BUSINESS NEWS MARCH 22ND, 2016
WALL STREET OPENS LOWER AFTER TERROR ATTACKS
Wall Street closed slightly lower on Tuesday, inching back from an initial selloff that followed deadly attacks in Brussels, as declines in consumer and telecom stocks offset a jump in healthcare shares. Islamic State claimed responsibility for the bombings at Brussels airport and a rush-hour metro train that killed at least 30 people and triggered security alerts across Europe. Global risk markets faltered before limping up, while traditional safe havens gold and government bonds firmed as the events in the de facto capital of the European Union unfolded. The tepid stock market recovery followed earlier patterns of a selloff in reaction to violent events, such as the November attacks in Paris, then a quick recovery.
AMAZON SUES FORMER EMPLOYEE OVER NEW JOB AT TARGET
Amazon.com Inc has sued a former executive hired by Target Corp as its chief supply chain and logistics officer to prevent him from revealing trade secrets. Amazon said in the lawsuit that the former employee, Arthur Valdez, was in violation of a noncompetition agreement that he signed while working for the company. The lawsuit said his new role in Target would breach the agreement, which required him to not engage in competition with Amazon for 18 months after leaving the company. Amazon claims Valdez, whose appointment was announced by Target in February, was privy to confidential information in a highly competitive area for both companies - moving and shipping goods in the most effective manner.
BANGLADESH CENTRAL BANK WEIGHS LAWSUIT
Bangladesh's central bank has hired a lawyer in the United States for a potential lawsuit against the New York Federal Reserve after unknown hackers stole $81 million from its account with the U.S. bank, an internal report said.In one of the largest cyber heists in history, the hackers breached the computer systems of Bangladesh Bank (BB) in early February and succeeded in issuing instructions to the New York Fed to transfer $81 million to accounts in the Philippines.The hackers also tried to move $20 million to an obscure non-profit entity based in Sri Lanka but that transaction was halted because they misspelt the recipient's name.
IT’S A WAY “TO AUTOMATE THE BORING PART” OF DRIVING
Fiat Chrysler's premium Maserati brand is developing a semi-automated driving system for its new Levante utility vehicle that also will likely find its way into the company's Ghibli and Quattroporte sedans in the next two years, Chief Executive Harald Wester said in an interview on Tuesday.It's a way "to automate the boring part" of driving, Wester said of a new "highway pilot" system that is under development for the Levante and other future Maseratis.The Levante, which just went into production in Italy in late February as the brand's first-ever SUV, won't reach U.S. dealers until fall, about three years later than originally forecast by FCA Chief Executive Sergio Marchionne.