GM posted $9.4B net profit in 2016, but encore may be tough
DETROIT — General Motors executives promised investors bigger pretax profits for 2016 and 2017. On Tuesday, they delivered a 16 percent increase for last year. An encore may be harder.
Army to allow completion of Dakota Access oil pipeline
BISMARCK, N.D. — The Army said Tuesday that it will allow the $3.8 billion Dakota Access oil pipeline to cross under a Missouri River reservoir in North Dakota, clearing the way for completion of the disputed four-state project. However, construction could still be delayed because the Standing Rock Sioux tribe, which has led opposition to the pipeline, said it would fight the latest development.
US job openings remain at mostly healthy level in December
WASHINGTON — The number of open jobs was mostly unchanged in December from the previous month, leaving openings at a healthy level. The Labor Department says job openings were flat at 5.5 million in December.
Germany official rebuts Trump administration currency claim
FRANKFURT, Germany — The head of Germany’s central bank has rejected a Trump administration official’s statement that German companies have benefited from an artificially cheap currency. Bundesbank head Jens Weidmann says that Germany firms are successful exporters “because they are well positioned in world markets and convince people with innovated products.”
Twitter broadens its campaign against hate and abuse
NEW YORK — Twitter announced Tuesday that it is expanding efforts to protect its users from abuse and harassment, the latest milestone in a broader campaign to crack down on online hate. The social media giant said it has begun identifying people who have been banned for abusive behavior and it will stop them from creating new accounts. The company said its changes, which also include a new “safe search” feature, will be implemented in the coming weeks.
Trump’s labor nominee hired housekeeper in US illegally
WASHINGTON — Labor Secretary nominee Andrew Puzder acknowledged Tuesday that he had employed a housekeeper who was in the U.S. illegally, putting him again at odds with President Donald Trump’s push to keep jobs in American hands. Puzder’s statement has the potential for complicating his confirmation. A spokesman says the fast food CEO remains committed to leading the Labor Department.
Growth in consumer borrowing slowed in December
WASHINGTON — Consumers increased their borrowing in December at the slowest pace in six months, as growth in credit card usage decelerated sharply. Total borrowing rose $14.2 billion in December, smaller than November’s increase of $25.2 billion, the Federal Reserve reported Tuesday.
Trump advisers’ tax credit plan for infrastructure has risks
WASHINGTON — A plan to revitalize the nation’s aging infrastructure put forward by two Trump administration economic advisers relies on a transportation financing scheme that hasn’t been tried before. Under the plan, the government would allocate $137 billion in federal tax credits for private investors who underwrite infrastructure projects. Experts warn the plan could backfire by rewarding investors in projects that would have been built even without tax credits.
Company accused of scamming 9/11, NFL concussion victims
NEW YORK — New York and federal authorities sued a company Tuesday that they say scammed sick 9/11 responders and NFL players who are receiving payouts for concussion-related injuries. In the lawsuit, the New York attorney general and the Consumer Financial Protection Bureau allege that RD Legal Funding and its founder lured 9/11 responders who are struggling with cancer and respiratory illness and former NFL players with brain injuries into costly advances on their settlements.
Tyson reveals SEC inquiry, likely tied to price-fixing suits
NEW YORK — Tyson Foods says it’s being investigated by the Securities and Exchange Commission, likely in connection with lawsuits alleging that the poultry company and others engaged in price-fixing activities. The Springdale, Arkansas-based company says in a regulatory filing that it received a subpoena from the SEC on Jan. 20. Tyson says it believes the investigation is related to allegations that it violated antitrust laws.
At a cool $250M, LA mega mansion is priciest listing in US
LOS ANGELES — At $250 million, a new mega mansion in Los Angeles’ exclusive Bel Air neighborhood is the most expensive home listed in the U.S. The four-level, 38,000-square-foot mansion is the passion project of developer and handbag tycoon Bruce Makowsky. It has 12 bedroom suites, 21 bathrooms, five bars and three gourmet kitchens. Makowsky says only 3,000 people in the world could afford to buy the mansion.