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NEW YORK (AP) — Shares in Unilever, the owner of brands like Hellman’s, Lipton, and Knorr, are down sharply after rival Kraft Heinz withdrew a $143 billion takeover offer. The companies said Sunday in a joint press release that Kraft Heinz has “amicably” abandoned the offer. Shares in Unilever slumped 6.5 percent on Monday to 41.91 euros in Amsterdam, one of the places they’re listed. They’d jumped 14 percent on Friday. The deal would have combined Kraft Heinz products such as Oscar Mayer, Jell-O and Velveeta with Unilever’s stable of brands, which include food as well as other consumer goods like Dove soap and Vaseline. The merged company would have rivaled Nestle as the world’s biggest packaged food maker by sales. Read more
NEW YORK (AP) — Customers are still turning their backs on Wells Fargo after a scandal over sales practices, with the bank saying Friday the number of new checking accounts people opened was down 31 percent in January from a year earlier. Applications for credit cards were even worse, dropping 47 percent. Branch bankers had 14 percent fewer interactions with customers. Wells Fargo has been releasing monthly reports on these figures since the outcry over its sales practices as a sort of “report card” on how the bank has been dealing with the scandal. Read more
ULAANBAATAR, Mongolia (AP) — The Mongolian government and envoys from the International Monetary Fund said Sunday that they and other partners have agreed on terms for a more than $5 billion loan package to the north Asian country to help get its economy back on track. The deal is subject to approval by the IMF’s executive board, which is expected to consider Mongolia’s request in March. Read more
LONDON (AP) — Uber’s chief executive ordered an urgent investigation Monday into a sexual harassment claim made by a female engineer who alleged her prospects at the company evaporated after she complained about advances from her boss. Travis Kalanick responded on Twitter to an open statement by Susan Fowler Rigetti about her year at the ride-hailing app. In a blog post titled “Reflecting On One Very, Very Strange Year At Uber,” Rigetti says the company’s human resources department ignored her complaints because her boss was a high performer. Read more
President Donald Trump’s administration is working to dismantle a complex set of financial rules including the “fiduciary rule,” which requires certain financial professionals to act in their clients’ best interests when providing retirement advice. The rule’s future is unclear, but here’s what you need to know now. Read more
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