BUSINESS NEWS

  • SoftBank shares fall as WeWork deal adds to financial strains
    on October 23, 2019 at 7:22 am

    Shares of SoftBank Group Corp fell 3% in morning trade on Wednesday as the tech conglomerate agreed to spend more than $10 billion to take over beleaguered office-space sharing startup WeWork, adding to its financial pressures. […]

  • SoftBank clinches WeWork takeover deal, bailing out co-founder
    on October 23, 2019 at 7:22 am

    SoftBank Group Corp agreed to spend more than $10 billion to take over U.S. office-space sharing startup WeWork on Tuesday, doubling down on an ill-fated investment and paying off its co-founder Adam Neumann to relinquish control. […]

  • Huawei launches foldable phone in China
    on October 23, 2019 at 7:20 am

    Huawei Technologies Co Ltd launched its foldable 5G Mate X smartphone on Wednesday, starting pre-sales for the device in China on the same day. […]

  • Exclusive: Datsun brand set to go as Nissan rolls back Ghosn's expansionist strategy - sources
    on October 23, 2019 at 7:14 am

    Nissan Motor Co Ltd is likely to axe its Datsun brand, drop some unprofitable products and close a number of assembly lines worldwide as it seeks to boost profits by getting smaller, two company sources with direct knowledge of the matter said. […]

  • Oil dips as U.S. stocks build; output cut prospects give support
    on October 23, 2019 at 6:58 am

    Oil fell on Wednesday after climbing over 1% in the previous session as U.S. industry data showed a bigger-than-expected build in crude stocks, but the possibility of deeper output cuts from OPEC and its allies prevented a further decline. […]

  • Toyota's luxury Lexus brand plans battery EV launch in 2020
    on October 23, 2019 at 5:49 am

    Toyota Motor's Lexus will launch its first all-battery electric vehicle next year, as the luxury brand races to market a battery-operated car amid growing competition to develop zero-emissions vehicles, the head of the brand said on Wednesday. […]

  • Biogen, Eisai revive plans for Alzheimer's drug, surprising market
    on October 23, 2019 at 5:43 am

    Biogen Inc revived plans on Tuesday to seek U.S. approval for Alzheimer's treatment aducanumab, surprising investors and saying data from more patients in two discontinued studies showed the drug reduced the decline of patients. […]

  • Asia shares slip on Brexit snag, Texas Instruments' revenue woes
    on October 23, 2019 at 5:07 am

    U.S. stock futures and Asian shares slipped on Wednesday as revenue warnings from Texas Instruments raised worries about the global tech sector and after British lawmakers forced the government to hit the pause button on the latest Brexit deal. […]

  • Morgan Stanley elbows out rivals for plum role in $1.5 billion IPO relaunch: sources
    on October 23, 2019 at 2:56 am

    Morgan Stanley has usurped rivals including Deutsche Bank, Citigroup, Credit Suisse and Goldman Sachs to lead the relaunch of a $1.45 billion IPO - Hong Kong's second-largest this year - in an unusually brutal shuffling of banks' roles on a big deal. […]

  • Exclusive: U.S. states plan Google antitrust meeting next month in Colorado - sources
    on October 23, 2019 at 2:05 am

    U.S. state attorneys general probing Alphabet's Google plan to meet next month in Colorado to discuss a probe into whether the search giant's business practices break antitrust law, according to three sources knowledgeable about the meeting. […]

  • Former UAW official pleads guilty to federal charges
    on October 23, 2019 at 2:04 am

    A former top official of the United Auto Workers union pleaded guilty on Tuesday to federal charges of financial misconduct while about 48,000 UAW members voted on whether to end a nearly five-week walkout at GM. […]

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