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  • LONDON/ CHICAGO May 20- Shortly after 7 p.m. on January 12, 2015, a message from a secure computer terminal at Banco del Austro in Ecuador instructed San Francisco- based Wells Fargo to transfer money to bank accounts in Hong Kong. Wells Fargo has countered that security lapses in BDA's own operations caused the Ecuadorean bank's losses. SWIFT, an acronym for the...

  • BEIJING, May 20- China's government has approved a plan to clean up the country's online financial sector, according to people with direct knowledge of the matter, including rules to limit the activities of P2P lending firms, the source of recent fraud scandals. The plan, drafted by China's central bank, follows a mid-April video-conference with 14 ministries...

  • BEIJING, May 20- China's government has approved a sweeping plan to clean up the country's online financial sector, according to sources with direct knowledge of the matter, including rules to limit the activities of P2P lending firms, the source of recent fraud scandals. The government plan, which was drafted by China's central bank, follows a mid-April...

  • LONDON/ CHICAGO May 20- Shortly after 7 p.m. on January 12, 2015, a message from a secure computer terminal at Banco del Austro in Ecuador instructed San Francisco- based Wells Fargo to transfer money to bank accounts in Hong Kong. Wells Fargo has countered that security lapses in BDA's own operations caused the Ecuadorean bank's losses. SWIFT, an acronym for the...

  • The shares were priced at $215 by lead managers Morgan Stanley, Goldman Sachs Group Inc, Deutsche Bank AG, Citigroup Inc and Bank of America Merrill Lynch, IFR said. The pricing is lower than its previous sale price of $242 in August 2015 and below a year high of $286.65 hit in July 2015. The Palo Alto, California- based carmaker said on Wednesday it planned to sell up to...

  • Speaking at a media event in San Francisco on Thursday, Apple executives offered a sneak peak of a new store that features design elements that will later roll out to more locations worldwide, including new spaces for socialization and collaboration. Like the new campus, the San Francisco store features terrazzo floors, and the ceiling fixtures are also...

  • WASHINGTON, May 19- Google has no plans to expand its partnership with Fiat Chrysler Automobiles NV to create a self-driving car, the program chief at the Alphabet Inc unit said on Thursday, affirming that the technology company was still in talks with other potential partners. Earlier this month, Google and Fiat Chrysler agreed to work together to build a fleet...

  • "Old Navy's near-term growth ambitions will be anchored in North America, including its most recent debut of company-operated stores in Mexico, as well as China and its global franchise operations," the company said in a statement. The retailer had 1,029 Old Navy stores in North America and 69 in Asia, as of April 30. It also has 607 Banana Republic stores in North...

  • NEW YORK— Gap Inc. said Thursday that it is shuttering 75 Old Navy and Banana Republic stores outside North America as the struggling company looks to focus on regions where it sees it has the greatest potential for success. The closures include 53 Old Navy stores in Japan, Gap said. All three brands— Gap, Old Navy and Banana Republic— suffered declines in a key sales...

  • SAN FRANCISCO _ Gap Inc. on Thursday reported fiscal first-quarter net income of $127 million. On a per-share basis, the San Francisco- based company said it had net income of 32 cents. The average estimate of 16 analysts surveyed by Zacks Investment Research was also for earnings of 32 cents per share.

  • The iPhone maker is overhauling its nearly 480 stores worldwide, starting with its new two-story location in San Francisco. Apple provided a glimpse of its revised approach to retailing on Thursday, the 15th anniversary of the company's first stores in Virginia and California. The San Francisco store, scheduled to open to the public Saturday, is supposed to...

  • DETROIT— Uber is testing a self-driving car on public streets in Pittsburgh. The San Francisco ride-hailing company says Pittsburgh is an ideal place to test self-driving cars because it has a wide variety of weather and road types. Uber Technologies Inc. announced a partnership with Pittsburgh's Carnegie Mellon University last year.

  • SHENZHEN, China— Forget Beijing and Shanghai. China's economic future is emerging in Shenzhen. Formerly a collection of fishing enclaves next door to Hong Kong that became the epicenter of China's manufacturing-driven miracle, Shenzhen is reinventing itself again by staking its future growth on finance, technology and culture. Divided from the former...

  • May 18- Salesforce.com Inc, a marketing-and-sales software provider for 17 years, may be joining the ranks of the technology old-guard, but the 27 percent first-quarter revenue growth it posted on Wednesday still showed some startup zip. The company also provided a rosy outlook, raising its full-year revenue forecast and predicting that technology like...

  • DETROIT/ SAN FRANCISCO, May 18- Tesla Motors Inc will offer up to $1.7 billion of new common stock to finance the accelerated launch of its new Model 3 electric sedan, the electric luxury car maker said on Wednesday. They were $206.59 in after market trading, well below the $242 a share price at which the company last issued new shares, in August 2015.

  • They included executives from traditional retailers like Wal-Mart Stores Inc. and e-commerce upstarts that are disrupting the industry with names like Bonobos and Stitch Fix, both of which offer personalized services for clothing. They came together this week as the health of the retail sector and the future of shopping is under the spotlight in the wake of...

  • May 18- Tesla Motors Inc said it would offer $2 billion of stock to help finance the accelerated launch of its new Model 3 electric sedan. Tesla Chief Executive Elon Musk surprised investors last month with his decision to speed up the introduction of the Model 3, a smaller, less expensive car than Tesla has built, and expand production capacity at the Tesla plant...

  • The company's net income rose to $38.8 million, or 6 cents per share, in the first quarter ended April 30 from $4.1 million, or 1 cent per share, a year earlier. Analysts on average had expected a profit of 23 cents per share on revenue of $1.89 billion, according to Thomson Reuters I/B/E/S. For the full year, Salesforce said it expects revenue of $8.16 billion- $8.20...

  • SAN FRANCISCO _ Salesforce.com Inc. on Wednesday reported fiscal first-quarter earnings of $38.8 million. Sixteen analysts surveyed by Zacks expected $1.89 billion. For the current quarter ending in August, Salesforce.com expects its per-share earnings to range from 24 cents to 25 cents.

  • WASHINGTON— Catching many investors off guard, the Federal Reserve made clear Wednesday that an interest rate hike in June is likely if the economy keeps improving. The minutes of their most recent meeting in late April showed that Fed officials widely felt it would be time to raise rates at their June 14-15 meeting as long as hiring and economic growth...