Volkswagen’s massive emissions cheating scandal has begun battering the company’s sales, according to data released Thursday, as a monster month for the auto industry bypassed the German carmaker. The company said its U.S. sales grew modestly in September, inching up 0.6 percent compared with last year, while each of the nation’s five biggest car brands reported sales growth of more than 10 percent.
U.S. drivers bought a record 53,070 Subarus in September, a 28 percent increase over the same month last year. No other car company saw sales grow so quickly. In fact, no other company has been close to matching Subaru’s sales pace all year.
Alcoa will split into two independent companies, separating its bauxite, aluminum and casting operations from its engineering, transportation and global rolled-products businesses. Most of Lehman Brothers Holdings’ creditor claims to $8.6 billion taken by JPMorgan Chase Bank on the eve of Lehman’s 2008 bankruptcy as collateral on loans were thrown out by a U.S. judge in New York.
Hackers stole personal information belonging to about 15 million T-Mobile wireless customers and potential customers in the United States, including Social Security numbers, home addresses and birth dates. Defense contractor L-3
Communications agreed to pay $4.63 million to settle a whistleblower lawsuit alleging that the company overcharged for work it performed at two military bases.
Rio de Janeiro, the host of next year’s Summer Olympics, is the first in Brazil to ban the use of ridehailing apps such as Uber.
Target will match its online prices with those of more than two dozen online competitors including Amazon.com andWalmart.com.
A less-expensive version of the world’s top-selling insulin, Sanofi’s Lantus, could go on sale in the United States late next year. The French drugmaker said that it settled a lawsuit over patents for Lantus Solo Star, its once-daily insulin in a pen-style injector.
Whole Foods Market will cut 1,500 jobs over the next eight weeks, a cut that will affect about 1.6 percent of its workforce.
Con Agra will cut 1,500 jobs, or 30 percent of its global office-based workforce and move headquarters to Chicago from Omaha.
Exelon filed a request with the D.C. Public Service Commission to resurrect its proposed $6.4 billion merger with Pepco, arguing the regulator erred in blocking the deal one month ago. At the same time, D.C. Mayor Muriel E. Bowser (D) signaled that her administration is in talks with the utilities to reach a settlement that could save the deal. The Pentagon’s chief weapons
buyer, Frank Kendall, said that continued consolidation of major defense firms could limit competition, stifle innovation and eventually result “in higher prices to be paid by the American taxpayer in order to support our warfighters.”
Novavax, a Gaithersburg, Md., vaccine maker, received an $89 million grant from the Gates Foundation to develop an inoculation for respiratory syncytial virus, a common pneumonia causing infection striking newborns and the elderly.
Axel Springer, a German media company, agreed to take over Business Insider in a $343 million deal, accelerating its push into English-language news after losing a bidding contest for the Financial Times two months ago.
Albertsons Cos. plans to raise about $1.53 billion in an initial public offering to pay down debt after a deal that brought the U.S. supermarket chain together with Safeway.
The U.S. job market slowed sharply in September, raising new questions about the sturdiness of the country’s economic expansion amid weaker growth around the globe. The United States added just 142,000 jobs in September, well below analysts’ expectations. The unemployment rate has remained unchanged at 5.1 percent for the past two months.
Christine Lagarde, head of the International Monetary Fund, said global growth probably will be weaker this year as the world economy confronts a host of problems, including a refugee crisis in Europe, a slowdown in China and a pending rise in U.S. interest rates.