Chicago Transport Authority has planned to replace 2,600 age old rail cars with 846 units of 7000-Series cars. CTA has awarded the $1.3 billion deal, the largest purchase in its history to a unit of CRR Corp. on Wednesday. Chinese companies have been awarded the second major deal following $567 million contract to supply trains for Boston’s subway system.

Fiat Chrysler Automobiles (FCA) has prepared a blueprint on business growth for its Fiat dealers. The new plan enables Fiat dealers to trim operational costs and restore trust in the brand. FCA has also advised dealers to close down unviable stand-alone dealership outlets.

Jessica Alba’s Honest Company is facing allegations of using harsh chemicals it claimed to never use. Two test labs initiated by the Wall Street Journal showed a significant amount of the chemical SLS, but the company strongly denied using the chemical in manufacturing.

MMB patented gene modified seeds are capable of secreting anti pest protein. However, the seed giant is accused of charging higher royalty fees exerting undue dominance in the seed market. Upon complaints from respective trade body, the Indian agriculture ministry has imposed ceiling for royalties on gene modified cotton seeds.

Venture capitalization has appeared as an investment industry rival for banks and insurances. The new trend of raising capital has become much more popular for fintech startups during 2015 while raising $13.8 billion in funding. The raised fund appears just double compared to that in previous year and expected to grow significantly also in 2016.

Diagio Plc, British liquor major, says it paid $40 million to trouble-ridden Indian businessman Vijay Mallya. This comes close on the heels of an order by Debt Recovery Tribunal (DRT) not to pay Mallya any amount.

Kenya Airlines has recorded an annual loss of $690 million during 2015. Following the ever largest corporate debacle in Kenyan history, the struggling national carrier has revealed bailout plan for $690 million. The plan needs to get approval in the board meeting scheduled to take place on Thursday.

China's stocks fell for a second session, but managed to pare early losses on buying support from state-backed institutions. However, the buying support from state-backed funds renewed concerns that inflation is rising.

A European Union rule requires prior notification to itself in restricting social information service. The rule also bars targeting a specific service. A French court has overturned a government order on Uber’s geo-localization service citing the two grounds. The verdict appears as a victory for Uber while challenging through a flurry of appeals both in France and at the EU level.

Citigroup has established a new asset management group to offer varied solutions and services to richest investors across the world. The new global asset management group will function within investment banking business and it'll bring several segments together.