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Judge approves Takata’s U.S. bankruptcy plan

WILMINGTON, Del. (Reuters) – Takata Corp’s U.S. unit received court approval for its bankruptcy exit plan, a plaintiffs’ law firm said on Saturday, clearing the way for a $1.6 billion sale of Takata assets and providing compensation for those injured by the company’s deadly air bags. Takata and its U.S. unit, TK…

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Stock volatility: back with a bang and here to stay

NEW YORK (Reuters) – U.S. stock markets are unlikely to return to the unusually calm conditions seen last year, even though equities have already recovered more than half the ground lost in the recent selloff and traders have rapidly dialed down fear. Stock market volatility spiked to a multi-year high in the…

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Tesla delays, tax credit concerns spur sales of Chevy Bolts

SAN FRANCISCO (Reuters) – Some potential buyers of Tesla’s long-delayed Model 3 sedan are concerned that they will miss out on big federal tax breaks and are looking for alternatives, including General Motors Co’s (GM.N) Chevrolet Bolt, according to postings by would-be Tesla buyers on websites and interviews with GM dealers. Last…

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Trader sues Fidelity over website glitch during market rout

BOSTON (Reuters) – A New Jersey trader filed a lawsuit against Fidelity Investments, accusing it of “gross negligence” because he could not make trades on the company’s website earlier this month during a volatile time on the stock market. The complaint by Christopher Musso comes after mutual fund company Fidelity, which also…

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GE faces shareholder lawsuit over insurance shortfall, SEC probe

NEW YORK (Reuters) – General Electric Co was sued on Friday by a shareholder who accused the conglomerate of concealing mounting insurance liabilities and a U.S. Securities and Exchange Commission probe, saying it cost shareholders tens of billions of dollars. The complaint filed by the Cleveland Bakers and Teamsters Pension Fund appears…

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Uber plans to sell Southeast Asia business to Grab: CNBC

(Reuters) – Uber Technologies [UBER.UL] is preparing to sell its Southeast Asia ride-hailing business to Singapore-based Grab in return for a substantial stake in the company, CNBC reported, citing two sources familiar with the matter. No deal has been reached yet and the timing of any deal is uncertain, the report said.…

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Dashed hopes for Mexico oil boom leave Gulf Coast hotels idle

MEXICO CITY (Reuters) – When a Mexican real estate investment trust bought four hotels along the country’s Gulf coast operating under the Marriott, Quality Inn and Fiesta Inn brands, it expected the government’s recent energy reform to attract droves of oil executives, engineers and technicians. Instead, FibraHotel’s properties in Ciudad del Carmen…

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Pot Pharm: Booming Canada weed sector plots next-wave medicines

TORONTO (Reuters) – Canopy Growth Corp, one of the world’s biggest medical marijuana producers, now wants to take on the world’s pharmaceutical giants. The Canadian firm launched Canopy Health Innovation in late 2016 to build a portfolio of patented and federally approved cannabinoid-based medicines. The venture is one of a small but…

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Audi chairman rubbishes report of CEO Stadler ouster

BERLIN (Reuters) – Audi (NSUG.DE) Chairman Matthias Mueller appealed to workers to ignore a media report that Chief Executive Rupert Stadler was about to be ousted, hoping to quell another outbreak of unrest at the diesel scandal-hit Volkswagen group. German tabloid Bild reported on its front page on Friday that Stadler would…

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Lost in translation? GM plant shutdown shocks South Korea

SEOUL (Reuters) – Only weeks into a new job heading General Motors Co’s international operations, Barry Engle flew into a frigid South Korea in January and held a series of meetings with government officials to discuss the future of GM’s loss-making local unit. In what they thought were meet-and-greet introductions, senior officials…

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As mining investors push caution, Glencore differs from rivals

TORONTO/MELBOURNE (Reuters) – As shareholders push the world’s cash-rich miners to maintain lush dividends and make the most of existing assets, Glencore is taking a slightly different tactic that positions it for shrewd acquisitions. Like other big rivals, Glencore is expected to lift its dividend payout when it reports results next week,…

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