Tag: Companies

German Court Opens Criminal Proceedings Against Former Volkswagen CEO

FRANKFURT—A court in Braunschweig, Germany, said on Thursday it had opened proceedings against former Volkswagen CEO Martin Winterkorn, examining whether he is guilty of market manipulation as part of the carmaker’s emissions scandal. Winterkorn and other Volkswagen executives face charges for their role in allowing…

What the Supreme Court Fight Means for the Senate Majority

The struggle over Ruth Bader Ginsburg’s replacement on the Supreme Court could help propel Democrats to the brink of a Senate majority in November’s election. But whether it lifts them over that threshold could turn on the terms of the confirmation fight. Given the nature…

Tesla Sues to Block ‘Unlawful’ Trump Tariffs on Chinese-Imported Goods

Tesla Inc. is suing the federal government and U.S. Trade Representative Robert Lighthizer to block the Trump administration from collecting tariffs on certain items the electric car maker imports from China. The California-based electric vehicle and clean energy company filed its lawsuit Monday in the…

Insolvency Reforms to Help Aussie Small Businesses

Small businesses will be protected from needlessly being wound up under changes to be announced by the Morrison government on Sept 24. The reforms to be unveiled by Treasurer Josh Frydenberg will cover around three-quarters of businesses subject to insolvencies today. They will draw on…

Reddit Squashed QAnon by Accident

Two years ago, most Americans knew nothing about QAnon, the ever-growing, diffuse, and violent movement devoted to a loosely connected set of conspiracy theories, most of which tie back to the idea that Donald Trump is leading a holy war against a high-powered cabal of…

Uncle Ben’s Getting New Name Due to ‘Inequities’ Linked to Rice Brand

Mars Inc. is changing the Uncle Ben’s rice brand because of “inequities” linked to the brand. Uncle Ben’s will be known as Ben’s Original, “signaling the brand’s ambition to create a more inclusive future while maintaining its commitment to producing the world’s best rice,” according…

Asian Firm May Fund Rex to Compete With Qantas and Virgin

Regional Express (Rex) is one step closer to servicing Australia’s lucrative “golden triangle” market after signing a deal with an Asian firm for $150 million to launch its major city jet operations starting in March 2021. Rex and PAG Asia Capital (PAG) are in advanced…

Ralph Lauren to Lay Off Thousands as Pandemic Dulls Luxury Fashion

Ralph Lauren Corp said on Tuesday it would cut 15 percent of its global workforce by the end of this fiscal year as the luxury retailer strives to lower costs and ride out the impact of COVID-19 on sales and shopping habits. The New York-based…

The Pandemic Is Defeating Hollywood Blockbusters

Data gathered this weekend appeared to hold seismic news for Hollywood—specifically Disney. A report from Yahoo suggested that a shocking 9 million Disney+ users had streamed the studio’s Mulan remake in its first 12 days of release, translating into a gross of $261 million. That’s…

EU Top Court Backs Crackdown on Short-Term Home Rentals in Setback to Airbnb

BRUSSELS—Europe’s top court on Tuesday gave its backing to European cities cracking down on short-term rentals of private homes to solve a housing crunch, dealing a setback to homesharing site Airbnb. From Amsterdam to New York and Paris, authorities have blamed Airbnb for worsening housing…

Founder of GM Electric Truck Partner Quits Amid Allegations

FRANKFURT, Germany—Shares in electric and hydrogen-powered truck startup Nikola plunged on Sept. 21 after the company’s founder resigned amid allegations of fraud—just two weeks after signing a $2 billion partnership with General Motors. The company said late on Sept. 20 that Trevor Milton resigned and…

Melbourne’s West Gate Tunnel Project Faces $3Bn Blowout

The cost of Melbourne’s West Gate tunnel project could blow out to nearly $10 billion, according to a report. Already delayed because of a dispute over contaminated soil from the construction site, the project now might cost an extra $3 billion. Leaked state government reports…

The Immigrants Who Created New Possibilities

Of the many questions at stake in this fall’s election, one of the less obvious is this: Will the United States remain a country where someone like Barack Obama or Kamala Harris—a person of color with immigrant parents—is likely to be born? The answer depends,…

Trump Approves ‘In Concept’ Oracle, Walmart Deal With Bytedance For TikTok

President Donald Trump has given his approval “in concept” to a deal being discussed between American companies Oracle and Walmart with China-based company Bytedance for ownership of TikTok. “We have some very big news on TikTok, TikTok is moving along,” the president told reporters before…

Biggest Negative Impact of COVID-19 on Small Businesses Is in Accommodation and Food Services: Survey

New government data shows that the pandemic has had a moderate-to-large negative impact on over three quarters of the nation’s small businesses, with the hardest-hit being those in accommodation and food services. The most recent Small Business Pulse Survey, which collects real-time information on how…

New Companies Face Tough Task Overcoming Pandemic, Recession

NEW YORK—Julie Campbell had to rethink her new wallpaper business before she could sell her first sheet. Campbell launched Pasted Paper in February, but soon after, the coronavirus forced the cancellation of the trade shows where she expected to introduce her wallpaper to prospective retail…

George Floyd riots cost insurance companies as much as $2 BILLION – more than any in HISTORY, industry claims

The tidal wave of arson, vandalism, and other property crimes that swept across the nation in the aftermath of the Floyd killing left between $1 billion and $2 billion in damages.…

Online Shopping Boom Predicted to Last Beyond Pandemic: Reports

While the pandemic-driven surge in online sales has leveled off, executives and researchers are increasingly saying that the digital shopping boom will persist even after the CCP virus outbreak is brought under control. The latest data from Adobe, which analyzed 1 trillion visits to retail…

Small Business Wants Throne Speech to Focus on Economic Recovery, Improving Tax Environment

As anticipation builds ahead of the throne speech on Sept. 23, a big engine of the Canadian economy—small business—wants to see the government focused on broad-based economic recovery, not new spending unrelated to thwarting COVID-19…

Congressional Inquiry Blames Boeing and FAA for ‘Serious Failures’ Leading to Deadly 737 Max Plane Crashes

A congressional inquiry into Boeing’s troubled 737 Max airplane blamed both Boeing and the Federal Aviation Administration (FAA) for a series of serious failures that “played instrumental and causative roles” in two fatal crashes of the plane, which left 346 people dead, including eight Americans.…

Japan’s Hitachi Pulls Out of UK Nuclear Project

LONDON—Work on a major new nuclear power station in Britain will stop after Japanese company Hitachi pulled out of the project. Hitachi halted work on the Horizon Project, located in Wylfa, on the Welsh island of Anglesey. It will also end work on another site…

US Sanctions Chinese State-Owned Firm Over Land Seizure, Corruption in Cambodia

The U.S. Treasury Department on Sept. 15 sanctioned a Chinese state-controlled firm for seizing land from Cambodians for projects aimed at advancing Beijing’s geopolitical ambitions. Union Development Group Co., or UDG, is constructing a $3.8 billion resort called Dara Sakor, a state-backed investment zone spanning…

Senator Asks US to Reject TikTok-Oracle Deal, Saying it Allows for Chinese Regime Control

The United States should reject a proposed partnership between Oracle and TikTok that would allow for continued Chinese regime control over the app and consequently endanger American national interests, said Sen. Josh Hawley (R-Mo.). Oracle reached a deal over the weekend with TikTok’s parent company…

Daimler to Pay $2.2 Billion in Diesel Emissions Cheating Settlements

WASHINGTON—Daimler AG will pay $2.2 billion to resolve a U.S. government diesel emissions cheating investigation and claims from 250,000 U.S. vehicle owners, court documents show. The German automaker and its Mercedes-Benz USA LLC unit disclosed on Aug. 13 it had reached a settlement in principle…

Nvidia to Buy UK’s Arm, Sparking Fears of Chip Dominance

LONDON—U.S. graphics chip maker Nvidia said it plans to buy UK-based Arm Holdings in a deal worth up to $40 billion, in a move that would create a global powerhouse in the industry. The deal, announced late on Sept. 13 by Nvidia and Arm’s parent…

Qantas HQ up for Grabs Amid Post-COVID Downsizing

Sydney’s long-term hold on Qantas’ headquarters is under threat as Australia’s premier airline downsizes during the pandemic. Qantas may vacate its 49,000 sqm head office in the Sydney suburb of Mascot and consolidating its Qantas and budget brand Jetstar office (currently in Melbourne) into one…

NAB Superannuation Providers to Pay $57M Penalties

Two NAB-owned superannuation businesses have been ordered to pay $57.5 million in penalties after the Federal Court found they misled customers and wrongly charged fees. MLC Nominees and NULIS Nominees must pay $49.5 million and $8 million respectively for deducting plan service fees from customers,…

Oracle Reportedly Wins TikTok Bid, After Microsoft Gets Rejection

WASHINGTON—TikTok, a video-sharing mobile application, reportedly accepted a bid from Oracle for its U.S. business, beating the other contender Microsoft. President Donald Trump earlier set a mid-September deadline for TikTok’s parent company ByteDance to sell its American operations. Microsoft Corp. on Sept. 13 confirmed in…

Listen: Is Faster Better?

The federal government is telling states to prepare for a vaccine as early as November. But a major trial has been put on hold. On this episode of Social Distance, James Hamblin and Katherine Wells look to staff writer Sarah Zhang for answers—and updates on…

Trump Administration Welcomes US Companies in China With ‘Open Arms’

WASHINGTON—White House chief economic adviser Larry Kudlow said on Sept. 11 the Trump administration could create financial and credit incentives to help re-shore U.S. manufacturing and jobs. “It’s like the prodigal son in the Bible, you know, we want the prodigal son to return home,”…