Briefs: Time Warner blows past earnings estimates; MetLife faces a $25 million fine over annuities
●,● Halliburton and Baker Hughes said they would terminate their $35 billion proposed merger, announced in 2014. The deal faced stiff opposition from regulators. The U.S. Department of Justice filed an antitrust lawsuit in April to block the merger, which the oil service companies had said would help them better compete against rivals. ●Í● Time Warner posted first-quarter earnings that surpassed analysts’ estimates. Sales at its cable-network unit, which includes TNT and TBS, climbed 7.2 percent, to $2.91 billion, from a year earlier. The increase came largely from an 11 percent rise in fees paid by distributors like AT&T and Comcast to carry the channels, which have spent billions on sports rights. ●● Ellen Pao, the former Kleiner Perkins Caufield & Byers junior partner who last March lost a genderdiscrimination suit against the firm, has co-founded an advocacy group to promote diversity in the tech industry. Project Include will advise companies on recruiting, hiring, and retaining more diverse workers. MetLife will pay $25 million to settle a probe of abuses tied to variable annuities, the second-largest fine ever levied by the Financial Industry Regulatory Authority. The sum includes a $20 million fine and $5 million to be paid to customers for “negligent” misrepresentation and omissions, Finra says. MetLife neither admitted nor denied wrongdoing. ●● Changes are coming to the year-old $10-per-month Apple Music service. Apple plans to alter the user interface and better integrate its streaming and download businesses. An unveiling is expected in June.
“We have decided that we are not going to compete as a commodity provider; we are going to compete as a premium provider.” ——Ed Bastian, who became CEO of Delta Air Lines on May 2
To shorten airport security lines this summer, the Transportation SecurityAdministration wants to add more screeners and bomb-sniffing dogs, plus boost overtime.