Bill Gross, the billionaire investor, sued his former employer, the Pacific Investment Management Co., or Pimco, for more than $200 million for breach of contract and plotting to oust him from the firm he founded more than four decades ago. The suit alleges that Pimco executives plotted to remove Gross in an internal power struggle that led to him leaving the company in September 2014. He had been “on track” to receive a bonus topping $250 million from Pimco in 2014, with most of it paid late in the year, according to the suit.
Volkswagen AG chief executive Matthias Müller said the company will delay or cancel nonessential projects as pressure mounts to slash spending in the wake of the diesel-emissions scandal. Fixing about 11 million rigged diesel vehicles is a costly prospect. The $7.29 billion Volkswagen has set aside for repairs won’t be enough to cover fines and potential legal damages, he said.
Monsanto, one of the world’s largest seed and agrichemical companies, said Wednesday that it was slashing 2,600 jobs and restructuring operations to cut costs in a slumping commodity market.
Twitter returned to its roots and appointed co-founder Jack Dorsey as chief executive to steady the struggling company as it seeks to grow its audience.
Facebook is testing six new ways to
respond to posts, from “surprise” to “angry”— after users had asked for a “dislike” button.
Bristol-Myers Squibb will pay $14.6 million to settle U.S. charges that its joint venture in China gave cash and other benefits to government health-care providers to boost drug sales.
Amazon.com has launched a site for handcrafted goods to rival Etsy. It is called Handmade at Amazon and includes about 5,000 sellers from 50 states and 60 countries offering 80,000 items.
Trump hotels payment systems were hacked for nearly a year, leaving customer credit and debit card numbers vulnerable.
Urban Outfitters will end on-call scheduling at stores in New York after pressure from the state’s attorney general.
American Apparel, the trendy but troubled Los Angeles clothier, filed for Chapter 11 bankruptcy protection— yet another blow to a company that has been struggling since ousting its CEO last year.
Banana Republic’s creative director Marissa Webb, hired last year by the brand to regain its style cred and boost sales at the floundering apparel chain, is stepping down after weak sales prevailed.
Mayor Muriel E. Bowser (D) backed Exelon Corp.’s $6.4 billion takeover of Pepco, reversing her previous decision to oppose the giant utility merger. The final call now goes back to the D.C. Public Service Commission, which unanimously rejected the merger in August.
Gannett reached an agreement to acquire the Journal Media Group, a newspaper company, for $280 million, giving the media giant control of publications in more than 100 local markets in the United States. Journal Media publications dot the Midwest and South and include the Milwaukee Journal Sentinel, Memphis Commercial Appeal and Knoxville (Tenn.) News Sentinel.
Dell reportedly is in talks with banks to fund a takeover of data-storage company EMC, which has a market capitalization of $52 billion. It would be the largest technology-sector deal on record.
Alcoa profit fell to $44 million from $149 million a year ago, hurt by slumping prices for aluminum and other commodities and unfavorable foreign exchange rates.
Pepsico profit fell 73 percent to $533 million, from a year ago. Still, it topped analysts’ estimates and raised its forecast for the year after North American snack and beverage sales climbed, helped by higher prices.
Federal Reserve officials say the U.S. recovery will probably remain insulated from the slowdown in China that has roiled the global economy, keeping the central bank on track to begin ending its extraordinary stimulus later this year, according to minutes of its last meeting.
U.S. consumer borrowing advanced at a solid pace in August, up $16 billion as Americans took out more auto and student loans.
The U.S. trade deficit grew 15.6 percent to $48.3 billion in August as exports fell to the lowest level in nearly three years while imports increased, led by a surge in shipments of cellphones from China.
Supreme Court Chief Justice
John G. Roberts Jr. won’t hold up new Obama administration rules that give overtime and minimumwage protections to nearly 2 million home-health-care workers. Federal law had exempted home-care workers hired through staffing companies from minimum wage and overtime pay since 1974.
Roscoe C. Born, a journalist who became a founding editor of the old National Observer newspaper and retired as Washington editor of Barron’s, died at age 95.