Category: Business

California blames PG&E for Kincade wildfire in wine country

The Kincade wildfire in California’s wine country last October that forced some 2,000 people to flee homes was caused by PG&E Corp’s electrical transmission lines, the state’s Department of Forestry and Fire Protection (Cal Fire) said on Thursday. The news comes as a fresh blow to California’s largest utility that emerged from bankruptcy earlier this […]

Jailed executive in Wirecard scandal offers confession, lawyer says

The former head of a key subsidiary of Wirecard, who was arrested earlier this month, has admitted wrongdoing to prosecutors for his role in a multi-billion-euros fraud, his lawyer said on Thursday. It is the first known confession of wrongdoing in the collapse of one of Germany’s biggest companies. The unidentified jailed executive was the […]

U.S. judge approves transfer of jailed former VW executive to Germany

A U.S. judge in Detroit on Thursday approved the transfer to Germany of a former Volkswagen AG (VOWG_p.DE) executive imprisoned in the automaker’s diesel emissions scandal. In 2017, the U.S.-based VW executive Oliver Schmidt, who oversaw emissions issues, was sentenced to seven years in prison and fined $400,000, the maximum possible under a plea deal […]

With shift toward merit-based pay, Japan’s Hitachi to drop old ways

Hitachi Ltd (6501.T) is moving to scrap a remnant of one of Japan Inc’s most famous practices: seniority-based pay. The change reflects Hitachi’s transformation from a hardware-focused manufacturer into a services business and highlights the realisation that for many Japanese firms old-school human resources practices aren’t practical. The 110-year old conglomerate also needs to align […]

Key U.S. lawmakers back unions’ call for new airline bailout

Key U.S. House Democrats are backing a push by airline unions for a new round of government bailouts to keep workers employed in the face of tens of thousands of possible layoffs this fall, according to a letter encouraging other colleagues to sign on. In March, Congress approved $32 billion for the aviation industry to […]

U.S. FBI is leading an inquiry into the Twitter hack, sources say

The U.S. Federal Bureau of Investigation is leading a federal inquiry into the Twitter hacking, two sources familiar with the situation said, after hackers seized control of accounts belonging to Joe Biden, Kim Kardashian and others in what appeared to be a bitcoin scam. Earlier the FBI had said: “We are aware of today’s security […]

Twitter delays launch of new API software following hack

Twitter Inc (TWTR.N) said on Thursday it is delaying the launch of its new Application Programming Interface (API) following the recent hack of several high-profile accounts. “We have no evidence the incident had anything to do with our API, but we decided to move the launch to a more appropriate time,” Twitter said in a […]