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Sunday September 25th 2016: Latest financial news from the worldFormer employees file class action against Wells Fargo
Two former Wells Fargo & Co employees have filed a class action in California seeking $2.6 billion or more for workers who tried to meet aggressive sales quotas without engaging in fraud and were later demoted, forced to resign or fired. The lawsuit on behalf of people who worked for Wells Fargo in California over the past 10 years, including current employees, focuses on those who followed the rules and were penalized for not meeting sales quotas. "Wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing promotions to employees who met these quotas by opening fraudulent accounts," the lawsuit filed on Thursday in California Superior Court in Los Angeles County said.
Snapchat to offer camera-equipped sunglasses in first hardware push
NEW YORK (Reuters) - Snap Inc, the newly renamed parent company of messaging app Snapchat, plans to start selling camera-equipped sunglasses starting this fall, Chief Executive Evan Spiegel told the Wall Street Journal in an interview. The sunglasses, dubbed Spectacles, will be sold via limited distribution for about $130, said Spiegel, who described the device as a toy. The first hardware to be sold by Snap, the sunglasses will record video from the user's perspective in 10-second increments that can be synched with his or her smart-phone. ...
Takata failed to report 2003 air bag rupture to U.S. road authority
By David Shepardson and Paul Lienert WASHINGTON/TOKYO (Reuters) - Japanese air bag supplier Takata Corp said it failed to inform the U.S. auto safety agency of a 2003 rupture of one of its air bag inflators in Switzerland, according to an internal Takata report released by U.S. regulators on Friday. Takata also said in the report that its U.S. arm, not the parent company, was largely responsible for designing, testing and producing tens of millions of defective air bag inflators. The National Highway Traffic Safety Administration (NHTSA) released a series of reports into Takata's defective air bag inflators, which have been linked to at least 14 deaths and more than 100 injuries and sparked the largest-ever auto recall.
U.S. presidential contest takes center stage for investors
Who becomes the next U.S. president will be a primary focus for Wall Street next week and beyond, starting on Monday with the first debate between candidates Hillary Clinton and Donald Trump. While the White House race has so far had little discernible effect on the market, that may soon change as polls show a tightening race. Clinton's once-comfortable lead in opinion polls has evaporated, and with just over six weeks until Election Day, some investors see a toss-up contest creating volatility in certain sectors, including health insurers, drugmakers and industrials.
Fed's internal split tied to dueling views on jobs outlook
The split at the Federal Reserve over when to next raise interest rates appears to hinge largely on disagreements over the labor market outlook, comments from policymakers on Friday suggest. When the Fed earlier this week decided to stand pat on rates, Fed Chair Janet Yellen said she felt the labor market had more room to run before it could overheat. On Friday one of the dissenters, Boston Fed chief Eric Rosengren, explained that his vote turned on his view that sharply falling unemployment could create a spike in inflation and actually trigger a recession.
Twitter initiates talks with tech companies over sale: source
A sale of Twitter has been the subject of on-again, off-again rumors for many months as the company grapples with stagnant user growth, soft advertising sales and losses running at hundreds of millions of dollars a year. CNBC, citing anonymous sources, reported on Friday that Twitter is in talks with companies including Google and may receive a formal bid soon. Twitter and Alphabet Inc, Google's parent company did not respond to a request for comment.
China's Dalian Wanda opens $5.1 billion tourism park
By Alexandra Harney SHANGHAI (Reuters) - Dalian Wanda Group, the Chinese entertainment giant owned by the country's richest man, opened the first phase of a sprawling 34 billion yuan ($5.1 billion) tourism park in the eastern city of Hefei on Saturday. Wanda is building similar projects around the country, betting that China's rising incomes will drive more domestic tourism. In an interview with Reuters last month, chairman Wang Jianlin said that Wanda would look to build at least 20 such complexes in China.
Canada Unifor union sets tentative strike deadline for Fiat Chrysler
By Ethan Lou TORONTO (Reuters) - Canada's Unifor union has set a tentative strike deadline of midnight Oct. 10 for talks with Fiat Chrysler Automobiles NV , the labor group said on Saturday as it prepares to vote on a related deal with General Motors Co . Unifor, which represents close to 10,000 Fiat Chrysler workers in Canada, said in a statement the strike deadline of 11:59 p.m. will stand if talks with Fiat Chrysler begin "immediately" after the union ratifies its contract with General Motors Co on Sunday.
Target shakes up online leadership with eye on rivals
By Nandita Bose CHICAGO (Reuters) - Target Corp said on Friday its chief digital officer has left the company amid a company overhaul of its e-commerce operations to boost online sales and better compete with larger rivals such as Amazon.com Inc . Target said Jason Goldberger, who had been with the company for four years, will leave immediately.
Hanjin says cargo owners withholding $80 million in payments
By Tom Hals WILMINGTON, Del (Reuters) - Failed South Korean container carrier Hanjin Shipping Co Ltd told a U.S. judge on Friday that cargo owners were withholding up to $80 million in payments for completed shipments, complicating the company's ability to move stranded freight. "Hanjin is not the only bad guy here," Ilana Volkov, an attorney for the shipping company, said at a status hearing at a U.S. Bankruptcy Court in Newark, New Jersey. Hanjin lawyers said that many cargo owners had received their goods on credit but have yet to pay the shipping company.
2017 North American Car, Truck and Utility Vehicle of the Year Award semifinalists announced
Snapchat Spectacles, glasses with a camera, coming this fall
Oculus founder Palmer Luckey's role in Clinton smear group remains murky
'The Simpsons' pays tribute to 'Adventure Time' in couch gag
Facebook or Twitter for the presidential debate? You want to agree or argue?
Which smart bulbs should you use with Alexa?
Trim your wireless bill -- skip that phone upgrade
Possible Snapchat glasses with camera emerge in leaked video
Welcome to the club, Yahoo: 10 other massive hacks
Yahoo already hit with lawsuits over hack
Polyester pants dampen rats' sex appeal: Ig Nobel prizes honor weird research
It'll grow on you: Check out America's best facial hair
Hackers post image of Michelle Obama's passport
Confirmed: Fruit Ninja game will be blended into a big-screen film
New Google Wi-Fi router may share stage with Pixel phone Oct. 4
Twitter buyout rumors hint at Google, Salesforce interest
SpaceX zeroes in on cause of spectacular rocket explosion
Eric Trump says millennials admire his dad because he's like Zuckerberg
G2 Crowd: Crowdsourced software reviews lead to enterprise insights
Is Kia's 200-hp Soul heading to the US?
Lindsey Stirling's sterling YouTube career
The 404 Show 1677: The iPhone's headphone jack vs. lightning port, Italy, Palmer Luckey (podcast)
Steve Guttenberg has done the legwork and has declared a winner in the battle of the iPhone's headphone jack versus the lightning port. Which one sounds better? We'll also talk about Jeff's Italian vacation, what the hell is up with Palmer Luckey and much more.
UPS tests time-sensitive deliveries by drone
VW releases some sketchy pictures of its 300-mile Parisian EV concept
Play a VR video game on this real roller coaster
Star Wars fan film humanizes the Stormtroopers
Want to sell your iPhone 6? Do it now.
T-Mobile outage? Customers wouldn't know the difference, says Verizon
Japanese antitrust regulators weigh action against Apple, carriers
Meet the man working with NASA on a real-life tractor beam
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