Mobile ads boost
Facebook reported its first-quarter sales rose 38 percent, to $1.46 billion, a sign CEO Mark Zuckerberg is making headway in a drive to generate more money from mobile ads. So far this year, Facebook has unveiled software for smartphones, added tools for marketers and revamped its News Feed, the first thing members see when logging on.
Fannie, Freddie to
get new leader
President Barack Obama nominated Rep. Melvin L. Watt, D-N.C., to oversee mortgage financiers Fannie Mae and Freddie Mac. If approved by the Senate, Watt would become a powerful economic policymaker, as the housing market recovers and the White House contemplates the government's role in it.
Comcast profit up
17 percent in 1Q
Comcast Corp., the cable company owner of NBCUniversal, said its net income rose 17 percent in the first quarter, powered by continued strong results from its cable operations. The company earned $1.44 billion, or 54 cents per share, up from $1.22 billion, or 45 cents per share, in the same period a year ago.
Fed: Spending cuts
The Federal Reserve cautioned America's political leaders Wednesday that their policies are hurting the economy. The Fed stood by its aggressive efforts to stimulate the economy and reduce unemployment. But it sent its clearest signal to date that tax increases and spending cuts that kicked in this year are slowing the economy.
Judge gives thieves
break in GM case
A Detroit federal judge has given a major sentencing break to a former General Motors engineer and her husband who were convicted of stealing hybrid technology from the automaker. She was sentenced to just a year and a day in prison, far below the punishment sought by the government in an alleged scheme to take the trade secrets to China.
J.C. Penney issues
J.C. Penney is apologizing to its customers in an effort to get their business back. In an ad headlined "It's no secret," the company comments on recent changes that alienated many consumers. "Some changes you liked, and some you didn't," it said. "But what matters with mistakes is what we learn. We learned a very simple thing, to listen to you."