MONEY (MSM)
Wells Fargo has so far outbid other parties for General Electric’s vendor financing, commercial distribution finance and direct lending assets, the person with direct knowledge of the situation said on Friday. GE and Wells Fargo representatives declined to comment. The company unveiled its latest divestment agreement on Monday – for its North American corporate aircraft financing portfolio – bringing its total deals to date related GE Capital to $97 billion.
While the bulk of its offer will be in cash, Dell also plans to pay EMC shareholders with “tracking stock” that follows the value of the 20 percent of VMware that EMC does not own, the people said on Friday. Dell, EMC and VMware did not immediately respond to requests for comment. EMC shares ended trading on Friday up 2.5 percent at $27.86 after tech website Re/code reported that Dell
BERLIN/LONDON (Reuters) – Like many chief executives, Martin Winterkorn was a demanding boss who didn’t like failure. Volkswagen (VOWG_p.DE) has declined to comment on whether the firm’s culture or the management style of Winterkorn, who resigned last month, had been a factor in the cheating. Lawyers for Winterkorn did not respond to a request for comment.
JPMorgan Chase & Co (JPM.N) on Friday won the dismissal of a U.S. whistleblower lawsuit filed by a former vice president who claimed the bank ignored red flags about a client’s potential fraud, even after authorities exposed the massive Ponzi scheme operated by longtime JPMorgan client Bernard Madoff. U.S. District Judge Robert Sweet in New York granted the bank’s motion to throw out the complaint, finding that Jennifer Sharkey had
The financial sector, recently a weak performer in the stock market, will garner the majority of investor attention next week as a number of big banks post their quarterly results. Goldman Sachs Group Inc, Bank of America Corp, Wells Fargo & Co, Citigroup and JPMorgan Chase & Co – the five biggest U.S. banks by market cap – are due to report results as the sector has trailed the market
Mexico expects preliminary findings from a probe into Volkswagen’s compliance with emissions standards within three months, the environment minister said on Friday, adding the review will include gasoline-fueled cars as well as diesel. Mexico announced last month it was investigating whether Volkswagen cars complied with emissions rules in Latin America’s second economy, after Europe’s largest carmaker admitted to cheating in U.S. diesel emissions tests. “I expect we can begin to
U.S. union United Auto Workers’ leaders on Friday approved a tentative four-year contract with Fiat Chrysler Automobiles NV (FCHA.MI) (FCAU.N), sending the proposed agreement to 40,000 workers for a ratification vote. The new deal, if ratified, would reshape the way in which UAW workers at Fiat Chrysler are paid, gradually eliminating a contentious two-tier pay structure. UAW President Dennis Williams admitted he made some false steps that helped lead to
The news comes after Jack Dorsey was appointed permanent chief executive on Monday. It is unclear how many of Twitter’s staff will be laid off, but it is likely it will affect most departments, Re/code said, citing company insiders. Twitter shares fell 3.1 percent to $29.90 in extended trading on Friday.
Bad news became good news.
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