Economy grew 1.9 percent during fourth quarter
The U.S. economy grew at an anemic 1.9 percent rate in the fourth quarter, unchanged from an initial estimate, although consumers performed better than first thought.
The Commerce Department said the gross domestic product, the broadest measure of economic health, increased at an annual rate of 1.9 percent in the October-December quarter.
European panel wants more diesel oversight
BRUSSELS – A European Parliament panel chastised European authorities and automakers Tuesday for failing to ensure laws on diesel emissions were upheld, and called for much-improved oversight in the future. The investigating committee was set up after it emerged in late 2015 that Germany’s Volkswagen had installed software that allowed cars to cheat on emissions tests – something that turned out to not have been isolated to the U.S., where the cheating was first detected.
Bank profits rise 7.7 percent in quarter
U.S. banks’ earnings in the final quarter of 2016 rose 7.7 percent from a year earlier as lending continued to grow and banks set aside less for losses on loans for the first time since late 2015. The data issued Tuesday by the Federal Deposit Insurance Corp. showed strength in the industry more than eight years after the financial crisis struck. However, banks continued to post bigger losses on loans, especially for credit cards and commercial and industrial loans.
Consumer confidence highest since 2001
U.S. consumer confidence rose to the highest level in more than 15 years, good news for the economy. The Conference Board says its consumer confidence index rose to 114.8 in February from 111.6 in January and the highest since July 2001.
Amazon cloud failure causes disruptions
Amazon’s cloud-computing service, Amazon Web Services, experienced an outage in its eastern U.S. region Tuesday, causing unprecedented and widespread problems for thousands of websites and apps.
Amazon is the largest provider of cloud computing services in the U.S.
Netflix workers hit by Trump travel ban
BARCELONA, Spain – The CEO of Netflix said co-workers of his were personally affected by President Donald Trump’s ban on travel from several Muslim countries. Reed Hastings, a critic of Trump’s attempts to ban some immigration, told The Associated Press he had Iranian and Iraqi colleagues who were unable to come to work.
Fidelity and Schwab to cut commissions
Fidelity becomes the latest brokerage to cut trading fees in an ongoing industry battle that’s helped mom-and-pop investors keep more of their own dollars. A rival matched the price cut in a matter of hours. Fidelity said it will cut its commission for retail brokerage investors trading U.S. stocks and exchange-traded funds online by more than a third to $4.95 from $7.95. It will also reduce other investment costs.