Business

U.S. jobs data seen reinforcing strong growth outlook

(Reuters) – U.S. employment growth is expected to have continued at a solid clip in June, which would further dispel fears about the economy’s health and underscore its momentum heading into the second half of 2014. Nonfarm payrolls probably increased by 212,000 jobs after rising by 217,000 in May, according to a Reuters poll of economists. It would be the first time since the technology boom in the late 1990s that employment had grown above […]

Miss Delaware loses crown for being a few months too old

(Reuters) – A beauty contest winner, stripped of her crown as Miss Delaware due to age, said on Friday she had done nothing wrong and wants to be allowed to compete in the Miss America pageant even though she will turn 25 this year. Amanda Longacre said she learned on Tuesday that she had been disqualified because the Miss Delaware pageant determined that she had violated the age requirement. On NBC’s “Today” show on Friday, […]

GM recalls thousands of new pickups, SUVs, in U.S. and Canada

(Reuters) – General Motors Co (GM.N) announced on Friday that it would recall 428,211 more vehicles in the United States, including new four-wheel drive pickups and SUVs with asoftware problem that could cause the vehicles to automatically switch to neutral and roll away while parked. The software problem affects the four-wheel-drive versions of the 2014-2015 Chevrolet Silverado and GMC Sierra; the 2015 Chevrolet Tahoe and Suburban; and the 2015 GMC Yukon and Yukon XL. GM said dealers will […]

GoPro’s IPO priced at $24 per share: underwriter

(Reuters) – Wearable sports camera maker GoPro Inc’s GPRO.O initial public offering was priced at $24 per share, an underwriter said, valuing the company at up to $2.96 billion. GoPro’s IPO raised about $427.2 million, after the offering of 17.8 million class A shares was priced at the top end of the expected range of $21-$24 per share. The San Mateo, California-based company sold 8.9 million shares in the IPO, while the rest were offered […]

U.S. economy collapses in first quarter, but growing again

(Reuters) – The U.S. economy contracted at a much steeper pace in the first quarter than previously estimated, turning in one of its worst-ever non-recession performances, but growth already appears to have rebounded strongly. The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the sharpest decline in five years, instead of the 1.0 percent pace it had reported last month. “It’s a scary report. It sounds worrisome, but […]

Apple’s iWatch may sport multiple designs: WSJ

(Reuters) – Apple Inc plans to launch smartwatches with multiple screen sizes and designs this fall, the Wall Street Journal on Friday cited a person familiar with the matter as saying. Taiwan’s Quanta will begin mass production of Apple’s first smartwatches from July, in time for an October launch, several sources familiar with the matter told Reuters on Thursday. The Wall Street Journal on Friday also cited sources saying Quanta would manufacture the device. One of the […]

Exclusive: GM board warned of serious problems by quality manager in 2002

(Reuters) – A former head of General Motors corporate quality audit warned the company’s board in a letter in 2002 that it needed to “stop the continued shipment of unsafe vehicles” and “recall suspect vehicles that were already in customers’ hands.” The letter from William McAleer shows that GM’s directors and top management were told about serious safety defects in vehicles that were coming off the company’s production lines more than 11 years before GM […]

U.S. sanctions net snares the innocent, burdens business

(Reuters) – On a Friday afternoon in March, Jose Luis Zamora pulled into a Lexus dealership in Dallas to test-drive a new car with his wife. Ready to pay, Zamora instead waited more than two hours before being informed his name had popped up on a government watchlist that blocks those linked to money launderers, groups alleged to have committed terrorist acts and other enemies of the United States from doing business in the country. […]

Ex-Goldman director goes to prison, still owes $13.9 million fine

(Reuters) – Former Goldman Sachs Group Inc (GS.N) director Rajat Gupta on Tuesday began serving his two-year prison term for insider trading, and lost his challenge to a $13.9 million civil penalty and permanent ban from acting as a public company officer. Gupta, 65, reported to FMC Devens, a medical facility and satellite camp in Ayer, Massachusetts about 40 miles (64 km) northwest of Boston, a spokesman for the Federal Bureau of Prisons said. The […]

GM safety crisis grows with recall of 3 million more cars for ignition issues

(Reuters) – General Motors Co GM.N recalled three million more cars for ignition switch issues on Monday, roughly doubling the number of GM vehicles with known switch problems in a crisis that has defined the automaker and new Chief Executive Mary Barra this year. GM on Monday recalled 3.36 million midsize and fullsize cars globally with ignition switches that can be jarred out of the “run” position, potentially affecting power steering, power brakes and air […]