Volkswagen will reduce investment at its main passenger-car brand by about $1.1 billion a year and speed up an existing cost-cutting push as the impact of the diesel-emissions scandal ripples through the automaker. Also, Winfried Vahland, its designated North America chief, turned down the job in the wake of a management revamp.
Johnson & Johnson, the world’s biggest maker of health-care products, said its board approved a plan to buy back as much as $10 billion in shares, double the amount it budgeted last year. The company will finance the repurchases with debt.
Twitter’s new chief executive, Jack Dorsey, is making his first round of job cuts, eliminating as many as 336 employees, or about 8 percent of its global workforce. One key hire: Omid Kordestani, a former adviser to Google, was named executive chairman.
Draft-Kings and Fan-Duel, the fantasy sports sites, pulled out of Nevada after state regulators ruled they would need gambling licences to operate there.
Tesla downloaded its new Autopilot software to tens of thousands of all-electric sedans, bringing a new breed of selfdriving to American roads.
San Miguel, the Philippines’ largest company, is considering raising as much as $1 billion by selling local currency preferred shares and using the proceeds to repay dollar debt as it seeks to trim its foreign liabilities amid a weaker peso.
University Hospital has applied to build a new six-story, $560 million building featuring a 33-bay emergency room, a surgical pavilion with expanded operating rooms, underground parking and a rooftop helipad. The building would replace a parking lot and attach to the existing hospital on the Georgetown campus.
Cava and Sweetgreen, two fastcasual chainlets based in the D.C. area, led local venture capital investment during the past quarter that topped $283.8 million, a 10 percent increase over the year before.
D.C. area housing prices appear to be moderating some, even if they remain stronger than last year. Last month’s median price of $400,000 was up 2.6 percent from September 2014 but down 2.7 percent from August. It was the first time since 2006 that the median price topped $400,000 in September.
Anheuser-Busch InBev closed in on the biggest corporate takeover in British history after proposing to pay almost $106 billion for SABMiller to create a brewer selling one in every three beers worldwide.
Square filed for an initial public stock offering valued at up to $275 million. The six-year-old company is known for its white, cube-shaped card readers that plug into smartphones and tablet computers, turning them into electronic sales terminals.
Dell reached a deal to acquire cloud computing giant EMC for $67 billion — the largest acquisition in the history of the technology industry. The deal signals that Dell believes it is best to go big at a time when many older technology firms, such as Hewlett-Packard, are paring down and becoming smaller, nimbler companies.
JPMorgan Chase’s third-quarter profit rose 22 percent to $6.8 billion, helped by tax credits that stemmed from the financial crisis. The bank has cut about 10,000 jobs this year.
Goldman Sachs posted a 38 percent drop in earnings in the third quarter on Thursday, as the Wall Street bank was hurt by recent market turbulence and lower commodity prices.
Retirees will see no cost-of-living adjustment in their Social Security checks in 2016 because of little change in the consumer price index, only the third time in 40 years that has happened.
U.S. consumers tempered purchases at retailers in September, pocketing the savings from lower fuel costs and making for a weak finish to the third quarter. The 0.1 percent gain followed little change in the prior month, which was weaker than previously reported, Commerce Department figures showed Wednesday in Washington. The median forecast of 82 economists surveyed by Bloomberg called for a 0.2 percent advance. More than half of merchant categories showed decreases.
Singapore Airlines is poised to regain the title of world’s longest flight with a 19-hour nonstop service to New York.