Uber, Lyft settle litigation involving top executives
By Dan Levine SAN FRANCISCO (Reuters) - Rival ride services Uber and Lyft have settled high stakes litigation involving their top executives, court filings show, in advance of a trial that could have aired sensitive details about both companies. Lyft and its former chief operating officer Travis VanderZanden settled litigation in a California state court in which Lyft accused VanderZanden of breaking his confidentiality pledges when he went to work for Uber. ...
Tue, 28 Jun 2016 03:02:17 -0400
Oil prices rise on looming Norway strike, but Brexit still weighs
By Henning Gloystein SINGAPORE (Reuters) - Oil prices rose on Tuesday as a looming strike in Norway threatened to cut output in western Europe's biggest producer, although Britain's vote to leave the European Union was still weighing on markets. About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from the North Sea's top producer, if a new wage deal is not agreed before a Friday deadline. ...
Tue, 28 Jun 2016 03:05:51 -0400
Pfizer to invest $350 million in China biotech hub, first in Asia
Pfizer Inc will invest $350 million to build a biotech center in China, the latest in a series of moves by pharma industry giants to set up shop in the world's no. 2 drugs market with the aim of securing faster approvals for their products. The facility in eastern Hangzhou region - Pfizer's first biotech center in Asia - is expected to be completed by 2018, the firm said in a statement on Tuesday. Global "Big Pharma" is increasingly looking for smart ways to tap China's healthcare market, estimated by consultancy IMS Health to be worth around $185 billion by 2018.
Tue, 28 Jun 2016 00:50:16 -0400
Takata boss says he'll step down once 'new regime' is in place
By Maki Shiraki and Naomi Tajitsu TOKYO (Reuters) - Takata Corp's chief executive said he will resign after a "new management regime" is found, finally bowing to calls for change so that the auto parts supplier can move ahead in dealing with a multi-billion dollar airbag recall. Takata, one of the world's largest suppliers of auto safety equipment, has been searching for a financial backer to help it overhaul the business and carry ballooning costs. ...
Tue, 28 Jun 2016 03:57:26 -0400
Viacom board rejected offer for director to meet Sumner Redstone
NEW YORK/SAN FRANCISCO (Reuters) - Viacom Inc's board rejected an offer by Sumner Redstone's attorneys to have one of Viacom's independent directors meet face-to-face with the 93-year-old media mogul to get an understanding of his views on the media company, a spokesman for Redstone confirmed on Monday. The board's dismissal of a possible route toward a settlement shows how far apart the two sides are in the legal fight for control over Redstone's $40 billion media empire, amid questions over whether the magnate is making his own decisions or is even of sound enough mind to do so. Redstone offered to meet Viacom independent director Charles Phillips in the days after Viacom lead independent director Fred Salerno filed suit over Redstone's June 16 move to oust him and four other directors, including Viacom CEO Philippe Dauman, from the Viacom board, Reuters exclusively reported Monday.
Mon, 27 Jun 2016 19:16:33 -0400
Volkswagen's U.S. diesel emissions settlement to cost $15 billion: source
By David Shepardson WASHINGTON (Reuters) - Volkswagen AG's settlement with nearly 500,000 U.S. diesel owners and government regulators over polluting vehicles is valued at more than $15 billion cash, two sources briefed on the matter said on Monday. The settlement, to be announced on Tuesday in Washington, includes $10.033 billion to offer buybacks to owners of about 475,000 polluting vehicles and nearly $5 billion in funds to offset excess diesel emissions and boost zero emission vehicles, the sources said. A separate settlement with nearly all U.S. state attorneys general over excess diesel emissions will be announced on Tuesday and is expected to be more than $500 million and will push the total to over $15 billion, a separate source briefed on the matter said.
Mon, 27 Jun 2016 19:41:00 -0400
Texas ex-tycoon Wyly ordered to pay $1.1 billion for tax fraud
A federal bankruptcy judge in Texas on Monday ordered former billionaire Sam Wyly to pay $1.11 billion in back taxes, interest and penalties after finding he committed tax fraud by shielding much of his family's wealth in offshore trusts. U.S. Bankruptcy Judge Barbara Houser in Dallas calculated the payout after ruling on May 10 that Wyly and his late brother Charles conducted a "deceptive and fraudulent" scheme to cheat the Internal Revenue Service. A lawyer for Sam Wyly could not immediately be reached for comment.
Mon, 27 Jun 2016 18:33:20 -0400
Two SolarCity board members will consider Tesla deal
By Nichola Groom LOS ANGELES (Reuters) - Solar panel maker SolarCity Corp said on Monday it has formed a special committee of just two directors to evaluate Tesla Motors Inc's $2.8 billion takeover offer. SolarCity independent directors Donald Kendall and Nancy Pfund will serve on the committee. Kendall is the chief executive of investment management firm Kenmont and is the only member of SolarCity's board with no direct ties to Tesla, the Southern California automaker founded and run by Elon Musk, who is also the chairman of SolarCity.
Mon, 27 Jun 2016 18:38:47 -0400
Lyft hires investment bank Qatalyst Partners: WSJ
(Reuters) - Ride-sharing service Lyft has hired investment bank Qatalyst Partners, the Wall Street Journal reported on Monday, citing people familiar with the matter. Qatalyst Chairman Frank Quattrone has contacted companies including large automakers about acquiring a stake in Lyft, the Journal said, citing the people.
Mon, 27 Jun 2016 20:01:06 -0400
Copyright (c) 2016 Yahoo! Inc. All rights reserved