Email List


Business News

Last Update on December 01, 2015 18:05 GMT


WASHINGTON (AP) -- U.S. construction spending jumped in October, fueled by solid gains in home building and the largest increase in federal construction in nine years.

The Commerce Department says construction spending rose 1 percent in October from the previous month to a seasonally adjusted annual rate of more than $1.1 trillion. That's the highest level since December 2007 when the Great Recession began.

The construction of single-family homes and apartments climbed 1 percent, also reaching their highest level since December 2007. Manufacturers boosted their construction spending by 3 percent. And federal government building soared 19.2 percent, the biggest increase since October 2006.

More Americans are buying new homes or renting apartments, driving greater residential development. Construction spending has increased 13 percent in the past 12 months.


DETROIT (AP) -- November used to be a slow month for U.S. car sales. Not anymore.

Black Friday promotions -- some of which began well before Thanksgiving -- were expected to push last month's sales to near-record levels. Car buying site predicted sales of new cars and trucks will hit 1.33 million, eclipsing the previous November record set in 2001.

General Motors' sales rose 1.5 percent over last November, while Toyota and Fiat Chrysler's each saw 3 percent sales gains. Nissan's sales rose 4 percent. Ford's sales were flat, with a 10-percent increase in F-Series pickup sales unable to overcome falling car sales.

Honda's sales fell 5 percent, hurt by a big decline in CR-V SUV sales. But the biggest sales declines were at Volkswagen. VW's U.S. sales plummeted 25 percent, hurt by the company's admission that its diesel vehicles cheated on emissions tests.


WASHINGTON (AP) -- Puerto Rico's governor is issuing a "distress call" to Congress to help his heavily indebted government while signaling he will reroute money to make a bond payment by the end of the day Tuesday.

Gov. Alejandro Garcia Padilla asked Congress to create a legal framework that would give the territory the authority to restructure its liabilities.

He said after the hearing that his administration will "do our best" to make a $355 million bond payment that is due Tuesday and is key to the U.S. territory's economic future. He said he is attempting to divert money from other debt payments to pay what is due.

Failure to make the bond payment could complicate the island's efforts to reach restructuring deals on its $72 billion of public debt.


WASHINGTON (AP) -- A bipartisan investigation by U.S. senators finds that the makers of a breakthrough drug for hepatitis C infection put profits before patients in pricing the $1,000-per-pill cure.

The report released Tuesday by the Senate Finance Committee concludes that California-based Gilead Sciences was focused on maximizing revenue even as its own analysis showed a lower price would allow more patients to be treated for the liver-wasting disease.

Gilead's first breakthrough pill was called Sovaldi. The company now has a more expensive next-generation pill called Harvoni.

Sens. Ron Wyden, Democrat of Oregon, and Chuck Grassley, Republican of Iowa, said their 18-month investigation found that the high price tag significantly limited patient access and heaped huge costs on federal and state health care programs.


UnitedHealth CEO terms ACA exchange growth a `bad decision'

UnitedHealth CEO Stephen Hemsley says the nation's biggest health insurer made a bad decision when it dove deeper into the Affordable Care Act's public insurance exchanges this year.

Hemsley says the insurer should have waited and learned more about the still-new business before jumping into two dozen state-based exchanges for 2015. That move ultimately generated losses steep enough to force the company to chop its earnings forecast. UnitedHealth Group Inc. sold coverage on just four exchanges in 2014.

The Minnetonka, Minnesota, company will decide next year whether to sell coverage for 2017 on the exchanges, a key element in the ACA's push to cover millions of uninsured people.

But Hemsley also told investors Tuesday that any decision to pull back from that market will not be permanent.

Advertise with us!

  • WPEC :: News - War on Terror

    War on Terror

    Complete coverage of the War on Terror, overseas and in the United States. Here you can find the very ...
  • WPEC :: News - Corey Jones Shooting

    Corey Jones Shooting

    Palm Beach Gardens Police officer Nouman Raja shot and killed church drummer Corey Jones on Oct. 18, 2015.
  • WPEC :: News - Spot Crime

    Spot Crime

    Online crime information
  • WPEC :: News - Good News

    Good News

    There are many examples of great, uplifting stories! Here in our “Good News” section, CBS12 brings you some positive news stories that will make you smile.

  • WPEC :: News - Know Your Candidates

    Know Your Candidates

    Learn about the candidates running for office near you!
  • WPEC :: News - Tracking The Tropics

    Tracking The Tropics

  • WPEC :: News - The Scene

    The Scene

  • WPEC :: News - CBS Fall Preview

    CBS Fall Preview

    Get a sneak peek at all of the new shows coming to CBS 12 this fall.
  • WPEC :: News - Question of the Day

    Question of the Day

  • WPEC :: News - Special Report

    Special Report

    Indepth coverage from CBS 12 News team of stories that matter to you.
  • WPEC :: News - Top Stories

    Top Stories

    Get up to the minute information from South Florida and the Treasure Coast in our Top Stories section!
  • WPEC :: News - Around the Web

    Around the Web

     Catch up on the latest trending news and viral videos on the web.
  • WPEC :: News - Your Voice. Your Future.

    Your Voice. Your Future.

    As the country faces challenges from federal budget issues to jobs and national debt, your voice is critical to the future.
  • WPEC :: News - The Dwyer Awards

    The Dwyer Awards

    The William T. Dwyer Awards for Excellence in Education honors outstanding educators from public and private schools in Palm Beach County.

  • WPEC :: News - Sheriff 9-1-1

    Sheriff 9-1-1

    Palm Beach County Sheriff Ric Bradshaw and CBS 12 News team up to offer you a way to directly address your concerns about crime and law enforcement in Palm Beach County.

  • WPEC :: News - Road Trippin

    Road Trippin

    Come Road Trippin' with us!
  • WPEC :: News - In Your Corner

    In Your Corner

    CBS12 News has Florida Gov. Rick Scott "In Your Corner," answering your questions. Ask a question in the Facebook commenting window below or email it to
  • WPEC :: News - Extraordinary People

    Extraordinary People

  • WPEC :: News - Trending with Tracy

    Trending with Tracy

    Tracy St. George, a South Florida DJ for WRMF, delivers the hottest celebrity news weekly on CBS12's Trending with Tracy.

  • WPEC :: News - Weekend Weather Kid

    Weekend Weather Kid

    Welcome to Weekend Weather Kid on CBS12's Good Morning South Florida! Here we let middle school students produce a TV weathercast. Contact Steve Glazier at for info on taking part.

  • WPEC :: News - Washington Times

    Washington Times

    Politics, Breaking News, US and World News.
  • WPEC :: News - Waste Watch

    Waste Watch

    How are your tax dollars being spent? Waste Watch tracks whether local, state and federal governments or any groups are using your money wisely...or wasting it.
  • WPEC :: News - Newscast Links

    Newscast Links

    Get links and contact information from items mentioned in our newscasts!
  • WPEC :: News - News Tips

    News Tips

    Do you have a lead on a good news tip or want to share a story idea? Let us know!
  • WPEC :: News - Raw News

    Raw News

    See the news as it happened, raw and unedited!
  • WPEC :: News - CBS12 News LIVE Stream

    CBS12 News LIVE Stream

    Watch LIVE CBS12 newscasts and breaking news as it happens here!
  • WPEC :: News - Traffic Links

    Traffic Links

    Get links and information on traffic conditions, rail information and arrival and departure information for PBIA, MIA and FLL!
  • WPEC :: News - Sex Offender Mapping

    Sex Offender Mapping

    Search for any registered sexual offender or predator within a 5-mile radius of your home!
  • WPEC :: News - Product Recalls

    Product Recalls

    Get the latest recalls on autos, child safety seats, consumer products and FDA food and drugs recalls!
  • WPEC :: News - Forever Family

    Forever Family

    Watch videos and read stories of local people and families in need!
  • WPEC :: News - Live Feed

    Live Feed

    Watch the CBS News Live Feed for news stories as they happen!
  • WPEC :: News - National and World News

    National and World News

    Get the latest headlines from across the nation and around the world.
  • WPEC :: News - Pet of the Day

    Pet of the Day

    Watch our "Pet of the Day" videos for adorable pets that need a loving home!
  • WPEC :: News - Pump Patrol

    Pump Patrol

    Find the lowest gas prices in West Palm Beach, get fuel saving tips, price trends and check out nationwide gas price averages!

more »

Tonight on CBS12

8:00 PM NCIS
9:00 PM Zoo
10:00 PM NCIS: New Orleans
11:00 PM CBS12 News at 11

Complete Schedule»