News Highlights: Top Company News of the Day

Date : 10/13/2017 @ 9:30AM
Source : Dow Jones News

News Highlights: Top Company News of the Day

Bank of America Profit Climbs, Driven by Higher Interest Rates 

Bank of America said its third-quarter profit rose to $5.59 billion, beating expectations, as the bank inched closer to meeting its profitability goals.

Wells Fargo Posts Weaker Earnings 

Wells Fargo said third-quarter profit and revenue fell as the bank was hurt by a coming legal settlement and continues to struggle with the fallout from last year's sales-practice scandal.

PNC's Profit Rises on Growth in Commercial Lending 

PNC's quarterly profit rose, bolstered by growth in commercial lending.

Hong Kong Regulator Drops Lawsuit Against UBS, Standard Chartered Over 2009 IPO 

Hong Kong's securities regulator has dropped a lawsuit against UBS Group AG and Standard Chartered PLC over the banks' conduct in a 2009 initial public offering of a Chinese timber firm now in liquidation, according to people familiar with the matter.

Amazon Suspends Entertainment Chief Roy Price 

Amazon suspended the head of its entertainment studio, Roy Price, in the wake of allegations of mismanagement and sexual harassment and criticism of his close business relationship with Harvey Weinstein.

Samsung's Leadership Crisis Deepens as CEO Plans Exit 

The head of Samsung Electronics' components business plans to resign, in a surprise move as the departing leader acknowledged the firm faces an "unprecedented crisis" and is struggling to find new growth prospects.

Uber Launches Appeal Against London Ban 

Uber formally appealed the London transportation authority's decision to revoke its license to operate in the British capital, a move that allows it to continue working in the city until a final decision is made.

Chevron Loses Taste for Oil in Great Australian Bight 

The U.S. company has abandoned plans for deep-water exploration wells in the 1,000-mile stretch of ocean off southern Australia, citing low oil prices.

Bayer to Sell Assets to BASF for $7 Billion 

Bayer said it has agreed to sell parts of its crop-science business to rival BASF, a bid to assuage regulators as the German chemical conglomerate seeks approval for its $57 billion acquisition of U.S. seed maker Monsanto.

Citigroup, Deutsche, HSBC Agree to $132 Million Settlement in Libor Scandal 

Citigroup, Deutsche Bank, and HSBC have agreed to pay about $132 million in total to resolve accusations they rigged a lending benchmark.


(END) Dow Jones Newswires

October 13, 2017 09:15 ET (13:15 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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