Category Archives: CNN – Business

Tesla’s general counsel leaves the company after two months

Tesla’s general counsel leaves the company after two months

Tesla’s general counsel is leaving the company after just two months on the job — the latest in a series of executive departures at Elon Musk’s electric car company. Dane Butswinkas, who joined Tesla in December, will return to his legal practice at Williams & Connolly in Washington, the company said in a statement Wednesday.…MORE

Swiss banking giant UBS fined more than $5 billion in fraud case

Swiss banking giant UBS fined more than $5 billion in fraud case

UBS faces a massive financial penalty in France after a court there ruled that the Swiss bank helped its wealthy clients avoid taxes. The court delivered its verdict in Paris on Wednesday, ordering the bank to pay €4.5 billion ($5.1 billion) and finding it guilty of money laundering and illegal client solicitations. The fines include…MORE

Japan Inc poured billions into Britain. Now it’s having regrets

Japan Inc poured billions into Britain. Now it’s having regrets

Japan’s top companies are losing patience with the United Kingdom as Brexit fast approaches. Honda became the latest to reduce its exposure to the British economy, announcing Tuesday that it will shutter its only manufacturing plant in the country by 2021, a move that is expected to result in the loss of at least 3,500…MORE

FAA investigating Southwest over baggage weight data

FAA investigating Southwest over baggage weight data

The US Federal Aviation Administration is investigating how Southwest Airlines tracks the weight of checked bags on its flights. The FAA began its probe in February 2018, the FAA said told CNN Business on Monday. “Since that time, the FAA has directed the development of a comprehensive solution to the methods and processes used by…MORE

Honda is closing its only British factory, wiping out 3,500 jobs

Honda is closing its only British factory, wiping out 3,500 jobs

Honda has just dealt the United Kingdom’s auto industry a huge blow. The Japanese carmaker said Tuesday that it will shut down a major manufacturing plant in the English town of Swindon that employs 3,500 people. Thousands more jobs will be put at risk at suppliers and other businesses. Honda has made more than 3…MORE

Saudi Arabia seeks Asia’s support for its economic makeover

Saudi Arabia seeks Asia’s support for its economic makeover

Saudi Arabia’s crown prince is in Asia forging new ties and seeking deals as he tries to keep his dream of economic transformation alive following a chill in relations with the West. Mohammed bin Salman wrapped up his visit to Pakistan on Monday with agreements worth $20 billion — including one to develop alternative energy…MORE

Retailers are resisting UK plans for deposits on all plastic drink bottles

Retailers are resisting UK plans for deposits on all plastic drink bottles

Retailers are pushing back against UK government plans for a deposit return program designed to encourage recycling of plastic bottles and aluminum cans. The government is considering whether deposits on bottles should apply to all drink containers, or be limited to containers that are 750 milliliters (26.4 fluid ounces) or less. Environmental groups overwhelmingly support…MORE

Carmakers brace for a terrible year as China’s slowdown deepens

Carmakers brace for a terrible year as China’s slowdown deepens

After a tough 2018, global automakers look set for another bruising year. Data published Monday show that the slowdown in China, the world’s biggest car market, is getting worse. And the United States is considering imposing tariffs on imported cars, a move that would hit global brands hard. Passenger car sales in China slumped by…MORE

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