Visa and Mastercard have announced that they will pay retailers more than $6 billion to settle several class-action and individual lawsuits retailers have filed since 2005.
According to a Wall Street Journal story from earlier this month, the settlement stems from complaints that Visa and MasterCard, the largest card-payments networks in the world, prohibited retailers from imposing surcharges to customers using those credit cards.
As the financial crisis began to unfold in 2007, the New York Federal Reserve learned that some banks might have intentionally underestimated the rates they expected to pay for loans from other banks.
Documents the New York Fed released Friday, in response to a request from Congress, show that the banking regulator began to be concerned about the accuracy of LIBOR — or the London Interbank Offered Rate — late in 2007.
When McDonald's cut a deal to make itself the exclusive purveyor of french fries and the similar (but please don't say matching) chips at the 2012 Olympic Games in London later this month, it may not have anticipated the flurry of responses. Foodies raged, nutritionists nagged, and many called it another example of an American cultural takeover.
The U.S. Department of Labor says more north Louisiana child care businesses are paying workers a legal wage after a crackdown by the Wage and Hour Division. But it says a majority of such businesses in Bossier, Caddo, East Carroll, Lincoln and Ouachita parishes are still breaking the law.
A news release Thursday said 57 percent of the employers investigated this year were violating minimum-wage, overtime or record-keeping provisions of the Fair Labor Standards Act — compared to 81 percent last year.
The largest bank in the U.S., JPMorgan Chase, this morning released its second quarter results. It's net income was $5 billion, but it turns out that loses in a failed hedging strategy involving a secretive trader were much higher than what the bank originally said the loss would be. In fact, JPMorgan lost $4.4 billion last quarter on those risky trades.
As NPR's Yuki Noguchi reports, that's not the full extent of the firm's damage.
The president of a business organization in New Orleans says the group is focusing on changing the image the city presents to businesses that are thinking about relocating or expanding.
Rodrick Miller, president and CEO of the New Orleans Business Alliance, told a luncheon Wednesday that many people often associate New Orleans with Bourbon Street, jazz and its port. But Miller said they don't think about the new things coming to the city like the film industry and technology companies.
Sometimes friends become more than friends and Facebook just won't do. And if the friend in question are dogs, they may want to hear today's last word in business.
(SOUNDBITE OF SONG, "PUPPY LOVE")
PAUL ANKA: (Singing) And they called it puppy love, oh I...
RENEE MONTAGNE, HOST:
Brazil's dog population is second only to the U.S. Two entrepreneurs - a brother and sister team - are hoping to capitalize on that by building an eight-story hotel for pets. With one floor apparently is dedicated to mating.