Xerox Looking for CEOs for New Companies; Ursula Burns will take over as the Chairman of One

Xerox is splitting its business into two this year and the company said that its CEO Ursula Burns, the first black woman who held the top job at a Fortune 500 company, will no more be the chief executive officer of any of the two companies.  The company said on Friday, after it splits Burns will take over as the chairman of the newly formed document technology company that will include the business of its printer and copier.

Corporate America’s Cash Pile Grows to $1.7 Trillion

Corporate America's cash pile is growing with the nonfinancial businesses in the United States holding $1.7 trillion in cash at present. Greater than one third of the amount is in the hands of only five companies say a report released by Moody's Investors Service on Friday. Almost three-quarters of the cash are held by the U. S non-financial companies which are put away in the overseas markets.

Elizabeth Warren criticises ‘Gig Economy’

Massachusetts Senator Elizabeth Warren has taken an aim at the so called, "gig economy" that is created by online platforms as well as workers joining together odd jobs.

The Democratic Senator said in her speech at an annual conference for the New America Foundation in Washington, that such internet-based jobs come with a risk. She said that anyone can pick up jobs from driving cars to performing household errands but they lack benefits that are given to traditional employees.

Egyptian authorities believe MS804 crashed into the sea

Egyptian authorities have said that they believe that the missing airline jet from Paris to Cairo, might have crashed into the sea.

EgyptAir had earlier tweeted that Airbus A320-232 was at an altitude of 37,000 feet when it went mission from the radars on ground stations. The airline was around 16km inside of Egyptian airspace and over the Mediterranean Sea about 450km from the coast, which it lost contact.

Most Kiwis believe banks overcharge fees

According to a new survey in New Zealand, a majority of people in the country believe that they are being over-charged by their bank for fees and other charges. The survey by Consumer New Zealand revealed that around 82 per cent of people in New Zealand think that high profits made by the banks indicates that the banks are over charging its customers.

Consumer New Zealand chief executive Sue Chetwin pointed out that the survey included 1020 people aged over 18 years old and showed widespread similar negative perceptions about the banks in the country among the residents.

Del launches US$20bn investment-grade bond on Tuesday

Global computing giant, Dell has announced the launch of a US$20bn investment-grade bond on Tuesday.

The company is believed to be on a strong position with a massive order book and the funds raised are likely to be used to finance acquisition of data storage company EMC. Experts have said that investors are indicating that they are willing to accept corporate bond offerings. There is a hunger for new issuance in the markets as investors are aiming to invest cash in ventures, according to analysts.

Suzuki shares fall after concerns over possible economy testingfault

The shares of Japanese auto major, Suzuki fell significantly after some reports in the country indicated that the company might have found a problem with its fuel economy testing.

A media report said that the company has detected a problem with its testing method and Chairman Osamu Suzuki is scheduled to submit a report to the Japan's transport ministry today. Suzuki has not offered any comment on the matter but said that it will offer a media briefing today.

Albuquerque City Council delays solar power decision by two weeks

The Albuquerque City Council has announced its decision to delay a decision on a proposal to ensure that the New Mexico's largest city gets around a quarter of its electricity from solar sources by the year 2025, by two weeks.

The city council is being urged to join a host of cities in the US and Canada as well as in Europe in pledging that they will get more of their electricity from renewable resources. The movement to set goals for generating more renewable electricity has already spread across the US as well as other countries.

Corvexreveals 9.9 percent of Pandora Media

Corvex Management LP, which is led by Keith Meister, has announced that it holds a 9.9 percent of Pandora Media Inc.

The hedge fund has asked the internet music streaming company to work towards selling the company and not follow and expensive and uncertain business plan. The company said that it had met with Pandora's management and had also withdrawn a plan to replace some of its board members. It urged the management of Pandora to hire an investment banker and expose strategic options including the sale of business.