Category: Business

NEW YORK – Herbalife Nutrition Ltd will pay $123.1 million to settle criminal and civil charges it bribed Chinese officials in government agencies and media outlets to boost its business in China, the U.S. Department of Justice said on Friday. The multi-level marketing company, whose products include dietary supplements, entered a three-year deferred prosecution agreement […]

NEW YORK – At the height of the coronavirus pandemic last spring, the heads of U.S. banks including Morgan Stanley, Bank of America Corp and others pledged not to cut any jobs in 2020 because it was the wrong thing to do. However, as executives prepare for an extended recession and loan losses that come […]

WASHINGTON – U.S. consumer spending increased more than expected in July, boosting expectations for a sharp rebound in economic growth in the third quarter, though momentum is likely to ebb as the COVID-19 pandemic lingers and money from the government runs out. The report from the Commerce Department on Friday also showed a rise in […]

TOKYO – Japanese Prime Minister Shinzo Abe’s signature shock-and-awe ‘Abenomics’ stimulus strategy was already faltering even before his decision on Friday to step down due to health reasons. That blunt assessment by many Japan observers underlined the daunting political challenge Abe has faced in his efforts to pull the economy out of decades of economic […]

Silicon Valley entrepreneur Elon Musk’s net worth topped $100 billion on Friday, according to the Forbes real-time billionaires list, as the shares of electric-car maker Tesla Inc (TSLA.O) see a more than five-fold surge in value this year. A large chunk of his wealth comes from the 21% stake in Tesla, according to Forbes. Tesla […]

Shares in German drugs company Bayer AG (BAYGn.DE) fell 3% on Friday after it said there were “bumps” in sealing its $11 billion settlement of U.S. lawsuits over its Roundup weed killer after a U.S. judge cast doubt on the progress of the agreement. Bayer in June struck an agreement on about 75% of the […]

NEW YORK – U.S. Federal Reserve Chair Jerome Powell tried to address economic inequalities in his landmark policy move. Still the Fed holding rates lower-for-longer may support bulging asset prices – which is unlikely to benefit the neediest and could well widen the wealth gap in the near term. In the fight against the economic […]