Amazon cancels $1.7B takeover of Roomba maker iRobot

Amazon has scrapped plans to acquire Roomba maker iRobot after the companies mutually determined that the pending deal “has no path to regulatory approval in the European Union.” In a related announcement on Monday, iRobot said it would lay off approximately 350 employees, or 31% of its workforce, as part of its restructuring efforts. Colin […]

EU regulators plan to block Amazon’s $1.7B iRobot acquisition: report

The European Union's competition watchdog plans to block Amazon's $1.7 billion deal with robot vacuum cleaner maker iRobot. The Wall Street Journal reported This was disclosed on Thursday, citing a person familiar with the matter. Shares of vacuum cleaner maker Roomba plunged 40% to $14 after the bell. European Commission officials met with Amazon representatives […]

Truck engine maker Cummins hit with record $1.7B fine for emissions ‘defeat devices’

Truck engine maker Cummins will pay a $1.675 billion fine, the largest civil penalty ever for violating the Clean Air Act, for installing devices in hundreds of thousands of engines that emitted excessive pollution. An agreement in principle has been reached, the Justice Department announced on Friday. The department said Cummins is suspected of installing […]

Ford says it lost $1.7B in profits due to UAW strike

Patrick de Haan, GasBuddy’s head of petroleum analysis, said the average U.S. gasoline price is falling, potentially pushing Bernie & Co. Thanksgiving prices to their lowest since 2020. Stated. The United Auto Workers’ weeks-long strike against Ford Motor Co. has cost the automaker $1.7 billion, and a new contract agreed to end the work stoppage […]

Ford lost $1.7B in profits due to UAW strike, company estimates

Ford estimates that the six-week strike by the United Auto Workers (UAW) has cost the company $1.7 billion in profits this year. said John Lawler, Ford’s chief financial officer. in a company press release Strike-related lost profits amounted to $1.7 billion, including $1.6 billion in the fourth quarter alone. Lawler said this was “due to […]

WeWork founder Adam Neumann still worth $1.7B after bankruptcy

WeWork’s founder and former CEO Adam Neumann has managed to maintain a $1.7 billion fortune even as the once-high-flying startup faces a series of troubles that ended with it filing for bankruptcy this week. When the co-working giant began Chapter 11 proceedings on Monday, it had $19 billion in debt and $15 billion in assets, […]

Pharma giant could miss payment in $1.7B opioid settlement as deal risks unraveling

The 125-year-old drug giant behind morphine and codeine owed $200 million to the Opioid Victim Compensation Trust by the end of Friday, reportedly in danger of bankrupting the deal. Therefore, payment may be refused. Mallinckrodt, which began producing morphine, codeine and other potent pain relievers in 1898, will pay $1.7 billion in June 2022 with […]

Harris announces $1.7B in grants for more than 600 community lenders

Vice President Harris announced on Monday a $1.7 billion donation to more than 600 community lenders to help small businesses, entrepreneurs, nonprofits, residential and commercial real estate seek to recover from the coronavirus pandemic. announced a grant. Harris announced The grant, as part of the Treasury Department’s Community Development Financial Institutions Fund, will be used […]