Economy The Bank of England has cut interest rates from 0.5% to a record low of 0.25%amid uncertainty over the Brexit process and worries about productivity and economic growth. It’s the first cut since 2009. The Bank has also announced a range of measures to stimulate the economy and made ... Read More »
Shares of Bristol-Myers Squibb were hit hard in pre-market trading Friday after news that its blockbuster cancer drug failed a key clinical trial. The drug, called Opdivo, is one of a new set of drugs called immunotherapy. The drug targets the programmed cell death 1 (or PD-1) receptor to essentially ... Read More »
Stocks rise Stocks are climbing in midday trading on Wall Street after a strong July jobs report gave investors more confidence that the economy is still growing. Bank stocks rose on the prospect of higher interest rates and consumer companies rose as investors hope consumers will have more money to ... Read More »
Amazon announced Monday a new partnership with the British government to begin the development of a drone delivery system of parcels, the company said in a statement. Support for the development of drone delivery has come from Britain’s Civil Aviation Authority, allowing the online retailer to experiment with drone usage ... Read More »
Dollar Shave Club, the subscription online razor and toiletry service, has sold to Unilever for a reported $1 billion. Unilever, maker of Axe Body Spray and Dove Soap reportedly paid cash for the private, Los-angeles-based company. The terms of the deal were not disclosed in a press release, but Fortune ... Read More »
Hershey Trust Co., a $12 billion charitable organization that controls the Hershey Chocolate empire, has agreed in principle to a deal with the Pennsylvania attorney general’s office to institute governance reforms in the wake of a failed $23 billion takeover attempt. The Hershey Trust was set up by the company’s ... Read More »
– Authorities said a Georgia lottery winner’s “unsound investment strategy” involved using his $3 million to start his own business — as a crystal meth dealer. U.S. Attorney Ed Tarver said Ronnie Music Jr., 45, of Waycross, pleaded guilty to drug trafficking and firearms charges last week in a Brunswick ... Read More »
Eric Trump, the middle son of Republican presidential nominee Donald Trump, addressed the GOP convention on Wednesday, telling delegates his father’s business acumen will translate to results in the Oval Office. “Who better to implement a common sense business approach?” Eric Trump asked. The younger Trump recalled a project his ... Read More »
Beginning on July 1 all McDonald’s outlets in Russia have accepted payments via the Mir card, the Russian business daily Kommersant reports. The company has become the largest restaurant chain in terms of customer volume to service clients of the Russian payment system. Currently, major companies that accept Mir cards ... Read More »
Uber Technologies announced plans Monday to sell its business in China to rival ride-hailing service Didi Chuxing in a deal that values the merged Chinese company at $35 billion. U.S.-based Uber will receive a 17.7 percent economic stake in the combined company, according to a statement issued by Didi. Uber ... Read More »
– Samsung unveiled the Galaxy Note 7 — a large-screen cellphone — on Tuesday in an attempt to take business from rival Apple. The Galaxy Note7, with a retail price of $849.99, will become available on Aug. 19 and all four carriers — AT&T, Sprint, T-Mobile, Verizon — and retailers ... Read More »
Rig company Transocean said it consolidated its holdings and said Monday it grabbed a majority interest in three additional offshore drilling assets. Transocean said it agreed to acquire any outstanding shares in its limited liability component Transocean Partners, which becomes 100 percent owned by Transocean Ltd. The deal means the ... Read More »
