Breaking business news: Wells Fargo hit by legal costs, revenue misses Street view

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Friday, October 13, 2017

Wells Fargo hit by legal costs, revenue misses Street view

(Reuters) - Wells Fargo & Co earnings scraped past Wall Street estimates but revenue missed for the fourth straight quarter, sending shares of the third-largest U.S. bank by assets down 3 percent in pre-market trading.

Consumer banking powers BofA profit beat

(Reuters) - Bank of America Corp's profit surged 15 percent in the third quarter as higher U.S. interest rates boosted income from consumer banking and the lender also met its own target on cost control.

Dollar heads for worst week in five as stocks cheer record streak

LONDON (Reuters) - World stocks advanced for a fourth straight day on Friday on expectations of broad-based global growth, while the dollar was on course for its worst week in five as investors awaited U.S. inflation data.

Amazon Studios chief Roy Price suspended following harassment allegation

SAN FRANCISCO (Reuters) - Amazon Studios chief Roy Price was put on an immediate leave of absence Thursday, the company said, following allegations that he harassed a producer and ignored an actress's claim of a sexual assault by producer Harvey Weinstein.

Samsung Electronics CEO Kwon announces shock resignation as profits surge

SEOUL (Reuters) - Samsung Electronics Co Ltd said on Friday its CEO and Vice Chairman Kwon Oh-hyun plans to step down from management, deepening concerns over a leadership vacuum at the tech giant after group scion Jay Y. Lee was jailed for bribery.

Cyclical sector rally banks on global economic expansion

NEW YORK (Reuters) - U.S. stock sectors that are particularly dependent on economic growth recently grabbed hold of the market’s rally and are poised to keep the reins should further signs of global expansion emerge.

As crisis at Kobe Steel deepens, CEO says cheating engulfs 500 firms

TOKYO (Reuters) - The cheating crisis engulfing Kobe Steel Ltd just got bigger.

Airbus CEO warns of significant fines over corruption probe

PARIS (Reuters) - Airbus Chief Executive Tom Enders reiterated on Friday the group could face significant fines as the result of UK and French corruption investigations into the use of middlemen in plane sales.

BASF to buy seeds, herbicide businesses from Bayer for $7 billion

FRANKFURT (Reuters) - BASF has agreed to buy seed and herbicide businesses from Bayer for 5.9 billion euros ($7 billion) in cash, as Bayer tries to convince competition authorities to approve its planned acquisition of Monsanto .

EU clears Atlantia-Abertis tie-up as ACS readies rival bid

BRUSSELS/FRANKFURT/MILAN (Reuters) - Atlantia's 17-billion-euro ($20 billion) bid for fellow toll road operator Abertis won unconditional EU antitrust clearance on Friday as Spanish builder ACS looked to prepare a rival bid.

Breaking business news: Wells Fargo hit by legal costs, revenue misses Street view

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