Monday Evening Business Brief
June 16, 2014, 6:44 PM
- Stocks have registered meager gains to start the trading week. The major indexes swung between small gains and losses all day as traders assessed a round of corporate deals and a spike in oil prices brought on by the conflict in Iraq. The Dow inched up five points to close at 16,781, while the S&P 500 added a point and a-half, closing at 1,937.78, and the Nasdaq composite rose 10 to 4,321.
- General Motors' repairs on the ignition switches that led to the recall of 2.67 million cars are going slowly. More than four months after starting the recall, GM has repaired only 7 percent of the vehicles. And now GM says it needs to change or replace the keys for about 3.4 million more cars because they could cause similar ignition switch problems.
- The city of Miami has filed a federal lawsuit claiming JP Morgan Chase engaged in racially discriminatory lending practices that worsened the foreclosure crisis in minority neighborhoods. The city says loans with burdensome terms were disproportionately made in black and Hispanic neighborhoods, leading to a far greater rate of foreclosures. JP Morgan says it has a strong record of providing housing to low- and moderate-income families in South Florida.
- Mississippi's attorney general says sweeping errors by a major credit reporting bureau have harmed consumers and violated federal law. Mississippi has filed a federal lawsuit against Experian Information Solutions. It says the company's lax quality control jeopardizes consumers' ability to get loans, taints their employment background checks and hampers sensitive government security clearances.
- Domino's is introducing its own version of Siri. The pizza delivery chain is introducing a function on its mobile app that lets customers place orders by speaking with a computer-generated voice named "Dom." The company says the updated app for iPhones and Android devices will deliver a "human-like, conversational" experience, but notes that it will take some time to work out the kinks. Mobile and online orders account for 40 percent of Domino's U.S. sales.
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