Category Archives: CNN – Business

The SEC is accusing Volkswagen and its former CEO of ‘massive fraud’

The SEC is accusing Volkswagen and its former CEO of ‘massive fraud’

The US Securities and Exchange Commission is suing Volkswagen, accusing the German carmaker of carrying out “a massive fraud” by cheating on emissions tests. The American market regulator said late Thursday that Volkswagen and former CEO Martin Winterkorn fraudulently raised billions of dollars from investors, including by overplaying the firm’s environmental credentials. The German company…MORE

Volkswagen CEO apologizes after appearing to reference Nazi slogan

Volkswagen CEO apologizes after appearing to reference Nazi slogan

The chief executive of Volkswagen has apologized after appearing to reference a notorious Nazi slogan while talking about the company’s profits. Speaking at a Volkswagen management event in Germany on Tuesday, Herbert Diess used the expression “Ebit macht frei.” The phrase sounds similar to “Arbeit macht frei,” a phrase inscribed the gates of Auschwitz and…MORE

Boeing faces dual crises after crash and grounding

Boeing faces dual crises after crash and grounding

Boeing has two tough problems to solve. A tragic crash of an Ethiopian Airlines jet that killed 157 people Sunday led to the worldwide grounding of its 737 Max jets, the company’s most crucial plane. Now Boeing has to figure out how to fix the jets, and how to repair its reputation. “This is a…MORE

Huawei pleads not guilty to charges it violated US sanctions on Iran

Huawei pleads not guilty to charges it violated US sanctions on Iran

China’s Huawei pleaded not guilty Thursday to all charges that it violated US sanctions on Iran and obstructed justice in the investigation that followed. A federal judge scheduled the next court appearance for April 4. The case in Brooklyn is one prong of a broader pressure campaign against the Chinese technology company by the US…MORE

Dollar General will open 975 stores this year

Dollar General will open 975 stores this year

Dollar General keeps expanding even as discount rivals like Family Dollar shrink. The company said Thursday it will open 975 new stores in the United States this year. Dollar General will also remodel 1,000 older stores with new queue lines to drive last-minute impulse buys. It will also spruce up its health and beauty sections.…MORE

China says it will now treat US companies more fairly. They’re not convinced

China says it will now treat US companies more fairly. They’re not convinced

China claims it’s about to create a level playing field for international companies, but many of them are still wary of expanding their presence in the world’s second largest economy. Beijing has promised that a new foreign investment law will introduce measures to better protect overseas companies operating in China. It says the law, which…MORE

Rite Aid’s CEO is out as company cleans house

Rite Aid’s CEO is out as company cleans house

Rite Aid is shaking up its leadership ranks and slashing 400 jobs as the company struggles to adapt to changes in the retail and pharmacy industries. The drug store chain said Tuesday that it will replace three top executives, including CEO John Standley, who has led Rite Aid since 2010, as well as the company’s…MORE

Toyota is working on a moon buggy

Toyota is working on a moon buggy

In about 10 years, Toyota hopes to be shuttling people around the moon. The automaker has teamed up with Japan’s space agency to build a fuel cell-powered electric lunar rover that they aim to send into space in 2029. The vehicle will be able to carry two people and travel thousands of miles across the…MORE