Business News
More Americans have bank accountsNEW YORK — More Americans have access to a checking or savings account than in past years, according to a survey released Thursday by federal regulators, a sign that the improving economy is helping lift the nation’s poorest households.Having an account is considered a cornerstone of financial stability in the U.S. Without one, households must rely on check-cashing services, prepaid debit cards and other costly ways to pay bills and make routine transactions.The portion of Americans who do not have a bank account, known as “unbanked,” declined to 7 percent in 2015 from 7.7 percent in 2013, according to the FDIC.
Unemployment claims up 13,000WASHINGTON — The number of Americans seeking unemployment benefits rose to the highest level in five weeks but still remained close to the recent 43-year lows.Weekly applications for jobless benefits rose by 13,000 last week to 260,000, the Labor Department reported Thursday. Even with last week’s gain, claims, which are a proxy for layoffs, it remains at levels indicating that workers are enjoying job security despite sluggish economic growth.The increase in benefit applications was bigger than economists had been forecasting.
American Airlines 3Q profit fallsFORT WORTH, Texas — Empty seats and labor costs are cutting into profit at American Airlines. But in an encouraging sign for airlines and their investors — and a worrisome one for passengers — American is offering new evidence that higher fares could be just around the corner.The world’s biggest carrier reported Thursday that third-quarter earnings fell 56 percent and would have dropped even more if it weren’t for continuing low fuel prices. The company earned $737 million, down from $1.69 billion a year earlier. Revenue slipped 1 percent but costs rose 5 percent.
Walgreens posts strong 4Q earningsWalgreens Boots Alliance earnings topped $1 billion during the fourth quarter, easily surpassing analyst expectations, but the drugstore giant also announced a delay in closing its latest megadeal.The company said Thursday that it expects to wrap up its $9.4-billion purchase of rival Rite Aid Corp. early next year, rather than by the end of 2016. Walgreens leaders then cautioned analysts against reading too much into the delay.
Verizon digesting hack at YahooNEW YORK — Verizon said its profit fell in its most recent quarter as it added fewer subscribers for its traditional cellphone business. It also said it’s still evaluating how the hack at Yahoo affects its $4.8 billion deal for the company.Verizon wants Yahoo because it wants to build an online advertising arm that could rival Google and Facebook. But a massive hack of users’ e-mail accounts has raised questions about whether Verizon will ask for a discount or other changes.
