Illinois suspends $ 30b in investments with Wells Fargo
Illinois state Treasurer Michael Frerichs suspended $ 30 billion in state investment activity with Wells Fargo on Monday, joining a swelling chorus of outrage over the scandal that saw bank employees opening millions of phony accounts to meet sales goals. Frerichs was uncertain how much the yearlong suspension would cost the nation's second-largest bank, which serves as broker-dealer for state investments, but said it likely amounts to millions of dollars. A company spokesman said it will be far less. Wells Fargo spokesman Gabriel Boehmer noted that the problems occurred in the company's retail bank, but that its Government and Institutional Banking division has ''diligently and professionally'' worked with Illinois since 1970.
— ASSOCIATED PRESS
Supreme Court won't hear appeal from John Deere, others, over farm equipment
The Supreme Court said Monday it won't hear an appeal from John Deere and other farm equipment manufacturers seeking to overturn a New Hampshire law they say unfairly treats their products like cars and trucks. The justices let stand a New Hampshire Supreme Court ruling that upheld the state's Automobile Dealer Bill of Rights law. It was expanded in 2013 to include protections for farm equipment distributors in addition to auto and truck dealers. The law bars manufacturers from terminating dealer contracts without just cause. Farm equipment makers claim the law unconstitutionally interferes with their contracts. The state says the law simply merges regulations that dealt separately with auto makers and farm and tractor manufacturers. — ASSOCIATED PRESS
Two Ford models being investigated by safety regulators
Two Ford Motor Co. models are under investigation by US safety regulators for power steering and door ajar warning light issues that are similar to those that have caused other Ford vehicles to be recalled. The probes cover about 643,000 vehicles including 380,000 Edge SUVs from the 2011 to 2013 model years, and nearly 263,000 Fusions from the 2010 model year. About 1,560 people have complained to the National Highway Traffic Safety Administration that the ''door ajar'' warning light won't shut off on the Edges, and some have reported that the doors can fly open while the SUVs are moving. One injury was reported. — ASSOCIATED PRESS
High court to decide dispute over uncashed money orders
The Supreme Court has agreed to referee a dispute between Delaware and 23 states over more than $ 150 million in uncashed money orders. The justices on Monday stepped into the dispute involving uncashed money orders from Dallas-based MoneyGram, which has been submitting unclaimed money to Delaware. The other states say the MoneyGram checks should be sent back to the state of purchase. MoneyGram is incorporated in Delaware, as are many other publicly traded companies in the United States. Delaware says state law requires that MoneyGram send unclaimed property to the company's state of incorporation instead of the state of origin. Abandoned property is a major source of general fund revenue for Delaware. — ASSOCIATED PRESS
Bass Pro and Cabela's to combine
Outdoor gear giant Bass Pro is snapping up rival Cabela's in a $ 4.5 billion deal announced Monday. Bass Pro is paying Cabela's shareholders $ 65.50 cash per share, a 19 percent premium to Friday's closing price. The companies valued the deal at $ 5.5 billion, which includes debt. The deal combines two companies known for their giant destination superstores. It also creates uncertainty about jobs in Cabela's home state of Nebraska. The combined companies plan to keep some operations in Sidney and Lincoln, Neb., but it's not immediately clear how many jobs might be lost. Cabela's was founded in 1961 when Dick Cabela started selling fishing flies through the mail from his kitchen table with his wife, Mary, and brother, Jim. It now has 85 retail stores primarily in the western United States and Canada. Bass Pro got its start in 1971 when Morris began selling high-quality tackle in his dad's liquor store in Springfield, Mo. — ASSOCIATED PRESS
Vehicle sales trend lower
US auto sales fell slightly in September as demand for new cars and trucks sputtered. Sales dropped 0.5 percent to 1.4 million in September, according to Autodata Corp. It was the fourth month of year-over-year sales declines so far this year. Automakers reported mixed results Monday. Nissan's sales rose 4.9 percent over last September. Hyundai and Subaru reported 4 percent sales gains, while Toyota's sales rose 1.5 percent. General Motors' and Honda's sales were flat for the month. Fiat Chrysler's sales fell 1 percent. Ford and Volkswagen both reported 8-percent declines. — ASSOCIATED PRESS
Facebook launches section for buying, selling stuff
Facebook says some 450 million people use its site — mainly the ''Groups'' feature — to buy and sell stuff locally, anything from cars to baby clothes to furniture. Now, the company is launching a separate ''marketplace'' section that seeks to make it easier to do this. The last time Facebook tried its hand at such a marketplace was nine years ago, and it didn't really go anywhere. Like Facebook itself at the time, it was a desktop computer-only product. The latest effort, or course, works on mobile devices, so it's easier to snap a photo of the item you are selling and upload it on the site. Facebook Inc. said Monday the most popular items people currently buy and sell on the service include furniture, cars, and clothes. — ASSOCIATED PRESS
European banks set to lay off about 20,000
European banks are preparing a fresh round of bloodletting — with some 20,000 jobs set to go — as tougher rules and negative interest rates weigh on profits. ING Groep NV will slash 5,800 positions over five years as it focuses on Internet and mobile banking and automates systems, the Amsterdam-based lender said Monday. Last week, Germany's Commerzbank AG disclosed plans to cut 9,600 jobs, while Spain's Banco Popular Espanol SA said it will eliminate as many as 3,000 posts after tapping investors for funds.
— BLOOMBERG NEWS
Prices rise 2 cents in Mass.
The cost of a gallon of gasoline in Massachusetts is 2 cents higher this week. AAA Northeast reported Monday that self-serve regular is now selling for an average of $ 2.10 per gallon. That's 12 cents per gallon lower than the national average and 4 cents lower than the Massachusetts price from a year ago. AAA says self-serve regular is selling for as low as $ 1.94 and as high as $ 2.39 per gallon. — ASSOCIATED PRESS
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