By Chuck Mikolajczak NEW YORK (Reuters) - The financial sector, recently a weak performer in the stock market, will garner the majority of investor attention next week as a number of big banks post their quarterly results. Goldman Sachs Group Inc, Bank of America Corp, Wells Fargo & Co, Citigroup and JPMorgan Chase & Co - the five biggest U.S. banks by market cap - are due to report results as the sector has trailed the market in recent weeks and earnings estimates have fallen. In the last 30 days, banks have seen their estimates steadily lowered, with Goldman the biggest victim.
By Bernie Woodall DETROIT (Reuters) - U.S. union United Auto Workers' leaders on Friday approved a tentative four-year contract with Fiat Chrysler Automobiles NV , sending the proposed pact to 40,000 workers for a ratification vote. The move follows Fiat Chrysler workers' rejection last week of a previous tentative contract. A new tentative agreement was reached on Wednesday night, averting a call by the UAW to have its members strike Fiat Chrysler’s U.S. operations.
California has given carmaker Volkswagen until November 20 to come up with a plan to fix the diesel cars affected by its rigging of emissions tests, a spokesman for the California Air Resources Board (CARB) said on Friday. Volkswagen has said up to 11 million diesel vehicles worldwide need to be refitted because they could carry software designed to manipulate emissions tests. The CARB spokesman said the deadline represents 45 business days from an in-use compliance letter sent to Volkswagen dated Sept. 18.
Brewer SABMiller Plc announced an expanded cost-cutting plan on Friday, stepping up its defense against an unsolicited $100 billion takeover offer from bigger rival Anheuser-Busch InBev . The 30-page presentation posted on the website of the world's second-largest brewer was seen as an attempt to prise a higher price out of AB InBev two days after it rejected its proposed main cash offer of 42.15 pounds a share. "SAB's move now puts the ball firmly back into AB InBev's court," analysts at Barclays said.