National Business News

  • Australian financial firm CEO steps down over fee scandal

    The AMP's chief executive stepped down on Friday following revelations that Australia's largest wealth manager charged customers for financial services they never received and misled the industry watchdog. Craig Meller has become the first corporate casualty of a government inquiry into misconduct...

  • Southwest Airlines sought more time for engine inspections

    Southwest Airlines sought more time last year to inspect jet-engine fan blades like the one that snapped off during one of its flights Tuesday in an accident that left a passenger dead. The airline opposed a recommendation by the engine manufacturer to require ultrasonic inspections of certain...

  • Lagarde urges countries to settle trade disputes, cut debt

    The head of the International Monetary Fund is urging countries to work out their differences over trade and take advantage of a healthy world economy to reduce debt before the next downturn comes. IMF Managing Director Christine Lagarde told reporters that "the near-term prospect for the global...

  • ZTE protests 'unfair' US penalty, says it's seeking solution

    Chinese tech company ZTE said Friday it wouldn't accept an "unfair" U.S. penalty in a case involving exports of telecoms equipment to North Korea and Iran, and is seeking a solution through legal channels. The Commerce Department on Monday barred the state-owned company from importing American...

  • Mattel CEO to step down after being at helm for 14 months

    Mattel Inc. announced Thursday that its CEO Margo Georgiadis is stepping down and is being succeeded by a company director and former studio executive. The toy giant, based in El Segundo, California, said the board has named Ynon Kreiz, a Mattel director since June 2017, as her replacement, effective...

  • Asian shares fall back on trade worries, tech outlook

    Asian shares fell back Friday after a major supplier to Apple forecast continued weak demand for mobile devices. A warning by the head of the IMF over the potential for trade tensions to harm global growth also weighed on sentiment. KEEPING SCORE: Japan's Nikkei 225 edged 0.1 percent lower to 22,181.06,...

  • Asian shares fall back on trade worries, tech outlook

    Shares are lower in Asia after a major supplier to Apple forecast continued weak demand for mobile devices. A warning by the head of the IMF over the potential for trade tensions to harm global growth also weighed on sentiment. KEEPING SCORE: Japan's Nikkei 225 edged 0.1 percent lower to 22,183.05,...

  • 2 black men arrested at Starbucks get an apology from police

    Rashon Nelson initially brushed it off when the Starbucks manager told him he couldn't use the restroom because he wasn't a paying customer. He thought nothing of it when he and his childhood friend and business partner, Donte Robinson, were approached at their table and were asked if they needed...

  • Reports: Wells Fargo to be fined $1B as early as Friday

    Federal regulators plan to fine Wells Fargo as much as $1 billion as early as Friday for abuses tied to its auto-lending and mortgage businesses, The New York Times and other news outlets reported, citing unnamed sources. The potential $1 billion fine would be largest ever imposed by the Office...

  • Kushner Cos. subpoenaed by feds after AP report

    The Kushner Cos. confirmed Thursday it was subpoenaed by federal prosecutors for information related to an Associated Press report that the company filed dozens of false documents about its buildings in New York City. The real estate company issued a statement saying it has "nothing to hide and...

  • 'Fearless Girl' to leave Wall Street's 'Charging Bull'

    New York's "Fearless Girl" statue that has become a global symbol of female business prowess will be moved from her spot staring down Wall Street's bronze "Charging Bull" to a new home facing the New York Stock Exchange. And the bull, a longtime fixture and tourist attraction at the foot of Broadway,...

  • IMF's Lagarde: Trade tensions threaten global economy

    The head of the International Monetary Fund warned Thursday that the healthiest global economy in years is threatened by rising debt levels, volatile financial markets and a simmering trade dispute between the world's two biggest economies. IMF Managing Director Christine Lagarde told reporters...

  • New data: Americans filling far fewer opioid prescriptions

    The number of prescriptions for opioid painkillers filled in the U.S. fell dramatically last year, showing their biggest drop in 25 years and continuing a decline amid increasing legal restrictions and public awareness of the dangers of addiction, new data show. Health data firm IQVIA's Institute...

  • Russia says US visa delays could halt direct flights

    The Russian Foreign Ministry says increasing delays by the United States in issuing visas could result in flagship airline Aeroflot ending flights to the U.S. State-owned Aeroflot is the only airline with scheduled year-round U.S. flights. A ministry statement Thursday complained that the waiting...

  • US officials: 16 nations agree to track Venezuela corruption

    Finance ministers from several Latin American nations as well as the U.S. and Europe have agreed to work jointly to locate and seize the proceeds arising from corruption by Venezuelan government insiders, two U.S. Treasury officials said Thursday. The decision came at a Washington meeting earlier...

  • Queen tips Prince Charles to follow her as Commonwealth head

    Queen Elizabeth II opened a summit of the 53-nation Commonwealth on Thursday, and backed her son Prince Charles to be the next leader of the association of Britain and its former colonies. In a ceremony at Buckingham Palace, the queen said she hoped Charles would "carry on the important work" of...

  • Cybersecurity expert's case delayed as new details emerge

    The case of British cybersecurity expert once heralded as a hero for stopping the WannaCry worldwide computer virus was delayed Thursday to allow his attorneys more time to prepare arguments on why a judge should suppress statements he made after his arrest for allegedly creating software to steal...

  • Musk's LA transport tunnel proposal takes step forward

    A committee of the Los Angeles City Council has approved an environmental review exemption for a tunnel that Elon Musk wants to dig to test a novel underground transportation system. The Los Angeles Times reports that members of the council's public works committee said Wednesday they wanted to...

  • Oil, gas drilling in pristine Alaska refuge takes step ahead

    The Trump administration is moving forward on oil and gas drilling in Alaska's Arctic National Wildlife Refuge, fulfilling a longtime Republican priority that most Democrats fiercely oppose. A notice being published Friday in the Federal Register starts a 60-day review to sell oil and gas leases...

  • Russia joins bid to win compensation over US metals tariffs

    Russia on Thursday joined the European Union , India and China in appealing through the World Trade Organization to demand compensation from the United States for its tariffs on foreign steel and aluminum. The WTO published a filing from Russia that, like other countries, argues that the U.S. tariffs...

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