State Street pays $94.3 million to settle U.S., state charges over hidden fund markups






(Reuters) - State Street Corp agreed to pay $94.3 million to settle federal and state regulatory charges it routinely overcharged mutual fund customers and other clients over roughly 17 years by adding hidden markups on back-office expenses.

Thursday’s settlements with the U.S. Securities and Exchange Commission and Massachusetts Attorney General Maura Healey resolve allegations that State Street overbilled clients by more than $170 million related to its custody of their assets.

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Japan Display to receive $100 million investment from Apple as part of bailout deal






TOKYO (Reuters) - Japan Display Inc (6740.T) said on Friday it would receive a $100 million investment from a customer, which a source said was Apple Inc (AAPL.O), as part of a bailout deal led by a Chinese investment firm for the smartphone screen maker.

Japan Display is facing a funding crunch due to Apple’s recent shift away from liquid-crystal displays (LCD) and disappointing sales of the iPhone XR, the only LCD model in Apple’s 2018 line-up.

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U.S. auto sales seen dropping in June: J.D. Power, LMC Automotive






(Reuters) - U.S. auto sales are expected to drop 1.5% in June from a year earlier, as higher prices continue to keep buyers away, according to industry consultants J.D. Power and LMC Automotive.

The consultancies estimate total U.S. vehicle sales of about 1.47 million units in June, with retail sales of new vehicles expected to drop 2.9% to 1.15 million units.

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Bayer lifted by new plan to tackle glyphosate lawsuits, Elliott approval






BERLIN (Reuters) - Bayer (BAYGn.DE) shares jumped on Thursday after it revealed plans aimed at resolving multi-billion dollar lawsuits linked to glyphosate, a move welcomed by activist shareholder Elliott, which has taken a sizeable stake in the chemicals company.

Shares in the German group, which have lost more than a fifth of their value since March, rose 8.7% to 60.86 euros, for their biggest daily gain in a decade. The company’s market capitalization rose by 4.8 billion euro on the day.

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U.S. judge orders Boeing to turn over documents in 737 MAX crash litigation






CHICAGO (Reuters) - A Chicago judge on Thursday ordered Boeing Co to turn over documents on the development of its 737 MAX aircraft after lawyers representing some Ethiopian Airlines crash victims said their clients were not prepared to accept an offer by the planemaker to settle litigation.

In a separate case, the families of victims of a 737 MAX crash on a Lion Air flight have agreed to settlement talks with Boeing.

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Trump decision on China tariffs depends on Xi meeting: U.S. official






(Reuters) - U.S. President Donald Trump’s decision on whether to impose a new round of tariffs on Chinese goods is contingent on the outcome of his meeting this weekend with Chinese President Xi Jinping, for which no preconditions have been agreed, a senior Trump administration official said on Thursday.

The official told Reuters that it also was unlikely that the United States would agree to lift restrictions on sales of U.S. products to Chinese telecom equipment maker Huawei Technologies.

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Boeing shares slip as grounded 737 MAX faces new hurdle






(Reuters) - Shares of Boeing Co (BA.N) fell 3% on Thursday after the U.S. aviation regulator found a new flaw in the 737 MAX jet, potentially delaying the aircraft’s return to service and piling more pressure on the planemaker’s suppliers.

Boeing was forced to ground its jet worldwide earlier this year following two fatal crashes, sending shockwaves through the global aviation sector.

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Google invests $1 billion to ease housing shortage near California headquarters






(Reuters) - Alphabet Inc’s Google announced on Tuesday it would set aside $750 million in land and $250 million in financing to spur developers in the San Francisco Bay Area to build at least 20,000 homes and rehabilitate other housing over the next decade.

Google, which told Reuters it has 45,000 employees in the region, has been the target of local activists who for several years have said the company’s growth and high salaries have contributed to rising rents and housing shortages. They have called on Google and other Silicon Valley tech companies to invest in affordable housing and rethink expansions.

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Facebook's cryptocurrency ambitions face privacy concerns, political backlash






SAN FRANCISCO/NEW YORK (Reuters) - Facebook Inc announced ambitious plans on Tuesday to launch a new global cryptocurrency called Libra, part of an effort to expand into digital payments that immediately raised privacy concerns.

The social networking giant has linked with 28 partners including Mastercard, PayPal and Uber to form Libra Association, a Geneva-based entity governing the new digital coin, according to marketing materials and interviews with executives. No banks are yet part of the group.

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