News Highlights: Top Company News of the Day

Features Dow Jones Newswires

Chinese Deal Maker Held in Corruption Probe

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Anbang Insurance Chairman Wu Xiaohui, whose company owns New York's Waldorf Astoria hotel, was detained by a special Chinese investigative unit looking at economic crimes.

JHL, QVT, Shenghe Win Mountain Pass Mine Auction

A buyout group backed by a Chinese company has been declared the winner at a bankruptcy auction for the Mountain Pass rare earths mine, the sole U.S. source of elements essential to electronics devices.

France's CGG Group Files for Bankruptcy Protection

Oil-services company CGG Group filed for bankruptcy protection in the U.S. and France after reaching a restructuring deal with lenders and bondholders that will eliminate about $2 billion in debt from the company's books.

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Traffic Shoes in Bankruptcy Again

The Traffic Shoes retail chain has filed for bankruptcy, unable to pay debts despite closing dozens of stores and negotiating cheaper rent deals during the past two years.

Avon Chief McCoy Expected to Step Down

Avon Products Chief Executive Sheri McCoy is expected to step down, according to people familiar with the matter, after her effort to turn around the beleaguered cosmetics seller faltered.

How Zara Is Defying a Broad Retail Slump

The rapid-fire design-and-production system that has allowed the Spanish retailer to outpace rivals is now giving it a powerful platform to succeed online, an outlet that has confounded its lumbering rivals.

Uber: 14 Bosses, One Corporate 'Game of Thrones?'

The decision by Uber's chief executive to take a leave of absence will put management of the world's most valuable startup in the collective hands of more than a dozen managers-and could become an especially problematic structure for the company.

Mattel Slashes Dividend as CEO Frees Funds for Turnaround Effort

Mattel Inc. is cutting its quarterly dividend by more than half, as new Chief Executive Margo Georgiadis looks to free up money to help the toy maker modernize its brands for the digital world and expand in emerging markets.

J&J to Add Drug Discovery, Early Research to Actelion

Johnson & Johnson plans to build the soon-to-be acquired Actelion business into a drug discovery-to-commercialization organization dedicated to pulmonary arterial hypertension.

Saudi Aramco IPO Plans Slowed Over Where to List

A divide between Saudi Arabia's ruling family and executives of the state oil company over where to list is slowing the march toward a planned 2018 IPO, which could value Aramco as high as $2 trillion.

(END) Dow Jones Newswires

June 14, 2017 23:15 ET (03:15 GMT)