Wells Fargo said on Thursday that it would compensate around 570,000 customers with car loans who were harmed by being forced to buy auto insurance. The bank estimated the total cost at around $80 million. Auto-loan contracts require customers to have comprehensive insurance for potential damage, and the bank was permitted under the contracts to […]
Read moreJapan’s Ministry of Finance (MOF) said on Friday the country will raise tariffs on frozen beef imports from the United States and other countries from August to protect domestic producers. Tariffs on frozen beef will jump to 50 percent from the current 38.5 percent between Aug. 1 and the end of March next year, as […]
Read moreUnder pressure from widespread illegal narcotics distribution, Southeast Asia’s largest economy has expressed a willingness to let authorities shoot down drug dealers, sparking fears the country could embark on a Philippine-style drug war. In a speech last week, Indonesian President Joko Widodo, or Jokowi, said his country faced a “narcotics emergency” and recommended police to […]
Read moreSHENZHEN, China — Chinese tech firm Huawei has clawed its way to the top in China and now it wants to clobber Apple and Samsung globally by selling to richer customers. “We’re more focused on developed countries, instead of developing countries,” Richard Yu, CEO of Huawei’s consumer business group, told CNBC. That’s because they’re more […]
Read moreMeg Whitman dismissed speculations on Friday morning Asia time that she may join Uber as a replacement for its former chief, Travis Kalanick. Whitman, who is currently CEO of Hewlett Packard Enterprise, emerged as a front-runner in the ride-hailing company’s search for a new chief executive officer after Kalanick stepped down in June, following pressure […]
Read moreEmbattled Japanese Defence Minister Tomomi Inada said on Friday she was resigning, after a series of gaffes, missteps and a cover-up at her ministry that have contributed to a sharp plunge in public support for Prime Minister Shinzo Abe. Inada, an Abe protege who had been seen as a possible future premier, was expected to […]
Read moreWells Fargo required more than 800,000 customers who took out car loans to buy auto insurance they did not need, the New York Times reported, citing an internal report from the bank. The cost of the unnecessary insurance pushed around 274,000 customers into delinquency and resulted in nearly 25,000 wrongful vehicle repossessions, the article said, […]
Read moreSHENZHEN, China — Chinese tech firm Huawei has clawed its way to the top in China and now it wants to clobber Apple and Samsung globally by selling to richer customers. “We’re more focused on developed countries, instead of developing countries,” Richard Yu, CEO of Huawei’s consumer business group, told CNBC. That’s because they’re more […]
Read moreJapanese household spending in June jumped the most since 2015 as job availability improved to a fresh 43-year high, in a sign the tightening labor market is helping push up wages and consumer spending — albeit gradually. Underscoring stubbornly low inflation despite the tightening job market, core consumer prices rose just 0.4 percent in June […]
Read moreAmazon’s stock price dropped more than 3 percent in after-hours trading on Thursday after the e-commerce giant recorded a smaller second-quarter profit as expense growth outstripped revenue growth. One reason: Amazon is spending heavily on hiring. The company saw a 51 percent increase in general and administrative costs, of which employee salaries typically make up […]
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