News Highlights: Top Company News of the Day

12/07/17 01:15 PM EST
GE Cuts 18% of Jobs in Power Unit After Misjudging Demand 
 

GE said it was cutting 12,000 jobs in its power business, or nearly 20% of the unit's workforce, as the conglomerate slashes costs and battles overcapacity in its core business.

 
Sleepy's Owner Steinhoff: Accounting Issues Could Affect $7 Billion in Assets 
 

Steinhoff International Holdings said accounting irregularities disclosed Wednesday could affect the valuation and "recoverability" of as much as $7.09 billion worth of assets as South Africa's Financial Services Board starts an independent investigation into the company.

 
AT&T, Time Warner Spar With Government Over Trial Start Date 
 

The Justice Department, AT&T and Time Warner will make their first court appearance Thursday to address a potentially important factor in the government's antitrust case challenging the combination of the two companies-the trial schedule.

 
Auto Makers Could Face Big Fines Under New European Rules 
 

The European Union is expanding its powers to police and fine auto makers, seeking to prevent a repeat of the diesel-emissions scandal. It is introducing spot-checks on new vehicles and penalties of up to $35,394 per non-compliant car.

 
Making Credit Suisse Swiss Again Drives Its Turnaround 
 

Two years into its overhaul, Credit Suisse has returned to its Alpine roots by building up its Swiss unit and, more important, expanding the management of wealthy clients' money, long a staple of Swiss banks.

 
HSBC's Second-Largest Shareholder Is Now From China 
 

One of China's biggest insurers has become the second-largest shareholder of HSBC Holdings, but it won't influence how the U.K.-based bank is run, HSBC's departing Chief Executive Stuart Gulliver said.

 
Anheuser-Busch Orders 40 Tesla Semi Trucks 
 

Anheuser-Busch has reserved 40 of Tesla's all-electric Semi trucks, as the maker of Budweiser seeks to reduce fuel costs and vehicle emissions.

 
Visa Spent a Year Developing a 'Signature Sound' 
 

Visa is launching a signature sound people will hear when they make a payment through a mobile device or at a cash register. Some options were eliminated for sounding 'angry' or eliciting 'visceral reactions.'

 
Samsung's Rally Can't Keep Living on Memories 
 

The Korean tech giant's stock price and profits have doubled in the past two years. Industry fundamentals suggest it will struggle to maintain that pace.

 
Roche's Immunotherapy Drug Extended Patients' Lives 
 

Roche Holding said its immunotherapy drug Tecentriq slowed the progression of lung cancer and helped patients live longer in a late-stage study, bolstering the Swiss drugmaker's defense against a wave of cut-price competition to its top-selling medicines.

 
 

(END) Dow Jones Newswires

December 07, 2017 13:15 ET (18:15 GMT)

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