NEW YORK (AP) — Stocks are sinking again as investors’ fears about tariffs and decreased international trade continue to hurt industrial companies. Banks are also falling as bond yields decline. Department stores and other retailers are losing ground after the Commerce Department said retail sales declined in February.
ATLANTA (AP) — A former Equifax executive who sold stock for nearly $1 million before the company’s massive data breach was publicly announced faces insider trading charges. Federal prosecutors announced today that a grand jury indicted Jun Ying, the former chief information officer of Equifax’s U.S. Information Solutions. They say Ying exercised all his available stock options and sold his Equifax stock after he received information in late August that caused him to realize Equifax was the victim of a breach.
NEW YORK (AP) — Elizabeth Holmes, a Stanford dropout who was once called the “next Steve Jobs,” is being charged with “massive fraud” by U.S. regulators for her actions while leading the blood testing startup Theranos. The company and Holmes have agreed to settle the case and pay a $500,000 fine. She is barred from serving as an officer or director of a public company for 10 years. The Securities and Exchange Commission said it will take its case against the president of the company, Sunny Balwani, to federal court.
DETROIT (AP) — Three class actions allege that General Motors, Fiat Chrysler, Volkswagen and Mercedes knew of problems with exploding Takata air bag inflators yet waited years to issue recalls. The lawsuits filed today cite company documents obtained through previous lawsuits. The plaintiffs allege that automakers were informed of inflator defects during tests but delayed taking action.
MEMPHIS, Tenn. (AP) — FedEx says it is investing more than $1 billion to modernize its Tennessee hub. It’s a move the shipping giant says will improve its efficiency and reliability as it delivers packages throughout the world. The company says the project will include construction of a new sorting facility and a bulk truck loading building. A new area will be constructed to improve handling of oversize shipments that have increased with the growth of internet commerce.