Companies


    • Amazon launches a credit card for the ‘underbanked’

      Amazon launches a credit card for the ‘underbanked’

      Amazon has a brand new product that ties into its Amazon Prime membership program, but caters to a specific segment of the market - those who might not have good enough credit to get a credit card. The new Amazon Credit Builder tool lets users build their own secured credit card. That means they’ll have to put down a refundable security deposit of anywhere $100 to $1,000 to qualify for the card, and the credit limit will match it.

      133
    • Fiat Chrysler to merge with Renault

      Fiat Chrysler to merge with Renault

      Fiat Chrysler and Renault, are considering a merge of vast swaths of their businesses - a move that demonstrates the growing desire among automakers to consolidate in an environment of increased regulatory pressure, sales declines and rising costs aimed at bringing next-generation technologies like self-driving cars to market. 

      177
    • Ford layoffs hit 7,000 jobs worldwide

      Ford layoffs hit 7,000 jobs worldwide

      Ford Motor Company announced on Monday that it will cut about 7,000 salaried workers, or roughly 10 percent of its global global workforce, in the coming months in a cost-cutting measure that officials said would save about $600m per year. According to the company's statement, the first wave of layoffs will begin tomorrow, 21 May and include 500 employees in the US only. In an email to employees, Ford CEO Jim Hackett added that job cuts in North America would be completed by the end of the week, with layoffs in international markets to conclude by the end of August.

      156
    • VW postpones decision on Eastern European plant

      VW postpones decision on Eastern European plant

      The German manufacturer Volkswagen announced this Monday that it has postponed its decision on where to build its new multibrand assembly factory in Eastern Europe, where some of the German group’s car models would be produced. Still, the group, has been given the greenlight by the Board of Supervisors of the project and its management to start final talks with the contenders for the investment, which is being estimated at approximately €1bn.

      662
    • Facebook expects to be hit with $3-5bn fine by the FTC

      Facebook expects to be hit with $3-5bn fine by the FTC

      In its quarterly results reported to investors, Facebook said on Wednesday that for now it was setting aside $3bn to pay in potential penalties to the Federal Trade Commission, but that the eventual number could be much higher by the time the FTC’s investigation is over. The possible FTC penalty “is not expected to be tax-deductible,” the company added in a footnote.

      242
    • US files first criminal charges against major drug distributor

      US files first criminal charges against major drug distributor

      In an unprecedented case, the US government on Tuesday filed its first criminal indictments against a major drug distributor and company executives over their alleged roles in fueling the nation’s opioid epidemic by putting profits ahead of patients’ safety. The US Attorney’s Office in Manhattan charged Rochester Drug Cooperative (RDC), the sixth-largest pharmaceutical distributor in the country, with conspiring to distribute drugs (such as oxycodone, fentanyl and others), defrauding the federal government, and failing to file suspicious order reports.

      254
    • EU car manufacturers to sue Nokia

      EU car manufacturers to sue Nokia

      German car manufacturer Daimler, parts maker Continental, the French Valeo, and Bury Technologies have levyied antritrust complaints against Nokia, regarding company’s alleged refusal to license mobile components that could be used in next-generation connected cars. In a statement issued yesterday, April 17, the Finland-based telecoms company said it had been notified of the complaints.

      387
    • Apple, Qualcomm at each other's throats

      Apple, Qualcomm at each other's throats

      Apple and Qualcomm have spent almost two years locked in an intense legal fight, suing one another across the globe, claiming monopolistic practices, patent infringement, and even theft. And while the Federal Trade Commission trial in January was just a dress rehearsal, on Monday the real showdown for the two companies started.

      350