Mnuchin says Fed independence is important globally
WASHINGTON (AP) — Treasury Secretary Steven Mnuchin says that the Federal Reserve’s independence is important globally, while refusing to comment on President Donald Trump’s latest attack on the Fed. Mnuchin was asked about Trump’s tweet Sunday that if the Fed had done its job properly, the stock market would be 5,000 to 10,000 points higher and overall growth would have been “well over” 4% last year instead of 3%.
NEW YORK (AP) — Hubert Joly, the CEO who revived Best Buy, plans to step down in June. Joly will remain with company under the new position of executive chairman of the board of directors. He is widely credited with turning around Best Buy starting in 2012 as it faced dwindling sales and foot traffic. He helped the company focus on online sales and expand services. Longtime executive Corie Barry will take over the CEO position and join the board after the annual meeting on June 11.
Microsoft overhauls how it investigates office misbehavior
REDMOND, Wash (AP) — Microsoft is revamping its practices for investigating workplace allegations after a group of women shared stories of discrimination and sexual harassment. CEO Satya Nadella sent a letter to employees about the changes Monday. Nadella says the company is increasing support services for workers who say they’ve experienced misbehavior, including a new “Employee Advocacy Team” to help guide employees through investigations.
Unions urge Democrats to focus on kitchen table economics
Some people in the labor movement are expressing concerns about whether 2020 Democratic presidential candidates are focused on the issues they care most about. Union officials say the candidates are spending too much time talking about issues like the Senate filibuster and the composition of the Supreme Court. Ted Pappageorge is president of the Las Vegas Culinary Union for 60,000 hotel and casino workers and says Democrats have to “pay attention to kitchen table economics.”
Loughlin, Giannulli plead not guilty in college scam
BOSTON (AP) — Actress Lori Loughlin, her fashion designer husband Mossimo Giannulli and other prominent parents are pleading not guilty in the college admissions bribery scam. Loughlin and Giannulli said in court documents filed Monday they are waiving their right to appear in court for an arraignment and plead not guilty. The couple and more than a dozen other parents were indicted last week on charges of mail fraud and money laundering conspiracy.
With billions to spend, feds unsure who lacks broadband
WASHINGTON (AP) — A $4.5 billion federal grant program to improve broadband internet access in rural America has been stymied by flawed maps, and a group of U.S. senators is pushing to make sure the government knows where help is needed the most. The Federal Communications Commission has put the program on hold as it investigates the service data submitted by carriers.
Former Volkswagen CEO charged with fraud in Germany
FRANKFURT, Germany (AP) — German prosecutors have indicted former Volkswagen CEO Martin Winterkorn and four others on charges of fraud and unfair competition. They say Winterkorn knew about the deceptive practice of using engine software to manipulate diesel engines’ emissions. Winterkorn’s lawyers have declined to comment while they review the case files.
S&P 500 falls to rare loss, hurt by weak bank stocks
NEW YORK (AP) — Falling bank stocks pulled U.S. indexes lower on Monday, and the S&P 500 fell for just the third time in the last three weeks. Goldman Sachs recorded one of the largest losses in the S&P 500 index after saying it’s off to a “muted start to the year,” though its earnings for the first quarter still beat analysts’ expectations. Still, stocks have enjoyed a hot start to the year and the S&P 500 remains close to its record high.
Pulitzers honor coverage of 3 US mass shootings in 2018
NEW YORK (AP) — The South Florida Sun Sentinel and the Pittsburgh Post-Gazette have won Pulitzer Prizes and have been recognized along with the Capital Gazette of Annapolis, Maryland, for their coverage of three horrifying mass shootings at a high school, a synagogue and a newsroom itself. The Associated Press won in the international reporting category for documenting the humanitarian horrors of Yemen’s civil war.
Lyft pulls electric bikes off the road after brake problems
NEW YORK (AP) — Ride-hailing giant Lyft has pulled 3,000 electric bikes off the streets after customers complained the bikes were braking too hard. Lyft removed electric bikes from its New York, San Francisco and Washington, D.C., markets. A spokeswoman said Monday that Lyft is aware of reports of injuries, but the company wouldn’t specify the number of complaints it received. On Twitter some riders complained of being thrown over the handlebars after hitting the brakes.
The S&P 500 lost 1.83 points, or 0.1%, to 2,905.58. The Dow Jones Industrial Average fell 27.53, or 0.1%, to 26,384.77, and the Nasdaq composite lost 8.15, or 0.1%, to 7,976.01. The Russell 2000 index of small-cap stocks dropped 5.63, or 0.4%, to 1,579.17.