Business Briefs – May 25, 2016

Americans Have Disparate Access to Retirement Plans

WASHINGTON (AP) – Americans who want to retire may face very unequal paths to get there, depending on where they live.

Workplace retirement plans, such as 401(k) accounts, have become a critical retirement savings tool for most Americans. Yet about 40 percent of full-time private sector workers in the U.S. lack access to an employer-based retirement saving plan. And access varies drastically across the country and even within a state, according to a study released Tuesday by the Pew Charitable Trusts.

It’s an issue of growing importance on a local level as governments consider how they can help out.

Best Buy Offers Weak Profit View, Says CFO Stepping Down

NEW YORK (AP) — Best Buy Co. on Tuesday offered a disappointing profit outlook for the current quarter, weighed down in part by a recent earthquake in Japan that hurt the availability of some highly profitable products.

The nation’s largest consumer electronics chain also said its chief financial officer, Sharon McCollam, is stepping down. She played a key role in the company’s turnaround a few years ago.

The news sent Best Buy’s stock down even as the company reported first-quarter profits that topped Wall Street projections.

Toyota to Investin Ride-Hailing App Uber

NEW YORK (AP) — Toyota said Tuesday it is investing in Uber, making it the latest car company to put money in a ride-hailing app.

The Japanese company did not say how much the investment is worth. As part of the deal, Uber drivers can lease Toyota vehicles with money earned from their driving.

Investing in ride-hailing services can be a way for automakers to sell more cars. Earlier this year, General Motors Co. invested $500 million in Uber rival Lyft.