News Highlights: Top Company News of the Day

Features Dow Jones Newswires

New GE Chief Slashes Forecasts, Plans to Exit $20 Billion in Businesses

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GE's quarterly earnings fell as it incurred hefty restructuring charges during CEO John Flannery's first official quarter at the helm, and the new CEO pledged to exit more than $20 billion of the company's businesses.

Wells Fargo Fires FX Bankers, Investigates Foreign-Exchange Business

Wells Fargo has fired four foreign-exchange bankers amid an investigation into that business by both the bank and regulators.

Procter & Gamble Puzzled by Weak Consumer Spending

Procter & Gamble recorded sluggish growth during the first quarter as it battles a challenging market for consumer-goods makers.

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EU Antitrust Authorities Raid BMW's Headquarters

European Union authorities have raided BMW's offices over concerns that several German car makers violated the bloc's cartel rules through agreements that might have suppressed technology costs.

Third Point Takes Stake in Dover, Calls for Split

Activist investor Daniel Loeb's Third Point has taken a stake in industrial conglomerate Dover, calling on the company to separate its energy business and improve results.

AmEx Chief's Mission: Get Millennials, Keep the Rich

Incoming American Express CEO Stephen Squeri is looking to regain the cachet of the AmEx brand, both for millennials who don't view it the same way as their parents and for established customers who have been wooed by banks offering better services and more perks.

Ericsson Posts Another Loss but Faint Signal of Recovery Emerges

Telecom giant Ericsson reported another quarter of falling sales and widening losses as it struggles to compete with new Chinese players, but investors saw signs that a monthslong turnaround effort was starting to bear fruit.

Japan's SoftBank Plans Second Giant Tech Fund

SoftBank Group Corp., which runs what is already the world's biggest technology investment fund, is planning to create a second fund that could be even larger, according to people close to the Japanese telecommunications and investment giant.

Kobe Steel Finds More Products Shipped With Quality Issues

The quality scandal at Kobe Steel deepened after the company said one of its copper plants was under investigation for breaching Japan's industrial standards.

Activist Investor to Push Nestlé For Further Changes

Activist investor Daniel Loeb praised Nestlé's recent moves to raise shareholder value but indicated he will continue to push the packaged foods giant to make further changes.

(END) Dow Jones Newswires

October 20, 2017 13:15 ET (17:15 GMT)