US hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws

WASHINGTON (AP) — The U.S. Treasury Department says it’s imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws. The fines announced Tuesday on America’s second-biggest bank amount to the third-largest in the department’s history. Treasury said Bank of America also reached an $11.6 million settlement with the department’s Office of Foreign Assets Control over “apparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism."

Asian shares trade mixed after US stocks edge back from their record after profit reports

TOKYO (AP) — Asian shares are trading mixed, as market interest in computer chips and artificial intelligence continued to support some global shares. Shares gained in Japan and South Korea in early Wednesday trading, while declining in Australia. They were little changed in Shanghai. Wall Street indexes finished little changed near their records Tuesday. The first big batch of summertime profit reports from U.S. companies made waves on Wall Street after topping analysts’ expectations, but many canceled each other out. Oil prices rose. Worries have been high for a while about whether chip stock prices have shot too high in the frenzy around AI.

China’s trade surplus hits $938 billion for Jan-Sep as pressure ramps up to rebalance trade

HONG KONG (AP) — China’s customs agency says the country's exports surged 36.3% in September from a year earlier. It comes as pressure ramps up from its trading partners, including the European Union, to rebalance trade. The exports data released Wednesday, which was better than what economists expected, accelerated from the 25% growth in August. High-tech goods such as semiconductors and autos have helped fuel its rising shipments overseas. Imports climbed 31% in September year-on-year, also accelerating from August’s 28.2% rise. That resulted in a $133.5 billion trade surplus for China last month, widening from $119.1 billion in August. China’s trade surplus reached $938 billion for the first nine months, with expectations growing that it could surpass last year’s full-year $1.2 trillion record.

Cyberattacks hit European supermarket chains and disrupt refrigeration systems

PARIS (AP) — Cyberattacks have disrupted European supermarket chains, causing refrigeration systems to overheat at hundreds of stores in France. This forced a major grocer to shut down websites serving customers in Europe and the United States. French Finance Minister Roland Lescure told Parliament on Tuesday that about 700 of the country’s 10,000 supermarkets were affected. The Paris prosecutor’s office said Tuesday that its cybercrime unit was investigating the attack. Danish technology company Danfoss, which supplied the refrigeration management software, said Monday that most affected systems were older products. Danfoss said it was working with affected customers to limit the damage.

Supreme Court agrees to hear watchdog lawsuit seeking records on Elon Musk’s DOGE

WASHINGTON (AP) — The Supreme Court has agreed to hear arguments in a watchdog’s lawsuit seeking public records about billionaire Elon Musk’s Department of Government Efficiency. The high court said on Tuesday that it will intervene for a second time in Citizens for Responsibility and Ethics in Washington’s case, which seeks access to DOGE records. Last year, the high court reined in a district court’s order for the government to produce DOGE-related records to CREW. The high court concluded that the district judge ruled too broadly in ordering documents to be turned over. A CREW attorney said Tuesday it will “continue to pursue transparency for the American people, who deserve to know the details” of the Trump administration’s efforts “to unilaterally remake the federal government.”

Big banks post strong Q3 profits, but warn higher rates and inflation could bite

NEW YORK (AP) — Wall Street’s biggest banks have reported another strong quarter as U.S. consumers continue to pay bills and businesses invest in AI. Despite this, JPMorgan Chase, Citigroup, Wells Fargo, and Goldman Sachs are warning about the long-term impact of higher interest rates and inflation. JPMorgan posted a $15.3 billion profit in the third quarter, but missed analysts’ expectations. CEO Jamie Dimon cited strong business investment and consumer spending but warned of challenges like inflation and rising interest rates. Goldman Sachs reported increased profits due to stock-trading revenue, but bond trading slowed. Citigroup and Wells Fargo also reported strong profits, beating Wall Street forecasts.

Kroger to lay off 3,000 corporate employees over 3 years as it leans into artificial intelligence

Grocery store chain Kroger says it will lay off 3,000 corporate employees over the next three years as it ramps up its use of artificial intelligence to streamline operations. In a memo to Kroger employees on Monday, CEO Greg Foran said the company needs to take advantage of recent advances in technology. Kroger last month outlined its AI strategy with the goal of improving the customer experience and making work easier for its employees. Cincinnati-based Kroger is the largest standalone U.S. supermarket chain with 409,000 employees and more than 2,700 stores operating under various brands, including Ralphs, King Soopers, Smith’s and Fred Meyer.

CVS agrees to pay $315 million to settle Justice Department case over opioid prescriptions

WASHINGTON (AP) — CVS Pharmacy Inc. and various subsidiaries have agreed to pay $315 million to resolve a Justice Department case alleging it unlawfully dispensed medically unnecessary prescriptions of highly addictive opioids. The settlement announced Tuesday resolves a lawsuit brought in 2024 that accused the healthcare giant of providing massive amounts of opioids and other controlled substances “to fuel its own profits at the expense of public health and safety.” It’s the latest effort by the federal government to hold accountable companies that officials have alleged helped fuel the U.S. addiction and overdose crisis.

Trump says he cares for Americans. They think he's more focused on his wealth, an AP-NORC poll finds

NEW YORK (AP) — A new AP-NORC poll shows that most Americans think Donald Trump is profiting off the presidency in unethical or illegal ways and is focused more on adding to his personal wealth than helping the country since returning to the White House. The poll results come after a blockbuster year for Trump's family businesses in which they have expanded their real estate empire rapidly and branched into crypto ventures helped by his administration's policies. About 6 in 10 U.S. adults believe the Republican president is either illegally profiting from the presidency or doing something unethical but not illegal. The White House dismisses accusations Trump and his family business are benefiting financially from his office.

Tensions flare over the EU’s next long-term budget ahead of unpredictable elections in 2027

BRUSSELS (AP) — Political tensions are rising over the European Union's next long-term budget. The EU aims to finalize the spending package before unpredictable elections in major member countries next year. The budget accounts for about 1.2% of the bloc’s gross national income. Ireland, holding the EU presidency, has proposed a budget of 1.62 trillion euros, a 30% increase over the current package. But Sweden and other net contributors have demanded significant cuts. Germany's Chancellor Friedrich Merz says the bloc is still far from reaching an agreement. The budget must balance EU ambitions with economic realities in an unpredictable world and with war raging in Ukraine.