Friday, January 19, 2018

From the Wire - Business

Business Roundup 12/7/17

  • Volkswagen-Emissions-Scandal-11

    Schmidt

    AP

VW senior manager gets 7 years’ prison

DETROIT — A Volkswagen senior manager has been sentenced to seven years in a U.S. prison for concealing software that was used to evade pollution limits on nearly 600,000 diesel vehicles.

Lawyers spent roughly 90 minutes giving different views about Oliver Schmidt’s culpability in the scandal. But Judge Sean Cox sided with prosecutors, calling Schmidt a “key conspirator” who viewed the cover-up as an opportunity to “shine” and “climb the corporate ladder.”

Schmidt led VW’s engineering and environmental office in Michigan from 2012 to early 2015. He met with key California regulators in 2015 but didn’t disclose the rogue software. The government says he later misled U.S. investigators and destroyed documents.

Schmidt’s lawyers argued that his role only heated up in 2015, years after others at VW hatched the scheme.

Walmart drops the hyphen from name

NEW YORK — Wal-Mart Stores Inc. is changing its legal name effective Feb. 1 as it shifts away from physical stores in the age of Amazon’s increasing dominance.

The world’s largest retailer, based in Bentonville, Ark., said Wednesday it will change its legal name to Walmart Inc. from Wal-Mart Stores Inc.

It said the move underscores its growing emphasis on serving shoppers in different ways beyond just physical stores but also online, on their mobile devices and through pickup and delivery.

The discounter’s formal legal name when it incorporated on Oct. 31, 1969 was Wal-Mart Inc. It was changed to Wal-Mart Stores Inc. on Jan. 9, 1970, the same year it went public. It’s been using the current Walmart logo in its operations since June 2008.

N.J. bakers sue over homemade ban

TRENTON, N.J. — A group of bakers is challenging a one-of-a-kind New Jersey rule that bans the sale of homemade baked goods.

The New Jersey Home Bakers Association on Wednesday sued the state’s health department over rules that require people to have a license before they can sell their home-baked treats.

The nearly decade-long push to overturn the regulation has gained supporters who argue that people should be allowed to make money by selling their baked goods without a storefront.

A legislative proposal has been blocked because of public health concerns. A spokeswoman for the health department didn’t immediately return a voicemail seeking comment.

A Wisconsin court nixed that state’s ban in June, leaving New Jersey as the only state with a ban.

From news services


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