Briefcase

JPMorgan Chase reports 67 percent jump in earnings

NEW YORK – JPMorgan Chase’s earnings soared 67 percent in the first quarter on higher fees from investment banking and as fewer customers fell behind on their credit card bills. The bank recorded more losses from its mortgage business, and CEO Jamie Dimon said he didn’t expect those problems to go away soon.

“Unfortunately, these losses will continue for a while,” Dimon said in statement. “Rest assured, we are fully engaged in fixing our problems and addressing our mistakes from the past.”

The nation’s second-largest bank by assets said more of its customers were paying on time. Also, the volume of transactions on Chase credit cards rose 12 percent.

The New York bank reported Wednesday that it earned $5.6 billion, or $1.28 per share, compared with $3.3 billion, or 74 cents a share in the same period last year.

Associated Press

Exxon CEO’s compensation dips

NEW YORK – Exxon Mobil Corp.’s top executive received slightly lower compensation last year, according to an analysis by the Associated Press.

Chairman and CEO Rex Tillerson received compensation worth $21.5 million, about 1 percent lower than the previous year, according to a company filing with the SEC.

Tillerson has led the world’s largest publicly traded company since 2006. Last year, Exxon earnings rose 58 percent to $30.5 billion.

Associated Press

American sues Orbitz, Travelport

DALLAS – American Airlines Inc. has filed a lawsuit against Travelport LLC and Orbitz Worldwide LLC accusing them of “exclusionary and anticompetitive business practices,” the airline said Wednesday.

Travelport and Orbitz accused American of bullying tactics and attempting to use the courts “to revive an unsuccessful strategy.”

Since late last year, American has pulled all its travel information off Orbitz, which is affiliated with Travelport.

American said in its lawsuit that Travelport “has engaged in anticompetitive conduct to protect its market position from new competition by alternative technologies that are both less expensive and more capable.”

Associated Press

FBI busts malicious software ring

WASHINGTON – The FBI and the Justice Department on Wednesday began dismantling a ring of international computer thieves who stole hundreds of millions of dollars worldwide by infecting over 2.3 million computers with malicious software. It was the biggest such enforcement action U.S. authorities have taken against cyber criminals.

Millions of dollars were stolen from U.S. computer users, said the officials, who spoke on condition of anonymity because the investigation is continuing.

The investigators were trying to contain a malware program called Coreflood, which has been around for at least a decade and can record key strokes, allowing cyber criminals to take over unsuspecting computers and steal passwords, banking and credit card information.

Associated Press

2010 apple crop could be record

YAKIMA – Continuing sales of the 2010 Washington apple crop could make it the largest on record.

Jon DeVaney with the Yakima Valley Growers-Shippers Association says warehouses in the Yakima and Wenatchee districts are expected to ship another 38 million boxes, bringing the total to nearly 109 million boxes.

The Yakima Herald-Republic reports that would edge out the record of 108 million boxes set in 2008.

Associated Press