Durable goods orders rise again
Durable goods orders rose last month by the largest amount in two years. The Commerce Department said Wednesday that orders for goods expected to last at least three years increased 4.9% in July, the third increase in the past four months. June orders were revised to a 1.3% drop, from a 2.2% decline. Transportation equipment orders, up 18.4%, drove the overall increase. Orders for non-defense capital goods excluding aircraft, a key measure of business investment, fell 0.3%.
FDIC eases rules for buying failed banks
The Federal Deposit Insurance Corp.'s board made it easier for investors such as private-equity funds to buy failed banks. Under the new rules, such a buyer would need to maintain the bank's capital reserves equal to 10% of the bank's assets, down from 15% but still more than the 5% required for banks that buy other banks.
US Airways boosts checked-baggage fee
US Airways said Wednesday that it is bumping up its fees for first and second checked bags by $5 each, and is tacking on an additional $50 fee for a second checked bag on trans-Atlantic flights. The airline will charge $20 for the first checked bag and $30 for the second, when bags are checked online. Passengers will also pay an extra $5 per bag checked in at the airport.
Thousands of Toyotas, Scions recalled
Toyota Motor said Wednesday that it is launching a recall of roughly 95,700 Toyota and Scion-brand vehicles in the U.S. due to a possible brake malfunction. The recall affects some 2009 and 2010 Toyota Corolla and Corolla Matrix vehicles and some 2008 and 2009 Scion xD vehicles, Toyota said. Customers will not be charged for the hour-long repair. (CEO has lofty goals for Volkswagen, 3B)
TiVo sues Verizon, AT&T
TiVo sued Verizon and AT&T, charging that the phone companies' television services provide customers with digital video recorders that infringe on TiVo's patents.
By Eric Nordwall from Associated Press and staff reports