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News Highlights : Top Company News of the Day

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05/17/2018 | 05:16pm CEST
Wells Fargo Altered Information on Business Customers' Documents 
 

Some employees in a Wells Fargo unit that handles business banking improperly altered information on documents related to corporate customers. The behavior again raises questions about the bank's risk-management practices and controls.

 
Walmart Sales Boosted by Increased Customer Spending, Grocery Growth 
 

Walmart said its revenue rose a better-than-expected 4.4% in the first quarter as its U.S. stores benefited from more customers, increased spending by them and growth in its grocery business.

 
FDA Calls Out Drug Makers That Improperly Block Generic Competition 
 

The Food and Drug Administration took the aggressive step of publicly exposing drug companies it says may be gaming the system by improperly blocking competition from generics.

 
YouTube to Launch New Music-Streaming Service Tuesday 
 

Google said its YouTube unit will roll out a new music-streaming service, YouTube Music, on Tuesday.

 
China Approves Toshiba's $18 Billion Sale of Its Memory-Chip Unit 
 

China has approved U.S. private-equity firm Bain Capital's $18 billion deal to acquire Toshiba Corp.'s memory-chip unit, a gesture of goodwill from Beijing as it tries to stave off U.S. trade punishment.

 
Kroger Turns to U.K. Online Grocer to Lift Its Digital Business 
 

Kroger is investing in a British online grocer as the U.S.'s largest supermarket chain seeks to compete with Amazon.com Inc.'s expanding food-retail operation and Walmart Inc.'s digital deals.

 
Maersk to Cut Services as It Battles Shipping Glut 
 

A.P. Moller-Maersk A/S said it would cut back on capacity to combat falling freight rates and rising fuel costs, after the Danish shipping giant reported a weak first quarter that sent its shares down about 8%.

 
Citigroup Fined More Than $7 Million by Hong Kong Regulator 
 

The Securities and Futures Commission said Citigroup hadn't conducted "adequate and reasonable due diligence" on some aspects of the listing of Chinese company Real Gold Mining, for which it acted as sponsor.

 
J.C. Penney Sees Sales Decline 
 

On an adjusted basis, the retailer posted a loss of $69 million, or 22 cents a share, compared to profit of $2 million, or 1 cent a share, a year ago.

 
Power Play: How China-Owned Volvo Avoids Beijing's Battery Rules 
 

Chinese-owned Volvo Car Group is being allowed to use high-end South Korean battery technology in the electric hybrid vehicles it builds in China, even as Beijing strong-arms other auto makers into using Chinese batteries.

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