Walt Disney Co Chief Executive Bob Iger could end up extending his term for a third time, analysts said on Tuesday, following the surprise announcement that Chief Operating Officer Tom Staggs, a potential successor, will step down in May. Disney’s shares were ... More »
LOS ANGELES Tom Staggs, the veteran Walt Disney Co executive who had been widely seen as the media company’s next CEO, will step down on May 6 as the board expands its search for a successor to Bob Iger, Disney said on Monday. The unexpected move came little m... More »
ZURICHA member of the ethics committee responsible for rooting out corruption in soccer’s governing body FIFA has himself been placed under a preliminary investigation, the watchdog said on Sunday. Juan Pedro Damiani was being investigated over a possible busi... More »
SEOUL Samsung Bioepis Co Ltd, which aims to become a force in the fledgling biosimilar drugs industry, has filed a lawsuit against the originator of the world’s best-selling drug, to stop it blocking the launch of its own version. The unit of South Korea’s Sam... More »
SAKAI, Japan Foxconn and Sharp Corp (6753.T) on Saturday formally signed a long-awaited deal that would see the Taiwan firm take control of the Japanese display maker, as executives sought to dispel lingering doubts over whether Sharp can turn around its ebbin... More »
Time Inc (TIME.N) is considering partnering with a private equity firm on a bid for Yahoo Inc’s (YHOO.O) core Internet assets, according to people familiar with the matter, as the U.S. publishing company seeks to boost its digital presence. The deliberations o... More »
LONDON French drugmaker Sanofi has poached one of AstraZeneca’s top scientists to be its new research head in another high-profile departure for the British drugmaker. Sanofi said on Tuesday that Yong-Jun Liu had been appointed as head of research with effect ... More »
Federal officials have extended an emergency declaration for Flint that has provided supplies of bottled water, filters and test kits to the Michigan city suffering from lead contamination in drinking water, the state governor said on Friday. The emergency dec... More »
Healdsburg, CALIFORNIA Microsoft Corp (MSFT.O) executives are in early talks with potential Yahoo Inc (YHOO.O) investors about contributing to financing to buy the troubled Internet company, a person familiar with the situation said. The talks are preliminary,... More »
SAN JOSE, Calif.,/NEW YORK A federal jury on Thursday ordered Gilead Sciences Inc (GILD.O) to pay Merck & Co (MRK.N) $200 million in damages for infringing two Merck patents related to a lucrative cure for hepatitis C. The damages award is far less than the $2... More »
NEW YORK A consultant to Iran’s mission to the United Nations has been criminally charged with violating a U.S. law against dealing with that country, according to an indictment made public on Wednesday. Ahmad Sheikhzadeh, 60, faces seven charges including con... More »
ZURICH Credit Suisse (CSGN.S) Chief Executive Tidjane Thiam received 18.9 million Swiss francs ($19.4 million) from the Swiss bank in 2015 even after he asked to have his bonus cut by 40 percent, according to its annual report published on Thursday. Thiam, who... More »
Activist hedge fund Starboard Value LP, which is leading an investor revolt against Yahoo Inc’s (YHOO.O) management team, is seeking to remove the entire board of the struggling Internet company, the Wall Street Journal reported. The activist investor, which o... More »
SEOUL Samsung Electronics Co Ltd (005930.KS), the world’s biggest maker of smartphones and memory chips, announced on Thursday that it plans to adopt a corporate culture akin to a startup, seeking to become more nimble as growth slows. Samsung’s executives wil... More »
WASHINGTON A federal judge on Wednesday dismissed a lawsuit against Republican presidential front-runner Donald Trump’s modeling agency, saying there was insufficient evidence a foreign-born model had been misled or was owed back pay. U.S. District Judge Anali... More »
NEW YORK Wealth managers in the United States are cutting fees, relying more on technology to give advice and reducing the minimum amounts clients can hold in their brokerage accounts, all in preparation a new rule governing how they advise retirement savers. ... More »
BOSTON An influential group representing top U.S. pension funds on Wednesday urged companies that go public to stop using a maneuver that gives insiders extra control and makes other investors second-class corporate citizens. Members of the Council of Institut... More »
NEW YORK S&P Dow Jones Indices is negotiating with asset managers to license its new index, which it says represents companies that focus on the long term rather than the current quarter. The Long-Term Value Creation Global Index .SPLTVCUN could be the basis f... More »
MILAN/LONDON Telecom Italia Chief Executive Marco Patuano officially resigned on Monday, confirming reports at the weekend he was on his way out as top shareholder Vivendi tightens its grip on the Italian phone group. Telecom Italia’s shares rose 4 percent, ad... More »
LOS ANGELES A Los Angeles judge tentatively ruled on Friday that certain documents can be made public in a lawsuit that challenges the mental competency of 92-year-old media mogul Sumner Redstone. Medical records will remain sealed to protect Redstone’s privac... More »
SAO PAULO/BRASILIA Hundreds of thousands of Brazilians flooded the streets on Sunday in the biggest ever protests calling for President Dilma Rousseff’s removal, reflecting rising popular anger that could encourage Congress to impeach the leftist leader. The d... More »
NEW YORK The two hedge funds that launched a boardroom fight with United Continental Holdings Inc (UAL.N) last week oppose the airline’s plans to give Chief Executive Oscar Munoz the additional role of chairman and have concerns about his compensation, accordi... More »
MILAN French media group Vivendi (VIV.PA) has raised its stake in Telecom Italia (TLIT.MI) to 24.9 percent, just below the 25 percent threshold that would force it to launch a takeover bid, according to a filing with U.S. market authorities. Vivendi previously... More »
Bank of America Corp is hiring a new team of investment bankers who cater to midsized companies, four years after dismantling a similar business, three people familiar with the matter told Reuters. The precise number of middle-market bankers it plans to add co... More »
Senior investment bankers Zubaid Ahmad and Brad Coleman will be leading a new group at Citigroup Inc focused on better serving clients that are private equity firms, hedge funds and sovereign wealth funds, according to a memo seen by Reuters on Wednesday. The ... More »
NEW YORK iHeartMedia Inc, the largest owner of U.S. radio stations, on Wednesday secured a temporary restraining order from a state court in Texas rescinding notices of default it received from a small number of its senior creditors. The San Antonio, Texas-bas... More »
NEW YORK Embattled drug company Valeant Pharmaceuticals International Inc, whose stock price has tumbled 38 percent this year, will appoint three new board members as soon as Wednesday, people familiar with the matter said on Tuesday. The drug maker will award... More »
NEW YORK Billionaire investor Bill Ackman on Tuesday called embattled drug company Valeant Pharmaceuticals a “very valuable asset” but forecast that if the company’s situation does not stabilize soon new management will be brought in or the company will be sol... More »
Home Depot Inc (HD.N) agreed to pay at least $19.5 million to compensate U.S. consumers harmed by a 2014 data breach affecting more than 50 million cardholders. The home improvement retailer will set up a $13 million fund to reimburse shoppers for out-of-pocke... More »
iHeartMedia Inc has hired Moelis & Co as a financial adviser, the most significant step yet by the largest owner of U.S. radio stations to deal with its $21 billion debt pile, according to people familiar with the matter. The move comes as iHeartMedia, one of ... More »
TOKYO Three former Tokyo Electric Power (Tepco) executives were indicted on Monday for failing to take safety measures to prevent the nuclear disaster at Fukushima Daiichi plant in 2011, a Tokyo District Court official said. The indictments, forced through by ... More »
Warren Buffett’s Berkshire Hathaway Inc on Saturday said fourth-quarter profit rose 32 percent, helped by improved results in its insurance operations and higher gains from investments and derivatives. Net income rose to $5.48 billion, or $3,333 per Class A sh... More »
NEW YORK At last May’s annual meeting of his Berkshire Hathaway Inc, Warren Buffett said he had “no apologies whatsoever” for the lending practices of the company’s Clayton Homes mobile home unit, which had been accused in a published report of predatory lendi... More »
SINGAPORE Goldman Sachs’ (GS.N) senior investment banker and chairman of its Southeast Asia business Tim Leissner has left the bank, a spokesman said. Leissner helped arrange the sale of U.S. dollar bonds for Malaysian state investor 1Malaysia Development Bhd ... More »
Time Inc (TIME.N), publisher of Sports Illustrated, People and Time magazines, has been exploring a bid to acquire Yahoo Inc’s (YHOO.O) core Internet business for several weeks, a source familiar with the situation told Reuters on Tuesday. Time Inc has been re... More »
The former JPMorgan Chase & Co trader who became known as the “London Whale” as his unit generated $6.2 billion of trading losses in 2012 said he is not to blame for the scandal and was made a scapegoat for decisions made by his superiors. In a roughly 2,100-w... More »
BOSTON Institutional Shareholder Services on Friday recommended Viacom Inc investors withhold support for six of the media company’s directors, as the largest proxy adviser cited several concerns including their oversight of executive compensation. ISS, which ... More »
ZURICH Credit Suisse (CSGN.VX) Chief Executive Officer Tidjane Thiam has asked the bank’s board to cut his 2015 bonus by between 25 percent and 50 percent, the Financial Times reported on Monday, after the bank posted a 2.94 billion Swiss franc ($2.96 billion)... More »
NEW YORK LinkedIn Corp Executive Chairman Reid Hoffman lost almost half his $2.8 billion fortune on paper Friday as shares of his social media company suffered their largest drop on record. He was not alone in taking heavy losses. Other executives at LinkedIn,... More »
FRANKFURT Volkswagen will offer generous compensation packages to the roughly 600,000 U.S. owners of diesel vehicles whose emissions are over the legal limit, the head of its claims fund told a German paper. The German car maker has still not decided whether v... More »
TORONTO BlackBerry Ltd is cutting 200 jobs at its hometown headquarters in Ontario and in Florida in order to trim costs, it said on Friday, as the smartphone maker moves to turn around its fortunes and put more emphasis on its enterprise software business. “A... More »
NEW YORK Ray Dalio, founder of Bridgewater Associates LP, the world’s largest hedge fund, said on Friday that a Wall Street Journal story about a dispute with his heir apparent, Greg Jensen, was overblown. The newspaper reported that Dalio and Jensen had gone ... More »
NEW YORK Wall Street financier Lynn Tilton on Friday said her firm Patriarch Partners LLC will become a “family office” and will step down as collateral manager of three investment pools that helped fund her portfolio of troubled companies. The decision follow... More »
The E. coli outbreak that affected dozens of Chipotle Mexican Grill customers in nine states last year is expected to be declared over as soon as Monday, the Wall Street Journal reported, citing people familiar with the government’s investigation. Investigator... More »
LONDON Royal Bank of Scotland (RBS.L) tried to put its troubled past behind it on Wednesday by making a 3.6 billion pound ($5.1 billion) provision to top up its pension fund and make amends for British and U.S. mis-selling. Chief Executive Ross McEwan has been... More »
NEW YORK Greenlight Capital said in an SEC filing on Monday that the New York-based firm, run by influential hedge fund manager David Einhorn, has reached no agreement on gaining a board seat at SunEdison Inc. “To date, no understanding has been reached betwee... More »
Al Jazeera America, the cable television news outlet controlled by Qatar’s royal family, has issued a WARN (Worker Adjustment and Retraining Notification Act) notice, stating that it will lay off 197 employees with the shut down of its operations in America. T... More »
BOSTON Media giant Viacom Inc said on Wednesday it cut the compensation of its top two executives, Executive Chairman Sumner Redstone and Chief Executive Philippe Dauman, as the company faced business pressures and a sharp drop in its share price. Although Via... More »
STOCKHOLM Swedish home appliance maker Electrolux said on Monday its CEO Keith McLoughlin would retire and be replaced by senior executive Jonas Samuelson, just a month after the biggest deal in the company’s history collapsed. McLoughlin will hand over on Feb... More »
A federal appeals court on Friday set back Bank of New York Mellon Corp’s effort to recoup $312 million it lent to Sentinel Management Group Inc, a money manager that collapsed in 2007 and whose former chief is now in prison for fraud. The 7th U.S. Circuit Cou... More »
BOSTON Viacom Inc (VIAB.O) will allow investors to vote in March on a proposal to extend voting rights to all shareholders, though the measure is certain to fail as it is opposed by executive chairman Sumner Redstone’s holding company. Still, the vote will tes... More »
The hedge fund billionaire Steven A. Cohen has resolved U.S. charges related to insider trading, in an accord that clears the way for one of Wall Street’s top investors to soon manage outside money even after his former firm pleaded guilty to fraud. Cohen acce... More »
Martin Shkreli, the pharmaceutical entrepreneur facing U.S. charges of securities fraud, has said he had been the target of legal authorities for his much-criticized drug-price hikes and his over-the-top public persona, the Wall Street Journal reported. Shkrel... More »
CARACAS Employees at a Pepsi-Cola Venezuela plant have been freed by the government, which had detained them for halting operations for lack of raw materials, Empresas Polar, owner of the local Pepsi (PEP.N) division, said late on Sunday. “Pepsi-Cola Venezuela... More »
Martin Shkreli, the pharmaceutical executive facing U.S. charges of securities fraud, lost control of his Twitter account to hackers on Sunday, hours after he took to Twitter to plead his innocence, his spokesman said. “It was hacked,” Craig Stevens, a spokesm... More »
WASHINGTON U.S. Democratic presidential candidate Bernie Sanders regained access to crucial voter files on Friday after taking the Democratic National Committee to court and accusing party leaders of trying to undermine his White House bid and help rival Hilla... More »
SAN FRANCISCO The U.S. Department of Justice is pursuing a criminal investigation of a May 2014 data breach at ride service Uber [UBER.UL], including an examination of whether any employees at competitor Lyft were involved in the episode, sources familiar with... More »
Private equity firm Cerberus Capital Management LP [CBS.UL] is close to an agreement to buy Avon Products Inc’s (AVP.N) North American business for $170 million, the Wall Street Journal reported on Thursday. New York-based Cerberus will also invest $435 millio... More »
BROOKLINE, Mass. Famed Massachusetts mill owner Aaron Feuerstein has this message for his friend and embattled media executive Sumner Redstone: hang in there. “As long as he is succeeding, and as long as it’s profitable, I don’t see why he should step down,” F... More »
BERLIN Volkswagen has denied a report saying its chief executive and chairman were urged on Sunday by its third-largest shareholder to reduce the influence of VW’s powerful unions as it battles to overcome its emissions scandal. CEO Matthias Mueller and Chairm... More »
TOKYO Japan’s securities watchdog will recommend that Toshiba Corp should be fined 7.37 billion yen ($59.84 million) for accounting violations, a person familiar with the process told Reuters on Saturday. The source said the Securities and Exchange Surveillanc... More »
Sumner Redstone’s physicians have publicly attested that he is mentally capable, William Schwartz, chairman of Viacom (VIAB.O)’s governance and nominating committee, wrote in an e-mailed to Reuters Wednesday afternoon. “As has been widely and publicly disclose... More »
BRASILIA A Brazilian judge on Thursday denied a request for the release of Grupo BTG Pactual SA (BBTG11.SA) top executive, Andre Esteves, who was arrested a day earlier for allegedly obstructing a massive corruption probe at state-run oil company Petrobras. Su... More »
U.S. film studio Relativity Media LLC is accusing its senior lender and two former executives of a secret plan to thwart its refinancing efforts, a factor that it said in court documents helped lead to its July bankruptcy filing. In a revised disclosure statem... More »
MILAN The chief executive of Telecom Italia Marco Patuano has the full support of the board as well as that of the head of its main shareholder Vivendi, a Telecom Italia board member said on Wednesday. Vivendi, whose chairman and top investor is influential Fr... More »
SAN FRANCISCO Facebook Inc (FB.O) Chief Executive Officer Mark Zuckerberg said on Friday he will take two months of paternity leave after his daughter’s birth, a strong statement from one of the busiest and most powerful U.S. executives on the importance of fa... More »
NEW YORK/LOS ANGELES In recent days, the largest U.S. managers of private prescription drug benefits have cut off at least eight pharmacies that work closely with drugmakers, intensifying scrutiny of a system that helps inflate drug prices, officials at the be... More »
Wireless carrier Sprint Corp S.N. said on Sunday it aims to slash fiscal 2016 expenses by as much as $2.5 billion, through layoffs and a wide array of cost controls, as an essential part of its ongoing turnaround efforts. “We are leaving no stone unturned and ... More »
FRANKFURT German publisher Axel Springer appointed Jens Mueffelmann as head of its U.S. business on Thursday, a new post created in recognition of the growing importance of the market. Springer, which narrowly missed buying the Financial Times from Pearson thr... More »
SAN FRANCISCO Twitter (TWTR.N) Chief Executive Jack Dorsey’s novel move to give a third of his company stock to an employee equity pool is a smart gesture to restore confidence in a company that lost its way, according to recruiting and compensation experts. B... More »
FRANKFURT Deutsche Bank Chief Executive John Cryan will present details of a deep overhaul of Germany’s biggest lender on Thursday, hoping his changes will please investors after rival Credit Suisse’s plan drew a tepid response. One top 30 institutional shareh... More »
Micron Technology Inc said Chief Executive Mark Durcan will take a voluntary 50 percent cut in his base salary, amid cost-cutting at the memory chipmaker. The cut, which is temporary, reduced Durcan’s annual base salary to $525,000, effective Oct. 18, the comp... More »
Fans of the New York Mets had bemoaned the negative impact of the Bernie Madoff financial scandal on the Major League Baseball team’s payroll until Thursday night’s series-clinching victory over the Los Angeles Dodgers. With believers now dreaming of the team’... More »
TORONTO Bank of Nova Scotia said on Friday it is creating a digital hub in downtown Toronto to help lure technology talent and drive innovation for Canada’s third-biggest lender. The “digital factory” will have more than 350 employees, including existing staff... More »
NEW YORK Wall Street bankers and traders are likely to get smaller bonuses for 2015 as trading revenue plunges. Goldman Sachs said on Thursday that it set aside 16 percent less money for compensation in the third quarter compared with the same period in 2014. ... More »
BRUSSELS Anheuser-Busch InBev’s (ABI.BR) CEO says a study of SABMiller’s (SAB.L) African beer markets and talks with top shareholders led to an “alignment of stars” that drew it to its nearest rival. But observers say the real catalysts for the $100 billion ta... More »
Troubled teen apparel retailer American Apparel Inc (APP.A) filed for voluntary chapter 11 bankruptcy protection on Monday and said it had reached a restructuring support agreement with most of its secured lenders. American Apparel said it would continue to op... More »
WASHINGTON Former Federal Reserve Chairman Ben Bernanke said in a newspaper interview published on Sunday that more corporate executives should have been prosecuted for their actions leading up to the 2008 financial crisis. Bernanke told USA Today that the U.S... More »
Rolls-Royce Holdings PLC (RR.L) may announce a reduction of 400 management jobs in its marine division this week, the Financial Times reported, citing people familiar with the matter. Chief Executive Warren East’s aim with the marine restructuring will be to s... More »
WASHINGTON Jason Chaffetz, a rising star among congressional Republicans, on Sunday declared a bid to become speaker of the U.S. House of Representatives, complicating further an internal party struggle to replace John Boehner when he steps down. In a challeng... More »
BERLIN Volkswagen’s (VOWG_p.DE) supervisory board will hold an extraordinary meeting on Wednesday at which finance chief Hans Dieter Poetsch is expected to be appointed as new head of the 20-member controlling panel, two sources said on Sunday. Europe’s bigges... More »
Google Inc has morphed into Alphabet Inc. After U.S. markets closed on Friday, Alphabet replaced Google as the publicly traded company that will house Google’s search and Web advertising businesses, maps, YouTube and its “moonshot” ventures such as driverless ... More »
MTV, the music and reality-TV focused television network owned by Viacom Inc, on Wednesday named veteran media executive Sean Atkins as its president. Atkins, who will replace Stephen Friedman, joins MTV from Discovery Communications Inc, where he was an execu... More »
Twenty-First Century Fox Inc said it agreed to nominate ValueAct Capital Chief Executive Jeffrey Ubben for election to its board as long as the hedge fund maintains a stake of at least 5 percent in the film and TV company. ValueAct, which owns about 5.9 percen... More »
BOSTON Vanguard Group Inc could be forced to raise its fees to cover new tax payments, possibly undercutting a low-cost advantage that has made the company the dominate player in the U.S. mutual fund industry, a tax expert for a plaintiff in a lawsuit said on ... More »
FRANKFURT/HAMBURG Volkswagen (VOWG_p.DE) told U.S. dealers to halt sales of some 2015 diesel cars after regulators found software it designed for the affected vehicles gave false emissions data, the company said Sunday, announcing it had launched an investigat... More »
Former Wells Fargo chairman and chief executive Richard Kovacevich said that Bank of America shareholders are wrong to try to strip Bank of America CEO Brian Moynihan of his chairman title. Bank of America’s shareholders vote next week on whether CEO Moynihan ... More »
TOKYO Toshiba Corp (6502.T) swung to a first-quarter loss on weak PC and TV sales, raising pressure on its new chief executive, who is already tasked with improving governance after a $1.3 billion accounting scandal. Toshiba on Monday reported an April-June op... More »
Google Inc said it named auto industry veteran John Krafcik as chief executive of its self-driving car project from late September. With the hiring of Krafcik, currently the president of automotive pricing terminal Truecar Inc and a former CEO of Hyundai Motor... More »
WASHINGTON U.S. Republican party presidential frontrunner Donald Trump said on Sunday high salaries paid to chief executives were a “joke” and a “disgrace” and said these were often approved by company boards stacked with the CEO’s friends. Trump, a real estat... More »
BOSTON/NEW YORK Big mutual funds are likely to vote later this month to allow Bank of America Corp Chief Executive Brian Moynihan to retain his chairman title, based on their voting history, governance experts said. That support could leave investors seeking t... More »
Microsoft Corp on Friday appointed its general counsel, Brad Smith, as the company’s president and chief legal officer, effective Friday. Smith, who is also Microsoft’s corporate secretary and chief compliance officer, joined the company in 1993 and became gen... More »
A Manhattan prosecutor on Thursday urged a jury to convict three former executives of Dewey & LeBoeuf for allegedly cooking their law firm’s books to defraud lenders and investors, arguing they ordered the fraud even if they did not personally carry it out. “T... More »
BOSTON Proxy adviser Institutional Shareholder Services on Friday recommended Bank of America Corp shareholders vote to strip Chief Executive Brian Moynihan of his additional title of chairman, joining a chorus of critics ahead of a Sept. 22 shareholder meetin... More »
SAN FRANCISCO Ride services Lyft and Uber have poached dozens of key Twitter Inc (TWTR.N) employees over the past year, including top engineering managers, to help personalize their apps. Twitter’s management turmoil and 44 percent stock fall over the last 12 ... More »
As the fall wedding season begins, advisers should make sure they have a comprehensive plan to help clients who are getting married. Advisers need to look at the big picture, like if the couple’s retirement goals align, and the nitty gritty, such as insurance ... More »
LONDON Rebekah Brooks, the Rupert Murdoch protegee cleared last year of orchestrating a criminal campaign that damaged the British establishment, will return to her old job running the tycoon’s British newspapers next week in a stunning comeback. Brooks, who w... More »
TOKYO Japan’s Suzuki Motor Corp (7269.T) said on Sunday it would buy back the 19.9 percent stake it sold to Volkswagen AG (VOWG_p.DE) after an international arbitration court ordered the German automaker to sell its holding. Their planned partnership soured wi... More »
TORONTO The owner of adultery website Ashley Madison had already been struggling to sell itself or raise funds for at least three years before the publication of details about its members, according to internal documents and emails also released by hackers as ... More »
LONDON Rebekah Brooks will return to her old job heading Rupert Murdoch’s British newspaper division, the Financial Times reported, just over a year after being cleared of criminal charges in a phone-hacking scandal. Her return to News Corp could be as soon as... More »
