Business News

• Sears faces tough foe: an unforgiving bankruptcy code October 16, 2018
  When Sears Holdings Corp filed for Chapter 11 bankruptcy on Monday, it said it would close another 142 unprofitable Sears and Kmart locations and seek to reorganize around financially healthier stores. It also triggered a "time bomb" that retailers have had a tough time surviving.
• Wall St. gains after strong earnings from blue-chips October 16, 2018
  U.S. stocks rose broadly on Tuesday, led by technology and healthcare shares, as upbeat earnings from blue-chip companies helped ease jitters over the impact of the ongoing U.S.-China trade war and other global issues on corporate profits.
• Microsoft co-founder Paul Allen dies of cancer complications at 65 October 16, 2018
  (In this Oct. 15 story, corrects date of book "“The Road Ahead" to 1995.)
• U.S. judge approves settlement between SEC, Tesla and Musk October 16, 2018
  A U.S. judge on Tuesday approved the settlement between the Securities and Exchange Commission, Tesla Inc and its Chief Executive Officer Elon Musk.
• Equity trading strength boosts profits at Morgan Stanley, Goldman October 16, 2018
  Wall Street's top investment banks reported better-than-expected quarterly profits on Tuesday, helped by strength in stock trading and equity underwriting, wrapping up what has been a strong quarter for the big U.S. banks.
• U.S. industrial output rises, but momentum slowing October 16, 2018
  U.S. industrial production increased for a fourth straight month in September, boosted by gains in manufacturing and mining output, but momentum slowed sharply in the third quarter.
• Huawei launches new flagship phones in bid to keep No. 2 spot October 16, 2018
  Huawei [HWT.UL] unveiled new flagship smartphones with novel smart camera and video features on Tuesday, as it seeks to sustain momentum among price-conscious consumers.
• VW targets online sales, over-the-air updates in new contract with European dealers October 16, 2018
  Volkswagen will overhaul its dealership and sales organization by April 2020 to enable online sales and over-the-air software updates for its new electric cars, the German automaker said on Tuesday.
• Wells Fargo to shift EU hub to Paris in Brexit plan October 16, 2018
  Wells Fargo & Co said on Tuesday it had applied for an investment firm license in France as part of a Brexit strategy that will shift its servicing of European mainland customers out of London.
• U.S. government posts widest deficit since 2012 October 16, 2018
  The U.S. government closed the 2018 fiscal year $779 billion in the red, its highest deficit in six years, as Republican-led tax cuts pinched revenues and expenses rose on a growing national debt, according to data released on Monday by the Treasury Department.