Credit Suisse shares surge after CEO change
Shares in Credit Suisse surged after the Swiss bank sought to turn the page on a period of scandals and fines by replacing its CEO, Brady Dougan, with the head of British insurer Prudential, Tidjane Thiam. Dougan will step down at the end of June to give way to Thiam, who helped Prudential expand into emerging markets in recent years. Credit Suisse shares were up 8.2 percent on the news, trading at 25.11 francs per share in late day trading in Zurich. Dougan, an American who joined Credit Suisse First Boston in 1990, successfully steered the Swiss bank through the 2008 financial crisis but failed to prevent it from paying billions in fines for helping foreign clients evade taxes. Last year, the bank agreed to pay U.S. authorities $2.6 billion in penalties for helping clients dodge taxes.
Burger King drops soda from kids' meals
Burger King has dropped soft drinks from its children's meal menu, the latest change at a fast-food chain as advocacy groups urge restaurants to promote healthier fare, especially for children. Burger King followed the lead of McDonald's, which dropped such drinks from its Happy Meal menu list in 2013, and Wendy's, which made a similar change in late 2014. The updated menus come as restaurants have come under pressure from critics seeking options with less sugar and fewer calories. The company said the change was made in mid-February. Burger King offers apple juice, fat-free milk and low-fat chocolate milk in its kids' meals.
Dunkin' Donuts to remove titanium dioxide
Dunkin' Donuts will change its powdered doughnut recipe so it no longer includes titanium dioxide, a whitening agent, according to a statement from a Dunkin' Brands official. The change comes after an environmental advocacy organization said it found titanium dioxide nanoparticles in the white powdered sugar used in Dunkin's doughnuts based on independent laboratory tests in 2013. Titanium dioxide is also used in sunscreen. The Food and Drug Administration does not have a broad stance on products containing nanomaterials, saying it would make safety judgments on an individual basis.
Google chief financial officer plans to retire
Google says Patrick Pichette is retiring as its chief financial officer. Pichette has been with the Mountain View, Calif., company as financial chief since August 2008. Prior to that, he worked at Bell Canada. The search giant said that Pichette's exact retirement date is yet to be determined although it will be within six months. Pichette will assist in the search for his successor.
Tech news site Gigaom abruptly shuts down
Gigaom, a pioneering technology news website that attracts about 6.5 million readers a month, said it was shutting down after failing to repay lenders. The blog publisher, founded in 2006 by writer Om Malik, said late Monday that all operations have ceased. Gigaom has offices in San Francisco and New York. Its website still shows entries posted as recently as Monday about Apple's new watch and HBO's streaming service. Gigaom said on its website that it didn't know its lenders' plans for the company's assets or whether any operations would continue.
Duke Energy to settle claims for $150M
America's largest electric company said that it will pay nearly $150 million to settle claims that shareholders lost millions when it ousted its CEO hours in a surprise move after a long-anticipated buyout. Duke Energy said its insurers and shareholders would pay $146 million to end the lawsuit filed after the company's July 2012 buyout of Raleigh-based Progress Energy Inc. Duke set aside $26 million for the amount not covered by insurance and said consumers would not pay the cost. The company denied the allegations, and it denies any wrongdoing as part of the settlement.