News Highlights: Top Company News of the Day

Features Dow Jones Newswires

Target Posts Sales Increase, Raises Profit Outlook

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Customers spent more at Target in its most recent quarter, as the retailer embarked on a plan to refresh its interiors and cut prices. The retailer also raised its profit outlook for the fiscal year.

Apple Readies $1 Billion War Chest for Hollywood Programming

Apple has set a budget of roughly $1 billion to procure and produce original content over the next year-a sign of how serious the iPhone maker is about making a splash in Hollywood.

UnitedHealth Names David Wichmann as New CEO

UnitedHealth Group said its current president, David S. Wichmann, will next month succeed Stephen J. Hemsley as chief executive, a widely expected transition at the top of the nation's largest health insurer.

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Akzo Nobel, Elliott Make Peace After Protracted Spat

Akzo Nobel reached a truce with Elliott Management giving the activist investor board representation following a monthslong standoff over Elliott's push to force the Dutch chemicals company into talks over a $28 billion takeover bid.

Uber Shareholders Fight for Control as Leadership Vacuum Weighs

The acrimony among Uber's investors spilled further into view with a new letter from one shareholder alleging underhand tactics by Benchmark Capital.

Fiat Chrysler Joins BMW-Led Self-Driving Car Tech Alliance

Fiat Chrysler said it's joining a BMW-led consortium to develop self-driving car technology, a move that comes more than a year after the group was formed with an aim of producing fully automated vehicles by 2021.

Tencent, Alibaba in Group Buying 35% of China State-Owned Telecom

China's internet titans are among the companies joining in a government-encouraged plan to pump $11.7 billion into state-owned telecom giant China Unicom (Hong Kong).

Russian Ex-Minister Accuses Rosneft Oil Chief of Entrapment

A former Russian economy minister on trial for allegedly taking a $2 million bribe accused the head of the state oil company of entrapment, in the first hearing of a case that has raised speculation about power plays at the highest levels of the government.

Maersk Posts Surprise Loss, Warns of Cyberattack Impact

Danish shipping giant A.P. Moller-Maersk said it swung to a surprise second-quarter loss, as it wrote down the value of its tanker and ports assets, and warned of the impact of a major cyberattack in June.

Chinese Crackdown Reopens Debate on Multilevel Marketing

A Chinese crackdown on pyramid schemes has reopened an old debate about U.S. multilevel marketing firms like Herbalife, which conduct a significant amount of business there.

(END) Dow Jones Newswires

August 16, 2017 09:15 ET (13:15 GMT)