Ryan's Medicare plan would be tricky to pull off
WASHINGTON (AP) - The idea behind Paul Ryan's Medicare plan is to slow growing costs and keep the program more affordable for the long haul. But it's all in the details. The Republican-backed shift to private insurance plans could saddle future retirees with thousands of dollars a year in additional bills.
Iowa brokerage CEO indicted in $200M fraud scheme
IOWA CITY, Iowa (AP) - The founder of a bankrupt Iowa-based brokerage accused was indicted by a federal grand jury Monday on 31 counts of making false statements to regulators in connection with a $200 million fraud scheme. Peregrine Financial Group Inc. CEO Russ Wasendorf Sr. could face up to 155 years in prison if convicted on all counts, prosecutors said. His attorney didn't immediately return a phone message Monday, and the date for an arraignment, where Wasendorf will enter a plea, has not been set.
Phone cos. lose broadband subscribers for 1st time
NEW YORK (AP) - Phone companies are losing the high-speed Internet game. In the second quarter, the landline phone industry lost broadband subscribers for the first time, as cable companies continued to pile on new household and small business customers, thanks to the higher speeds they offer in most areas. The flow of subscribers from phone companies to cable providers could lead to a de facto monopoly on broadband in many areas of the U.S., say industry watchers. That could mean a lack of choice and higher prices.
Stocks fall as economic malaise spreads to Japan
U.S. stocks fell Monday as evidence piled up that the global economic slowdown is dragging on Asia. The losses broke the longest winning streak for the Standard & Poor's 500 index since December 2010. The index had risen for six straight days.
Pfizer buys rights to OTC heartburn drug Nexium
TRENTON, N.J. (AP) - Drugmakers AstraZeneca PLC and Pfizer Inc. have reached a deal giving Pfizer future rights to sell a nonprescription version of AstraZeneca's blockbuster heartburn drug, Nexium, as early as 2014. The deal, announced late Monday, could help Pfizer expand its consumer-health business as it continues a restructuring meant to strengthen its core drug business and divest its infant-formula and animal-health businesses. The companies said they're exploring the idea of a partnership to convert other AstraZeneca prescription drugs to over-the-counter medicines.
Google cutting 4,000 jobs at Motorola unit
NEW YORK (AP) - Google Inc. is making its largest round of layoffs ever as it announced plans to cut about 4,000 jobs at Motorola Mobility just three months after buying the struggling cellphone pioneer. The move isn't surprising given years of plummeting sales at Motorola, but it signals that Google doesn't intend to drag Motorola along as a money-losing venture.
Longtime Cosmo editor Helen Gurley Brown, 90, dies
NEW YORK (AP) - It was not the kind of advice women were used to hearing: - Make a list of the men in your life and arrange them in categories: "The Eligibles," "The Eligibles-But-Who-Needs-Them," "The Don Juans," "The Divorcing Man."
Weak European economy hurts Groupon in 2Q
LOS ANGELES (AP) - The weak European economy contributed to lower sales growth than expected at Groupon Inc., particularly for discretionary items such as laser hair removal and luxury hotel stays. Although the online deals site beat Wall Street's profit estimates in the latest quarter, its stock tanked because of concerns about its growth prospects.
Oil boom brings scarcity of workers in small towns
WOODWARD, Okla. (AP) - The local prison is so short on guards that inmates can sometimes just walk away. A gas station barely has enough cashiers to keep up with the trucks filling the parking lot. And "help wanted" signs seem to hang from every restaurant and shop. Yet almost no one is interested in the jobs.
Trade body says UK tourism slumped during Olympics
LONDON (AP) - The Olympics brought less tourist money to recession-hit Britain than businesses had hoped for, a trade group said Monday, with a majority of tourist companies reporting losses from last year. A survey of more than 250 tour operators, hoteliers and visitor attractions found that tourist traffic fell all over Britain, not just London, said UKinbound, a leading trade association representing British tour operators and other businesses dependent on tourists.