Business

NEW YORK (Reuters) – Shareholders filed a proposed class-action lawsuit against General Electric Co on Friday, alleging the industrial conglomerate made misleading statements and failed to disclose information about an accounting investigation and about insurance policies that cost the company billions of dollars. The lawsuit filed by the Cleveland Bakers and Teamsters Pension Fund also
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(Reuters) – Intel Corp (INTC.O) said on Friday shareholders and customers had filed 32 class action lawsuits against the company in connection with recently-disclosed security flaws in its microchips. Most of the lawsuits – 30 – are customer class action cases that claim that users were harmed by Intel’s “actions and/or omissions” related to the
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NEW YORK (Reuters) – Warren Buffett had a Valentine’s Day surprise for investors in Teva Pharmaceutical Industries Ltd (TEVA.TA).    A regulatory filing with the U.S. Securities and Exchange Commission (SEC), known as a 13F, showed that Buffett’s Berkshire Hathaway Inc (BRKa.N) took a stake in the generic drugmaker in the fourth quarter of 2017. The
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(Reuters) – Kraft Heinz Co’s (KHC.O) quarterly profit and sales missed analysts’ estimates on Friday, hurt by lower shipments for nuts, natural cheese and cold cuts in the U.S. Shares of the company, which is backed by billionaire-investor Warren Buffett and private equity firm 3G Capital, fell marginally in premarket trading. Sales in the U.S.,
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MEXICO CITY (Reuters) – When a Mexican real estate investment trust bought four hotels along the country’s Gulf coast operating under the Marriott, Quality Inn and Fiesta Inn brands, it expected the government’s recent energy reform to attract droves of oil executives, engineers and technicians. Instead, FibraHotel’s properties in Ciudad del Carmen and Villahermosa and
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SEOUL (Reuters) – Only weeks into a new job heading General Motors Co’s international operations, Barry Engle flew into a frigid South Korea in January and held a series of meetings with government officials to discuss the future of GM’s loss-making local unit. In what they thought were meet-and-greet introductions, senior officials agreed to work
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FRANKFURT (Reuters) – The chief executive of Volkswagen’s luxury unit Audi, Rupert Stadler, will be replaced in April because of his unsuccessful handling of the diesel emissions scandal, German daily Bild reported on Friday. VW unit Skoda’s head Winfried Vahland is seen as the top candidate to succeed him, the paper added. Audi was not
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(Reuters) – U.S. industrial conglomerate General Electric (GE.N) has reached a deal to sell parts of its overseas lighting business to a company controlled by former executive Joerg Bauer for an undisclosed amount. Bauer most recently served as President of GE Hungary where GE Lighting’s Europe, Middle East, Africa and Turkey business is headquartered, the
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(Reuters) – CBS Corp (CBS.N) topped Wall Street’s quarterly revenue and profit estimates on Thursday as U.S. and international distributors licensed more of its shows. The owner of the most-watched U.S. TV network said it also expects high single-digit revenue growth for 2018 and earnings per share growth in the high teens, ahead of Wall
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(Reuters) – Media company CBS Corp CBS.N, which is exploring a merger with Viacom Inc (VIAB.O), topped quarterly revenue and profit estimates on Thursday, driven by strong growth in domestic and international licensing sales. The company’s shares rose nearly 2 percent in after-market trading. The New York-based company’s results come at a key juncture as
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(Reuters) – Drugmaker Roche Holding AG (ROG.S) said on Thursday it would buy the rest of the privately held oncology data company Flatiron Health Inc for $1.9 billion to speed up development and delivery of breakthrough medicines for cancer patients. Flatiron taps into myriad data points on individual cancer cases to help doctors select promising
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(Reuters) – Wall Street climbed for a fifth straight session on Thursday, led by Apple and other technology stocks as investors shrugged off recent inflation worries that threw the market into a selloff at the start of the month. Apple Inc jumped 3.2 percent and contributed more than any other stock to gains on the
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(Reuters) – AbbVie Inc (ABBV.N) said on Thursday its board had approved a $10 billion stock repurchase program, and the drugmaker also increased its quarterly dividend, as it reaped the benefits of U.S. tax law changes. The Chicago-based company’s shares were up nearly 1 percent at $114.04 in mid-afternoon trading. AbbVie, which forecast an adjusted
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WASHINGTON (Reuters) – The Federal Communications Commission inspector general will investigate whether its chairman was biased in favor of Sinclair Broadcast Group Inc, which is seeking approval from the watchdog for a $3.9 billion acquisition of Tribune Media Co, a member of Congress said on Thursday. Representative Frank Pallone, a Democrat, in November asked the
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NAGOYA (Reuters) – As sharing services change car use and ownership, Toyota Motor Corp’s (7203.T) new design chief believes that vehicles will shift towards either generic boxes on wheels for everyday use or ultra-luxury cars, wiping out the need for mass-market models. Simon Humphries, responsible for design at the automaker’s Toyota and Lexus brands, said
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