The accounting firm of Ernst & Young has agreed to pay $4 million to settle civil charges that it violated federal rules when a subsidiary lobbied Congress on behalf of audit clients.
"Ernst & Young engaged in lobbying activities that constituted improper advocacy and clearly violated the rules," said Scott W. Friestad, associate director of enforcement for the Securities and Exchange Commission, which announced the penalty Monday.
In the town of Bassett in southern Virginia, some of the downtown street lights are dark. The lamps, maintained by the once prosperous Bassett Furniture Co., are now funded by voluntary contributions from residents and businesses — when they can afford it.
Bassett is just one of many towns and cities in Virginia and North Carolina where scores of furniture-making plants have closed in the past 20 years, mostly because of competition from China and other foreign countries.
The Trump Plaza Hotel and Casino is expected to close on Sept. 16, making it the latest in a series of Atlantic City casinos to go under.
As required by federal law in advance of mass layoffs, the hotel sent out warnings about the planned closure to employees on Monday. According to a document obtained by The Associated Press, a total of 1,153 layoffs are expected.
It's not just comedian John Oliver coming out against cable companies to support net neutrality. The world's largest Internet companies — Google, Facebook, Netflix, Amazon and others — have officially chimed in, filing comments Monday to the Federal Communications Commission, which oversees Internet traffic.
Citigroup has agreed to settle allegations that it defrauded investors in the years leading up to the financial crisis. The settlement requires Citigroup to pay $7 billion. Two and a half billion will go toward mortgage relief for homeowners. Now, this settlement involves mortgage-backed securities the bank packaged and sold to investors, and it was announced this morning by U.S. Attorney General Eric Holder. We're going to talk this through with NPR's Jim Zarroli who's on the line. Jim, good morning.
Originally published on Mon July 14, 2014 11:07 am
In a push for greater prominence in the American market, Swiss chocolate company Lindt & Sprungli has reached a deal to acquire Russell Stover, the company whose products include the time-tested Whitman's Sampler box of chocolates, a product featured in the 1994 film Forrest Gump.
The deal would make the combined company the No. 3 chocolate maker in North America, Lindt says in a news release announcing the deal. The company says the acquisition is the "biggest and most important strategic acquisition" in its history.
And if you've eaten a few too many Saskatoon berries, our last word in Business is for you, a calorie-counting app.
RENEE MONTAGNE, HOST:
Losing weight pretty much boils down to a simple equation, calories in versus calories out. But tracking that can be tedious, logging everything you order or cook at home. Now picture this, a device that you place over your plate and it shows you exactly what's in the food you're about to eat.
Prosecutors in Shanghai have charged a British detective and his American wife with illegally buying and selling personal information about Chinese citizens. They were working for a company that was already under scrutiny from China's government. NPR's Anthony Kuhn reports.
A new kind of berry has found its way into Michigan grocery stores. These dark purple fruits are called saskatoons.
This commercial cultivar of the wild juneberry is pretty common in Canada, but it hasn't been grown by farmers in the U.S. until recently. Here, the berry, also sometimes called the serviceberry, has been collected in the wild for generations.
One farmer who has started growing them in Michigan isn't quite sure how to describe the taste.
Originally published on Mon July 14, 2014 12:39 pm
It sits in an imposing building just across Lafayette Square from the White House. Yet the Export-Import Bank, which has been offering credit to foreign purchasers of U.S. goods for 80 years, could start shutting down operations within a matter of weeks.
"There's about a 50-50 chance," says Dan Ikenson, who directs a trade policy center at the Cato Institute.
The complaint, filed Thursday in U.S. District Court in New Jersey, says that Wal-Mart should have known that the driver of the truck had been awake 24 hours and alleges that he fell asleep at the wheel.
Many of the biggest stars in global soccer — Neymar, Messi, Ronaldo — play the regular season with club teams in Spain. Their marquee names have helped their Spanish teams get filthy rich. Real Madrid and FC Barcelona top Forbes magazine's list of the world's richest sports franchises. You have to scroll down to No. 4 to find the New York Yankees, and NFL teams below that.