SOCIAL MEDIA

Facebook remains vague

about reason for outage

Facebook still isn't explaining exactly what happened when it went down for hours Tuesday across parts of North America and Europe.

All the social network said Thursday was that the outages, which affected users and advertisers worldwide, resulted from a "server configuration change." It offered no further details.

Facebook started experiencing problems midday Wednesday on the U.S. East Coast and still coped with sporadic issues Thursday morning.

Facebook did not say how many users were affected or why the outage took so long to fix.

AUTOS

Toyota Motor Corp. adds

to its U.S. investments

Toyota Motor Corp. on Thursday announced it is investing an additional $750 million at five U.S. plants that will bring nearly 600 new jobs, including the production of two hybrid vehicles for the first time at its Kentucky facility.

It marks yet another expansion of the Japanese automaker's U.S. presence, bringing to nearly $13 billion the amount it will spend by 2021.

The latest investments are at facilities in Alabama, Kentucky, Missouri, Tennessee and West Virginia.

REAL ESTATE

Mortgage rates decline

to lowest point in a year

Mortgage rates were driven down this week by weak economic data and concerns about global growth.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to 4.31 percent with an average 0.4 point. It was 4.41 percent a week ago and 4.44 percent a year ago. The 30-year fixed rate hasn't been this low in more than a year.

The 15-year fixed-rate average dropped to 3.76 percent with an average 0.4 point.

BANKING

Embattled CEO receives

raise from Wells Fargo

A day after lawmakers on Capitol Hill scolded Wells Fargo CEO Tim Sloan for hours, telling him the bank had not done enough to rehabilitate itself after years of scandals about its practices toward customers, the bank's board of directors on Wednesday gave him a 5 percent raise.

The move increases his total compensation to $18.4 million. Of that, $2 million is an "annual incentive award" — in other words, a bonus.

Sloan's pay is now 283 times the median pay of the bank's more than 200,000 employees.

Some lawmakers called on Sloan to be fired during a Tuesday hearing in front of the House Financial Services Committee hearing.