Apple chief executive Tim Cook apologized to Chinese consumers for its iPhone warranty policies after weeks of condemnation of its after-sales service in China’s state-run media.
Wal-Mart is cutting gasoline prices by up to 15 cents a gallon for drivers in 21 states who pay with its cards in an attempt to woo shoppers grappling with high prices at the pump. U.S. sales have slowed in 2013 at the world’s biggest retailer as customers feel the pinch of higher gasoline prices, higher U.S. payroll taxes and delayed income tax refunds.
CVS Caremark agreed to pay $11 million to settle federal claims that its Oklahoma pharmacies violated recordkeeping requirements of the Controlled Substances Act. Some of CVS’s 46 pharmacy retail stores in Oklahoma created false federal registration numbers that were sometimes provided to state prescription drug monitoring programs, according to the claims. CVS did not admit liability.
American Airlines and Orbitz Worldwide settled their litigation over competing electronic flight-data systems. Orbitz was the last defendant in a lawsuit accusing it, Sabre Holdings and Travelport of conspiring to block the airline’s entry into the electronic flight-data and reservations market.
American Greetings agreed to be taken private by a group led by some of its top executives, including Chairman Morry Weiss, in a deal that values the company at about $580 million.
The U.S. economy will face the brunt of massive federal spending cuts just as growth in private sector jobs is plunging, according to government data. Businesses created a paltry 88,000 jobs in March — less than half what Wall Street expected. The jobless rate dropped to 7.6 percent.
Unemployment across the 17 European Union countries that use the euro in February hit 12 percent for the first time since the currency was launched in 1999.
U.S. factory orders rose 3 percent in February. That’s up from a 1 percent decline in January and the biggest gain in five months. The increase was caused mostly by a jump in orders for commercial aircraft.
Companies hired at the weakest pace in five months in March as recent strong demand for construction jobs evaporated and growth in the vast services sector slowed, signs that the economic recovery could be hitting a soft patch. Private employers added 158,000 jobs last month, falling short of economists’ expectations for 200,000.
Spending on U.S. construction projects rebounded by 1.2 percent in February, helped by a surge in home construction, which rose to the highest level in more than four years.
A $2 billion search for foreclosure errors was hampered by poor planning from federal regulators, the Government Accountability Office said.
Companies can use social media such as Facebook and Twitter to unveil key information about their operations, the SEC said.
Roger Ebert, the Pulitzer Prize-winning film critic famous for his thumbs-up, thumbs-down judgment of movies, died at age 70.
Mary Schapiro accepted a position at Promontory Financial, a premier financial services consulting firm, her first private-sector job after nearly four years as SEC chairman.
World Bank President Jim Yong Kim called climate change a “fundamental threat” to global economic development.
James E. Hansen, an outspoken scientist on the issue of global warming, is stepping down from his NASA post to work full time in activism on the issue.
Alzheimer’s is the nation’s most expensive disease, costing families and society $157 billion to $215 billion a year, a study said.
The first results from a $2 billion instrument aboard the international space station have offered tentative support for the theory that invisible dark matter permeates the universe.
— From The Post and news services