Business News

Goldman Sachs CEO apologizes to people of Malaysia on earnings call

Goldman Sachs CEO apologizes to people of Malaysia on earnings call

Goldman Sachs’ new CEO is apologizing for the role of a former banker in Malaysia’s multi-billion dollar embezzlement scandal. “It is very clear that the people of Malaysia were defrauded by many individuals, including the highest members of the prior government,” David Solomon said Wednesday on the company’s earnings call. Tim Leissner, the company’s former…

Sears might make it after all

Sears might make it after all

Sears may have life after bankruptcy. The company has accepted a bid from chairman and former CEO Eddie Lampert that could keep as many as 425 stores operating, according to a source familiar with the process. Lampert was CEO of Sears Holdings until its October 15 bankruptcy filing, and his $5 billion bid — made…

YouTube bans dangerous pranks and challenges

YouTube bans dangerous pranks and challenges

YouTube has banned users from sharing videos of dangerous pranks on its platform because of concerns about challenges that put people’s lives in jeopardy. The US-based website, which is owned by Google, updated its guidelines Tuesday and said it will not allow the upload of prank or challenge videos “that can cause death and/or have…

Why Etihad might bail out India’s Jet Airways

Why Etihad might bail out India’s Jet Airways

Etihad Airways might be about to double down on a risky investment in India. Abu Dhabi’s flagship carrier is reportedly looking to increase its stake in cash-strapped Jet Airways, one of the biggest airlines in a market forecast to grow rapidly over the next five years. According to Indian media reports, Etihad is planning a…

Stock markets brush off UK government’s Brexit defeat

Stock markets brush off UK government’s Brexit defeat

The British government’s Brexit plans are in tatters, but stock markets don’t seem to care all that much. London’s FTSE 100 was down slightly in early trading on Wednesday, while benchmark indexes in Germany and France were flat. In Asia, Hong Kong’s Hang Seng and the Shanghai Composite were little changed. Japan’s Nikkei closed down…

Trade wars. Brexit. Government shutdown. Uncertainty is everywhere

Trade wars. Brexit. Government shutdown. Uncertainty is everywhere

Trade wars. Recession fears. Market mayhem. Oil turbulence. Brexit. And the longest government shutdown ever. Around nearly every corner, crucial question marks are looming over the business world right now. Will the US economy grow at 3% in 2019 or succumb to a recession? Will the United Kingdom be in or out of the European…

What that Gillette ad says about the trend in woke advertising

What that Gillette ad says about the trend in woke advertising

Last year, Procter & Gamble won an Emmy award for “The Talk,” an ad showing African-American parents discussing racism with their young children. It didn’t promote a product. The ad was released as part of the company’s “My Black is Beautiful” campaign. A new P&G ad for Gillette this week comes from the same socially…

Pound strengthens after parliamentary defeat leaves Brexit plan in tatters

Pound strengthens after parliamentary defeat leaves Brexit plan in tatters

The British pound shrugged off a dramatic vote in the UK parliament that left the government’s Brexit plans in tatters. Parliament on Tuesday struck down the divorce deal that Prime Minister Theresa May had negotiated with the rest of the European Union by a record margin. The defeat was expected, but the size of the…

Ford, VW alliance may create the cars of the future

Ford, VW alliance may create the cars of the future

Ford and Volkswagen announced a long-anticipated plan Tuesday to build vehicles together. The automakers said they have signed an agreement to develop commercial vans and medium-sized pickups beginning as early as 2022. The companies also agreed to “investigate” how they can work together to develop next generation vehicles, such as electric and self-driving cars. Both…

Delta issues another warning on earnings

Delta issues another warning on earnings

Delta Air Lines says the next three months could be bumpy. On Tuesday, the company forecast earnings per share of 70 cents to 90 cents, far below Wall Street estimates. A year ago Delta earned 74 cents a share in the fourth quarter. Delta also said a key measure of revenue from fares is likely…

Gillette’s new ad isn’t about shaving. It’s about men in the age of #metoo

Gillette’s new ad isn’t about shaving. It’s about men in the age of #metoo

Gillette’s newest advertisement isn’t about shaving, or beards or personal hygiene. The company’s “We Believe” ad — a one minute and 48 second spot posted to its social media accounts this week — addresses serious issues like toxic masculinity, sexual harassment and #metoo. Gillette plays on its famous tagline and asks: “Is this the best…

Volkswagen will add 1,000 jobs at Tennessee plant

Volkswagen will add 1,000 jobs at Tennessee plant

Volkswagen is investing $800 million in its plant in Chattanooga, Tennessee, a move that will add 1,000 jobs to the factory, the company announced Monday. It plans to build electric cars there. Volkswagen’s investment in Tennessee comes weeks after General Motors announced plans to close three North American plants and shift its production focus away…

The German economy just had its worst year since 2013

The German economy just had its worst year since 2013

Germany may have dodged a recession but its economic performance in 2018 was still the weakest in five years, adding to evidence that trade tensions and a sharp slowdown in China are hampering global growth. The German economy grew 1.5% in 2018, according to preliminary government data published Tuesday. That’s a sharp drop from the…

Carlos Ghosn’s wife slams Japan’s ‘draconian’ legal system

Carlos Ghosn’s wife slams Japan’s ‘draconian’ legal system

Carlos Ghosn’s wife has slammed the Japanese legal system as “draconian” in a letter that says her husband has been “callously and needlessly” detained. The nine-page letter from Carole Ghosn to watchdog group Human Rights Watch says that the former Nissan chairman has been held under “harsh physical conditions” since his arrest nearly two months…

PG&E, utility tied to wildfires, will file for bankruptcy

PG&E, utility tied to wildfires, will file for bankruptcy

Pacific Gas and Electric, facing billions of dollars in claims over the deadly 2018 Camp Fire, is headed to bankruptcy court. PG&E, the state’s largest utility, said Monday it will file for bankruptcy on January 29, after a 14-day waiting period required by California law. It needs to use the bankruptcy process, which will allow…

Brexit is a nightmare for currency traders

Brexit is a nightmare for currency traders

Trying to get a handle on where the British pound is headed? Good luck with that. UK lawmakers are widely expected to reject the divorce deal with the European Union negotiated by Prime Minister Theresa May on Tuesday. The only real question is the margin of the loss. Jochen Stanzl, an analyst at CMC Markets,…

Saudi Arabia: We can ‘easily’ cut oil supply further if global economy stalls

Saudi Arabia: We can ‘easily’ cut oil supply further if global economy stalls

Saudi Arabia’s energy minister says that OPEC and its allies are prepared to quickly respond to a global economic slowdown. Khalid Al Falih told CNN Business’ Emerging Markets Editor John Defterios that while he doesn’t “see a big economic recession,” corrective actions are “easily within our control.” “If we see a slowdown … it’s going…

California utility PG&E replaces CEO amid bankruptcy worries

California utility PG&E replaces CEO amid bankruptcy worries

Embattled utility PG&E, facing potentially billions of dollars in liability over California’s deadly wildfires last year, has replaced its CEO. The company said Sunday night that CEO Geisha Williams has stepped down. She will be replaced temporarily by John Simon. The PG&E (PCG) board said it would look to hire a new chief executive with…

Ford unveils its most powerful Mustang yet

Ford unveils its most powerful Mustang yet

Ford unveiled the most powerful factory-produced Mustang the company has ever made at the Detroit Auto Show Monday. The new Shelby GT500 has a supercharged V8 engine that will produce more than 700 horsepower. More testing and validation needs to be done before an exact horsepower figure can be announced, the company said. What we…

Walter Shipley, who helped create what is now JPMorgan Chase, has died

Walter Shipley, who helped create what is now JPMorgan Chase, has died

Walter V. Shipley, the architect of several bank mega mergers that reshaped the industry, has died. He was 83. Shipley was the chairman and CEO of Chase Manhattan Bank. He led several mergers in the ’80s and ’90s. JP Morgan Chase CEO Jamie Dimon announced Shipley’s passing in a letter to employees Saturday. “On Friday,…