Financial
McDonald’s, KFC in China face new food scandal PDF  | Print |  E-mail
Written by By JOE McDONALD AP Business Writer   
Monday, 21 July 2014 09:18
BEIJING (AP) — McDonald’s and KFC in China faced a new food safety scare Monday after a Shanghai television station reported a supplier sold them expired beef and chicken.
The companies said they immediately stopped using meat from the supplier, Husi Food Co., Ltd. The Shanghai office of China’s food and drug agency said it was investigating and told customers to suspend use of the supplier’s products.
Dragon TV said Sunday that Husi, owned by OSI Group of Aurora, Illinois, repackaged old beef and chicken and put new expiration dates on them. It said they were sold to McDonald’s, KFC and Pizza Hut restaurants.
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Microsoft cutting 18,000 jobs, signals new path PDF  | Print |  E-mail
Written by By RYAN NAKASHIMA AP Business Writer   
Thursday, 17 July 2014 14:48
LOS ANGELES (AP) — Microsoft announced the biggest layoffs in its history Thursday, saying it will cut 18,000 jobs or 14 percent of its workforce as it streamlines its Nokia mobile device business to focus on using the Windows Phone operating system.
The news sent Microsoft’s stock up nearly 2 percent in morning trading.
Although the job cuts had been expected, the extent of them was a surprise. It’s the boldest move by CEO Satya Nadella since he took the reins from Steve Ballmer in February. In a public email to employees Thursday, he said the changes were needed for the company to “become more agile and move faster.”
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Prosecutor to monitor for-profit college chain PDF  | Print |  E-mail
Written by By KIMBERLY HEFLING AP Education Writer   
Friday, 18 July 2014 13:20
WASHINGTON (AP) — Former federal prosecutor Patrick Fitzgerald has agreed to serve as an independent monitor of a troubled for-profit education company serving 72,000 students that has agreed to sell or close its campuses, the Education Department said Friday.
Fitzgerald prosecuted high-profile cases against Lewis “Scooter” Libby, a top aide to Vice President Dick Cheney, and former Illinois Gov. Rod Blagojevich.
As part of an agreement with the Education Department, Corinthian Colleges, based in Santa Ana, California, has said it will close a dozen U.S. campuses in 11 states and place 85 up for sale. The company owns Everest College, Heald College and WyoTech schools. About a dozen others in Canada will also be sold.
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Average US mortgage rates dip slightly PDF  | Print |  E-mail
Written by David Dupont   
Thursday, 17 July 2014 11:50
WASHINGTON (AP) — Average U.S. mortgage rates declined slightly this week with rates remaining near historic lows.
Mortgage company Freddie Mac reported Thursday that the nationwide average for a 30-year loan dipped to 4.13 percent, down from 4.15 percent last week. The average for the 15-year mortgage, a popular choice for people who are refinancing, edged down to 3.23 percent, compared with 3.24 percent last week.
Mortgage rates are below the levels of a year ago, having fallen in recent weeks after climbing last summer when the Federal Reserve began talking about reducing the monthly bond purchases it was making to keep long-term rates low.
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