold in the United States by 6 percent to woo back customers, partially reversing last year’s price hikes. The company is the first U.S. roaster to cut prices after a customer backlash following a 9 percent price hike a year ago as arabica prices soared.
SUVs of all sizes continued to fly off dealer lots in June. Sales of the larger Ford Explorer rose 30 percent. Nissan’s Rogue small SUV posted a 54 percent jump. Sales of the Jeep Cherokee gained
Facebook nearly doubled the number of its black and Hispanic employees last year, but those groups are still starkly underrepresented. In 2014, black and Hispanic employees made up 5.4 percent of all workers, up from 4.4 percent in 2013.
Media giant Gannett formally split in two, with the broadcasting and digital divisions becoming Tegna, and the newspaper and publishing parts retaining the brand Gannett.
Towers Watson, the Arlington, Va.-based professional services company that operates a private health insurance exchange covering about 1.2 million people, announced an $18 billion all-stock merger with Willis Group Holdings, a London-based firm.
Battery maker Flex El will open a research, development and manufacturing facility this fall in 10,000 square feet leased from the U. of Md. in College Park.
United Airlines is buying a $30 million stake in Fulcrum BioEnergy and plans to go into business with the company, building factories to convert trash into jet fuel.
Hedge fund Standard General closed its $26.2 million deal to buy the RadioShack brand. Standard General can use the name on the 1,740 RadioShack stores it bought in April. Separately, Sprint is moving forward with plans to build Sprint shops in 1,435 RadioShack stores.
The U.S. economy added 223,000 jobs in June, but flat wages and an exodus of workers from the labor market suggest an economy that is still well short of a full recovery. The jobless rate fell to 5.3 percent, the lowest mark in seven years, but the decline reflected a wave of Americans who either retired or abandoned their job hunts. Puerto Rico Gov. Alejandro
García Padilla, portraying the territory’s economic condition as even more dire than previously revealed appealed to Washington to make unprecedented, “concrete” changes in bankruptcy rules to help rescue the island’s finances.
As Greece teeters on the brink of financial collapse, European officials slammed the door on any further negotiations before a national referendum planned for Sunday. Greek voters will weigh in on the spending cuts that Europe has demanded as a condition of financial rescue. The government has urged a “no” vote, a choice that European officials say would trigger Greece’s exit from the euro zone. A “yes” vote could cause Alexis Tsipras’s government to collapse. Greece’s banks have closed to preserve their dwindling cash reserves, and Greeks have been limited to withdrawing 60 euros, or about $67, per day— causing panic. The National Association of Realtors said its seasonally adjusted pending home sales index rose has increased 10.4 percent over the past 12 months, putting it just below the April 2006 level.
The Justice Department is investigating whether some of the biggest U.S. airlines have colluded to keep airfares high.
President Obama said he wants to require overtime pay for salaried workers who make up to $50,400 a year, a proposal that the White House estimates will cover nearly 5 million workers.
Goldman Sachs Group will pay $7 million to resolve SEC charges stemming from a programming error in 2013 that caused the stockoptions market to be flooded with erroneous orders, roiling traders and prices.
Novartis should pay as much as $3.35 billion in damages and civil fines, the U.S. government said, because the Swiss drugmaker used kickbacks to boost sales of drugs covered by Medicare and Medicaid.
The Justice Department filed a lawsuit to stop Sweden’s Electrolux, which owns the Frigidaire, Kenmore and Tappan brands, from buying General Electric’s appliance business in a $3.3 billion deal.
Nike said Phil Knight, chairman and co-founder, will step down next year. Knight, 77, said he would continue to play an active role in Nike even after his tenure ends.