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U.S. bank regulator charges ex-Wells Fargo executives for role in sales scandal

Wells Fargo & Co’s U.S. regulator on Thursday announced it had banned former Chief Executive John Stumpf from the banking industry and charged him and seven other former executives combined more than $58 million in civil penalties for their roles in the bank’s multi-year sales practices scandal.

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Boeing reschedules 777X plane's first test flight for Friday

Boeing has previously said the 777X, its largest-ever twin-engined model, designed to hold on average 406 people, was on track to be delivered in 2021. Boeing said on Thursday weather or other factors could still delay the test flight. The crisis surrounding the smaller jet following two fatal crashes has led new Chief Executive Officer Dave Calhoun to send the aerospace giant back to the drawing board on proposals for a new mid-market aircraft. …read more […]

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Apple, Broadcom Strike $15 Billion Worth of Chip-Supply Deals

(Bloomberg) — Broadcom Inc. disclosed new agreements to provide components for Apple Inc. devices released through the middle of 2023.The San Jose, California-based chipmaker said it entered into two multiyear pacts “for the supply of a range of specified high-performance wireless components and modules to Apple for use in its products.” That’s in addition to another similar agreement that Broadcom reached with Apple in 2019. The three deals could generate about $15 billion in future revenue, Broadcom added.Broadcom shares rose more than 2% in late trading, while rival Skyworks Solutions Inc. dropped as much as 7.7%. Broadcom is a major …read more […]