Yellen says she isn’t going anywhere when Trump takes office
WASHINGTON (AP) — Federal Reserve Chair Janet Yellen appears unruffled by incoming President Donald Trump’s victory last week.
Her remarks to Congress Thursday suggest that the central bank is on track to raise interest rates at its meeting in December, one month before Trumps takes office. She said she has no plans to step down before her four-year term ends in January 2018, reiterated the Fed’s political independence and vigorously defended tougher bank regulations established in the wake of the financial crisis. An improving U.S. economy has bolstered the case for raising interest rates, Yellen told Congress’ Joint Economic Committee.
America’s shift to SUVs is on display at L.A. Auto Show
America’s shift from cars to SUVs is starting to look permanent, and automakers are scrambling to meet the demand.
Toyota, Ford, Subaru, Jeep and Volkswagen are all showing new SUVs at this week’s Los Angeles Auto Show. Even traditional luxury car makers like Jaguar and Alfa Romeo are debuting SUVs.
Americans bought more SUVs than four-door cars for the first time last year, and the momentum is growing. But unlike the previous SUV boom, which fell victim to rising gas prices, this one is likely to stay as automakers offer more small SUVs with better fuel economy.
Ex-Valeant, Philidor execs arrested for fraud, conspiracy
Former executives of Valeant Pharmaceuticals and a related mail-order pharmacy were charged Thursday with running a fraud-and-kickback scheme that bilked Valeant out of millions of dollars.
Their arrests are part of an ongoing investigation, according to Preet Bharara, U.S. Attorney for the Southern District of New York, who said other arrests are possible.
Bharara’s office said it has charged Gary Tanner, a former Valeant executive, and Andrew Davenport, who had been the chief executive of Philidor, a mail-order pharmacy that is now defunct, with two counts of wire fraud, along with money laundering and conspiracy.
Wal-Mart’s profit falls but beats estimates; revenue misses
NEW YORK (AP) — Wal-Mart Stores Inc. saw its third-quarter profit fall more than 8 percent, dragged down as it continues to plow money into e-commerce and improving its stores. While online sales improved, overall revenue fell short of expectations as the company said it was hurt in part by falling food prices.
Profit at the world’s largest retailer still beat Wall Street expectations, and it lifted the bottom end of its full-year profit forecast. Investors focused on the sales, though, sending shares in the retailer down.