Here is the latest US News from The Wall Street Journal.
Sony’s PlayStation 4 Sales Help Keep Profit Target Within Reach
Sony warned of a further decline in image-sensor sales as demand wanes from high-end smartphone makers including Apple, but the company said it would hit its profit target thanks to growth in videogames.
U.K. Auto Makers Plead For Single-Market Access
Car makers in Britain are sticking to their business plans despite the country’s referendum last week to exit the EU though they pleaded for the U.K. to keep its access to the European single market.
EU Signals Review of Bayer, Monsanto Deal
The European Union’s antitrust agency has signaled it would conduct a strict review of Bayer’s plans to buy rival Monsanto for $62 billion, even though the two companies haven’t yet entered formal negotiations to merge.
NASA Watchdog Criticizes Probe Into Failed SpaceX Rocket Launch
NASA failed to follow its general policies and opened the door to “questions about inherent conflicts of interest” by allowing Space Exploration Technologies Corp. to lead the primary probe of a failed 2015 company rocket launch, according to the agency’s inspector general.
Honeywell CEO Cote to Step Down in March
Honeywell said Dave Cote will step down as CEO on March 31 and be succeeded by Darius Adamczyk, who was promoted to the No. 2 spot in April.
So Busy at Work, No Time to Do the Job
As companies preach collaboration among their ranks, a growing share of bosses’ time is spent coordinating, directing traffic and overseeing employees who may or may not report directly to them. Managers say the push for teamwork, innovation and speed has left them little time to do real work.
Nike Reports Sluggish North American Sales
Nike’s profit fell 2% and sales were flat in North America, as the company continued to clear excess inventory and battled increased competition from Under Armour and Adidas.
Insurer Adds Terrorism to Bands’ Coverage
One of the music industry’s top insurers is extending its standard coverage to include a growing risk of performing live: terrorist attacks.
Judge Orders McKinsey to Disclose Confidential Client Roster
The ruling provided corporate turnaround guru Jay Alix with a win in his long-running battle with the consulting giant.
Fed Announces 2017 FOMC Meeting Schedule
The Federal Reserve will meet for its 2017 policy meetings in January, March, May, June, July, September, October, and December, according to a tentative schedule.
U.S. Consumer Confidence Improves in June
A gauge of U.S. consumer confidence climbed in June, suggesting that households were little concerned about a labor-market slowdown and some uncertainty about the economic outlook.
Central Bankers Face Conflicting Pressures From Brexit Vote
European Central Bank President Mario Draghi’s call for better coordination on policy moves underscores the conundrum he and his associates face in the wake of Britain’s vote to leave the EU.
Birchbox Cuts About 12% of Staff
Online beauty startup Birchbox is parting ways with several senior executives and cutting about 12% of its staff, as the company struggles with increased competition and a difficult funding market.
IKEA to Recall 29 Million Dressers, Chests in U.S.
IKEA has agreed to recall 29 million chests and dressers in the U.S. following a raft of injuries and three deaths caused by them tipping over.
What Brexit Means for Tech Startups
Increased uncertainty is about to infect investing in technology—and that means a tougher fundraising environment. Luckily, history shows great companies are built during periods of contracting investment.
Hollywood’s Latest Stars Hail From China
The box office success in China of “Warcraft” has hammered home the audience numbers a Hollywood movie with Chinese backing can unlock.
Altice’s Big U.S. Cable Ambitions Begin With Austerity
Altice’s strategy of drastically reducing costs as it expands globally will soon face its biggest test yet as the European telecom company digests the $10 billion acquisition of New York cable operator Cablevision Systems.
Hapag-Lloyd Board Approves Merger
The board of Hapag-Lloyd AG approved the German company’s merger with Dubai-based United Arab Shipping Co., moving the pact a step closer to completion.
Japan WhatsApp Rival Line Sets Price Range for IPO
Japanese messaging-app operator Line has set its price range for a potential $1.1 billion IPO in Tokyo and New York next month at $26.50 to $31.50 a share.
Whirlpool Reaffirms 2016 Outlook After Brexit Bruises its Share Price
Whirlpool backed its earnings forecast for 2016, an attempt to ease investor worries after its stock had fallen sharply in the wake of the U.K.’s vote last week to leave the European Union.
Dow Chemical to Cut 2,500 Jobs Amid Corning Restructuring
Dow Chemical said it planned to cut 2,500 jobs globally, or about 4% of its workforce, as it restructures Dow Corning Corp., which it now owns completely.
U.S. Home Prices Continued Strong Growth in April
Home prices continued rising at a steady clip in April, a reassuring signal of strength in the U.S. economy amid global uncertainty.
U.S. Gross-Domestic-Product Growth in First Quarter Is Revised Up
The U.S. economy expanded more than previously thought in the first three months of the year, but the subdued pace overall suggests it remains vulnerable to a new round of global economic turmoil.
VW to Pay Up to $14.7 Billion to Settle Diesel-Emissions Claims
Volkswagen has agreed to pay up to $14.7 billion to settle legal emissions-cheating claims with regulators and owners of nearly 500,000 diesel-powered vehicles.
Brexit: Deflationary Now, Inflationary Later
Central banks’ efforts to revive economic growth and inflation suffered another blow with Britain’s vote to leave the European Union. The vote has unleashed anxiety and uncertainty that will dampen investment, hiring, wages and prices. In the long run, though, Brexit could prove inflationary, Greg Ip writes.
Music Industry Out of Harmony With YouTube
The music industry is locked in an epic battle with YouTube, the most popular on-demand service, over the declining royalty rates the site pays and the difficulty in detecting copyright material from the mass of videos uploaded on the site.
Stores Accepting Food Stamps Face Stricter Rules
U.S. regulators are pushing stricter rules for stores that accept food stamps, ultimately determining which retailers win and lose the billions of taxpayer dollars at stake.
VW is Set for Near-$15 Billion Emissions Settlement
Volkswagen, U.S. government attorneys and angry customers are set to announce a package of measures valued at up to $15 billion to resolve the German car maker’s emissions-cheating scandal in the U.S.
China’s Home-Built Passenger Jet Makes Debut
China’s first home-built passenger jet entered commercial service in a debut that underscores problems in Beijing’s bid to become a global aviation player.
Rolls-Royce Results to Reflect Currency Swings
Rolls-Royce said currency movements will provide less of a boost to its performance this year than previously forecast though the British engine maker is yet to take into account the slump in the British currency after the U.K.’s decision to leave the EU.
Airbnb Sues San Francisco Over New Law
Airbnb has sued San Francisco in federal court in an attempt to block its home city’s plan to fine the company for unregistered apartment rentals.
Accounting Choices Blur Profit Picture
The number of U.S. companies that rely solely on standard accounting to report their financial results is shrinking fast. Nonstandard figures that many use inflate income by an average 44% at profitable firms, an analysis found.
U.S. to Hold Talks with U.A.E., Qatar in Airline Dispute
The State Department intends to hold “informal, technical discussions” with the United Arab Emirates and Qatar next month about a dispute over Persian Gulf airlines’ funding and access to the U.S. market.