News Highlights: Top Company News of the Day
October 20 2017 - 01:30PM
Dow Jones News
New GE Chief Slashes Forecasts, Plans to Exit $20 Billion in Businesses
GE's quarterly earnings fell as it incurred hefty restructuring
charges during CEO John Flannery's first official quarter at the
helm, and the new CEO pledged to exit more than $20 billion of the
company's businesses.
Wells Fargo Fires FX Bankers, Investigates Foreign-Exchange Business
Wells Fargo has fired four foreign-exchange bankers amid an
investigation into that business by both the bank and
regulators.
Procter & Gamble Puzzled by Weak Consumer Spending
Procter & Gamble recorded sluggish growth during the first
quarter as it battles a challenging market for consumer-goods
makers.
EU Antitrust Authorities Raid BMW's Headquarters
European Union authorities have raided BMW's offices over
concerns that several German car makers violated the bloc's cartel
rules through agreements that might have suppressed technology
costs.
Third Point Takes Stake in Dover, Calls for Split
Activist investor Daniel Loeb's Third Point has taken a stake in
industrial conglomerate Dover, calling on the company to separate
its energy business and improve results.
AmEx Chief's Mission: Get Millennials, Keep the Rich
Incoming American Express CEO Stephen Squeri is looking to
regain the cachet of the AmEx brand, both for millennials who don't
view it the same way as their parents and for established customers
who have been wooed by banks offering better services and more
perks.
Ericsson Posts Another Loss but Faint Signal of Recovery Emerges
Telecom giant Ericsson reported another quarter of falling sales
and widening losses as it struggles to compete with new Chinese
players, but investors saw signs that a monthslong turnaround
effort was starting to bear fruit.
Japan's SoftBank Plans Second Giant Tech Fund
SoftBank Group Corp., which runs what is already the world's
biggest technology investment fund, is planning to create a second
fund that could be even larger, according to people close to the
Japanese telecommunications and investment giant.
Kobe Steel Finds More Products Shipped With Quality Issues
The quality scandal at Kobe Steel deepened after the company
said one of its copper plants was under investigation for breaching
Japan's industrial standards.
Activist Investor to Push Nestlé For Further Changes
Activist investor Daniel Loeb praised Nestlé's recent moves to
raise shareholder value but indicated he will continue to push the
packaged foods giant to make further changes.
(END) Dow Jones Newswires
October 20, 2017 13:15 ET (17:15 GMT)
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