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WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it’s moving closer to slowing its bond-buying program, which is intended to keep long-term interest rates at record lows. Chairman Ben Bernanke said the Fed could start scaling back its $85 billion in monthly bond purchases later this year if the economy continues to improve.
OfficeMax Inc. is asking the state of Illinois for tax breaks to keep the company’s headquarters in-state after the office supply chain’s merger with Office Depot Inc. is complete.
A new report says homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation’s top mortgage servicers. Such delays can plunge borrowers deeper in debt.
The mayors of New York, Los Angeles, Chicago and 15 other cities are reviving a push against letting food stamps be used to buy soda and other sugary drinks. The U.S. Department of Agriculture, which runs the food stamp program, declined to comment.
General Motors Co. executives broke ground for a new Cadillac factory in China on Wednesday to target luxury buyers in the world’s biggest auto market, though they said the segment would grow slower than expected this year.
FedEx Corp.’s fourth-quarter profit fell 45 percent as international customers traded down to less-expensive delivery options. Excluding charges, the results still beat Wall Street expectations.
Men’s Wearhouse Inc. says it has dismissed its founder and executive chairman George Zimmer. In a terse release issued Wednesday, the company didn’t give a reason for the abrupt firing of Zimmer, who founded the chain in 1973.
If doctors and patients used prescription drugs more wisely, they could save the U.S. health care system at least $213 billion a year, by reducing medication overuse, underuse and other flaws in care that cause complications and longer, more-expensive treatments, researchers conclude.
A Boeing 787 flying from Denver to Tokyo was diverted to Seattle because of an oil filter issue, a United Airlines spokeswoman said Wednesday.
NEW YORK (AP) — U.S. stocks moved higher Tuesday, helped by news of a pickup in home building and low inflation. But the Federal Reserve loomed large, with investors trying to guess what the central bank will say Wednesday about how long it plans to keep stimulus programs in place.
Don’t expect to see Dunkin’ Donuts revive its famous “Time to make the doughnuts” ad campaign anytime soon. Paul Carbone, chief financial officer for Dunkin’ Brands Group Inc., said Tuesday that the company gets asked all the time when it’s going to bring back the ad starring the perpetually tired baker who gets up early every morning to make doughnuts. “He’s not coming back,” Carbone said.
Starbucks wants coffee fans to think of it as a spot to grab lunch or late afternoon bite — not just a place to get a cup of morning joe. The Seattle-based coffee chain is looking to increase its sales in the U.S. by making its food a bigger attraction, particularly in the slower afternoon and evening hours.
U.S. retail sales of video games, hardware and accessories declined 25 percent in May as demand for aging game consoles continued to fade and fewer new games launched compared with last year, according to market researcher NPD Group.
Boeing Co. won major orders from five customers for a stretched-out version of its popular 787 Dreamliner jet at the Paris Air Show Tuesday, further evidence of a strengthening market for more expensive long-haul jets.
There’s good news for most companies that provide health benefits for their employees: America’s slowdown in medical costs may be turning into a trend, rather than a mere pause.