Afternoon briefing: Bank of America paying $17 billion; New Nook; When to post on social

Bank of America-Settlement
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Officials familiar with the deal say Bank of America on Aug. 20, 2014 has reached a record $17 billion settlement with federal and state authorities over its role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis. The story.(Credit: AP / Matt Rourke)

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Here's what's happening in the world of business on Aug. 20 2014.


Bank of America will pay a $17 billion settlement, the largest to date, following a federal investigation over its sale of mortgage-backed securities before the 2008 financial collapse.

-- A NEW NOOK --

Barnes & Noble and Samsung released a co-branded Samsung Galaxy Tab 4 Nook Wednesday, combining features of previous Samsung Galaxy tablet with the book retailer's e-reader. The device costs $179 after an instant $20 rebate.


Apple stock hit a new high on Wednesday, trading as high as $100.77 a share. That values the company at $602 billion as investors seemed pleased with how new leader Tim Cook is running the company.

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Social networking site Twitter said it will suspend any account that shares graphic images of journalist James Foley's apparent beheading by Islamic State militants and is removing the images from its service. Meanwhile, many Twitter users are calling for a media blackout on covering the Islamic State, and have started the hashtag #ISISMediaBlackout.


There's a lot of discussion these days about parents posting photos of their kids on social media. The Associated Press whipped up this handy guide for parents wondering what the best practices are,


Retailer Macy's will pay $650,000 to settle allegations that it racially profiled minority shoppers at its flagship store in Manhattan. The company has pledged to change its training, detention and investigation policies following the complaints that staff apprehended several minority shoppers they assumed were shoplifting.


It's been a rough year for Target. Sales have slumped, its expansion in Canada hasn't paid off, and the massive data breach that put shoppers' financial info at risk still weighs on consumers' minds. The tumult led Target to slash its profit outlook Wednesday after posting a 62 percent drop in second quarter profit.


-- Lowe's said its second quarter profit jumped 10 percent, but then lowered its revenue outlook for 2014, causing its stock to slip 1.5 percent in early trading Wednesday.

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-- Heineken said first half profits are down this year, though the brewery remains the largest brewer in Europe in terms of sales.

-- Danish brewer Carlsberg, meanwhile, said tensions in Russia and the Ukraine have taken the suds out if its Eastern European sales. The company said beer consumption in Ukraine is down 10 percent.

-- J.M. Smucker and Co. also missed analyst estimates, posting a $116 million profit on $1.32 billion in sales.


Former New York Mayor Michael Bloomberg said he will make $45 million available from his charitable organization to support projects aimed at innovating America's cities to deal with a range of urban issues.

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Given the ongoing pace of auto recalls being announced daily, the National Highway Traffic Safety Administration just rolled out a new website where users can check on recalls that still need repairing on their cars.


Seriously, we mean that. Actor Tom Hanks' new typewriter-simulating app has shot to the top of Apple's app store, and we're comfortable with saying it's a pretty cool piece of software.

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