Wells Fargo could take back more than $50 million from embattled CEO

Business / Business News /

U.S. senators castigated Wells Fargo chief executive John Stumpf this past week for not seeking to take back some of the $100 million awarded to a retiring executive who oversaw the division at the heart of the company's fake-accounts scandal.

But whenever Stumpf, 63, leaves his post atop the San Francisco banking giant, he could walk away with...Read more

Gail MarksJarvis: Bank Black movement faces challenges

Business / Business News /

Lori Roper is planning her wedding and preparing to put all the arrangements into place: choosing the venue, ordering the cake, picking a dress, selecting music and opening a checking account at an African-American owned bank.

"This needed to be done," she said as she recently opened the account at Seaway Bank and Trust Co. with her fiance, ...Read more

Endo names new CEO, stock surges

Business / Business News /

PHILADELPHIA -- Shares of Endo International soared Friday after the drugmaker named Paul V. Campanelli as president and CEO, effective immediately. The company, with U.S. headquarters outside Philadelphia, also said Rajiv De Silva had stepped down as chief executive officer and a board member.

Endo shares rose $3.13, up 15.45 percent, to close...Read more

World's airlines on pace to pocket record $39 billion in profits

Business / Business News /

Noted investor Warren Buffett once warned that investing in airlines was "a death trap."

He may be rethinking that view now that the trade group for the world's carriers has predicted that the industry will pocket a record $39.4 billion this year.

Alexandre de Juniac, director-general of the International Air Transport Association, told a ...Read more

Wanda Group-Sony Pictures deal gives China's richest man leg up in Hollywood

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BEIJING -- The Chinese conglomerate Dalian Wanda Group announced a partnership with Sony Pictures on Friday, giving it some creative control over upcoming Sony films and underscoring China's rapidly rising influence in Hollywood.

Wanda, which is led by China's richest man, Wang Jianlin, will invest an undisclosed amount in Sony Pictures and "...Read more

Rupert Murdoch reaps $34 million in compensation

Business / Business News /

LOS ANGELES -- Media mogul Rupert Murdoch might be getting out of the office more, but he continues to pull down handsome compensation.

The 85-year-old executive chairman of 21st Century Fox collected $34.6 million in executive compensation in fiscal 2016, which represents a 24 percent raise from the prior year, according to a regulatory filing...Read more

Yahoo hit with class-action lawsuit over massive data breach

Business / Business News /

SAN JOSE, Calif. -- Mere hours after news that hundreds of millions of Yahoo user accounts had been hacked, users of the firm's services filed a class-action suit in U.S. District Court in San Diego accusing Yahoo of putting users' finances at risk and failing to notify them earlier about the breach.

"While investigating another potential data ...Read more

SpaceX explosion: 'Large breach' took place in helium system

Business / Business News /

Early review of data and debris from SpaceX's launch pad explosion suggests that a "large breach" took place in the helium system of the rocket's second-stage liquid oxygen tank, the space company said Friday.

The Hawthorne, Calif., space company said it still has not determined the root of the incident and that all "plausible causes" are being...Read more

Twitter stock surges on reports that Salesforce, Google may be interested in bid

Business / Business News /

Shares of Twitter Inc. surged Friday morning after reports that the social media company could receive a formal bid soon.

Citing unnamed sources, CNBC reported Friday that Twitter has received "expressions of interest" from several tech companies and was "engaged in conversations with potential suitors."

Those companies are said to include ...Read more

UPS tests drones for delivery of urgent packages to remote locations

Business / Business News /

ATLANTA -- UPS said it has begun testing commercial drone deliveries of urgent packages to remote locations.

The shipping giant, headquartered outside Atlanta, said it is working with drone maker CyPhy Works on testing, which started Thursday with a mock delivery of medicine from Beverly, Mass., to an island 3 miles off the Atlantic coast. UPS'...Read more

Wells Fargo CEO resigns from Federal Reserve advisory panel following fake-accounts scandal

Business / Business News /

WASHINGTON -- Wells Fargo & Co. Chief Executive John Stumpf has resigned from a Federal Reserve advisory panel, the latest fallout from the banking giant's fake-accounts scandal.

Stumpf's move came after five senators called for him not to be reappointed to the Federal Advisory Council, a 12-member body that meets four times a year with the Fed...Read more

Indian students score a partial win in Facebook privacy dispute

Business / Business News /

BANGALORE, India -- Two Indian students scored a partial victory over Facebook Inc. in a closely watched legal battle over privacy, though they failed to get the internet giant to reverse policies they say threaten the rights of millions of users.

WhatsApp revised its privacy policy last month to share data with owner Facebook and allow ...Read more

The Week Ahead: Two bank bosses head to the Hill

Business / Business News /

Two bank bosses will be on Capitol Hill in the week ahead. Both will be trying to save their jobs.

The first, Federal Reserve Chair Janet Yellen, is set to deliver an update on the American economy to the House Financial Services Committee. Her appearance will come just a week after the Fed's interest rate-setting group decided, again, to not ...Read more

Mark Phelan: A failure, the Dodge Dart will die this month

Business / Business News /

What went wrong with the Dodge Dart? Born with fanfare and optimism in June 2012, the compact sedan will die this month in virtual anonymity, a failure that never came close to meeting Fiat Chrysler Automobile's expectations.

The Dart was supposed to signal a fresh start for Fiat Chrysler, the newly created automaker risen from the rubble of ...Read more

Did Wells Fargo violate overtime laws? Warren among 8 senators seeking investigation

Business / Business News /

WASHINGTON -- A group of senators on Thursday requested a federal investigation into whether Wells Fargo & Co. violated labor laws after allegations the bank failed to pay overtime to tellers and other employees who worked late nights and weekends to meet aggressive sales quotas.

Sen. Elizabeth Warren, D-Mass., and seven colleagues wrote to ...Read more

Drivers over 85 are the fastest-growing group on the road

Business / Business News /

Not sure that driverless cars are safer than cars driven by humans?

Consider this: Drivers over the age of 85 represent the fastest-growing segment of American automobile users. Their numbers doubled between 1998 and 2013, to 3.48 million drivers -- the highest number ever on record -- and the number is rising, according to the U.S. Department ...Read more

Yahoo says hackers stole personal data from at least 500 million accounts

Business / Business News /

SAN FRANCISCO -- Yahoo Inc. suffered a data breach in 2014 that affected at least 500 million Yahoo user accounts, the company announced Thursday.

The Sunnyvale, Calif., internet firm said the hacker is believed to be a "state-sponsored actor" and may have gained access to user information such as names, email addresses, telephone numbers, ...Read more

Moody's downgrades Viacom credit

Business / Business News /

LOS ANGELES -- Moody's Investor Service downgraded Viacom's credit following the struggling media company's disclosure that it would tap debt markets to maintain its liquidity.

The ratings firm on Thursday lowered Viacom's credit to one notch above junk status. The move came as Wall Street continued to digest news coming out of the Redstone ...Read more

LinkedIn wants its new Learning tool to help you keep your job

Business / Business News /

SAN FRANCISCO -- LinkedIn has long been the social network of choice for people looking for a job. Now the strait-laced cousin of Facebook also wants to be the social network for people looking to keep the jobs they already have.

On Thursday, the San Francisco firm announced LinkedIn Learning, a feature that offers training courses to teach ...Read more

Florida homebuilders unite: Lennar to buy WCI for $643 million

Business / Business News /

MIAMI -- Lennar Corp., the No. 2 U.S. homebuilder, agreed to buy luxury homebuilding WCI Communities in a deal that would expand Miami-based Lennar's reach and operations in the state.

Lennar will spend $643 million to acquire Bonita Springs-based WCI, a transaction that combines two of the largest home construction companies in Florida. The ...Read more