VW boss: 'Endlessly sorry' for emissions scandal
Volkswagen’s CEO says he’s “endlessly sorry” for the company’s diesel emissions scandal and is pledging a fast and thorough investigation. Martin Winterkorn said in a video message Tuesday: “We …
MONEY (MSM)
U.S., Cuba to hold talks on airline service Sept 28-29 -US official
NEW YORK/WASHINGTON, Sept 22 (Reuters) – The United States and Cuba plan to hold talks in Havana next week on normalizing airline service, a U.S. official said on Tuesday, a step that could benefit U.S. carriers if the island becomes open to American tourism. The talks will take place Sept. 28-29, the official said, as Washington and Havana inch toward normal relations after more than half a century of hostility
Moynihan remains BofA chairman after vote, fends off critics
Brian Moynihan will keep his dual role as Bank of America Corp.’s chairman and chief executive officer after shareholders voted to ratify governance changes made last year. The Charlotte, North Carolina-based lender had called the special meeting after angering some investors by undoing a 2009 shareholder-backed bylaw requiring an independent chairman. Moynihan, nearing his sixth year leading Bank of America, survived a campaign by pension funds and proxy advisers seeking
Coca-Cola: We spent $118.6M on health efforts in 5 years
Coca-Cola disclosed Tuesday that it spent $118.6 million on health research and partnerships in the U.S. over the past five years, including funding for a group that was criticized for downplaying the …
Groupon to cut 1,100 jobs as it restructures outside N. America
Groupon is shutting operations in Morocco, Panama, the Philippines, Puerto Rico, Taiwan, Thailand and Uruguay after exiting Greece and Turkey, the company said in a separate blog post on Tuesday. Groupon, which had about 11,800 employees globally at the end of December, said that it expected to complete the job cuts, mainly in sales and customer service, by September 2016. Markets outside North America accounted for about 43 percent of
Goldman CEO Blankfein says has 'highly curable' form of lymphoma
Treatment will include chemotherapy over the next several months in New York, Blankfein said in a statement on the bank’s website. While Blankfein, 61, is undergoing chemotherapy, other senior bank officials will assume some of his responsibilities in dealing with the public, including Chief Operating Officer Gary Cohn, the second highest ranking executive, a person familiar with the matter said. Blankfein said he will curtail some travel while he is
Volkswagen sets aside $7.3 billion over emissions scandal
The crisis enveloping Volkswagen AG, the world’s top-selling carmaker, escalated Tuesday as the company issued a profit warning following a stunning admission that some 11 million of its diesel vehicles …
Clinton adds details to plans on prescription drug costs
Hillary Rodham Clinton is laying out a new plan to rein in the rising cost of prescription drugs, seeking to build upon President Barack Obama’s health care law. The Democratic presidential candidate’s …
General Mills profit beats estimates as US sales rise
General Mills Inc, the maker of Cheerios cereal and Yoplait yogurt, reported a better-than-expected quarterly net profit as U.S. sales showed further recovery. The company’s shares rose 1.7 percent to …
Goldman Sachs has some bad news for investors who like to pick stocks
Something very rare just occurred in the S&P 500 and it’s going to make the rest of the year pretty difficult for active investment managers seeking to beat the broader market, according to Goldman Sachs.