UPDATE 1-Ex-CEO, COO of biotech firm MiMedx charged with securities fraud

Two former executives of biotech company MiMedx Group Inc were criminally charged on Tuesday with fraudulently inflating the company’s revenue. Former MiMedx Chief Executive Parker Petit and former Chief Operating Officer William Taylor were charged with securities fraud and conspiracy in an indictment in Manhattan federal court. “Pete Petit adamantly denies the charges leveled against…

Class I Rail Employment Hits New Low

Employee headcount levels for the U.S. rail operations of Class I railroads hit a new low in October amid a slump in U.S. rail traffic and the transition to precision scheduled railroading (PSR). The total …

Peak Resources receives U.S. funding interest for rare earth project

Peak Resources Ltd on Tuesday said it received an indication from a U.S. government agency regarding possible funding for its Ngualla Rare Earth project in Southern Tanzania. The Overseas Private Investment Corp, a U.S. government agency that helps American businesses invest in emerging markets, would consider financing the African project, subject to a review and…

Marriott’s Mission: Make W Hotels Cool Again

When the first W Hotel opened on Lexington Avenue in midtown Manhattan in 1998, it became as popular as a New York City nightclub. That’s because its lobby looked and felt like one, with people jostling each other to get past the velvet ropes and paparazzi. W’s popularity grew so much that developers wanted in…

Plug Power Aims For $1B In Revenue By 2024

Earlier this fall, Latham- New York-headquartered fuel cell manufacturer Plug Power (NASDAQ: PLUG) announced plans to boost revenues from around $240 million today to $1 billion by 2024. A pioneer in the fuel cell space, the company said it would achieve that goal by growing its materials handling business and diversifying into on-road vehicles, drones…

Nikola, BYD Team Up On Emissions-Free Beer Run

Hydrogen fuel cell electric truck maker Nikola Motor Co. and Chinese battery-electric truck maker BYD teamed up to make an emissions-free beer delivery to the arena where the NHL Champion St. Louis Blues play hockey. In the Nov. 21 test run, Nikola picked up a load of beer at the Anheuser-Busch brewery and drove it…

Rio Tinto faces having to renegotiate terms of Mongolian copper project

Rio Tinto faces renegotiating the terms of an agreement underpinning its Mongolian copper mine project, after lawmakers on Thursday approved plans to revise the deal to make it more beneficial for Mongolia. The Oyu Tolgoi mine, Mongolia’s biggest foreign investment project, has already been subject to delays and ballooning costs, leaving Mongolian lawmakers impatient for…

UPDATE 4-Ex-CEO of Brazil's Braskem arrested on U.S. corruption charges

The former chief executive of Brazilian petrochemical company Braskem SA was arrested on Wednesday in New York on charges that he took part in a scheme to pay millions of dollars in bribes to officials to secure government contracts. Jose Carlos Grubisich was charged with conspiracy to violate a U.S. foreign corruption law and with…