Business & Finance News
Former hedge fund manager Philip Falcone has been sued for more than $65.8 million after he allegedly defaulted on a series of loans and improperly sold some of the underlying collateral, including an Andy Warhol painting.
U.S. authorities will soon announce a settlement related to Wells Fargo’s multi-year sales practices scandal, according to two sources familiar with the matter, wrapping up one of the last one major probes looming over the bank.
Outdoor apparel retailer Timberland is testing online shoppers’ willingness to help the environment by slowing down delivery as Amazon.com drives retailers toward pricier, more polluting one-day shipping.
U.S. legislation will be introduced in the coming weeks that could hurt technology companies’ ability to offer end-to-end encryption, two sources with knowledge of the matter said, and it aims to curb the distribution of child sexual abuse material on such platforms.
U.S. manufacturing and services sectors activity stalled in February amid growing concerns about the deadly coronavirus’ impact on the economy, boosting investor demand for safe-haven assets like government bonds.
U.S. authorities will soon announce a deal relating to Wells Fargo’s multi-year sales practices scandal, according to two sources familiar with the agreement.
Elon Musk’s SpaceX is looking to raise about $250 million, taking the private rocket company’s valuation to about $36 billion, CNBC reported on Friday, citing people familiar with the financing.
New York Times Co is expected to name company insider Meredith Kopit Levien as its next chief executive officer to succeed Mark Thompson, Bloomberg News reported https://www.bloomberg.com/news/articles/2020-02-21/new-york-times-poised-to-name-meredith-kopit-levien-as-next-ceo on Friday, citing people familiar with the matter.
Deere & Co’s shares soared on Friday to their highest level in at least five years after it reported an unexpected increase in first-quarter profit and retained full-year earnings forecast as signs of stabilization in the U.S. farm sector offset weak demand for construction machines.
Italy’s biggest bank UniCredit may make an announcement as early as Friday night on the future of boss Jean Pierre Mustier, two sources familiar with the matter said, after reports he is vying for the top job at rival HSBC .
Developers of self-driving cars are amping up criticism of a California reporting requirement on test data, saying the data could mislead, as the state prepares to release the latest results for 2019.
U.S. stock indexes fell on Friday after data showed U.S. business activity stalled in February, and a spike in new coronavirus cases in China and elsewhere sent investors scrambling for safer assets such as gold and government bonds.
Global equity markets slumped on Friday as the fast-spreading coronavirus drove investors into safe-havens, with gold hitting a fresh seven-year high and the yield on the 30-year U.S. Treasury sliding to an all-time low.
World No. 1 oil producer Saudi Aramco is set to gain unconditional EU antitrust approval for its $69 billion buy of a 70% stake in petrochemicals group Saudi Basic Industries Corp (SABIC) , people familiar with the matter said on Friday.
The U.S. central bank will need to act aggressively to counter future downturns, deploying old tools more quickly and adopting new ones, Federal Reserve Governor Lael Brainard said on Friday.
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