Wires

  • In addition, Chiang vowed to work with the state's two giant public pension funds to change the management structure at the bank, which is California's oldest financial institution. California is the nation's largest issuer of municipal debt. Wells Fargo on Sept. 8 agreed to pay $190 million to settle a case by California prosecutors and federal regulators...

  • SINGAPORE, Sept 29- The global shipping industry, ravaged by collapsing revenues, defensive mergers and the failure of major player South Korea's Hanjin Shipping Co Ltd, is slowly waking up to the redeeming potential of technology. "This is way up there on the list of insanely complex systems with enormous impact on the global economy," says Trae Stephens of...

  • *Medak in southern India is major center for cheap antibiotics. Now, even the poorest villagers here in India's baking south point to the barren banks and frothy water and say they avoid going anywhere near it. A short drive from the bustling tech hub of Hyderabad, Medak is the heart of India's antibiotics manufacturing business: a district of about 2.5 million...

  • NEW YORK, Sept 28- Wells Fargo& Co's unprecedented move to strip Chief Executive John Stumpf of $41 million in stock awards has sent a chill through Wall Street with bankers fearful that a hardening political climate against corporate wrongdoing will encourage boards to be more aggressive about making them forfeit pay. "The Wells Fargo board made a mistake by...

  • ST. LOUIS, Sept 28- Investors may be expecting a U.S. interest rate increase in December, but Federal Reserve policymakers remain divided over whether the economy is mired in a rut, strong enough to withstand an immediate hike or hovering somewhere in between. "The low interest rate environment is not just a U.S. phenomenon, or simply a situation engineered by...

  • SAO PAULO, Sept 28- Brazilian steelmaker Cia Siderúrgica Nacional SA said on Wednesday it had no definitive deal to sell part of its stake in Congonhas Minerios SA, the country's No. 2 iron ore producer, following a report that it was considering a such sale. CSN, as the company is known, was responding in a filing to securities regulator CVM, which questioned the...

  • WASHINGTON, Sept 28- The U.S. Congress moved closer on Wednesday to finishing a stop-gap funding bill that would avert a looming federal government shutdown, after Republicans and Democrats agreed to help Flint, Michigan, resolve its drinking water crisis. The Senate voted 72-26 to adopt the short-term continuing resolution, or CR, that would keep federal...

  • SEATTLE— One of the largest producers of shellfish in the country is being sued over claims it permitted ongoing racial harassment and retaliatory discipline against a black maintenance mechanic. The U.S. Equal Employment Opportunity Commission said in a news release that it filed the lawsuit against Taylor Shellfish Wednesday in U.S. District Court.

  • NEW YORK, Sept 28- Maurice "Hank" Greenberg, the 91- year-old former chairman of former American International Group Inc, said at his fraud trial that he never would have considered doing a transaction that failed to pass muster with the insurer's lawyers and accountants. The trial finally got under way this month after more than 11 years of pursuit by three New...

  • CLEVELAND, Sept 28- The U.S. Federal Reserve should not delay interest rate hikes given the progress the economy has made and risks getting "behind the curve," Cleveland Fed President Loretta Mester said on Wednesday. If we wait to every data point lines up, we surely will get behind the curve, "Mester said in response to reporters questions following an event in...

  • WASHINGTON, Sept 28- A U.S. federal health agency said on Wednesday it had "expressly advised" Mylan NV that the drugmaker had improperly classified its EpiPen emergency allergy treatment in a way that allowed it to pay lower rebates to state health programs. A least one state has launched an investigation into whether Mylan failed to pay proper rebates to the...

  • SAN JUAN, Puerto Rico— Scotiabank filed a lawsuit against Puerto Rico's government Wednesday seeking repayment of a multimillion-dollar loan despite a debt moratorium imposed amid an economic crisis. The Canada- based bank's Puerto Rico operation argued in the filing that the moratorium is unlawful. A spokeswoman for Puerto Rico's Justice Department did...

  • Commuters going through Manhattan's Penn Station have some choice words for the country's busiest train station, none of them good. The plan calls for a new train hall in the historic James A. Farley Post Office across the street, which would be named the Daniel Patrick Moynihan Train Hall in honor of the late U.S. senator. The underground maze of concourses that is...

  • Gary Hirst, 64, was found guilty by a federal jury in Manhattan on all four counts he faced, including conspiracy, securities fraud and wire fraud charges, according to court records. District Judge Kevin Castel increased Hirst's bond from $1 million to $3 million and ordered the Florida resident be placed in custody until he could meet the new bail conditions.

  • SAO PAULO, Sept 28- Key Latin American currencies held steady on Wednesday after the Organization of the Petroleum Exporting Countries reached a deal in Algiers to limit oil production, triggering a sharp rise in oil prices. In a testimony before Congress, Fed Chair Janet Yellen said on Wednesday job creation has accelerated to unsustainable levels, though she...

  • Sept 28- Vertex Pharamceuticals Inc said the U.S. Food and Drug Administration expanded the use of its cystic fibrosis drug to treat a new subgroup of patients with the rare genetic disorder. The company said it now expects Orkambi revenue of $950 million to $990 million, down from $1.0 billion to $1.1 billion it had previously forecast. The FDA approved the use of...

  • MONTREAL/ NEW YORK, Sept 28- Reports of unruly. Some 10,854 plane rage incidents were reported to the International Air Transport Association by airlines last year, up from 9,316 incidents in 2014, IATA said. "The kind of behaviors that... might be acceptable on the ground take on a completely different complexion when you're in the air," said Tom Colehan, IATA's...

  • PHILADELPHIA— A university professor in Pennsylvania has been sentenced to a year and a day in prison on a conviction of defrauding NASA by letting graduate students and researchers do all the work on a $700,000 project. U.S. District Court Judge Harvey Bartle III also ordered Yujie Ding on Wednesday to pay a fine of $3,000 and restitution of $72,000.

  • Sept 28- Hitachi Ltd, Toshiba Corp and Mitsubishi Heavy Industries Ltd are in final talks to merge their nuclear fuel businesses as early as spring, the Nikkei business daily reported. The merger is expected to keep the nuclear operations of these companies afloat, even though most of Japan's nuclear reactors remain idle, the Japanese business daily reported.

  • PARIS, Sept 28- Volkswagen AG Chief Executive Matthias Mueller said on Wednesday he is hopeful the German automaker can reach agreement by the end of the year with the U.S. government on the size of a fine to settle a criminal investigation of the company's alleged violations of U.S. clean air laws. Speculation that the U.S. Justice Department will demand a...