Trump, GOP at odds over using 401(k)s to pay for tax cuts
WASHINGTON (AP) —President Donald Trump and Republicans were at odds over changing the 401(k) retirement program to help finance tax cuts. The president insists the middle-class favorite will remain untouched. Lawmakers are pen to revisions. Rep. Kevin Brady, the chairman of the House’s tax-writing panel, wouldn’t rule out changes to the program used by 55 million U.S. workers who hold some $5 trillion in their 401(k) accounts..
NAACP warns African-Americans against travel on American Air
DALLAS (AP) — Citing a “disturbing trend” of incidents, NAACP warns African-Americans about flying on American Airlines. The airline says it is ‘disappointed’ by the announcement and says it will invite leaders of the civil rights group to discuss complaints.
Big banks score win with scrapping of consumer dispute rule
NEW YORK (AP) — Republicans in Congress handed Wall Street banks a substantial victory by effectively killing off a politically popular rule that would have allowed consumers to band together to sue their banks. Instead, consumers will still be subject to clauses that require them to settle financial disputes in arbitration, a process seen as favorable to the banks. President Trump is expected to sign a resolution into law, overturning yet another Obama-administration initiative.
Uber rides into credit card market with no-fee card
NEW YORK (AP) — Ride-hailing giant Uber unveiled a new co-branded credit card with British bank Barclays, hoping the no-fee, cash-back card becomes a major part of your everyday spending habit. The card will give 2 percent cash back on Uber rides. Other rewards include 4 percent cash back for every dollar spent on dining, and 3 percent cash back on airlines, hotels and vacation home rentals.
Trump OKs test program to expand domestic drone flights
WASHINGTON (AP) — Some Americans could see a lot more drones flying around their communities under a test program from the Trump administration to increase government and commercial use of the unmanned aircraft. White House officials say President Donald Trump has given the go-ahead so states, local communities and tribes can devise their own trials. The administration anticipates approving at least five applications, but there’s no limit on the number of communities that can participate.
Consumers lose chance to sue banks in win for Wall Street
NEW YORK (AP) — Wall Street banks scored a substantial victory when the Senate effectively killed off a popular rule that would have allowed consumers to band together to sue their banks. Instead, consumers will still be subject to clauses that require them to settle financial disputes in arbitration, a process seen as favorable to the banks. President Donald Trump is expected to sign a resolution into law, overturning yet another Obama-administration initiative.
Study: ACA silver plan premiums up average of 34 percent
WASHINGTON (AP) — An analysis of newly released government data finds premiums for the most popular health plans under the Affordable Care Act are rising by an average 34 percent next year. The consulting firm Avalere Health finds that the Trump administration’s actions are contributing to the price hikes, adding instability to the underlying problems of the health law’s marketplaces. The average 34 percent price hike is for silver plans in states using HealthCare.gov. Other plans also are increasing.
New screenings to start for all US-bound airline passengers
DUBAI, United Arab Emirates (AP) — All incoming flights to the United States will be subject to new security screening procedures, including both American citizens and foreigners possibly facing security interviews from airline employees, the U.S. government said Wednesday. Five global long-haul airlines — Air France, Cathay Pacific, EgyptAir, Emirates and Lufthansa — say they will begin the new security interviews starting Thursday.
Not at home? Amazon wants to come in and drop off packages
NEW YORK (AP) — Not home for the Amazon delivery? No problem: Amazon would like to send a stranger in to drop off a package. The online retailer said Wednesday that it will launch a service next month called Amazon Key that would allow delivery people to walk into your home and drop off a box when you’re not there. The service will be available in 37 cities Nov. 8.
Weak earnings and rising bond yields send US stocks down
NEW YORK (AP) — Rising bond yields and a string of weak company reports and forecasts pushed stocks lower Wednesday as major indexes retreated from their recent record highs. Industrial and technology companies and banks fared the worst. Companies including telecom giant AT&T, aerospace company Boeing, chipmaker Advanced Micro Devices and credit card issuer Discover Financial Services all gave shaky results, disappointing forecasts, or both.
Standard & Poor’s 500 index shed 11.98 points, or 0.5 percent, to 2,557.15. The Dow Jones industrial average fell 112.30 points, or 0.5 percent, to 23,329.46. The Nasdaq composite sank 34.54 points, or 0.5 percent, to 6,563.89. The Russell 2000 index, which is comprised of smaller-company stocks, dropped 6.94 points, or 0.5 percent, to 1,493.48.
Benchmark U.S. crude shed 29 cents to $52.18 a barrel in New York. Brent crude, used to price international oils, rose 11 cents to $58.44 per barrel in London. Wholesale gasoline rose 2 cents to $1.73 a gallon. Heating oil remained at $1.82 a gallon. Natural gas fell 6 cents to $2.92 per 1,000 cubic feet.