Move over, silver. After more than a decade as the world's favorite vehicle color, silver is falling in popularity to white.
PPG Industries, the leading supplier of automotive paints, said 25 percent of the vehicles it supplied in the 2013 model year were white. Silver and black tied for second, with 18 percent each. Apple Inc., with its white stores and slim white gadgets, made white a high-tech color.
The variety of whites — from flat shades to creamy pearls — is also contributing, said Jane Harrington, PPG's manager of automotive color styling.
Chrysler began shipping the new Jeep Cherokee Tuesday, giving dealers a long-awaited entry in the fast-growing compact crossover SUV market.
Distribution of the Cherokees had been delayed while Chrysler engineers tinkered with the new nine-speed automatic transmissions to make them shift more smoothly.
Company spokesmen confirmed that trucks hauling Cherokees began leaving a Toledo, Ohio, factory Tuesday, heading for Jeep dealers across the nation.
Amazon.com customers will need to spend more money on the site in order to qualify for free shipping. The online retailer raised the minimum order size needed for free shipping to $35 from $25. The change, made Monday, comes after Walmart.com made a similar change earlier this month.
Kohl’s Department Stores says it will open its doors on Thanksgiving for the first time, adding to the growing ranks of retailers trying to get a jump start on the holiday shopping season. This critical shopping season used to start on the Friday after Thanksgiving. Retailers have been nudging their opening times earlier over the years in response to intense competition and tough economic times. Kohl’s said it will open its doors at 8 p.m. on Thanksgiving Day and remain open all day Friday.
Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., said JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has little room to bargain as regulators probe the sale of faulty mortgage bonds.
“If you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate,” Buffett told Bloomberg Television on Tuesday. “Basically, you've got to be like a wolf that bares its throat, you know, when it gets to the end. You cannot win.”
Dimon reached a tentative $13 billion settlement to resolve civil disputes between JPMorgan and the U.S. government. The bank won't be released from criminal liabilities, according to a person familiar with the talks. Some of the practices under the probe relate to Bear Stearns Cos. and Washington Mutual, which Dimon bought in 2008 as the housing bubble burst.
“I think $13 billion is a lot of money, and I think Jamie has done a very good job of running JPMorgan,” Buffett said. “He helped out the economy enormously when he took on Bear Stearns and he didn't get an indemnification clause,” he said. “There wasn't even time for that sort of thing.”
During a conference call with analysts this month, Dimon concurred with Buffett's assessment of banks' inability to sway regulators. Still, he vowed to push for outcomes that would be fair to investors.
Buffett, 83, appeared Tuesday alongside his son Howard to promote “40 Chances: Finding Hope in a Hungry World.” — Bloomberg News
WASHINGTON — The Internal Revenue Service paid out more than $110 billion in tax credits over the past decade to people who didn't qualify for them, according to a Treasury report released Tuesday.
The Earned Income Tax Credits were intended for poor working families. In his report, IRS Inspector General J. Russell George said more than one-fifth of all credits paid under the program went to people who didn't qualify.
“The IRS should be commended for implementing numerous processes to educate Americans and identify and prevent improper EITC payments,” George said. “Unfortunately, it is still distributing more than $11 billion in improper EITC payments each year and that is disturbing.
“The IRS must do a better job of reining in improper payments in this and in other programs,” George added.
IRS efforts are hampered by unscrupulous tax preparers as well as honest families that have trouble figuring out how to calculate the complicated credit, the report said.
The EITC is one of the nation's largest anti-poverty programs. In 2011, more than 27 million families received nearly $62 billion in credits. — AP