Business

Business

Investor frenzy in S. Korea over Russia treasure ship rumors

SEOUL, South Korea (AP) — A South Korean company's claim to have found a sunken Russian warship has triggered investor frenzy amid speculation the ship was carrying an enormous amount of gold when it sank 113 years ago. South Korea's financial regulator subsequently issued a warning against possible investment losses.

Nondairy 'milk' may soon need new descriptor

NEW YORK — Soy and almond drinks that bill themselves as "milk" may need to consider alternative language after a top regulator suggested the agency may start cracking down on use of the term.

Morgan Stanley's 2nd-quarter profits jump 39%

NEW YORK (AP) — Investment bank Morgan Stanley said its second-quarter profits rose by 39 percent from a year ago, driven by another strong performance in trading and investment banking, as well as a lower tax bill.

Buyers worry they'll lose tax credit waiting on Tesla

DETROIT (AP) — In March of 2016, Keith Reynolds flew from California to Atlanta so he could claim his spot in line at 4 a.m., and get a three-hour head start on his West Coast competitors.

Tesla was taking $1,000 deposits for its new electric car, the Model 3, priced starting at $35,000. And Reynolds had to have one. He managed to land near the top of the waiting list.

FDA may target soy, almond drinks calling themselves 'milk'

NEW YORK (AP) — Soy and almond drinks don't come from cows, so regulators may soon ask them to stop calling themselves "milk."

Housing starts tumble 12.3% in June

WASHINGTON (AP) — U.S. homebuilders sharply curtailed the pace of construction in June as housing starts plummeted 12.3 percent.

The Commerce Department said Wednesday that housing starts fell to a seasonally adjusted annual rate of 1.17 million from 1.34 million in May. June's pace of construction was the lowest since September 2017.

EU fines Google $5 billion over mobile system

BRUSSELS (AP) — The European Union fined Google a record $5 billion Wednesday for using the market dominance of its Android mobile operating system to force handset makers to install Google apps, reducing choice for consumers.

El Charro being replaced by 7-story apartment building

Restaurant questions? Ask Tom Kacich here

CHAMPAIGN — Developer Chris Saunders bought the site of a former Mexican restaurant and grocery store in Campustown and plans to turn it into a seven-story apartment building.

Attorney for Suburban Express owner says he wants out

CHAMPAIGN — The lawyer for Suburban Express owner Dennis Toeppen wants to withdraw as counsel because of unpaid fees and a strategic impasse.

In addition to a lawsuit from the Illinois Attorney General, Toeppen faces a lawsuit from his business's insurer, which doesn't want to provide coverage for the state lawsuit.

Former Champaign Elks Lodge to be turned into apartments

CHAMPAIGN — Green Street Realty plans to convert the former Elks Lodge in downtown Champaign to apartments.

Now used by Rosecrance as a residential treatment facility, Green Street Realty owner Chris Saunders said the building at 122 W. Hill St. will house 26 one- and two-bedroom apartments.