Global Glance: Obama administration failed to follow health law; Deutsche bank shares tank

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Here are today’s top business headlines from across the nation and world:

Report says Obama administration failed to follow health law

WASHINGTON (AP) — The Obama administration failed to follow the president’s health care law in a $5 billion dispute over compensating insurers for high costs from seriously ill patients, Congress’ investigative arm said Thursday. The opinion from the Government Accountability Office is a setback for the White House and bolsters Republican complaints that administration officials bent the law as problems arose carrying out its complex provisions. The finding may complicate efforts to stabilize premiums in the law’s insurance marketplaces, where about 11 million people get coverage. Read more

Deutsche Bank shares tank as concerns grow over stability

BERLIN (AP) — Worries over the financial stability of Deutsche Bank returned to the fore Friday, sending shares in Germany’s biggest bank to a record low and rekindling broader concerns about Europe’s financial sector. Reports that hedge funds are moving their business out of the bank were the catalyst to the latest sell-off. Deutsche Bank has been a growing concern for investors since U.S. authorities two weeks ago said they are seeking $14 billion from the bank to settle legal claims over its sales of mortgage securities, complex investments that were one of the key causes of the global financial crisis in 2008. Read more

After fatal train crash, investigators seek answers

HOBOKEN, N.J. (AP) — Federal investigators are trying to determine what happened before a New Jersey commuter train barreled through a station and crashed into a barrier, causing a young mother to be killed by falling debris and injuring more than 100 others. Investigators from the National Transportation Safety Board will be looking to determine how fast the train was going when it crashed at the busy Hoboken station Thursday morning. They hope to speak to the train’s injured engineer on Friday, NTSB Vice Chairman T. Bella Dinh-Zarr said. State officials say he has been cooperating. Read more

FCC delays vote on much-disputed rules on cable boxes

NEW YORK (AP) — Federal regulators delayed a decision Thursday on requiring cable and satellite TV companies to make free apps to eliminate the need for cable boxes. Consumers could potentially save a few hundred dollars a year if they don’t have to buy or rent a cable box and instead use apps for smart TVs or streaming gadgets they already have, such as Roku or Apple TV. The Federal Communications Commission also wanted to promote gadgets that would let people search easily for video from online services such as Netflix and YouTube, not just TV channels. Read more

Volvo plans to sell self-driving car in 5 years

ROMULUS, Michigan (AP) — Volvo Car Corp. plans to sell a self-driving vehicle to consumers in five years. Volvo CEO Hakan Samuelsson says the car will have a steering wheel, but consumers can pay $10,000 extra for a full autopilot system that will let them relax while the car drives itself. Samuelsson says Volvo is already making early versions of the vehicles. They’ll be tested on public roads in Sweden next year and in London and China in 2018. Read more


House lawmakers heap blistering criticism on Wells Fargo CEO

WASHINGTON (AP) — Angry lawmakers heaped another round of blistering criticism on Wells Fargo’s CEO, pressing Thursday for details about what senior managers knew about allegedly illegal sales practices and when any concerns were disclosed. Chief Executive John Stumpf, newly stripped of tens of millions in compensation, told the House Financial Services Committee that the bank is expanding its review of accounts and will evaluate executives’ roles. But as during the grilling he received last week from a Senate panel, Stumpf remained on the defensive. Read more


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