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Oil, money, politics: Keystone XL hits a snag
The politics of oil and ecology have put President Obama between a rock and hard place, as he faces a decision on whether or not to permit construction of a new pipeline. The squeeze just got tighter with a new, negative environmental assessment.
The Keystone XL pipeline will give America energy independence, thousands of jobs, important industrial infrastructure and won't cost taxpayers a dime, say proponents. Many of them are Republican lawmakers.
It is dangerous, inherently filthy and must be stopped, say opponents, some of whom are Democrats who helped get the president elected.
FULL STORY
Caribou Coffee closing 80 stores
Minneapolis-based Caribou Coffee is closing 80 locations next week and plans to convert 88 others to Peet's Coffee & Tea shops within the next 18 months, the company announced Monday.
"Over the past few months, we at Caribou have revisited our business strategy, including closely evaluating our performance by market to make decisions that best position us for long-term growth," the announcement said.
As a result, 80 "underperforming" stores will close for good on Sunday.
After that, 88 other Caribou locations will become Peet's as Caribou becomes extinct or critically endangered in Ohio, Michigan, Pennsylvania, Maryland, Virginia, Georgia, Illinois, eastern Wisconsin and Washington.
FULL STORY
Boeing: 787 test flight 'uneventful'
A flight labeled the "final" certification test of an improved battery system for the grounded Boeing 787 Dreamliner was "straightforward" and "uneventful," the airplane maker said Friday.
The test was an important one for Boeing, which has billions of dollars riding on the success of the new airliner. The U.S. Federal Aviation Administration and similar regulators worldwide grounded the Dreamliner in January after two battery-related fires damaged 787s in Boston and Japan. No one was hurt in the fires.
In March the FAA approved a Boeing certification plan to fix the 787's problematic lithium-ion battery system and prove the new design is safe. Friday's nearly two-hour flight was the final certification test of that plan.
SEE ALSO: DREAMLINER MAKES MOVES (VIDEO)
FULL STORY
UPS to forfeit $40 million
United Parcel Service will forfeit $40 million in payments it received from illegal online pharmacies and take steps to make sure such groups no longer use the shipper's services, the U.S. Drug Enforcement Administration announced Friday.
FULL STORY
Judge OKs big airline merger
A federal bankruptcy judge gave approval on Wednesday for US Airways and American Airlines to proceed with their planned merger, according to a source familiar with the situation.
US Airways and American Airlines announced plans last month to join forces in an $11 billion deal to create the world's largest airline.
FULL STORY
Dow hits record high
[Updated at 9:58 a.m. ET] Records are falling Tuesday for the Dow Jones industrial average.
The Dow hit a new record high within the first few minutes of trading Tuesday, gaining nearly 100 points, rising as high as 14,226.20. That topped both the Dow's intraday and closing records that were set in October 2007.
Why America's middle class is losing ground
Why the Fed is failing to boost lending
Heinz deal sparks SEC insider trading probe
Someone profited handsomely by buying Heinz options the day before a group announced plans to buy the company, and the Securities and Exchange Commission is suspicious.
The SEC said Friday that it had obtained a court order to freeze assets in a Swiss trading account, questioning profits made ahead of the announcement of H.J. Heinz Co.'s $28 billion acquisition by a group including Warren Buffett's Berkshire Hathaway.
The SEC said "unknown" traders using the account had purchased options the day before the announcement and reaped $1.7 million when the Heinz deal was revealed on Thursday.
FULL STORYHorsemeat scandal spirals across Europe
A scandal over horsemeat found in frozen beef products is spiraling across Europe as several governments launch investigations and a company involved says it has determined who "the villain" is.
The police probes and legal maneuvers responding to the discovery are quickly becoming a tangled web - much like the complex supply chain of the meat products themselves.
Swedish food producer Findus has been a focus of the uproar since it announced Thursday that it had withdrawn its lasagna from UK stores as a precaution. The products were pulled Monday after French supplier Comigel raised concerns about the type of meat that was used, Findus Sweden said.
But Findus is only one of several companies that receives products from Comigel. Others inculde Axfood, Coop, and ICA, all of which announced they have pulled certain meat products from the shelves due to the possibility they contain horsemeat.
Comigel has not responded to CNN's repeated requests for comment.
FULL STORY
Apple stock plunges 12%
The world's most valuable publicly traded company took a hit on the stock market Thursday.
Shares of Apple plunged more than 12% Thursday, to $450.50, as investors grew skeptical about the iPhone maker's growth prospects, CNNMoney reports.
Apple's stock has been on a steady decline for months, with shares falling more than 35% from their all-time intraday high of $705, which was reached Sept. 21, 2012.
Dow, S&P close at 5-year highs
The Dow Jones industrial average and the S&P 500 have closed at five-year highs, boosted by positive data on housing and employment.
The Dow finished at 13,596.02 on Thursday, up 84.79 points from Wednesday. The S&P 500 was at 1,480.93, up 8.3 points from the previous day.
The Nasdaq, like the Dow and the S&P 500, also rose about 0.6% on Thursday, ending at 3,136.00, up 18.46 points from Wednesday.
FULL STORY
New York Stock Exchange operator sold
IntercontinentalExchange will buy NYSE Euronext, the operator of the venerable New York Stock Exchange as well as some leading European exchanges, in an $8.2 billion cash and stock deal, the companies announced Thursday.
FULL STORYFormer trader guilty of fraud after 'staggering' loss
A former trader for Swiss banking giant UBS was convicted Tuesday on two counts of fraud in connection with what prosecutors called a "staggering" $2.3 billion loss in unauthorized trading.
The court found Kweku Adoboli guilty of two counts of fraud by abuse of position. He was acquitted on four other charges.
FULL STORY
It's too early for Christmas music, Canadian drugstore chain says
It’s a question most of us seem to have pondered at some point: When should stores start on the Christmas season?
For one Canadian drugstore chain, the first week in November is too soon, at least for the sounds of the season.
U.S. suing Bank of America for $1 billion
The U.S. government is suing Bank of America for more than a billion dollars.
The lawsuit claims the bank waged a "multi-year mortgage fraud against government-sponsored entities Fannie Mae and Freddie Mac," according to the U.S. Attorney's office in Manhattan.
Follow CNNMoney for details.
Facebook earns $1.2 billion in third quarter
There was a whole lot of talk about a Facebook face plant when the company's stock first went public.
And then there were massive concerns about how the company was raising money and moving into the future. We just got a little bit of information that may show whether critics were right or not. The company's third quarter sales were reported to be $1.2 billion, a number that is in line with analyst expectations, according to CNNMoney.com.
Their stock began rising, showing perhaps, that better things are on the horizon for the social media giant.
Weak earnings, falling stocks
McDonald's and General Electric released earnings reports that fell short of forecasts this morning and that seemed to set a gloomy tone for the stock markets. CNN Money reports Wall Street had its worst day since June.
FULL STORY
Newsweek ending print edition, job cuts expected
Newsweek will go out of print at the end of the year, becoming an online publication only, the company announced Thursday.
The transition will bring job cuts, said Tina Brown, editor-in-chief.
On its official Twitter feed, the company announced:
[tweet https://twitter.com/Newsweek/status/258884240668774400%5D
“It is important that we underscore what this digital transition means and, as importantly, what it does not," Brown, who is also founder of The Newsweek Daily Beast Company, wrote in a post at thedailybeast.com. "We are transitioning Newsweek, not saying goodbye to it."
The decision "is about the challenging economics of print publishing and distribution," she wrote.
"Regrettably we anticipate staff reductions and the streamlining of our editorial and business operations both here in the U.S. and internationally," Brown added.
Full coverage from CNNMoney.com is here.
Overheard on CNN.com: Readers defend Chick-fil-A's stance on marriage
Editor's note: This post is part of the Overheard on CNN.com series, a regular feature that examines interesting comments and thought-provoking conversations posted by the community.
"Guilty as charged" was the response from Chick-fil-A President Dan Cathy when asked about his company's support of the traditional family unit as opposed to same-sex marriage. There was a social-media uproar about Cathy's statements, but many of CNN.com's readers expressed support for his right to say and believe what he wants.
Chick-fil-A's stance on same-sex marriage causing a social storm
Omekongo Dibinga, an iReporter from Washington, was one of those voices. He says the Chick-fil-A exec "did nothing wrong."
"We shouldn't be surprised that an organization that sticks to its Christian principles would have issues with gay marriage," Dibinga says, adding, "We can't get into this mentality of thinking that everybody who is against gay marriage is homophobic in some way, shape or form."
A lot of our readers had similar things to say.
Dan: "I'm gay. I don't care. If I ceased buying products from companies that did things I didn't like, then I'd be Amish. I don't make political choices when I eat out (though, for the record, I actually don't like CFA's food or any fast food for that matter). I go out to eat to fill my belly."
But a few readers were not happy with Chick-fil-A. FULL POST
Overheard on CNN.com: Where do jobs, economic growth come from?
Editor's note: This post is part of the Overheard on CNN.com series, a regular feature that examines interesting comments and thought-provoking conversations posted by the community.
After Democrats talked up reports that Mitt Romney was listed as Bain Capital's CEO after 1999, when he has repeatedly said he left the private equity firm, CNN columnists and our readers are discussing the Republican presidential candidate's views about jobs in America. Romney's date of departure is significant because some of the companies acquired by Bain later shipped jobs overseas. Romney claims he left the company before those decisions were made. Here are some varying views on the presidential race for "job creation."
Mitt Romney's painfully bad week
Facts don't support Obama's charges against Romney
Who are the job creators?
bigdil: "Here's Romney's problem and, for that matter, the GOP's problem: Rich people aren't neccesarily job creators. Some are. Some aren't. Romney can't just say, 'I'm a rich guy. Therefore, I'll be better at creating jobs and fixing the economy than Barack Obama.' Why should anyone believe this argument? Nothing in his Bain experience would suggest any talent in that area. Likewise, there is no reason to think that giving tax breaks to 'job creators' (i.e. rich people) will help the economy. It won't."
eddiev5: "True. But the same problem exists for Obama and modern-day liberals. The government cannot create jobs indefinitely - its not sustainable. You also cant have 'the rich' pay for half a centuries worth of spending - the math just doesnt add up. So therefore, either you tax the middle or lower class more, or you create more debt (which creates more problems), or you get rid of or reform the pricey parts of the budget. These are all options the left wing will not pursue. Big government inevitably grows to the point to where it hinders its own progress by stepping over its own toes. You can actually see this right now with Obamacare and Wall Street Reform. Sure, the GOP has a problem but its really no different than the same hard ideologically stance liberals have taken. They are both not logical."
Many readers said they don't care so much about Romney's business record. But who spends taxpayers' money? FULL POST
Comments: 'Thank you Apple for confirming that you invented the rectangle'
Editor's note: We're listening to you. Every day, we spot thought-provoking comments from readers. Here's some comments we noticed today.
Apple and Samsung have been involved in a long battle over the design of Samsung devices that Apple says were "ripped off" from iPads and iPhones. Samsung also countersued Apple for infringing on some of its patents. After a federal jury in California recommended Friday that Apple be awarded more than $1 billion in damages, readers are talking about patents and the ways people define product designs.
Jury: Samsung should pay Apple more than $1 billion
Many readers were outraged, saying Apple's suit appeared malicious.
But some said there were some obvious design similarities.
Some made jabs at the U.S. patenting system. FULL POST
Filed under: Apple • Business • Comments • Technology • U.S.