Last Update on November 21, 2014 08:31 GMT
FEDERAL RESERVE-TOO COZY?
WASHINGTON (AP) -- The Federal Reserve says it will review how it oversees the biggest U.S. banks amid criticism that it has grown too close to the financial institutions it is charged with regulating.
The Fed announced the review late Thursday. On Friday, a Senate subcommittee will hold a hearing on whether Fed examiners -- particularly in its New York operation -- have become too cozy with the big banks they oversee.
The central bank said the review will examine whether its decision-makers get the information they need to make good decisions in their inspection and oversight of banks. It also will look at the Fed's internal culture, and whether dissenting views related to oversight are stifled.
The bailout of Wall Street banks during the 2008 financial crisis brought the issue forward.
FRANKFURT, Germany (AP) -- Japan's return to recession has renewed questions about the effectiveness of its recent monetary stimulus -- and how anything similar would help Europe's struggling economy.
The European Central Bank is edging toward the same kind of large-scale bond purchases that the Bank of Japan has used. Proponents say the measure, typically used as a last resort by central banks, could boost the shaky eurozone recovery by reducing borrowing costs for businesses, households and governments.
Yet Japan's recession underlines the limits of so-called quantitative easing, or QE, which involves pumping newly created money into the economy through bond purchases.
The step may give the eurozone a marginal boost by keeping the euro's exchange rate down, putting a lid on borrowing costs for the foreseeable future and generating some wealth effects.
However, few economists think it will provide a magic solution -- especially if governments like those in France and Italy don't make their economies more business-friendly, and if countries keep trying to reduce debt through austerity cuts.
LOS ANGELES (AP) -- Negotiations over a new contract for dockworkers at 29 West Coast ports took an unexpected turn Thursday, as the union insisted on "small table" talks while employers decried the "extended break."
The full teams for the longshoreman's union and the association representing trans-ocean shipping lines and operators of port terminals aren't scheduled to meet again until Dec. 2.
The maritime association called the development a "slowdown tactic" -- a pointed reference to their complaints that dockworkers are deliberately dragging as they load and unload ships.
Public pressure has been mounting to resolve labor strife at ports that handle billions of dollars of imports and exports each day.
A union spokesman said negotiations were going well and the change was a chance to tackle tough issues in small groups.
DETROIT (AP) -- The government is telling Chrysler to speed up its recall of 1.5 million older Jeeps with gas tanks that can rupture in a rear collision.
The National Highway Traffic Safety Administration sent a letter to Chrysler saying that only 3 percent of the Jeeps have been fixed, more than a year after the recall began.
The Jeep Grand Cherokees and Libertys have gas tanks behind the rear axles that can rupture in rear collisions and catch fire. The remedy is to install a trailer hitch to protect the tanks in low-speed collisions. At least 51 people have died in crashes due to the problem.
The letter says Jeep owners have complained about being turned away by dealers for lack of parts.
Chrysler says it's redoubling efforts to get ship parts.
DETROIT (AP) -- General Motors is promoting its purchasing chief to be head of quality as part of a management shake-up.
The move comes after all GM brands but Buick performed worse than average in this year's Consumer Reports auto reliability survey.
Quality and customer experience head Alicia Boler-Davis will remain a senior vice president, but will no longer lead quality. She's now in charge of a department that handles GM's interactions with its customers.
Purchasing head Grace Lieblein takes over as vice president of global quality.
Both executives report to CEO Mary Barra.
Cadillac, GMC and Chevrolet all scored below average in the Consumer Reports survey revealed last month. GMC fell 10 places largely due to problems with the new Sierra pickup. Buick was the top brand from a U.S.-based automaker.
LONDON (AP) -- Financial services startup Square is taking aim at cash registers across the globe, making its point-of-sale software available internationally in English, Spanish, French and Japanese.
The company, whose small cubic credit card reader can be used to turn a smartphone or a tablet into a portable sized till, isn't yet offering the distinctively shaped piece of hardware in Europe, CEO Jack Dorsey said at a press event in London on Thursday.
Dorsey, who co-founded Twitter Inc., declined to give a timeline for when the hardware would be available for Square's new international users.
Square says that its app -- available for Android and Apple devices -- now supports 130 currencies.
KOZY SHACK-PUDDING RECALL
ARDEN HILLS, Minn. (AP) -- Pudding maker Kozy Shack Enterprises is recalling some of its puddings because they are not labeled as containing milk.
The voluntary recall involves 4-ounce cups of Foodservice Kozy Shack Simply Well Chocolate Pudding.
The recalled pudding was distributed through foodservice distribution channels and not sold in retail stores.
The product was distributed to 20 states -- Connecticut, Florida, Georgia, Illinois, Iowa, Kansas, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Virginia, West Virginia and Wisconsin.
Minnesota-based cooperative Land O'Lakes owns Kozy Shack Enterprises.
AT&T pays $23.8 M to settle hazardous waste case
SAN FRANCISCO (AP) -- AT&T has agreed to pay California authorities nearly $24 million to settle allegations that it improperly disposed of hazardous waste during a nine-year period.
California Attorney General Kamala Harris said Thursday that the telecommunications giant has also agreed to spend $28 million over the next five years to properly dispose of the waste, which includes batteries, electronic equipment and various gels and liquids. Harris said the investigation began in 2011 when inspectors with the Alameda County District Attorney's office and the California Department of Toxic Substances Control examined trash bins outside about 235 AT&T warehouse and other facilities.
An AT&T spokesman said the company cooperated with the investigation.
Five other telecommunications' companies have disclosed in financial filings with regulators that they are the targets of similar investigations.