Wells Fargo to Pay $300 Million to Settle Car Insurance Suit
Wells Fargo & Co. will pay $300 million to settle a lawsuit claiming it improperly charged customers for unneeded auto-collision protection insurance – and hid the practice from investors.
Bloomberg Business
Labor Secretary Marty Walsh Is Leaving the Biden Administration
US Secretary of Labor Marty Walsh is leaving the Biden administration, according to people familiar with the matter.
Wall Street Goes Risk-On Without Powell’s Pushback: Markets Wrap
Stock traders bracing for Jerome Powell to push back against the powerful rally that led to a loosening in financial conditions didn’t really get that, with the market finding encouragement to move higher.
Tencent Co-Founder Joins Funding for Chinese Air Taxi Startup
Chinese electric aircraft startup TCab Tech raised 100 million yuan ($15 million) in funding as it works on a prototype air taxi, seeking to take on more established rivals in the burgeoning market.
Hong Kong Targets Prized Aramco Listing With Xi’s Backing
Two months after Chinese President Xi Jinping visited Saudi Arabia, Hong Kong’s leader John Lee has followed in his footsteps by taking a sizable entourage to the kingdom.
Miners Face Too Many Woes in Emerging Markets, Alamos Says
Panama’s tax dispute with First Quantum Minerals Ltd. over a giant copper mine underscores increasing political risks mining companies face in some regions, according to fellow Canadian metals producer Alamos Gold Inc.
Pentagon Says China Refused to Take Its Call Over Balloon Uproar
China rebuffed the Pentagon when it tried to arrange a phone call between Defense Secretary Lloyd Austin and China’s defense minister after the US shot down an alleged Chinese spy balloon, a Defense Department spokesman said.
Zoom Video to Cut 1,300 Jobs, or 15% of Global Workforce
Zoom Video Communications Inc. is eliminating 15% of its workers as the service that became ubiquitous during the pandemic adapts to slower growth.
Ex-Trump Investigator’s Criticism of Probe ‘Appalling,’ DA Says
Manhattan District Attorney Alvin Bragg lashed out at criticism from a former lead prosecutor in his office who investigated Donald Trump, calling it “appalling” and saying his earlier probe of the former president “simply was not ready.”
Chipotle Slumps as Rising Expenses Erode Profitability
Chipotle Mexican Grill Inc. sank in late trading after profitability and a key measure of sales fell short of Wall Street’s expectations, showing that stubbornly high inflation is having an impact on the burrito chain’s operations. The shares fell in late trading.
