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Wires

  • Oct 20- Tesla Inc said on Friday it has increased its borrowing capacity for a car lease program to $1.1 billion from $600 million. The move comes as the electric car maker spends heavily to fix production bottlenecks of its new Model 3 sedan. In August, Tesla said it would raise about $1.5 billion through its first-ever offering of junk bonds as it seeks fresh...

  • WASHINGTON— Federal Reserve Chair Janet Yellen is defending the central bank's extraordinary efforts to fight the Great Recession and says they might be needed again. Yellen said in a speech Friday that the U.S. economy has made "great strides." During the recession, the Fed pushed short-term interest rates to zero.

  • CHICAGO, Oct 20- Monsanto Co sued Arkansas agricultural officials on Friday to stop a proposed summer ban on a weed killer linked to widespread crop damage beyond the major farm state's borders. To prevent damage, the Arkansas plant board advanced a proposal at a September meeting that put the state just one step away from banning dicamba sprayings after April...

  • SAO PAULO, Oct 20- The judge overseeing phone carrier Oi SA's bankruptcy case agreed on Friday to give creditors and the company more time to reconcile competing restructuring proposals, 16 months into Brazil's largest in-court reorganization. Others, all holding claims on debt-laden Oi, included the Ad Hoc Group of Oi Bondholders, Banco do Brasil, state...

  • Drugmaker GlaxoSmithKline said the Food and Drug Administration approved it late Friday. Studies paid for by Glaxo indicate its vaccine is more effective, preventing shingles in about 90 percent of people. Glaxo said the price of Shingrix without insurance will be $280 for two doses.

  • Oct 20- Experimental communications balloons provided by Alphabet Inc in collaboration with AT&T Inc will allow some of the carrier's customers in storm-ravaged Puerto Rico to send texts and access critical information on the internet, Alphabet said on Friday. This month, the U.S. Federal Communications Commission approved Alphabet's application to...

  • Oct 20- The chief executive of Canadian retailer Hudson's Bay Co, Gerald Storch, abruptly resigned on Friday, at a time when the department store company is in the middle of a strategic review and struggling to turn around sales. Storch will step down effective Nov. 1 to return to his advisory firm Storch Advisors, Hudson's Bay said in a statement.

  • NEW YORK, Oct 20- General Electric Co's new chief executive vowed on Friday to shed more than $20 billion worth of assets and hold executives accountable for failing to deliver profits after what he called "horrible" results in the third quarter. But the stock rebounded and closed up 1 percent at $23.83 after CEO John Flannery said he will focus the company on...

  • KENNER, La.— Authorities have found the body of a man who was killed during an explosion on an oil and gas platform in Louisiana's Lake Pontchartrain. Jefferson Parish Sheriff Joe Lopinto said a helicopter spotted the body of 44- year-old Timothy Morrison on Friday afternoon. Morrison, of Katy, Texas, was a contract worker on the platform when the explosion...

  • OTTAWA, Oct 20- Canadian Prime Minister Justin Trudeau's government has been badly shaken by a conflict-of-interest controversy about his finance minister, but the Liberal government's upcoming fiscal update offers an opportunity to reset the public focus on Canada's strong economy, political observers say. The government has been plagued all week about...

  • CHICAGO, Oct 20- Monsanto Co sued Arkansas agricultural officials on Friday to stop proposed restrictions on the use of a weed killer linked to widespread U.S. crop damage, setting up a legal battle between the agrichemical company and a major farm state. Last month, the Arkansas plant board advanced a proposal putting the state just one step away from banning...

  • up to 50,000 high-paying jobs and $5 billion- plus worth of investment. --New Jersey is offering a potential $7 billion in local and state tax credits if the company picks Newark and meets hiring commitments.-- Chicago assembled a committee of political and business leaders to work on its pitch and on Friday released several potential sites including a massive, but...

  • MENLO PARK, Calif.— Google's parent Alphabet Inc. said Friday that its stratospheric balloons are now delivering the internet to remote areas of Puerto Rico where cellphone towers were knocked out by Hurricane Maria. Two of the search giant's "Project Loon" balloons are already over the country enabling texts, emails and basic web access to AT&T customers with...

  • NEW YORK, Oct 20- It has been a rough 16 years for General Electric Co and its shareholders. When recently retired Chief Executive Jeff Immelt took over at the helm of GE in September 2001, the conglomerate was the most valuable U.S. publicly traded company, giving it outsized influence on the stock market. Immelt's successor John Flannery derided the results as "...

  • Oct 20- Alphabet Inc said on Friday it is collaborating with AT&T Inc to deliver limited internet connectivity to the hardest-hit areas of Puerto Rico through its "Project Loon" balloon project. Alphabet said some AT&T customers in Puerto Rico with LTE enabled phones will now be able to access limited internet connectivity- enough to send text messages and...

  • HOUSTON— The number of rigs exploring for oil and natural gas in the U.S. declined by 15 this week to 913.. Among major oil- and gas-producing states, Texas lost eight rigs, Alaska and Wyoming each declined by two and New Mexico and Utah each lost one. Arkansas, California, Colorado, Kansas, Louisiana, North Dakota, Ohio, Oklahoma, Pennsylvania and West Virginia were...

  • *Tax plan clears hurdle in Senate. Trump's drive to overhaul the U.S. tax code cleared a critical hurdle on Thursday when the Senate approved a budget measure that will allow Republicans to pursue a tax-cut package without Democratic party support. But Republicans, who control both the Senate and House of Representatives, have yet to produce a tax reform bill as a...

  • Storch has been the CEO of Toronto- based Hudson's Bay, which also operates the department store chain under its namesake, since January 2015. Hudson's Bay says it has retained an executive search firm to recruit a new CEO. The news comes after reportedly unsuccessful efforts this year to merge Hudson's Bay with department store operators Macy's Inc. and Neiman...

  • Oct 20- Tesla Inc said on Friday it has increased its borrowing capacity, related to an agreement, to $1.1 billion as the electric car maker spends heavily to fix production bottlenecks of its new Model 3 sedan. The company has increased the borrowing capacity to $1.1 billion from $600 million, under certain warehouse agreements, the company said in a filing.

  • SAN FRANCISCO, Oct 20- Social media company Snap Inc said on Friday it had laid off 18 people in its recruiting division, an unusual move for a young company with ambitious growth plans and a likely reflection of tough competition from Facebook Inc.. Venice, California- based Snap, the parent company of messaging app Snapchat, declined to comment beyond its...