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KDB to extend $45 million credit line to help unload Hanjin cargo
Korea Development Bank (KDB), the lead creditor of Hanjin Shipping Co Ltd said on Thursday it will offer a 50 billion won ($45 million) credit line to help Hanjin unload stranded cargo. The credit line is to be used only when all available funds from Hanjin Shipping, top shareholder Korean Air Lines, Hanjin Group's Original post: KDB to extend $45 million credit line to help unload Hanjin cargo Read More →
Senate Republicans seek probe of Mylan EpiPen oversight
By Brendan Pierson NEW YORK (Reuters) – Mylan NV faced new scrutiny over price hikes for its anti-allergy EpiPen on Tuesday, with U.S. lawmakers calling for a probe of oversight of the company’s rebates to government healthcare plans… Continued here: Senate Republicans seek probe of Mylan EpiPen oversight Read More →
GM and Canada union far apart on product as strike looms
Canada's autoworkers' union Unifor and General Motors Co made little progress resolving the key issue of new investment in contract talks late on Sunday, the union's president said, just over 24 hours ahead of a strike deadline. The automaker and the union representing its Canadian manufacturing … Original post: GM and Canada union far apart on product as strike looms Read More →
Deutsche Bank to fight $14 billion demand from U.S. authorities
Deutsche Bank said it would fight a $14 billion demand from the U.S. Department of Justice to settle claims it missold mortgage-backed securities, a shock bill that raises questions about the future of Germany's largest lender. The claim against Deutsche, which is likely to trigger several months of talks, far exceeds the bank's expectations… Read the rest here: Deutsche Bank to... [Read more]
Hanjin says U.S.-bound ship is being held ‘hostage’
“There is no clear visibility yet on what will happen with this business,” Hanjin lawyer Ilana Volkov said at a hearing, when asked by U.S. Bankruptcy Judge John Sherwood whether Hanjin was liquidating. Since then, the Hanjin Boston, Hanjin Greece and Hanjin Gdynia have begun to unload. As of Wednesday, of Hanjin's 97 container ships, 36 were waiting outside of overseas ports, according... [Read more]
Federal prosecutors investigate Wells Fargo’s sales practices: WSJ
The company has been hit hard by allegations that its staff opened more than 2 million bank accounts and credit cards for customers without their consent to meet internal sales goals. Chief Executive John Stumpf apologized on Tuesday and said the management takes responsibility for the problems identified in the settlement. Although the bank eliminated sales goals for retail staff, Stumpf said “cross-selling”... [Read more]
Federal prosecutors investigate Wells Fargo’s sales practices: WSJ
The company has been hit hard by allegations that its staff opened more than 2 million bank accounts and credit cards for customers without their consent to meet internal sales goals. Chief Executive John Stumpf apologized on Tuesday and said the management takes responsibility for the problems identified in the settlement. Although the bank eliminated sales goals for retail staff, Stumpf said “cross-selling”... [Read more]
Tesla says it is investigating cause of fatal China crash
China's CCTV on Wednesday reported 23-year-old Gao Yaning died in January after crashing into the back of a road sweeping vehicle while driving a Tesla car on a highway in the northeastern province of Hebei. Gao's family filed the lawsuit in a Beijing court in July against Tesla and the Beijing-based dealer who had sold Gao the car. Read the original here: Tesla says it is investigating... [Read more]
Volkswagen says it might not resume U.S. sales of diesel vehicles
By David Shepardson WASHINGTON (Reuters) – Volkswagen AG said on Wednesday it has not decided if it will resume selling diesel vehicles in the United States, even if it were allowed to, in the wake of the automaker's emissions cheating scandal. The German automaker has been barred from selling diesel vehicles in the United States since late 2015 after it acknowledged using “defeat... [Read more]
U.S. import prices post first drop in six months, but trend improving
U.S. import prices fell for the first time in six months in August on weak petroleum and food costs, but the declining trend is slowing as oil prices stabilize and Read more here: U.S. import prices post first drop in six months, but trend improving Read More →