Business news

Updated at 5:53 p.m. ET

The Consumer Financial Protection Bureau was created after the financial crisis to protect Americans from being ripped off by financial firms.

Now, President Trump's interim appointee to run the bureau, Mick Mulvaney, is making radical changes to deter the agency from aggressively pursuing its mission.

The media company Tronc is selling The Los Angeles Times and The San Diego Union-Tribune to a California-based billionaire doctor for $500 million, the company announced on Wednesday.

The sale also includes "other related community-based publications," and the purchaser, Patrick Soon-Shiong, will assume $90 million in pension liabilities, Tronc says.

Steve Wynn, whose casinos have reshaped skylines as far apart as Las Vegas and Macau, has stepped down as head of Wynn Resorts following accusations of sexual misconduct, that became known last month.

In a statement released by the Las Vegas-based company late Tuesday, Wynn pushed back on the accusations against him, which he alleges are part of a campaign led by his ex-wife.

Updated at 5:15 p.m. ET

The stock market finished the day sharply higher, but only after another session of wild price swings.

The Dow Jones industrial average closed at 24,912.77, an increase of 567 points, or 2.3 percent. But it began the day down sharply, with triple-digit losses.

Other major U.S. stock indexes also rebounded Tuesday, with the S&P 500 finishing up 46 points, or 1.7 percent, and the Nasdaq up 148 points, or 2.1 percent.

Updated at 4:55 p.m. ET

The stock market went on a wild ride again on Monday, with the Dow Jones industrial average closing down 1,175 points, its worst point drop in history. The Dow closed down 4.6 percent and turned negative for the year.

At one point Monday afternoon, the Dow was down 1,579 points — the largest intraday point drop in the history of the index.

Joe Wertz / StateImpact Oklahoma

Oil and gas firm Chesapeake Energy today started laying off hundreds of workers, a cost-cutting move concentrated on employees at the company's Oklahoma City headquarters.

Chesapeake is laying off roughly 13 percent of its workforce — about 400 people — across the company. In an email to employees, CEO Doug Lawler said layoffs were needed to reduce debt, enhance profit and improve the company's cash flow.

Updated at 11:17 a.m. ET

Health care costs are "a hungry tapeworm on the American economy," Berkshire Hathaway Chairman and CEO Warren Buffett says, and now his firm is teaming up with Amazon and JPMorgan Chase to create a new company with the goal of providing high-quality health care for their U.S. employees at a lower cost.

German carmakers Volkswagen, BMW and Daimler are already facing an onslaught of outrage by animal rights activists and environmentalists for emissions research they conducted on monkeys, but new reports from two German news outlets say the companies also financed human testing.

Panera Bread has announced it is preemptively recalling all of the 2 ounce and 8 ounce cream cheese products sold at its 2,000 U.S. locations. The fast-casual chain said it had made its decision "out of an abundance of caution" after samples of one of its cream cheese varieties tested positive for Listeria monocytogenes.

The company notes that "no illnesses have been reported."

Payday lenders appear to have a powerful friend in Washington.

Former Republican Rep. Mick Mulvaney is the interim head of the Consumer Financial Protection Bureau. He was appointed by President Trump amid an ongoing a power struggle for control of the bureau.