(Reuters) – CIT Group Inc said Chief Executive Officer John Thain, who was appointed to turn around the commercial lender after its bankruptcy, will retire in March and be replaced by veteran banking executive Ellen Alemany.
VANCOUVER (Reuters) – Lululemon Athletica Inc said on Wednesday that its chief product officer is leaving after just two years with the premium yogawear retailer, which has struggled in recent months with narrowing margins and supply-chain hiccups.
SINGAPORE/BEIJING (Reuters) – China’s first domestically designed passenger jet will be delivered without U.S. certification, a potential dent to both the aircraft’s international credibility and to joint safety efforts by Chinese and U.S. regulators.
(Reuters) – EBay Inc reported a stronger-than-expected quarterly profit and raised its full-year adjusted profit forecast, helping to allay concerns about the company’s prospects following the spinoff of PayPal, its main engine of growth.
(Reuters) – American Express Co, the world’s largest credit card issuer, reported a quarterly profit that missed analysts’ estimates as costs rose and a strong dollar ate into revenue from its international business.
BOSTON (Reuters) – Hedge fund mogul William Ackman has become one of the biggest casualties of a meltdown in pharmaceutical firm Valeant, with losses on the position amounting to roughly $1.8 billion so far this year, including more than $800 million a…
(Reuters) – Goldman Sachs Group Inc is looking to hire engineers, data scientists, operations staff, and customer service professionals as it builds up its online lending business, according to people contacted by the bank and online job postings.
NEW YORK (Reuters) – Valeant Pharmaceuticals International Inc’s stock plunged as much as 40 percent on Wednesday after an influential short-seller accused the company of using specialty pharmacies to inflate its revenue, an allegation that the drugmak…
NEW YORK/MILAN (Reuters) – Ferrari shares jumped 15 percent to $60 on its Wall Street debut on Wednesday after the Italian supercar maker priced its share offering at the top of the range amid heavy investor demand.
ZURICH (Reuters) – Credit Suisse plans to raise 6 billion Swiss francs ($6.3 billion) from investors, slim down its investment bank and cut jobs as new chief Tidjane Thiam embarks on the biggest overhaul of the Swiss bank in almost a decade.
FRANKFURT (Reuters) – Volkswagen has stopped the sale within the European Union of new cars that contain software the can cheat diesel emissions tests, a spokesman for Europe’s biggest carmaker said on Wednesday.
(Reuters) – Boeing Co posted better-than-expected quarterly results and lifted its financial outlook on Wednesday, but signaled it may juggle plane production to keep profits flowing as one of its two main cash cows dries up.
(Reuters) – Biogen Inc on Wednesday announced it was cutting 11 percent of its global workforce and eliminating the development of several drugs, including one for lupus, in moves that will reduce operating expenses by about $250 million this year.
(Reuters) – Coca-Cola Co reported a bigger-than-expected drop in quarterly sales due to a strong dollar, and the company said it expected the currency to hurt its full-year revenue more than previously anticipated.
(Reuters) – Hard-disk drive maker Western Digital Corp agreed to buy SanDisk Corp in a $19 billion deal that will increase its ability to make flash memory storage chips used in smartphones and tablets.
DETROIT (Reuters) – General Motors Co reported record quarterly earnings for the third quarter, as strong demand for trucks in North America and improved profit margins in China overcame declining revenues.
ZURICH (Reuters) – Syngenta Chief Executive Mike Mack is stepping down as head of the Swiss agrochemicals group just two months after the company spurned a $47 billion takeover approach from U.S. rival Monsanto .
LONDON (Reuters) – Chinese investment into low carbon London black cabs and a deal involving luxury sports carmaker Aston Martin are part of a series of business announcements on Wednesday during the state visit by China’s president to London.
BRUSSELS (Reuters) – The European Commission ruled on Wednesday that Starbucks and Fiat benefited from illegal tax deals with the Dutch and Luxembourg authorities, dealing a heavy blow to profit-shielding arrangements used by many multinationals.
OSLO (Reuters) – Norwegian shipowner I.M. Skaugen has disclosed it is seeking $50 million in compensation from a marine unit of Volkswagen for rigging performance tests of ship engines produced over a decade ago.
(Reuters) – Intel Corp said it may invest up to $5.5 billion in manufacturing semiconductors in China, stepping up efforts to improve ties with Beijing as it seeks new revenue streams while demand for its core computer processing chips falters.