Mobile-app privacy guidelines finalized

Mobile-app privacy guidelines finalized

WASHINGTON

A group of industry lobbyists and privacy-rights advocates voiced support Thursday for new voluntary guidelines for mobile apps that should make it easier for consumers to know what personal information is getting sucked from their smartphone or tablet and passed along to marketers.

The plan likely will provide a brief, easy-to-read snapshot of an app’s privacy policies, similar to nutrition labels on food packages. The snapshot would give consumers the bottom line on what information the software collects, such as physical location, surfing habits and personal contacts, and how that data might be used or shared with other companies.

Amazon posts loss

SAN FRANCISCO

Amazon.com Inc. on Thursday reported a surprise loss in the second quarter, as higher revenue was not enough to make up for rising operating expenses. The world’s largest online retailer has been spending heavily on order fulfillment and digital- content rights, which continue to weigh on profit margins.

Amazon long has focused on spending the money it makes to grow its business and expand into new areas from movie streaming to e-readers and even grocery delivery. Investors largely have forgiven thin profit margins and zeroed in on the company’s solid revenue growth and long-term prospects.

But such patience won’t last forever. Seattle-based Amazon’s stock fell $8.20, or 2.7 percent, to $295.20 in extended trading after the results came out.

Amazon, which also makes the Kindle tablets and e-reader devices, lost $7 million, or 2 cents per share, in the April-June quarter. That’s down from earnings of $7 million, or 1 cent per share, a year ago.

Average 30-year loan falls to 4.31%

WASHINGTON

Average rates on U.S. fixed mortgages fell for the second-straight week, a welcome sign for homebuyers hoping to lock in lower rates that had spiked earlier this month.

Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan fell to 4.31 percent. That’s down from 4.37 percent last week but nearly a full percentage point higher than in early May. The rate reached a two-year high of 4.51 percent two weeks ago.

The average on the 15-year fixed loan declined to 3.39 percent, down from 3.41 percent last week.

CBO: Reversing cuts would boost economy

WASHINGTON

A new study says that reversing more than $100 billion in automatic spending cuts hitting the economy this year and next would boost the economy by 0.7 percent and increase employment by 900,000 jobs.

The Congressional Budget Office study is similar to prior estimates by the agency. The CBO figures are the agency’s best estimate, but the possible range of job growth is much wider, from 300,000 jobs to 1.6 million.

Associated Press