Business

Kasich blocks Wells Fargo from contracting with state

The bank did not specify how much money it has set aside to pay upcoming legal settlements, however it did say expenses jumped 7 percent last quarter in part due to higher "litigation accruals". The scandal is forcing the firm to scale back its push to sell more products to customers. Colorado's largest, reported third-quarter earnings Friday with net income of $5.6 billion, down from $5.8 billion at this time a year ago.

Business

'Trendy' caramel-filled M&Ms to hit the shelves come spring

A Mars spokesperson told Business Insider that the company spent a little over two years developing the caramel M&M. Others include crispy (pretzel), smooth (milk and chocolate) and nutty (peanut). The company invested $100 million in its new manufacturing plant in Topeka, Kansas where the candy is being produced. It plans to hire 70 employees to run the operation.

Business

IBM Slips Despite Q3 Earnings Beat; Reiterates Year Profit View

Earnings reaction history tells us that the stock moved down 20 times out of last 27 quarters. Since 2015, IBM has bought more than 25 companies. International Business Machines Corporation (NYSE: IBM ) is worth US$148.78 Billion and has recently risen 0.47% to US$154.45.

Business

PepsiCo announces global target for sugar reduction in soft drinks

PepsiCo India's chairman and CEO D Shivakumar said, "We launched a lower sugar 7UP in Gujarat recently, which replaces the existing formulation". PepsiCo also set goals to reduce the proportion of products with higher levels of saturated fat and sodium as part of a broader set of sustainability targets unveiled Monday.

Business

US factory production rebounded in September

Preliminary data last month showed a 1.5 percent increase. Mining production, which includes oil drilling, increased 0.4 percent, reflecting stabilization in the price of oil and other commodities. Last month, industrial production was supported by a 0.2 percent rise in manufacturing output, which followed a 0.5 percent drop in August. The utilities index fell 1.0% in September after falling 0.3% in August.

Business

Crown Resorts employees detained by Chinese authorities

Several Australian media outlets have reported the detentions were for alleged gambling-related offences connected to marketing activities involving Crown Resorts properties. The fallout has been swift. Crown shares fell 11 percent in early trading, reflecting concerns about the Melbourne-based company's ability to continue to attract wealthy Chinese gamblers to its casinos in Australia.