Business

Business News includes financial market updates across the globe and news about publicly traded companies

Business News – we publish news from across the globe relating to business that involves publicly traded companies in addition to stock market updates from financial markets around the world.

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SEC News: Justin C. Jeffries Named Associate Regional Director for Enforcement in Atlanta Office

Washington DC (STL.News) – The Securities and Exchange Commission today announced that Justin C. Jeffries has been named the Associate Regional Director for enforcement in the Atlanta Regional Office. Mr. Jeffries succeeds Aaron Lipson, who left the agency in December 2018. In his new role, Mr. Jeffries will oversee the Atlanta office’s enforcement efforts in Georgia, … Continue reading SEC News: Justin C. Jeffries Named Associate Regional Director for Enforcement in Atlanta Office

Federal Reserve News: FRB announces members of Fraud Definitions Work Group

WASHINGTON (STL.News) – The Federal Reserve today announced the members of its Fraud Definitions Work Group, the latest initiative to advance the Federal Reserve’s strategy for improving the U.S. payment system.  Over the next year, these 22 payments industry leaders and subject matter specialists will work collaboratively with Federal Reserve leaders to formulate recommendations for … Continue reading Federal Reserve News: FRB announces members of Fraud Definitions Work Group

CFTC News: Federal Court Orders Precious Metals Dealer, Royal Metals Group, Chelsea Gless, Its Owner, to Pay More than $2.3 Million for Fraud, Misappropriation in Gold, Silver Scheme

Washington, DC (STL.News) – The Commodity Futures Trading Commission (“CFTC”) today announced that the U.S. District Court for the Southern District of New York entered an Order of Default Judgment (“Order”) and Permanent Injunction against Royal Metals Group, LLC (“RMG”), and its member, manager and part owner, Chelsea Gless (“Gless”) of Iowa (collectively, “defendants”) for … Continue reading CFTC News: Federal Court Orders Precious Metals Dealer, Royal Metals Group, Chelsea Gless, Its Owner, to Pay More than $2.3 Million for Fraud, Misappropriation in Gold, Silver Scheme

OCC News: Agencies Adopt Interim Final Rule to Facilitate Transfers of Legacy Swaps

WASHINGTON (STL.News) – Five federal agencies today acted to ensure that qualifying swaps may be transferred from a United Kingdom (UK) entity to an affiliate in the European Union (EU) or the United States without triggering new margin requirements. The action is in response to the possibility of a non-negotiated withdrawal of the UK from … Continue reading OCC News: Agencies Adopt Interim Final Rule to Facilitate Transfers of Legacy Swaps

Business News: Huntington Ingalls Industries Completes Installation of USS George Washington (CVN 73) Main Mast

NEWPORT NEWS, VA (STL.News) – Huntington Ingalls Industries’ (NYSE:HII) Newport News Shipbuilding division has reached new heights in the refueling and complex overhaul (RCOH) of the aircraft carrier USS George Washington (CVN 73). The shipyard installed the final piece of the ship’s new main mast—the 34-foot upper mast section—that raises the ship’s distinctive profile 123 … Continue reading Business News: Huntington Ingalls Industries Completes Installation of USS George Washington (CVN 73) Main Mast

Business News: JD.com’s Chief Technology Officer, Chen Zhang, Appointed To New Role As Senior Advisor

BEIJING (STL.News) – JD.com, Inc. (NASDAQ: JD), China’s leading technology driven e-commerce company and retail infrastructure service provider, today announced that Mr. Chen Zhang will be appointed to a new role as a senior advisor based in the United States and will depart from his full time role as the Chief Technology Officer of JD.com … Continue reading Business News: JD.com’s Chief Technology Officer, Chen Zhang, Appointed To New Role As Senior Advisor

Business News: Fox Set to Join S&P 500; Adobe to Join S&P 100

NEW YORK (STL.News) – S&P Dow Jones Indices (“S&P DJI”) will make the following changes to the S&P 500 & S&P 100: Fox Corp. (NASD:FOXAV;FOXBV) will be added to the S&P 500 prior to the open of trading on Tuesday, March 19.  Fox will replace Twenty-First Century Fox Inc. (NASD:FOXA;FOX), which will be removed from the S&P 500 … Continue reading Business News: Fox Set to Join S&P 500; Adobe to Join S&P 100

SEC News: SEC Charges Volkswagen, Former CEO With Defrauding Bond Investors During “Clean Diesel” Emissions Fraud

Washington DC (STL.News) – The Securities and Exchange Commission yesterday charged Volkswagen AG, two of its subsidiaries, and its former CEO, Martin Winterkorn, for defrauding U.S. investors, raising billions of dollars through the corporate bond and fixed income markets while making a series of deceptive claims about the environmental impact of the company’s “clean diesel” fleet. … Continue reading SEC News: SEC Charges Volkswagen, Former CEO With Defrauding Bond Investors During “Clean Diesel” Emissions Fraud

Business News: Lufthansa Group to Buy 20 Boeing 787 Dreamliner Jets

Largest airline group in Europe becomes the newest Dreamliner customer FRANKFURT (STL.News) – Boeing [NYSE: BA] and Lufthansa Group today completed an order for 20 787-9 Dreamliner airplanes.  With the deal, valued at up to $5.8 billion per list prices, the largest airline group in Europe becomes the latest customer for the fastest-selling widebody airplane … Continue reading Business News: Lufthansa Group to Buy 20 Boeing 787 Dreamliner Jets

Business News: World’s Largest Steam Locomotive Returns to the Rails as Union Pacific Commemorates Transcontinental Railroad’s 150th Anniversary

OMAHA, NE (STL.News) – Union Pacific announced the commemorative tour schedule for its historic steam locomotives, Big Boy No. 4014 and Living Legend No. 844.  The iconic steam locomotives will join together in a public display for the first time May 9 in Ogden, Utah, during Union Pacific’s celebratory event marking the transcontinental railroad’s 150th … Continue reading Business News: World’s Largest Steam Locomotive Returns to the Rails as Union Pacific Commemorates Transcontinental Railroad’s 150th Anniversary

US Navy News: US Navy Awards Raytheon $404 Million Contract for SPY-6 Radars

TEWKSBURY, MA (STL.News) – Raytheon Co., Integrated Defense Systems, Marlborough, Massachusetts, is awarded a $402,658,015 fixed-price-incentive (firm target) modification to previously-awarded contract N00024-14-C-5315 to exercise options for Air and Missile Defense Radar Program (AMDR) low-rate initial production (LRIP).  This modification will provide for three AMDR LRIP units.  The LRIP units will be deployed on DDG … Continue reading US Navy News: US Navy Awards Raytheon $404 Million Contract for SPY-6 Radars

Federal Reserve Board News: Federal Reserve announces seventh triennial study to examine U.S. payments usage

WASHINGTON (STL.News) – Beginning this month, financial institutions and payments organizations will receive invitations to participate in the seventh triennial Federal Reserve Payments Study, the Federal Reserve announced today.  Based on survey data provided by participants, past reports from the studies have documented substantial change in the aggregate volume and composition of noncash payments in … Continue reading Federal Reserve Board News: Federal Reserve announces seventh triennial study to examine U.S. payments usage

Business News: Returning Astronauts To The Moon: Lockheed Martin Finalizes Full-Scale Cislunar Habitat Prototype

NextSTEP Habitat Prototype to Support NASA’s Gateway Architecture CAPE CANAVERAL, FL (STL.News) – For long-duration, deep space missions, astronauts will need a highly efficient and reconfigurable space, and Lockheed Martin (NYSE: LMT) is researching and designing ways to support those missions.  Under a public-private partnership as a part of NASA’s Next Space Technologies for Exploration … Continue reading Business News: Returning Astronauts To The Moon: Lockheed Martin Finalizes Full-Scale Cislunar Habitat Prototype

Business News: GE announces 2019 outlook

BOSTON, MA (STL.News) – GE (NYSE: GE) announced its 2019 outlook today as the company continues to execute against its strategic priorities of improving its financial position and strengthening its businesses. GE Chairman and CEO H. Lawrence Culp, Jr. said, “GE’s challenges in 2019 are complex but clear.  We are facing them head on as … Continue reading Business News: GE announces 2019 outlook

SEC News: Wedbush Settles Failure to Supervise Charge

Washington DC (STL.News) – The Securities and Exchange Commission announced today that Wedbush Securities Inc. will pay a $250,000 penalty and has agreed to be censured to settle its failure to supervise charge in a pending administrative proceeding. According to the SEC’s March 2018 order instituting proceedings, Wedbush ignored numerous red flags indicating that one of … Continue reading SEC News: Wedbush Settles Failure to Supervise Charge

Business News: Intercontinental Exchange Extends Global Product Licensing Agreement with Eris Innovations

ATLANTA, GA (STL.News) – Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that it has extended its global product licensing agreement with Eris Innovations, an intellectual property licensing company that partners with global exchanges to design futures products based on its … Continue reading Business News: Intercontinental Exchange Extends Global Product Licensing Agreement with Eris Innovations

Business News: Federal Reserve Board permanently bars two former employees of Goldman Sachs, Tim Leissner and Ng Chong Hwa, from the banking industry

WASHINGTON (STL.News) – The Federal Reserve Board on Tuesday announced that it is prohibiting Tim Leissner and Ng Chong Hwa, also known as Roger Ng, from the banking industry for their participation in a scheme to illegally divert billions of dollars from a Malaysian sovereign wealth fund.  Leissner was also fined $1.42 million and consented … Continue reading Business News: Federal Reserve Board permanently bars two former employees of Goldman Sachs, Tim Leissner and Ng Chong Hwa, from the banking industry

Trump’s budget proposal offers preview of upcoming campaign

WASHINGTON (AP) — Frustrated by a divided Congress and rifts within his own party, President Donald Trump is giving little indication in his latest budget proposal of any new policy ambitions for the coming two, or six, years. Trump’s budget plan increases spending on his border wall and the military but is light on fresh … Continue reading Trump’s budget proposal offers preview of upcoming campaign

Trump budget proposal counts on optimistic growth, deep cuts

WASHINGTON (AP) — President Donald Trump proposed a record $4.7 trillion budget, pushing the federal deficit past $1 trillion but counting on optimistic growth, accounting shuffles and steep domestic cuts to bring future spending into balance in 15 years. Reviving his border wall fight with Congress, Trump wants more than $8 billion for the barrier … Continue reading Trump budget proposal counts on optimistic growth, deep cuts

Global stocks dip, pound drops ahead of Brexit vote

BEIJING (AP) — Global stocks turned lower Tuesday and the British pound dropped as expectations grew that British lawmakers would reject a plan to leave the European Union. In midday trading, France’s CAC 40 shed 0.3 percent to 5,254 while Germany’s DAX lost its gains to trade flat at 11,518. London’s FTSE 100 was also … Continue reading Global stocks dip, pound drops ahead of Brexit vote

The Latest: EU Parliament head: EU won’t renegotiate again

LONDON (AP) — The Latest on Brexit (all times local): 12 p.m. The head of the European Parliament says the European Union will not make further concessions to Britain after the country’s attorney general failed to fundamentally alter his legal advice on Prime Minister Theresa May’s revised deal. EU Parliament President Antonio Tajani said the … Continue reading The Latest: EU Parliament head: EU won’t renegotiate again

More Boeings grounded amid global probe into Ethiopia crash

HEJERE, Ethiopia (AP) — A growing number of airlines grounded a new Boeing plane involved in the Ethiopian Airlines disaster as a global team of investigators began picking through the rural crash site on Tuesday. Some airlines cited worried customers for grounding the Boeing 737 Max 8, as experts chased details on why the plane … Continue reading More Boeings grounded amid global probe into Ethiopia crash

Boeing crashes alarm travelers, groundings snowball

JAKARTA, Indonesia (AP) — Fatal crashes of Boeing 737 Max 8 planes less than five months apart have alarmed the public, triggering a wave of groundings worldwide, but experts say reported similarities between the two disasters are not conclusive evidence of a shared cause. The Ethiopian Airlines crash Sunday which claimed 157 lives was the … Continue reading Boeing crashes alarm travelers, groundings snowball

At 30, World Wide Web ‘not the web we wanted,’ inventor says

GENEVA (AP) — At its ripe old age of 30 and with half the globe using it, the World Wide Web is facing growing pains with issues like hate speech, privacy concerns and state-sponsored hacking, its creator says. Tim Berners-Lee joined a celebration Tuesday of the Web and reminisced about where he invented it — … Continue reading At 30, World Wide Web ‘not the web we wanted,’ inventor says

The Latest: Ethiopian Airlines says 5 days to ID the dead

HEJERE, Ethiopia (AP) — The Latest on Ethiopian Airlines crash (all times local): 1:25 p.m. Ethiopian Airlines says it should take five days to identify the remains of the 157 people killed in Sunday’s crash outside Addis Ababa. Spokesman Asrat Begashaw tells The Associated Press that “it will take five days to clear everything” and … Continue reading The Latest: Ethiopian Airlines says 5 days to ID the dead

Pelosi rejects Trump’s proposed budget cuts as ‘cruel’

WASHINGTON (AP) — President Donald Trump proposed a record $4.7 trillion budget, pushing the federal deficit past $1 trillion but counting on optimistic growth, accounting shuffles and steep domestic cuts to bring future spending into balance in 15 years. Reviving his border wall fight with Congress, Trump wants more than $8 billion for the barrier … Continue reading Pelosi rejects Trump’s proposed budget cuts as ‘cruel’

BEIJING | Asian stocks follow Wall Street higher ahead of Brexit vote

BEIJING (AP) — Asian stocks followed Wall Street higher on Tuesday as investors awaited Britain’s vote on a plan to leave the European Union. The Shanghai Composite Index rose 0.6 percent to 3,043.53 points and Tokyo‘s Nikkei 225 gained 1.1 percent to 21,503.69. Hong Kong’s Hang Seng added 1.1 percent to 28,821.14 and Seoul’s Kospi … Continue reading BEIJING | Asian stocks follow Wall Street higher ahead of Brexit vote

PHOENIX | California water agencies fight over multistate drought plan

PHOENIX (AP) — A major Southern California water agency is trying to push the state through a final hurdle in joining a larger plan to preserve a key river in the U.S. West that serves 40 million people. Most of the seven states that get water from the Colorado River have signed off on plans to … Continue reading PHOENIX | California water agencies fight over multistate drought plan

DETROIT | Musk’s lawyers say tweet complied with SEC fraud settlement

DETROIT (AP) — Tesla CEO Elon Musk should not be found in contempt of court because he has complied with the terms of a securities fraud settlement, his attorneys wrote in documents filed Monday night with the U.S. District Court in Manhattan. Musk’s lawyers wrote that a Feb. 19 tweet merely restated prior disclosures on … Continue reading DETROIT | Musk’s lawyers say tweet complied with SEC fraud settlement

HOUSTON | 2nd crash renews safety concerns for Boeing’s prized new jet

HOUSTON (AP) — The second deadly crash of a prized new airplane in five months has renewed safety concerns about the 737 Max that could shape Boeing’s fortunes for many years. The 737 Max is the newest version of the 737, the best-selling airliner ever. Since debuting in 2017, Boeing has delivered more than 350 … Continue reading HOUSTON | 2nd crash renews safety concerns for Boeing’s prized new jet