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The Morning Risk Report: Musk Deal May Diminish Threat of Criminal Probe |
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People close to the matter believe that prosecutors are unlikely to move forward with a case against Tesla CEO Elon Musk now. PHOTO: PETER PARKS/AGENCE FRANCE-PRESSE/GETTY IMAGES
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Good day. Elon Musk’s decision to pay $20 million to end a civil investigation into his tweets about taking Tesla Inc. private reduces the chance that criminal prosecutors will go after the executive, former prosecutors and other criminal-law experts tell The Wall Street Journal’s Dave Michaels.
Shares surge: Tesla shares soared Monday on the news of the settlement with the Securities and Exchange Commission, a surprising decision that put to rest the threat of his removal from a company inseparable from his name.
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Naughty by Nature: Mr. Musk’s settlement calls for him to comply with Tesla’s procedures to oversee his tweets about the business and to preapprove statements that could contain material information. Early Monday morning, Mr. Musk sent his first tweet since the settlement was announced, posting the words "Naughty by Nature" alongside a song by the rap group of that name and a winking emoji.
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| From Risk & Compliance Journal |
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Former AmerisourceBergen Exec Blew Whistle That Led to Settlement |
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A former executive at an AmerisourceBergen Corp. unit said he revealed information that led to a $625 million settlement with authorities over allegations that the firm distributed adulterated and misbranded drugs, Risk & Compliance Journal's Samuel Rubenfeld reports.
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U.K.’s Tesco Bank Fined $21.4 Million Over Cyberbreach |
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The U.K.’s Financial Conduct Authority issued a $21.4 million penalty to Tesco Bank for failing to protect clients from a cyberattack in 2016, Risk & Compliance Journal's Mara Lemos Stein reports.
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John Flannery was ousted as General Electric’s chairman and CEO. PHOTO: RICHARD DREW/ASSOCIATED PRESS
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GE Ousts Flannery After Missed Targets |
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General Electric Co. ousted Chief Executive John Flannery after just 14 months in the job, a surprise move as the conglomerate revealed that deeper problems in its troubled power unit will cause the company to miss profit and cash targets for the year.
The company named board member Larry Culp as its new chairman and CEO, effective immediately. Mr. Culp, a former CEO of Danaher Corp., joined GE’s board in April as part of a board overhaul. He is the first outsider tapped to run GE.
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Wells Fargo Retail Banking Executive Lisa Stevens to Depart |
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One of Wells Fargo & Co.’s top retail bank executives is leaving. Lisa Stevens, who leads the retail bank’s Western region, will exit Wells Fargo later this month.
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Activist Investor Takes Stake in Papa John’s |
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Legion Partners Asset Management LLC disclosed a stake in Papa John’s International Inc., stepping up pressure on the pizza chain to turn around a sales decline and resolve a dispute with its founder.
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U.S. Takes on Russia’s Favorite Money Haven: Cyprus |
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Regulators in Washington are cracking down on money laundering and penalizing wealthy Russians on a tiny Mediterranean island as they try to check Moscow’s power in Europe.
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Trade Pact Spares U.S. Auto Makers From Tariffs, Adds
Restrictions |
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The trade agreement struck Sunday between the U.S. and Canada eases uncertainty in the U.S. auto industry about the Trump administration’s trade policy, helping car manufacturers move ahead on factory investments with more clarity.
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Harley wants to reverse its sales slump by drawing new riders with 16 middleweight bikes it plans to roll out by 2022. PHOTO: DAVID PAUL MORRIS/BLOOMBERG NEWS
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A Glut of Used Hogs Is a Drag on Harley-Davidson |
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Harley-Davidson Inc. is facing a particularly tough competitor for new riders: its own used motorcycles. Three used Harleys are sold in the U.S. for every new one. A decade ago, it was the other way around. New motorcycle sales in the U.S. are down by half from a 2006 peak, while used sales are up 13%.
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IMF Chief Lagarde Says Economic Outlook Is Dimming |
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International Monetary Fund Managing Director Christine Lagarde is raising alarm bells about the health of the global economy, saying international growth may have plateaued.
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U.S. Factory Activity Pulls Back at the End of Summer |
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