The workers benefited, and the U.S. economy gained —better pay led to increased consumer spending, fueling growth. The directive is meant to help salaried workers, such as fast-food shift supervisors or convenience store managers, who may be expected to work more than 40 hours a week without receiving overtime pay. The coffee chain says the mobile tipping option will be available on its updated app for iPhones starting March 19. After paying with the app, Starbucks says customers will be able to leave a tip of 50 cents, $1 or $2 anytime within two hours of the transaction. ALBANY, N.Y. (AP) — The average bonus paid to securities industry employees in New York City grew 15 percent last year to more than $164,000, the largest average Wall Street bonus since the 2008 financial crisis and the third highest on record, New York's state comptroller reported Wednesday. Profits for broker/dealer operations of some 200 New York Stock Exchange members — the traditional measure of profitability for the securities industry — totaled nearly $16.7 billion last year, down 30 percent from a year earlier. HOUSTON (AP) — Energy XXI is buying EPL Oil & Gas Inc. for about $1.53 billion in a cash-and-stock deal that the companies say will create the biggest publicly-owned independent oil producer on the Gulf of Mexico shelf. Once the deal closes, Energy XXI says the combined company will own and operate 10 oil fields on the shelf with cumulative production each exceeding 80 million barrels of oil. Clarke, 52, will continue as chairman of online travel company Orbitz Worldwide Inc. He is also the co-founder of private investment firm Augusta Columbia Capital and served as a managing partner there. HELSINKI (AP) — Swedish truck maker AB Volvo enjoyed strong sales in the fourth quarter, but its earnings were hurt by extra costs linked to the launch of new products, write-downs and restructuring charges. The company said Wednesday it would continue cost-cutting measures during 2014, including 4,400 layoffs it had already announced, and will review its products portfolio. Volvo said it expects a slight growth in overall demand, driven mainly by China and Europe, but added that 2014 will see a reduction in costs. TRENTON, N.J. (AP) — A federal court on Wednesday invalidated the key patent for one of Pfizer's most lucrative medicines, potentially opening the door for cheaper generic versions 18 months sooner than expected and cutting into the drugmaker's profit. Pfizer Inc., still trying to make up for billions in lost sales since generic versions of Lipitor hit, could lose a couple billion more if the court decision on the Celebrex patent stands.
Reported by SeattlePI.com 3 hours ago.
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