Business Highlights

AP News
Posted: May 20, 2016 5:43 PM


Vin Diesel, Chanel spark cultural backlash in Cuba

HAVANA (AP) — "Fast and Furious." U.S. cruise ships. A star-studded private celebration of Chanel.

The triple tsunami of global capitalism that pounded socialist Cuba this month has spawned a fierce debate about the downside of detente with the United States. Artists, writers and intellectuals who believe deeply in Cuba's opening to the world are questioning their government's management of an onslaught of big-money pop culture.

On an island that prides itself on egalitarianism, sovereignty and its long record of outsize accomplishments in the arts, many are openly critiquing opaque deals with multinational corporations seeking picturesque backdrops for car chases and summer frocks.


GM offers debit cards or longer warranties in mileage case

DETROIT (AP) — People who bought or leased 2016 General Motors SUVs with overstated gas mileage on the window sticker will be getting compensated, the automaker said Friday.

Those who purchased their SUV will get to choose a debit card or an extended warranty, while lessees will receive the debit card. For most people, the compensation will be worth $450 to $900, but owners of some all-wheel-drive SUVs could get as much as $1,500.

The automaker announced last week that fuel economy was inadvertently overstated by one-to-two miles per gallon on the 2016 GMC Acadia, Chevrolet Traverse and Buick Enclave.


Frozen food recall covers hundreds of items from many stores

DES MOINES, Iowa (AP) — It's one of the largest food recalls in recent memory, with well over 400 products from CRF Frozen Foods sold under more than 40 different brand names at major retailers across North America.

And authorities who want to stem the listeria-linked illnesses and deaths worry it'll be difficult to get consumers to dig through their freezers and check for any of the millions of packages of food sold as far back as 2014.

So far, eight people have been sickened by listeria that's genetically similar to that found in CRF vegetables, and two have died, though listeria was not the primary cause of death.


Relief and anger in Puerto Rico as Congress acts on debt

SAN JUAN, Puerto Rico (AP) — After months of pleading from Puerto Rico's government, the U.S. Congress has agreed to help the territory restructure its massive public debt. But it comes at a steep cost: a degree of lost sovereignty with the imposition of a fiscal control board as well as a potential lower minimum wage for young workers on the island.

The deal met mixed reviews in Puerto Rico, where some resent the uneven relationship with the U.S. mainland and others felt it could help rebuild the economy, while providing sorely needed control over their government.


Sports Authority is shuttering all stores amid bankruptcy

NEW YORK (AP) — Sports Authority, which filed for bankruptcy protection three months ago, is shuttering all 460 of its stores after it was unable to adapt to consumers' move online.

The sports retailer had originally only planned to close about 140 stores, but in a court document this week it outlined plans to shutter all of them. The Englewood, Colorado-based company said it will start discounting sneakers, clothing and other goods next week until the end of August.

Sports Authority's decline came as shoppers are increasingly more likely now to head online than to their local mall.


Mirrors spark fire at world's largest solar-thermal plan

PRIMM, Nev. (AP) — A small fire shut down a generating tower at the world's largest solar-thermal power plant, leaving the sprawling facility on the California-Nevada border operating at only a third of its capacity.

The Ivanpah Solar Electric Generating System in California uses mirrors to focus sunlight on boilers at the top of three 459-foot towers, creating steam that drive turbines to produce electricity. But fire officials said that some misaligned mirrors instead focused sunbeams on a different level of one unit, causing electrical cables to catch fire.


Xerox says Ursula Burns won't be CEO after company splits

NEW YORK (AP) — Xerox says Ursula Burns, the first black woman to run a Fortune 500 company, won't be CEO after the company splits in two later this year.

Burns, 57, was named CEO of Xerox in 2009. She has spent her entire career at the company, working her way up from an internship to the top job.

Xerox said Friday that after the split, Burns will become chairman of a newly formed document technology company. The second company will focus on business process outsourcing, providing payment processing and other services.

Xerox said it is searching for CEOs for both companies.


The Dow Jones industrial average ended the day up 65.54 points, or 0.4 percent, to 17,500.94. The S&P 500 rose 12.28 points, or 0.6 percent, to 2,052.32. The Nasdaq composite climbed 57.03 points, or 1.2 percent, to 4,769.56.

Benchmark U.S. oil fell 41 cents to $47.75 a barrel in New York. Brent, used to price international oils, lost 9 cents to $48.72 a barrel in London. In other energy markets, wholesale gasoline inched up to $1.64 a gallon. Heating oil rose 1 cent to $1.49 a gallon. Natural gas rose 2 cents to $2.06 per 1,000 cubic feet.