Business News
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Tesla obliged to pay $1.7 billion to Panasonic for gigafactory cells
Tesla Motors Inc had an obligation to pay a total of about $1.7 billion to Japan's Panasonic Corp as of Sept. 30 for electric vehicle battery cells made at Tesla's gigafactory in Nevada, the carmaker said in a regulatory filing. Panasonic, Tesla's longstanding battery partner, agreed in 2014 to invest in equipment, machinery and other manufacturing tools at the gigafactory, which will make cylindrical lithium-ion cells for Tesla's cars. Tesla has said it expects to start making batteries at the $5 billion plant by the end of the year.
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New York, UPS spar over proposed $872 million fine for cigarette shipments
The closing arguments came in a lawsuit over whether UPS illegally shipped more than 683,000 cartons of untaxed cigarettes, mostly from reservation smoke shops. John Oleske, a lawyer for New York state, urged U.S. District Judge Katherine Forrest in Manhattan to impose an $872 million fine.
ReutersUPS $106.90 0.06% -
China, Russia take step closer to new long-haul jet
China and Russia took a step closer on Wednesday to the joint development of a long-haul jet to challenge Boeing and Airbus , displaying a model of the unnamed plane that would compete with Western rivals. State-owned planemakers Commercial Aircraft Corporation of China (COMAC) [CMAFC.UL] and United Aircraft Corp (UAC) of Russia said they had started the hunt to find suppliers, as they presented a mock-up of the wide-body jet at Airshow China. China opened the show on Tuesday in the southern city of Zhuhai with a brief flypast of its J-20 stealth fighter, in a demonstration of military clout.
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Alibaba earnings beat; Yelp shares soar; Facebook earnings on tap
The company reported third-quarter earnings that topped Wall Street expectations, posting adjusted earnings per share of 22 cents on revenue of $186.2 million. Yelp also boosted its guidance, upping its full-year revenue forecast to a range of $709 million to $713 million. Alibaba (BABA) – The Chinese e-commerce site reported earnings that beat on both the top and bottom lines, posting earnings per share of 79 cents on revenue of $5.14 billion, which is up 55% from one year ago.
Yahoo FinanceCS $13.58 -2.37% -
U.S. sues DirecTV for illegal information trading during Dodgers talks
The U.S. Justice Department filed a lawsuit on Wednesday against AT&T's DirecTV, alleging it acted as a ringleader to illegally swap information with rival pay-TV providers about negotiations over showing Dodgers baseball games in the Los Angeles area. The department said DirecTV, before its 2015 acquisition by AT&T, exchanged confidential information with Cox Communications, Charter Communications and AT&T, to get leverage against Time Warner Cable, which distributes a channel showing Dodgers games in Los Angeles.
ReutersDTV $51.38 -1% -
Aceto posts 1Q profit
The Port Washington, New York-based company said it had profit of 15 cents per share. Earnings, adjusted for non-recurring costs, were 28 cents per share. The chemical company posted revenue of $128 million ...
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Societe Generale third-quarter profit beats forecasts on foreign retail banking, trading
Societe Generale posted stronger-than-expected third-quarter results on Thursday, as a recovery in foreign retail business and a bumper quarter for its trading operations helped offset falling revenue at home. The results mirrored larger rivals, including BNP Paribas (BNPP.PA), which reported forecast-beating profit last week, benefiting from a boom in bond trading. SocGen's fixed-income unit saw 42.2 percent growth year-on-year.
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Ares Commercial Real Estate posts 3Q profit
The New York-based company said it had net income of 65 cents per share. Earnings, adjusted to account for discontinued operations, came to 31 cents per share. The results did not meet Wall Street expectations. ...
Associated Press -
Robert Johnson on fixing Puerto Rican debt
Robert Johnson, RLJ Companies chairman and founder, talks about his proposal to help solve Puerto Rico's debt problem.
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Gladstone Investment posts 2Q loss
On a per-share basis, the McLean, Virginia-based company said it had a loss of less than 1 cent. Earnings, adjusted for investment costs, were 17 cents per share. The business development company posted ...
Associated Press -
VW board to discuss brand overhaul on November 4 - sources
Volkswagen's supervisory board will hold an extraordinary meeting on Friday, Nov. 4, to consult on a wide-ranging restructuring of the carmaker, two sources close to the board told Reuters on Wednesday. Management and labour leaders are seeking to agree on cost cuts and investments that will form part of the German carmaker's efforts to revive its fortunes more than a year after the diesel emissions scandal broke. Two weeks before the supervisory board is scheduled to ratify spending plans for the multi-brand group through 2021, the sheer number of issues facing the 20-member panel on Nov. 18 made the extraordinary meeting necessary, the sources said, adding no decisions were expected to be made.
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Pengrowth Energy reports 3Q loss
The Calgary, Alberta-based company said it had a loss of 8 cents per share. Earnings, adjusted for non-recurring costs, were 2 cents per share. The oil and natural gas producer posted revenue of $111.7 ...
Associated PressPGH $1.51 -3.21% -
Cenveo posts 3Q profit
The Stamford, Connecticut-based company said it had profit of $1.05 per share. Earnings, adjusted for one-time gains and costs, were 67 cents per share. The printing and packaging company posted revenue ...
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When Cubs last won World Series in 1908, there were 46 U.S. states
The Chicago Cubs are playing the Cleveland Indians on Wednesday night in the deciding Game Seven of Major League Baseball's World Series with hopes of ending the team's 108-year wait for a championship. The long-suffering Cubs have not won a World Series title since 1908, enduring one of the longest championship droughts in professional sports history. Since 1908, the United States, and the world, have changed dramatically.
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Murphy USA misses 3Q profit forecasts
The El Dorado, Arkansas-based company said it had profit of $1.16 per share. The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research ...
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Final Trade: XRT, QCOM & more
The "Fast Money" traders share their final trades of the day, including the retail ETF XRT, Qualcomm Inc. and more.
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KEYW posts 3Q profit
On a per-share basis, the Hanover, Maryland-based company said it had profit of 6 cents. Earnings, adjusted to account for discontinued operations, came to 9 cents per share. The provider of cybersecurity ...
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Bill Cosby Does Not Want His Civil Deposition Used in His Sexual Assault Trial
Bill Cosby left court in Norristown, Pennsylvania around 5 p.m. Tuesday after a full day of legal arguments in the first of a series of hearings to decide what evidence gets admitted at his sexual assault trial and whether the criminal charges against him should be dismissed. Cosby, 79, is charged with three counts of aggravated indecent assault for allegedly drugging and sexually assaulting former Temple University employee Andrea Constand, now 43, at his Elkins Park, Pennsylvania, mansion in January 2004. Montgomery County Judge Steven O’Neill has scheduled four days in November and December to hear arguments on that issue and two others in Cosby’s case: whether 13 other women with similar allegations to Constand’s should be allowed to testify at trial and whether his due process rights were violated by the lengthy delay in arresting him following the alleged assault.
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There’s an $8 Billion Iron Ore Quandary Looming for Top Miners
The world’s biggest iron ore miners are warning that prices are set to decline -- just as they need to begin spending as much as $8 billion developing new mines to keep their best cash machines ticking ...
Bloomberg -
Inovalon Holdings misses 3Q profit forecasts
On a per-share basis, the Bowie, Maryland-based company said it had profit of 5 cents. The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment ...
Associated Press