Business

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Takata Set to Recall 35 Million More Air-Bag Inflaters

Takata Corp. is preparing to recall at least another 35 million rupture-prone air-bag inflaters that U.S. regulators have deemed a safety risk, said people familiar with the matter, further escalating a crisis at the Japanese supplier linked to numerous deaths and injuries.<p>U.S. regulators could …

Airbags

Treasury Sec. Warns Inaction on Puerto Rico Could Cost Taxpayers

U.S. Treasury Sec. Jack Lew wrote a letter to Speaker Paul Ryan and warned that a taxpayer bailout for Puerto Rico will end up being the only option if Congress cannot pass legislation allowing Puerto Rico to restructure its debt before July 1.<p>Lew last wrote a letter in January to press Ryan and …

Fiat Chrysler and Google team up on self-driving minivans

Fiat Chrysler Automobiles and Google will work together to more than double the size of Google's self-driving vehicle fleet by adding 100 Chrysler Pacifica minivans.<p>The companies announced the agreement Tuesday, saying Chrysler engineers would work with Google to install sensors and software so the …

Google

CBS's quarterly revenue rises 10 percent

(Reuters) - CBS Corp, the owner of the most-watched U.S. TV network, reported a 10 percent rise in quarterly revenue, beating Wall Street estimates, as the U.S. presidential campaign and Super Bowl broadcast boosted spending on advertising.<p>The New York-based company, whose earnings also handily …

Revenue

Martin Shkreli faces more charges

<b>New York (CNN) —</b> Martin Shkreli, the ex-pharmaceutical CEO famous for hiking up the price of a life-saving drug, will soon face new charges.<p>Shkreli appeared in U.S. District Court in Brooklyn on Tuesday on existing fraud charges where it was revealed that he'll face an additional indictment. He's …

Prices

Verizon Strikers to Get Paid From $400 Million Union Fund

Both sides dig in as walk out drags on longer than expected.<p>The nearly 40,000 Verizon workers on strike will start receiving payments this week from a $400 million union fund to offset lost wages and benefits.<p>As the strike finishes its third week on Tuesday, both sides appear to be digging in for a …

Worker's Rights

European Report Card: Worries Over Eurozone Growth, Greece and ‘Brexit’

BRUSSELS — The eurozone economy continues its long slog.<p>With growth slowing and the region facing a wide array of challenges — from the long-running Greek debt crisis to the possibility of a British exit from the European Union — the European Commission, the 28-nation bloc’s executive arm, warned …

Greece

Bryce Harper signs record contact with Under Armour

<b>New York (CNN) —</b> Washington Nationals star outfielder Bryce Harper is still more than two seasons away from what is likely to be a record-breaking baseball contract. But he has already signed the richest endorsement deal ever given to a baseball player, according to his agent Scott Boras.<p>The deal …

Yen steady below 18-month high, pauses after rally

SINGAPORE (Reuters) - The yen backed off from an 18-month high against the dollar on Wednesday, having lost some steam as position squaring set in after its sharp rally since last week.<p>The dollar held steady near 106.55 yen <JPY=>, having pulled up from Tuesday's low of 105.55 yen, the dollar's …

How Obamacare is fueling the gig economy

The desire for autonomy and work-life balance is driving more workers into freelance roles, but at the same time there are growing incentives for companies to employ workers via contracts rather than hire them full-time.<p>Chief among those incentives is the cost of providing (or not providing) health …

Finance

Texas is handling the oil crash pretty well

With the oil price crash now nearly two years in, there have been some obvious casualties. Dozens of oil related firms have declared bankruptcy, oil service firms have found rig counts collapsed, and thousands of jobs have been lost across the industry with many skilled employees reporting …

American South

Oil bankruptcies are coming 'fast and furious'

The bankruptcies are continuing fast and furious across the energy sector. With the ill-effects spreading beyond just the oil and gas business — evidenced by major renewables firm SunEdison filing for Chapter 11 last month.<p>But the U.S. E&P sector still remains one of the biggest unknowns when it …

Energy

Fed's Lockhart: No negative rates in U.S. anytime soon

JACKSONVILLE, Fla. (Reuters) - Atlanta Federal Reserve President Dennis Lockhart said on Tuesday that he does not see negative interest rates in the United States on the horizon.<p>"I do not think negative interest rates are in the offing here in the United States anytime soon," Lockhart said …

Beverly Hills

Repair businesses provide antidote to throwaway culture

<b>The hall of a primary school in Brooklyn is unusually busy for a Saturday morning.</b><p>This is a "pop-up repair" event, and it is drawing in the crowds. Parents and children from around the neighbourhood have brought in their broken things to be fixed by menders, each with their own area of expertise.<p>At …

Ford welded 2 Mustangs together to celebrate automotive innovation

Ford is showcasing 50 years of automotive innovation with one strange and distinct exhibit.<p>Ford and the National Inventors Hall of Fame Museum in Alexandria, Virginia will unveil Wednesday morning a permanent new display to celebrate 50 years of automotive innovation: a 1965 and a 2015 Mustang …

Innovation

The former CEO of AIG is set to make a killing on a multibillion-dollar deal

Private-equity firm Hellman & Friedman is in talks to buy health-insurance agency MultiPlan from Starr Investment Holdings for $7.5 billion, according to Liz Hoffman and Dana Cimilluca at The Wall Street Journal.<p>The deal would mark a fast and profitable exit for Starr, which bought MultiPlan for …

Finance

Hedges spike as producers look to lock in higher oil prices

CALGARY — The Globe and Mail<p>Debt-hobbled oil producers are boosting financial hedges to top up paltry cash flow, taking advantage of a rally that has pushed U.S. crude above $40 (U.S.) a barrel.<p>Encana Corp. and Baytex Energy Corp. are among companies that have locked in higher prices for future …

Energy

Fed's Lockhart: Brexit could 'loom large' over June policy meeting

JACKSONVILLE, Fla. (Reuters) - Atlanta Federal Reserve President Dennis Lockhart said on Tuesday that Britain's vote on whether to stay in the European Union could "loom large" as the U.S. central bank contemplates whether to raise interest rates at its next policy meeting.<p>"Brexit could be a source …

European News

Bankers see activist investor campaigns gaining strength abroad

LOS ANGELES (Reuters) - Bankers are seeing more evidence that activist investor tactics launched in the United States several years ago are making their way abroad.<p>So far this year, international activist campaigns are up 30 percent, Robin Rankin, co-head of global mergers and acquisitions at …

Finance

Laid Off Coal Miner on Confronting Hillary Clinton

Coal companies continue to face tough times as the Obama administration’s regulations continue to crack down on the industry.<p>The debate over renewable energy and the ‘war on coal’ is still a hot topic on the campaign trail. In March, Democratic presidential candidate Hillary Clinton said she would …

Hillary Clinton

Brazil files huge claim over dam disaster

<b>Federal prosecutors in Brazil have filed a $43.5bn (£30bn) lawsuit against iron miner Samarco, and its owners BHP Billiton and Vale.</b><p>It follows the collapse of a dam they owned that caused a massive mudslide, polluted a major river, and killed 19 people.<p>Prosecutors said they used the BP oil rig …

Listeria prompts recall of 42 brands of frozen fruits and veggies

<b>(CNN) —</b> CRF Frozen Foods announced Tuesday that it's expanding a voluntary recall of frozen organic and non-organic fruits and vegetables because of possible health risks.<p>The company issued the recall in cooperation with the U.S. Food and Drug Administration and the Centers for Disease Control and …

Food & Dining

'Star Wars' May the 4th a marketing opportunity for the Disney empire

<b>Los Angeles (CNN) —</b> Perhaps appropriately for the "Star Wars" universe, the annual celebration known as May the 4th (as in "May the Force Be With You") began with a ragtag group of fans, before being coopted by a vast empire.<p>Capitalizing on the phrase uttered by Jedi knights in the movies, fans …

Star Wars: Return of the Jedi

Sprint’s CEO still thinks he can have one of the top two networks by next year

Marcelo Claure’s goal of achieving the No. 1 or No. 2 network was bold when he made it at last year’s <b>Code</b> conference.<p>A year later, as Sprint is making billions in spending cuts, it now seems a herculean task. Nonetheless, Sprint’s CEO insists he can still reach his target even as the company …

Newport Beach

WEC Energy Group's Earnings Show Its Recent Acquisition Is Really Paying Off

Image source: WEC Energy Group.<p>Last year,<b>WEC Energy Group</b> made a transformative acquisition when it purchased natural gas utility Integrys. Over the past few quarters, the company was working out the kinks that come with such a large acquisition. This past quarter, though, the company really shined …

Energy

UBS to cut jobs as client caution sinks profit

ZURICH (Reuters) - UBS plans job cuts to help save hundreds of millions of dollars in its wealth management business, after the Swiss bank's first-quarter net profit fell by nearly two-thirds due to wary clients investing less.<p>Switzerland's biggest bank and the world's largest wealth manager …

Investing

This U.S. Firm Is Revamping Britain's Iconic Red Phone Booths Into Mini-Offices

There’s also free coffee involved<p>A former venture capitalist is planning to restore the former glory of Britain’s famous red telephone boxes by turning some of them into mini-offices for on-the-go workers.<p>Jonathan Black, chief executive of New York City-based Bar Works, said his company was …

Phones

4 U.S. governors on jobs: Not enough workers

<b>New York (CNN) —</b> America's governors -- one a former presidential candidate -- share at least one major concern: lack of skilled workers to do the job.<p>"My number one problem in my state is workforce," Republican Gov. Scott Walker of Wisconsin said at the Milken Global Conference in Los Angeles. "My …

Employment

Martin Shkreli, the former pharma executive everyone loves to hate, may face new charges

Martin Shkreli, the founder of Turing Pharmaceuticals who is described in some quarters as the "most hated man in America," may face new charges.<p>Shkreli already faces charges accusing him of defrauding investors, but his lawyers said Tuesday that a trial should be delayed because new charges may be …

Pharma

The rise of athleisure is eating into the profits of regular clothes

American clothing retailers including Gap, J.Crew, Abercrombie & Fitch, and a slew of department stores are suffering. Mall traffic is down. Shoppers are spending less on clothes and looking for discounts when they do. Amazon and fast fashion are stealing their customers.<p>But there’s another factor …

Deutsche Bank

Twitter just collapsed to an all-time low

Twitter shares have hit an all-time low.<p>In early trading on Tuesday the stock fell 3% to as low as $13.90 a share, a level it had not reached since the company went public in November 2013. The broader stock market was also selling off.<p>The social network has been struggling to ramp up its number of …

Twitter

MetLife to pay $25 million for annuity sales violations: FINRA

(Reuters) - MetLife Securities Inc will pay $25 million to Wall Street's industry-funded watchdog in a settlement stemming from misconduct related to switching customers' variable annuities, the regulator said on Tuesday.<p>The sanction includes a $20 million fine and $5 million to be paid to …

MetLife

White Houses Says Increasing Minimum Wage Could Reduce Crime

Could put billions back into society, report says.<p>Proponents of raising the minimum wage argue that it will reduce income inequality while keeping job creation consistent. However, this week the White House has presented another justification in support of a higher minimum wage: it could reduce …

Crime

Molson Coors profit almost doubles, helped by sale of Vancouver brewery

MONTREAL — The Canadian Press<p>Molson Coors Brewing Co. beat expectations as its net profit almost doubled to $158.8-million (U.S.) in the first quarter, helped by proceeds from the sale of its Vancouver brewery.<p>The Denver and Montreal-based company earned 78 cents per diluted share for the three …

Canada

Does This Upstart Pose a Threat to GlaxoSmithKline?

SOURCE: GLAXOSMITHKLINE PLC.<p><b>GlaxoSmithKline plc</b> generates more than $1.2 billion per quarter selling vaccines that are used to treat infectious disease, and one of GlaxoSmithKline's top-selling vaccines is Engerix-B, a vaccine used to prevent the spread of hepatitis B.<p>Last quarter, Engerix-B helped …

Hepatitis

US tells Pakistan it will have to fund F-16 fighter jets itself

WASHINGTON (Reuters) - The United States has told Pakistan it will have to finance the purchase of U.S. F-16 fighter jets itself after members of the U.S. Congress objected to the use of government funds to pay for them.<p>The U.S. government said in February it had approved the sale to Pakistan of up …

Airplanes

HSBC’s Profit Down 18% as Markets Weigh on Results

LONDON — HSBC said on Tuesday that its profit fell 18 percent in the first quarter of this year compared with a year earlier, as uncertainty in the markets hurt its investment banking and wealth management businesses.<p>The lender, which is based in Britain but generates more than half of its earnings …

World News