WASHINGTON (AP) — Regulators are expected to vote Wednesday to end a longtime staple of the investment industry — the fixed $1 share price for money-market mutual funds — at least for some money funds used by big investors.
Embattled Los Angeles Clippers owner Donald Sterling filed a new lawsuit as testimony continued in a probate trial on the validity of a $2 billion deal to sell the NBA team. A mess that began in April when recordings of Sterling making racist comments to his would-be girlfriend led to his being banned from the NBA for life by league commissioner Adam Silver, lingers on -- even as an August 15 deadline approaches to complete the deal, or risk having the offer withdrawn. The league began proceedings to strip ownership from Sterling before he gave wife Shelly the power to make a sales deal. She struck a $2 billion pact with former Microsoft chief Steve Ballmer, only to have Sterling file a lawsuit challenging the validity of the forced sale.
IBM's Watson supercomputer is putting its real-world smarts to work helping US soldiers transition back to civilian lives. Virtual intelligence created by IBM and proven in a victorious run on trivia television game show "Jeopardy" has been woven into a Watson Engagement Advisor application to counsel members of the military and their families how to smartly manage shifting to life after stints in the service. USAA, which provides insurance, investment, retirement and other financial services to members of the US armed forces is fielding what was billed by IBM as the first commercial Watson application.