Fed upbeat on U.S. economy despite global turmoil

WASHINGTON - The Federal Reserve on Wednesday said the U.S. economy was expanding "at a solid pace" as it largely looked through weakness overseas in a signal that it remains on track to raise interest rates later this year.

Recent Business News

Sotheby's to raise charges for art buyers

NEW YORK - Buying art at Sotheby's will soon become more expensive as the top international auction house announced it is increasing its buyer's premium, the rates it charges a successful bidder.

12:29pm EST

Fiat Chrysler no longer 'bleeding' in Europe, but challenges remain

MILAN/DETROIT - Fiat Chrysler Automobiles expects to turn profits in all regions this year, but faces pressure to rev up its North American profit engine to fund an ambitious overhaul of its Alfa Romeo and Maserati brands.

2:54pm EST

Icahn on CNBC says his son was right on Netflix, wished he bought more

NEW YORK - Billionaire activist investor Carl Icahn said on Wednesday that he sold Netflix Inc shares too soon, admitting that his son Brett and fund co-manager David Schechter were correct to believe the stock was significantly undervalued.

Tech, Money 1:43pm EST

Cost-cutting VW bets big to revamp loss-making luxury Phaeton

BERLIN - With Volkswagen having embarked on a big cost-cutting drive, industry experts are baffled why the "people's car" maker plans to spend millions of euros upgrading a money-losing luxury sedan.

11:14am EST

Exclusive: EU considers capital markets curbs among new Russia sanctions

BRUSSELS - New European Union sanctions against Russia could include further capital markets restrictions, making it harder for Russian companies to refinance themselves and possibly affecting Russian sovereign bonds, EU officials said on Wednesday.

2:25pm EST


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