After months of negotiations with the Department of Justice, Deutsche Bank announced a $7.2 billion deal in principle yesterday to settle allegations that it had sold residential mortgage-backed securities (RMBS) that contributed to the global financial crises of 2008. The amount is nearly half of what the bank had warned the feds were looking to get; it is broken into $4.1 billion in "consumer relief" and $3.1 billion in fines.
Stalled in a slump of sales to consumers who are favoring gas-guzzling bigger cars, Hyundai has dismissed Dave Zuchowski, the head of its U.S. unit, temporarily replacing him with chief legal and safety officer Jerry Flannery.
Umpteen billion here; another billion there. That's how it's going at Volkswagen these days as the German automaker agreed yesterday to recall 63,000 model year 2013 to 2016 vehicles; buy back, modify or terminate the leases of 20,000 model year 2009 to 2012 vehicles, and fund projects focused on reducing nitrogen oxide emissions to the tune of $225 million.
A research study published Monday that suggests sugar may not be quite as bad for you as you've been hearing from a host of other studies is itself under attack, primarily because it was funded by - you guessed it - the sugar industry and food companies that add it to their processed foods.
The revenue story line was predictable despite some brutal reviews: "No Surprise: 'Rogue One' Triumphs at Box Office," the New York Times tells us. But the plot for the Star Wars franchise is much, much richer than this one-off that scored decently on Rotten Tomatoes' critics consensus (84%) and is teetering on an A- (90%) from more than 50,000 audience members who rated it over the weekend.
Attorneys general from 20 states yesterday filed suit against six generic pharmaceutical companies - Heritage Pharmaceuticals, Mylan Pharmaceuticals, Teva Pharmaceuticals USA, Aurobindo Pharma, Citron Pharma and Mayne Pharma - for colluding with each other and conspiring to manipulate prices of two drugs: delayed-release Doxycycline, an antibiotic, and Glyburide, a diabetes medication.
You know how it is: You've got this sudden craving for popcorn and a hankering to stream "Mozart in the Jungle" but the microwave is on the blink and you're responsible for the kids playing in the den.
Google's self-driving car initiative hit the road yesterday as an autonomous subsidiary of Alphabet, Inc. called Waymo, which stands for "a new way forward in mobility." For seven years, the initiative has accumulated more than two million miles of self-driving experience as one of Google's X lab's projects.
Montgomery (Monty) Moran, a high school buddy of Chipotle Mexican Grill founder Steve Ells and his co-CEO since 2009, resigned yesterday as performance continues to lag in the wake of the restaurant chain's difficulties with food-borne illnesses.
Saying the deal would "support tens of thousands of U.S. jobs directly associated with production and delivery," Boeing and Iran Air yesterday announced an agreement for the state-run company to purchase 80 aircraft for $16.6 billion at list prices. The first aircraft will be delivered in 2018 if all goes well, but it will need to fly through a lot of political flak to get there. News of the pending agreement was first announced in June.