Walmart and Dick’s Sporting Goods said they would no longer sell guns to anyone under 21 years old, as two of the country’s biggest gun sellers tightened their policies in the wake of a high-school shooting that left 17 people dead in Parkland, Fla.
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Wednesday, February 28, 2018
Updated IRS Tool Will Help With Paycheck Withholdings
Taxpayers may now use an IRS tool to determine how much they should have withheld from their paychecks under the new tax law.
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Pentagon Pushes for Deeper F-35 Cost Cuts
The Pentagon is pushing to make the F-35 combat jet cheaper and will take over some repair work to prevent the world’s most expensive military program from becoming unaffordable.
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Mnuchin, Dogged By Protesters, Doesn't Want Video Posted
Treasury Secretary Steven Mnuchin asked the University of California, Los Angeles not to post a video of his recent public appearance at which he was heckled by students.
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Spotify Kicks Off Its Unusual IPO
Music-streaming company Spotify cemented plans for its unusual initial public offering while revealing the financial particulars of a fast-growing company that upended the music industry and revolutionized how consumers listen—but spent heavily to do so.
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Pershing Square Buys United Technologies Stake
William Ackman’s Pershing Square Capital Management has taken a stake in United Technologies, putting another activist into a large conglomerate that is rethinking its structure.
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Frontier Shares Plunge After Suspending Dividend, Reporting Wider Loss
Frontier Communications Corp. shed one-quarter of its market value Wednesday after suspending its dividend to help it pay down debt.
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NBCU Cuts Ad Time in Original Prime-time Shows by 10%
NBCUniversal is reducing the number of advertisements in commercial breaks by 20% and decreasing advertising time by 10% during its original prime-time programming across its broadcast and cable networks.
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CEOs Take Sides on Gun Control at Their Own Risk
As more business leaders take a stand on fraught political issues, some find they pay a price by angering consumers on the other side.
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FAA's Commercial Space-Projects Head to Step Down
The head of the FAA’s office that oversees commercial activities in space is departing, following higher-level complaints about the pace of deregulation efforts.
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Your Love of Your Old Smartphone Is a Problem for Apple and Samsung
U.S. consumers are using their old iPhones and Galaxy S’s longer—or buying refurbished models, the way they buy used cars—depressing Apple and Samsung’s new-smartphone sales.
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Airport Security Screening Goes to School
At Northeastern University’s homeland security institute, volunteers go through mock airport screening over and over to help perfect video-surveillance software designed to automatically track passengers and their belongings through security checkpoints.
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For Activist Investors, Board Power Depends on Where You Sit
The most popular board appointment for activists is the compensation committee, according to a Wall Street Journal analysis of agreements between activist investors and big companies from 2015 to 2017.
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T-Mobile Joins 5G Race With Early Service Set for New York, Los Angeles
Top U.S. carriers are taking split paths, both technically and geographically, through the country as they plot out the upgrade of their wireless networks.
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American Rejects O'Hare Expansion Plan
American Airlines rejected aspects of plans to expand Chicago’s O’Hare International Airport that it said would favor rival carrier United Continental.
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Bayer to Sell More Assets to Win Approval for Monsanto Deal
German chemical giant Bayer said it would sell more assets to win antitrust approval for its $60 billion-plus takeover of Monsanto, as it inches toward completing its regulatory reviews.
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GreenTech Automotive Files for Bankruptcy
Electric car venture once led by Democratic hopeful Terry McAuliffe runs out of juice.
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Why an Unpleasant Inflation Surprise Could Be Coming
Inflation is going to head up this year—on that there isn’t much debate. The real debate is over whether it will be a nonevent or something more ominous. The Federal Reserve and most of Wall Street think it will be a nonevent. But there is a plausible scenario in which it marks a new, dangerous trend.
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India's Quarterly GDP Increases 7.2%
India’s economy grew at its fastest pace in more than a year last quarter, regaining the top spot among the world’s fastest-growing major economies from China.
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Why International Investors Aren't Buying Treasurys
The rise in Treasury yields should make U.S. debt more attractive to international investors still struggling with low returns at home—yet few are buying.
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Trump Officials Court Democrats Amid Nafta Talks
U.S. trade officials have been consulting with American unions and congressional Democrats over the past few weeks to assemble new proposals aimed at boosting Mexican workers’ rights and wages as part of talks to overhaul the North American Free Trade Agreement.
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Dick's Ends Sales of Assault Rifles, Lifts Age for Gun Buyers
Dick’s Sporting Goods said it would stop selling assault-style rifles at all of its stores, would no longer sell guns to people under 21 and would advocate for more-stringent gun laws following the Parkland, Fla., school shootings.
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NFL Partners With Pizza Hut a Day After Split With Papa John's
The National Football League said that Pizza Hut will be the league’s new official pizza sponsor, a day after it split with Papa John’s.
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U.S. GDP Growth Revised Down to 2.5% Pace in Fourth Quarter
U.S. economic growth was slightly weaker than initially thought during the fourth quarter, and is on track to slow in the beginning of 2018.
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Tuesday, February 27, 2018
Weight Watchers Looking to Expand Beyond Dieting
Weight Watchers, coming off a turnaround plan that more than doubled profit for two-consecutive years, says it wants to be the global destination for wellness, a “partner in health and wellness.”
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High Court Grapples With Case of Emails Stored Abroad
Supreme Court justices voiced concern that Microsoft’s resistance to U.S. search warrants for customer emails stored overseas would hamper criminal investigations, in a case that pits leading tech companies against law enforcement.
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Macy's Has a Spring in its Step
After quarters upon quarters of declining sales, Macy’s may be turning a corner. For the first time in three years it reported positive sales growth.
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This Powerful PC Runs on Any Device---and Never Needs an Upgrade
A company called Blade wants to take that computer off your desk and stick it in the cloud.
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Ford Targets Miami to Test Driverless Food Delivery
Ford Motor, which is focusing its initial forays into the driverless car business on around-town deliveries, has picked Florida’s Miami-Dade County as its first test-bed.
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SeaWorld CEO Steps Down as Losses Deepen
SeaWorld Entertainment CEO Joel Manby is stepping down, as the theme-park operator said Tuesday its marine parks drew fewer visitors and its losses widened in the latest quarter.
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U.S. Consumer Confidence Reaches Highest Level Since 2000
U.S. consumer confidence rose to its highest level since 2000 in February, showing Americans shrugged off financial market gyrations earlier in the month.
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Mexico Runs Up Large January Trade Deficit
Mexico ran up a $4.41 billion trade deficit in January, wider than the $3.47 billion trade gap a year earlier as import growth outpaced that of exports.
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Macy's Shares Rise After Same-Store Sales Beat Estimates
Macy’s reported a surprise increase in same-store sales during its latest quarter, beating analysts’ estimates, as the company came off a positive couple of months from the holiday season.
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Levi's Wants Lasers, Not People, to Rip Your Jeans
Levi Strauss invented blue jeans more than a century ago. Now, it is trying to automate the way they are made.
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U.S. Home Prices Continued to Rise at End of 2017
Home prices continued to rise rapidly in the waning days of 2017, but there are early signs that price gains that have well outstripped wages and inflation could begin to ease this year.
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Who Is 'Uncle He'? The Man in Charge of China's Economy
In his first term, President Xi Jinping took control of China’s economy. In the second, he is putting Liu He in charge, a trusted ally he has known since middle school.
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U.S. Durable Orders Fell in January
Demand for long-lasting factory goods fell in January and a widely watched proxy for U.S. business investment dropped for the second straight month, offering one of the first indications of how business owners may be responding to extra cash and incentives offered in the Trump administration’s tax overhaul.
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Japanese Shift Away From U.S. Debt Over Budget, Dollar Fears
Some Japanese investors say they are shifting toward selling U.S. Treasury bonds and other dollar-based debt after fears have picked up in recent weeks that the Trump administration’s budget and other policies add up to a weak dollar.
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NLRB Vacates Ruling on Unionizing Because of a Member's Conflict
An ethical misstep by a National Labor Relations Board member has caused the body overseeing union-employer disputes to vacate one of the most significant decisions it made last year.
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Powell Says Fed Is on Track to Continue Gradual Rate Increases
Federal Reserve Chairman Jerome Powell said the central bank remains on track to gradually raise short-term interest rates to keep the economy on an even keel, in prepared congressional testimony.
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Dividends Pick Up Steam
Dividend boosts from an array of companies come as firms report some of their best earnings and sales in years, supporting the nearly nine-year bull run in stocks. But rising bond yields threaten to diminish the allure of high-dividend stocks.
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House to Vote on Bill Limiting Websites' Immunity in Sex-Trafficking Cases
Top House Republicans have embraced far-reaching legislation aimed at making it easier for underage victims or prosecutors to hold websites and online services accountable for sex trafficking.
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Big Consumer Brands Don't Have an Answer for Alexa
Already grappling with upstart rivals and the rise of e-commerce, personal-care and packaged-foods makers now face the threat of voice-search assistants that often offer customers just one or two product options.
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Major German Cities Allowed to Ban Older Diesel Vehicles
A German court rang the death knell for certain diesel cars on Tuesday, striking a blow to the country’s flagship auto industry that could now be forced to spend billions to upgrade or replace millions of cars.
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Supreme Court Grills Both Sides in States' Challenge of American Express
American Express Co.’s card rules for merchants prompted strong reactions at the Supreme Court Monday, as the justices considered whether to revive a government antitrust lawsuit challenging the company’s approach.
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Truckers Propose Higher Gas Taxes to Fund Infrastructure
The trucking industry is pressing lawmakers to gradually increase levies by 40 cents a gallon for infrastructure spending. But the effort may just come to a dead end.
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Comcast Offers $30.9 Billion for Sky, Challenging Fox
Comcast made a tentative $30.9 billion offer for Sky, topping a rival bid from 21st Century Fox to consolidate ownership of the U.K. broadcaster and moving to peel away one of the most attractive overseas assets that Walt Disney has agreed to buy from Fox.
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Monday, February 26, 2018
The Rise and Fall of the Weinstein's Film Empire
Harvey and Bob Weinstein, who built both Miramax and The Weinstein Company, helped spark the independent film movement of the 1990s. This video traces their rise to prominence in the industry.
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Liberty Media Makes a Play for Radio Giant iHeart
John Malone’s Liberty Media Corp. is making a play for iHeartMedia Inc., offering to pump $1.16 billion in cash into the nation’s largest radio broadcaster.
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Seadrill Reshuffles Bankruptcy Workout Plan to Build Support
Seadrill, the offshore energy company run by Norwegian billionaire John Fredriksen, quelled opposition to its bankruptcy exit plan by making room for more creditors to invest in getting the company back on its feet.
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Supreme Court Hears Case on Public-Sector Union Fees
The power of public-sector unions hung in jeopardy after Supreme Court arguments put front and center the raw politics behind a dispute over payroll deductions that support collective bargaining.
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XPO Unit Faces Suit in California Over Allegedly Misclassifying Drivers
A trucking subsidiary of XPO Logistics is being sued in California for allegedly denying drivers wages and benefits by misclassifying them as independent contractors instead of employees.
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FTC's Data-Speed Suit Against AT&T Allowed to Proceed
A federal appeals court on Monday ruled the Federal Trade Commission can move forward with its lawsuit alleging AT&T Inc. misled wireless subscribers by reducing data speeds for several million customers who thought they had purchased unlimited plans.
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Railroads Embark on Apology Tour to Make Amends for Hunter Harrison's Ways
Canadian Pacific Railway and CSX are reaching out to customers upset by the late Hunter Harrison, a hard-nosed turnaround expert who led both companies during a five-decade career.
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How Does the World's Biggest Tech Investor Make Its Bets? Unpredictably
SoftBank is on a shopping spree, investing billions in firms such as Uber and WeWork, both directly and through an affiliated tech fund. People who know Softbank CEO Masayoshi Son describe his style as alternating between methodical and haphazard.
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Filling the Toys 'R' Us Void
As Toys ‘R’ Us closes more stores, other retailers have an opportunity to seize market share.
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U.S. New Home Sales Drop Sharply, Again
Sales of new homes in the U.S. fell steeply at the beginning of 2018, continuing a deceleration in sales seen at the end of last year.
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Apple's China Lesson: Think Different, but Not Too Different
Apple Chief Executive Tim Cook will co-chair the Chinese government’s showcase global business forum next month, underscoring his increasingly high profile here as companies wrestle with tough new government demands on cybersecurity.
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Weinstein Co. Says It Will File for Bankruptcy
Weinstein Co. said it will file for bankruptcy after the troubled studio founded by Harvey Weinstein ended talks to sell the company outside of chapter 11 to a group led by businesswoman Maria Contreras-Sweet and billionaire Ron Burkle.
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GE Taps Accounting Expert, Former CEOs to Revamp Board
The three new candidates for General Electric’s board include former technology and aviation chief executives and the former chairman of the organization responsible for setting accounting standards in the U.S.
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UPS Sues EU Regulator Over Decision to Block TNT Deal
United Parcel Service is suing the European Union’s antitrust watchdog for $2.15 billion plus interest over the regulator’s 2013 decision, later overturned, to block a planned merger with TNT Express.
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Qualcomm Asks Broadcom to Negotiate on Price
Qualcomm said it is getting closer to negotiating a deal for Broadcom to buy it—except the two sides can’t agree on a price.
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GMC's Quiet Success Backstops Fast-Evolving GM
GM’s decision to keep the GMC brand is paying off, as pricey pickups and SUVs displace luxury sedans as America’s rolling status symbol.
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Buffett: My Political Views Shouldn't Sway Berkshire's Investments
Berkshire Hathaway Chief Executive Warren Buffett said it would be “ridiculous” for the conglomerate not to do business with gun makers, noting that he doesn’t want to impose his political views on Berkshire’s investment decisions or business operations.
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Germany's Economy Leaves Female Workers Behind
In the past five years, Germany’s booming economy has created so many jobs that it has made unemployment almost a thing of the past. But one group has been left by the wayside: women.
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New Fed Chairman to Testify Before Congress
Federal Reserve Chairman Jerome Powell heads to Capitol Hill this week for his first public appearance since being sworn in as the central bank’s new leader.
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China's Authoritarian State Has an Edge in AI
China is bankrolling an effort to become an innovator in artificial intelligence to move further its growth into a truly wealthy power, and in part to keep better track of individuals it considers criminals and dissidents.
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Trump Set to Promote Trade Hawk Peter Navarro
The White House plans to promote an adviser known for his hawkish views on trade policy, giving economic nationalists a stronger voice in internal debates as the Trump administration nears decisions on high-profile trade issues.
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Global Economy Week Ahead: U.S. Wages, China PMI, Eurozone Inflation
This week features wage and price growth data from the U.S., purchasing mangers index readings from China, eurozone inflation figures, and a policy statement from South Korea’s central bank.
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Sunday, February 25, 2018
What the Hospitals of the Future Look Like
The sprawling institutions we know are radically changing—becoming smaller, more digital, or disappearing completely. The result should be cheaper and better care.
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Sharp Drops Lawsuit Against Hisense
Sharp Corp. has dropped its lawsuit against Chinese electronics manufacturer Hisense Electric Co. in a dispute over rights Sharp granted to its brand name when selling televisions in the U.S.
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Supreme Court to Decide Fate of Public-Sector Unions
Public-employee unions face a reckoning Monday when the Supreme Court hears a long-anticipated lawsuit seeking to strip them of the power to bill collective-bargaining costs to employees who don’t want to pay.
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Firms Reassess Involvement in Gun Industry in Wake of Florida Shooting
American corporations have generally stayed away from politically-sensitive debates, but many companies have been galvanized in recent days into assessing their exposure to gun-related issues.
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Michelle Obama to Release Memoir in November
Former first lady Michelle Obama’s memoir “Becoming” will be published globally on Nov. 13 by the Crown Publishing Group, just as the holiday gift-giving season is about to begin.
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To Stay on the Land, American Farmers Add Extra Jobs
A drop in agricultural income means the money earned from side work in rural manufacturing and businesses takes on a greater importance in funding food production.
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Firms Pursue Upgraded Internet Access on Airplanes
Airbus, Delta, Sprint and two U.S. satellite-services providers have kicked off an initiative to enhance Internet access on airliners.
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Gucci Seeks to Escape Fashion's Boom-Bust
Gucci is in the midst of a boom shadowed by the threat of a bust: fickle shoppers falling out of love with the Italian fashion house as quickly as they embraced it.
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How the Internet Is Finally Helping the World's Poorest People (Smartphones Optional)
First-world services are finally arriving in the developing world—because of mobile money, unconventional credit scoring, data science and even satellite imaging—and they don’t require a smartphone.
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Probe Widens Into Newsweek's Finances, Ties to Bible College
A probe by the Manhattan district attorney into Newsweek Media Group, including its advertising practices and loans for leases on computer servers, has widened to look at its ties to a Southern California bible college.
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At the Doctor's Office, Expect Better, More Reliable Flu Tests
New FDA regulations raise the standard for rapid flu tests, with the aim of creating more accurate results and limiting misdiagnoses.
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Saturday, February 24, 2018
Hidden Profits In the Prescription Drug Supply Chain
Depending on how you look at them, pharmacy-benefit managers are either low-margin middlemen that fight to reduce drug costs, or highly profitable intermediaries that take a cut of every prescription and earn more when drug prices rise.
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Apple to Store Sensitive Encryption Keys in China
When Apple next week begins shifting the iCloud accounts of its China-based customers to a local partner’s servers, it also will take an unprecedented step for the company that alarms some privacy specialists: storing the encryption keys for those accounts in China.
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Wireless Companies to Start Small With 5G Rollouts
Wireless companies are finally setting deadlines for the rollout of the next wave of technology designed to revolutionize the way machines reach the internet, 5G.
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Berkshire Hathaway Posted $29 Billion Gain in 2017 From Tax Plan
Berkshire Hathaway said Saturday it posted a $29 billion gain in 2017 related to changes in U.S. tax law, a boost that inflated annual profits for the Omaha conglomerate.
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Tax Changes Could Spur Swap Meet for Used Goods
The market for used equipment—including airplanes and industrial machines—is likely to heat up as firms take advantage of the new tax law’s 100% immediate deduction for such purchases.
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Coal Jobs Get a Boost---From Exports
Miners in Indiana and other states are getting a small lift from global markets: American companies are shipping more coal to Europe and Asia, helping to stop the yearslong drop in the number of U.S. mining jobs.
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Friday, February 23, 2018
Companies Bow to Social-Media Pressure, Sever NRA Ties
Chubb, MetLife, Symantec and Enterprise’s rental-car chains have eliminated discounts and special programs from members of the National Rifle Association after consumers took to social media to voice outrage against the gun lobby.
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Huawei's U.K. Relationship Raises U.S. Concerns
Huawei Technologies Co., a Chinese maker of smartphones and telecom gear, is seen in Washington as a potential tool of state-sponsored spying, but Britain and several other U.S. allies are embracing Huawei’s technology.
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Volkswagen Results Benefit From Strong Sales, Cost Cutting
Volkswagen, the world’s biggest car maker by sales, said net income more than doubled last year on the back of strong sales of its marques and the effect of cost-cutting at its flagship VW brand.
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Warren Buffett to Retire From Kraft Heinz Board
Billionaire investor Warren Buffett is retiring from the board of directors of Kraft Heinz at the end of his term in April, the food and beverage company said Friday.
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China's 'Heavy Hand' With Anbang Rattles Some Analysts
Chinese regulators’ move to seize Anbang Insurance, which some view as a quasi-nationalization of the company, sheds light on how far these so-called gray-rhino conglomerates have fallen out of favor with President Xi Jinping’s government.
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Gothamist to Relaunch After Sale to WNYC
Gothamist, DCist and LAist will return as part of a sale to three public radio stations, four months after billionaire owner Joe Ricketts abruptly shut them down.
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General Mills, Maker of Cheerios, Now Wants to Feed Your Dog, Too
General Mills has agreed to buy Blue Buffalo Pet Products for about $8 billion, as the food giant looks for a piece of the fast-growing natural pet-food market.
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Auto Makers Race to Build a Cheaper Electric Car for India, Other Growing Markets
The world’s auto makers are vying to build an affordable electric car to target drivers in emerging economies and potentially create a competitor to Chinese-made vehicles.
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Airlines Are Booming, So Why Are Investors Worried?
Sentiment has turned when it comes to investing in airlines, as investors fret that rising fuel prices, excessive expansion plans, and creeping costs threaten future earnings.
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New England Has a Power Problem
New Hampshire’s rejection of a planned 192-mile power line from Canada to Massachusetts is the latest example of just how hard it is to build large energy infrastructure in New England, even as states struggle to meet pressing electricity needs.
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Drug That Promises to Kill Flu in a Day Approved in Japan
Japan has approved a drug that its maker says can kill the flu virus in 24 hours, paving the way for what health experts believe could be a breakthrough in the way the illness is treated.
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Dropbox Files to Go Public
Web-storage company Dropbox Inc. raised the curtain Friday on its long-awaited initial public offering, which is set to be one of the biggest tech debuts of the past few years.
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Chinese Regulator Seizes Anbang
China’s insurance regulatory agency took control of hard-charging, acquisitive Anbang Insurance, saying the action is needed to avoid a collapse of the firm following suspected illegal activity and the downfall of its once-highflying chairman.
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Activist Starboard Seeks Board Seats at Cars.com
Starboard Value is taking a step further as an activist investor in Cars.com and has nominated four people it wants to be named to the board of the car-search engine company at its annual meeting next month.
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Chinese President's Top Economic Adviser to Visit U.S. Next Week
President Xi Jinping’s most trusted economic adviser, Liu He, is heading to Washington on Tuesday as a main envoy for the U.S.-China relationship.
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Fed Report Signals No Worries About Recent Market Volatility
The Federal Reserve signaled it is unperturbed by volatility in financial markets earlier this month and remains on track to raise rates gradually this year.
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Paper Argues Fed Bond Buying Plan Largely Ineffective
The Federal Reserve’s signature bond buying stimulus program undertaken during and in the wake of the financial crisis was largely a dud for the economy, argues a new paper authored by a group of prominent economists.
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Fed's Powell to Testify Before House Panel Tuesday
Federal Reserve Chairman Jerome Powell’s first congressional testimony as the central bank’s new leader has been moved to Tuesday from Wednesday.
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Trump to Unveil 'Largest Ever' Set of Sanctions on North Korea
Donald Trump will unveil a new set of sanctions against North Korea, which he’ll call “the largest ever.” The sanctions will “further cut off” sources of revenue and fuel for Pyongyang’s nuclear program, according to the president.
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When 'Married, Filing Separately' Lowers Your Tax Bill
The rarely used “married, filing separately” tax status is a boon for the few Americans who choose it each year. More will likely join that club in 2018.
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Playing With $100 Billion, Warren Buffett Is Giant Trader of U.S. Treasury Bills
Warren Buffett’s Berkshire Hathaway has used its mounting cash pile to become one of the world’s largest owners of U.S. Treasury bills after struggling to find big companies to buy in recent years.
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Thursday, February 22, 2018
Hewlett Packard Enterprise Raises Shareholder Return Target to $7 Billion
Rising sales of storage and networking devices powered Hewlett Packard Enterprise Co.’s core business during the holiday quarter, helping the company raise its annual profit targets while boosting planned returns to shareholders.
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Takata Settles Joint Probe by U.S. States Into Faulty Air Bags
Takata Corp. agreed to pay a $650 million civil penalty to end an investigation by the attorneys general of 44 U.S. states into whether the parts supplier concealed problems with rupture-prone air bags.
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Scroll Signs On Publishers for Service That Will Curb Their Ads
Scroll, which will launch later this year, has agreements with publishers including Business Insider, Fusion Media Group and the Atlantic. Gannett just signed on as an investor.
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Airbnb Adds Hotels and Luxury Listings to Bolster Growth
Airbnb Inc., looking to solidify sales ahead of an expected IPO, is adding more hotels to its site, along with a loyalty program and new tiers of listings that include luxury and more budget-friendly offerings.
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The Big Loophole That Helped Russia Exploit Facebook: Doctored Photos
This use of doctored images was a crucial and deceptively simple technique to spread fabricated information during the 2016 election. Tech companies, which are increasingly under fire, struggle to screen for indications photos might have been distorted or taken out of context.
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Ford Names New North America President in Leadership Shuffle
Ford Motor named a new leader for its key North American operations among several executive changes, a day after a top executive was fired after a company investigation into allegations of misconduct.
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SpaceX Lifts Two of Its Own Prototype Satellites Into Orbit
SpaceX launched into orbit a commercial payload with two prototype communications satellites intended to pave the way for an eventual constellation of thousands of similar internet-via-space satellites.
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Greek Parliament Investigates Politicians in Novartis Bribery Probe
Greece’s parliament will investigate whether senior political leaders took bribes from Swiss pharmaceutical giant Novartis to fix drug prices and boost its sales to public hospitals.
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Pass-Through Businesses Rethink Their Status in Wake of Tax Law
As business owners pore through the new tax law, many are asking themselves a fundamental question: Will changing how their company is structured cut their tax bills?
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'Angry Birds' Maker's Shares Drop 45% After Revenue Warning
Shares in Rovio fell by more than 40% after the company behind “Angry Birds” missed fourth-quarter sales expectations and warned revenue would be flat or lower in 2018.
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MiMedx Didn't Report Payments to Doctors
MiMedx, a fast-growing medical tissue-graft developer, has financial ties to more than 20 doctors but hasn’t reported them to the government under a 2013 law.
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J.C. Flowers, Cerberus Agree to Buy HSH Nordbank
U.S. private-equity firms J.C. Flowers and Cerberus Capital Management have agreed to buy German lender HSH Nordbank for up to $1.2 billion in a deal to be announced as early as next week.
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Newell Adds New Directors Ahead of Proxy Fight With Starboard
Newell Brands, a conglomerate that makes everything from Elmer’s glue to Mr. Coffee machines, is adding three new board members ahead of a proxy fight with an activist investor seeking to oust the entire board and chief executive.
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Why Sewing Robots May Replace Humans in Factories
In this episode of Moving Upstream, we explore how automation is changing the garment industry and the millions of jobs it provides
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HP Earnings: What to Watch
HP Inc. is scheduled to report fiscal first-quarter results Thursday. Investors will watch for news on the company’s share of the personal-computer market, its printer business and effects of the new tax law.
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Judge Will Decide Two Media Merger Cases in One
Comcast’s pursuit of Fox may hinge on the outcome of the AT&T-Time Warner case.
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Fed's Dudley Warns on Cryptocurrencies
Federal Reserve Bank of New York President William Dudley warned there’s considerable danger and risk right now around the rise of so-called cryptocurrencies that seek to supplant the U.S. dollar.
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U.K. Economy Lagged Peers by More Than First Thought
The U.K. economy expanded less than previously thought in the final quarter of 2017, leaving the country further out of step with a global expansion that is powering growth among its major peers.
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Leading Economic Indicators Index Rises
An economic index that measures U.S. business trends increased further in January and points to robust growth in the first half, the Conference Board said.
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Canada Retail Sales Fell in December
Canadian retail sales declined in December for the first time in four months, falling short of expectations on lower sales at general merchandise, health and electronics stores.
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U.S. Jobless Claims Fell Last Week
The number of Americans filing applications for new unemployment benefits fell last week for the third time in the past four weeks.
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Quarles Says Fed Should Continue Gradual Pace
Federal Reserve Vice Chairman Randal Quarles said the U.S. central bank should continue to move short-term interest rates up, but stopped short of saying how many times officials should raise rates this year.
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Wednesday, February 21, 2018
Priceline Group Rebrands to Booking Holdings
Priceline Group has changed its name to Booking Holdings, a move the company says better represents the diversity of its businesses.
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A N.J. County Sues Purdue Pharma, Sackler Family for Opioid Marketing
Camden County in southern New Jersey has joined hundreds of counties nationwide in suing the opioid-painkiller manufacturer Purdue Pharma, but in an unusual step it also named members of the company’s controlling family, the Sacklers.
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YouTube Says It Mistakenly Promoted a Conspiratorial Video on Florida Shooting
Google’s video site and other social media struggle to suppress misleading and false content on their platforms.
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R-Rated Behavior of Star Producer Causes Drama for Disney
Tom Schumacher, the executive behind Disney’s new “Frozen” musical, has been accused of explicit sexual language and behavior in the workplace, even as he turned the entertainment company into a powerful force on Broadway.
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Why an American Airlines Monopoly Works for Charlotte
In contrast to many cities luring low-cost competitors to their airports, Charlotte, N.C., has stuck with a dominant carrier, accepting high prices in exchange for plentiful flights
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How Jeffrey Immelt's 'Success Theater' Masked the Rot at GE
A culture that disdained bad news contributed to overoptimistic forecasts and botched strategies. GE stock has almost halved since Mr. Immelt resigned as CEO and the company is considering whether to break itself up.
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Merger Creates Regional Hospital Giant
Two large nonprofit hospital systems—Bon Secours Health System Inc. of Marriottsville, Md., and Mercy Health, headquartered in Cincinnati, have announced plans to merge, in another example of hospitals bulking as the battle for patients grows increasingly fierce.
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Broadcom Cuts Offer for Qualcomm Over New NXP Deal Price
Broadcom knocked more than $4 billion off its bid to acquire Qualcomm, firing back a day after Qualcomm sweetened its own offer to acquire NXP Semiconductors by billions.
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Toys "R" Us Plans to Close Another 200 Stores
Toys “R” Us Inc. plans to close another 200 stores and lay off a significant portion of its corporate staff following a disappointing holiday sales season, according to people familiar with the matter.
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Tops Markets Files for Chapter 11 Bankruptcy Protection
Supermarket chain Tops Markets LLC filed for bankruptcy protection Wednesday, the latest regional grocery chain to look to restructure its balance sheet as consumers move to nontraditional food retailers.
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White House Reaches Out to Labor Unions on Trade Policy
President Donald Trump sought input Wednesday from the largest labor unions in the U.S. on trade policy, including the talks to renegotiate the North American Free Trade Agreement.
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GE Won't Sell Baker Hughes Stake Yet, Lowers 2018 Profit View
GE lowered its 2018 profit outlook and said it has no intention of selling down its majority stake in oil services firm Baker Hughes before 2019, a shift from its previous exploration of exiting the business.
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Ford North America President Leaves Following Misconduct Allegations
Raj Nair, a top Ford executive, has been fired following misconduct allegations, the latest high-ranking leader to be shown the door amid broader scrutiny of workplace behavior in corporate America.
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10 New York City Tow-Truck Firms Indicted
Manhattan prosecutors accused 17 people and 10 companies of using fraud and violence to create an illegal monopoly within New York City’s towing industry.
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Hawaiian Dumps Airbus Order for Boeing Jets
Hawaiian Airlines is expected to cancel an order for Airbus SE long-haul jets in favor of buying its first new Boeing Co. 787-9 Dreamliners, according to people familiar with the negotiations.
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Fed Officials Marked Up Inflation Outlook in January
Federal Reserve officials agreed last month that a strengthening economic growth outlook bolstered their plans to keep raising short-term interest rates this year.
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Trump Economic Report Blames Obama Policies for Slow Growth
President Donald Trump’s first official economic report to Congress makes a lengthy case that the U.S. economy has been weak in recent years, not because of the severity of the most recent recession, but because of policy mistakes by Mr. Trump’s predecessor.
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U.S. Existing-Home Sales Slumped in January
Sales of previously owned U.S. homes declined in January, suggesting that fast-rising prices and tight inventory may be restraining buyer demand at the beginning 2018.
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America's Emerging Petro Economy Flips the Impact of Oil
The effect of oil prices on the U.S. economy used to be straightforward: Higher was bad. Yet between 2014 and early 2016, as oil collapsed, growth slowed sharply. Since then oil has doubled, yet the economy has accelerated.
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What to Watch in the Fed Minutes
The Federal Reserve on Wednesday will offer more details on policy makers’ outlook for 2018 when it releases the minutes of their Jan. 30-31 meeting. Officials voted then to hold their benchmark federal-funds rate steady in a range between 1.25% and 1.5%. The minutes will be released at 2 p.m. EST.
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Tuesday, February 20, 2018
3M, State of Minnesota Settle For $850 Million
3M Co. will pay $850 million to settle Minnesota’s lawsuit, claiming the manufacturer contaminated water in the state for at least five decades.
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Glencore's Predicament: How to Handle Payments to Individual Under U.S. Sanctions
Swiss mining giant Glencore is grappling with a thorny problem: whether it can make royalty payments to Israeli billionaire Dan Gertler, a former partner placed under sanctions by the U.S. government.
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Barneys Aims to Reinvent Luxury Marketing for Younger Shoppers
CEO Daniella Vitale says the old ways don’t work in a market now driven by a new generation.
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Dow, S&P 500 Lose Steam After Six Sessions of Gains
Falling shares of Walmart pulled the Dow Jones Industrial Average and the S&P 500 lower Tuesday, snapping a six-session winning streak for the indexes.
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Gap Is Replacing CEO of Flagship Brand
Gap said it is searching for a replacement for Gap brand President and CEO Jeff Kirwan, who is resigning.
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Spending Bill Raises Expectations for More Fed Rate Increases
A bipartisan spending deal reached by U.S. lawmakers earlier this month has prompted many Wall Street economists to raise their projections of how much the Federal Reserve will raise interest rates this year and next.
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Proposal Would Loosen Limits on Short-Term Health Plans
The Trump administration released a proposal that would allow for the proliferation of less-comprehensive, cheaper health plans restricted under the Affordable Care Act.
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Mandates, Not Market Prices, Likely to Keep U.S. Solar Growing
Government mandates requiring utilities to procure renewable energy should keep U.S. solar power growing, despite new Trump administration tariffs on imported solar panels that are poised to raise prices.
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Trump Administration Looking at Bankruptcy Options for Student Debt
The Trump administration is looking to clarify when Americans can discharge student loans in bankruptcy, responding to concerns that more borrowers will be stuck under huge debt burdens for years.
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Trump Administration Seeks to Stimulate Private Space Projects
Vice President Mike Pence on Wednesday is expected to announce new moves promoting private ventures in space, including easing launch rules and putting the Commerce Department in charge of broader deregulation initiatives.
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Proposed Rules Would Allow Meatpackers to Slaughter Hogs Faster
Proposed rules allowing meatpackers to slaughter hogs faster and play a bigger role in policing food safety are drawing criticism.
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Hotels Check Into Technology Arms Race
In a wake-up call to investors, Holiday Inn owner InterContinental Hotels said it won’t return extra cash this year.
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Trial Tests FTC's Power to Referee Drugmakers' Fight Against Generics
A trial under way in federal court in Philadelphia is testing the power of U.S. competition regulators to crack down on drug makers’ alleged moves to thwart the sale of low-cost generics.
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Walmart's Online Sales Come Under Pressure
Walmart reported strong holiday sales but said online sales growth slowed during the quarter, marking a turn from three quarters of booming web growth.
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Washington's $500 Million Financial-Storm Forecaster Is Foundering
The Office of Financial Research was supposed to anticipate trouble and issue warnings, but initiatives have been delayed or scaled back. Now the Trump administration is holding it up as an example of governmental overreach.
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Guess Co-Founder to Step Away During Investigation Into Conduct
Guess? said Tuesday that co-founder Paul Marciano will relinquish his day-to-day responsibilities with the company and salary during a continuing investigation into recent allegations of improper conduct.
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Household Debt Is Rising Quickly Around the Globe
A decade after household debt burdens contributed to a crisis in the U.S. and EU, a new crop of economies face high and still rising household debt burdens. Will Switzerland, Australia, Canada and others be able to carry larger debts, or are they victims of their own success?
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Tax Regulations at Center of GOP Dispute
A turf battle is breaking out in the Republican Party over which agencies should have a say in writing new regulations stemming from last year’s landmark tax legislation.
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Albertsons, Rite Aid Plan $24 Billion Deal Amid Online Fight
Albertsons plans to buy the rest of Rite Aid that isn’t being sold to Walgreens Boots Alliance as retailers of all stripes scramble to respond to a rapidly changing consumer shopping landscape.
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Qualcomm Set to Raise Bid for NXP to $44 Billion
Chip giant Qualcomm is set to raise its bid for NXP Semiconductors to about $44 billion in an effort to win shareholder support for the acquisition and help it fend off a takeover approach from Broadcom.
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BHP Willing to Talk About Activist's Overhaul Plan
BHP Billiton, its net profit off 37%, signaled it may be willing to yield to activist investor Elliott Management’s latest assault on its corporate structure, even as it lifted its dividend 38%.
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Taxis, Ride-Hailing Firms Battle for Business on Road to Tokyo Olympics
Sony is helping Japanese taxi firms improve their services, competing against ride-hailing giants Uber and China’s Didi Chuxing Technology, along with Toyota, in the race for business ahead of the 2020 Olympics.
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Monday, February 19, 2018
Facebook Battles New Criticism After Indictment Against Russians
Facebook is contending with a new wave of criticism prompted by the indictment detailing how Russia manipulated social-media platforms—and by a Facebook executive’s attempts to address the issue.
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'Black Panther' Roars to Top of Box Office
With an estimated opening of $235 million in the U.S. and Canada, “Black Panther” was another blockbuster success for Walt Disney Co.’s Marvel Studios but also a breakthrough for movies with primarily black casts..
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The iPhone Is Losing Out to Chinese Devices in Asia
The iPhone X’s steep price opens the door to cheaper options in Asian markets, and Chinese smartphone brands Xiaomi, Oppo and Vivo are grabbing market share.
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The World's Biggest Miners Emerge From Their Hole
The world’s biggest mining companies are again poised to shower investors with billions of dollars and make deals, a turnaround fueled by the global economy’s renewed appetite for raw materials and by the burgeoning electric-vehicle market.
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Oil Producers Buying Back Shares After Years of Selling New Stock
North American energy producers survived the recent oil bust in large part by selling more than $60 billion of new stock. Now they’re beginning to buy it back.
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Why Was Facebook So Easy to Hijack?
Experts offer a lesson in how Facebook and other networks through history became hierarchies, as individuals got more influence.
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Macron Law Jolts French Labor Market
Some of France’s largest employers are seizing on President Emmanuel Macron’s labor-system overhaul to undertake mass layoffs, heralding a sea change for a country that has long coddled its workforce.
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Private Trades in Spotify Shares to Play Role in Debut
Spotify AB is counting on its surging private-market value to bolster the music-streaming service’s appeal to investors in an unorthodox public debut that could be the biggest since Snap Inc.’s $20 billion IPO last year.
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Iranian Airline Bought U.S. Jet Parts Through Front Firms
An Iranian airline under sanctions by the U.S. for ferrying weapons and fighters into Syria repeatedly bought U.S.-made jet engines and parts through Turkish front companies over the past several years, most recently in December, federal investigators said.
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Sunday, February 18, 2018
Fed Chairman Powell Taps Two Senior Advisers
Federal Reserve Chairman Jerome Powell has tapped two monetary policy specialists to serve as senior advisers, according to people familiar with the matter.
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'Black Panther' Album on Track for Heroic Opening Week
“Black Panther: The Album” is set to deliver the strongest album debut for a Walt Disney Co. movie in at least five years.
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What the Price Ham Tells Us About Spain's Economy
Spain is shaking off one of its worst downturns in decades and splurging on goods recently considered extravagant, including the ultimate Spanish gastronomic luxury: free-range, acorn-fed Iberian ham.
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Novartis CEO Steers Drug Maker Back to R&D
Vasant Narasimhan, the 41-year-old chief executive at Novartis AG, is vowing data science and digital technologies will revolutionize the company’s drug-development pipeline.
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For Tech Giants, Halting Russian Meddling Isn't Easy
The U.S. indictment handed down against three Russian companies and 13 individuals suggests it won’t be easy to stop any aggressive influence campaign in the run-up to the midterm election in less than nine months.
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Silicon Valley Has a New Investment Opportunity: Your Home
Companies including some backed by Silicon Valley venture-capital firms and Mark Zuckerberg’s nonprofit are experimenting with a product that essentially lets them take an ownership position in a house along with the homeowner.
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In Cutting Time to Market, Toy Companies Try On Fast Fashion
Toy companies are mimicking the moves of fast-fashion retailers as they scramble to produce toys and games tied to the swift rise and fall of trends driven by social media.
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Like Thiel, Others Feel Ideologically Alienated in Silicon Valley
Billionaire venture capitalist Peter Thiel has said he plans to leave Silicon Valley in part because of its perceived cultural uniformity, joining other entrepreneurs and investors who have defected away from the nation’s high-tech cradle.
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Saturday, February 17, 2018
The Benefits, and Costs, of Higher Metal Tariffs
Aluminum and steel producers hope tariffs under consideration by the Trump administration will heat up demand for their products, but the U.S. remains an expensive place to make the metals.
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Budget Deal Likely to Deliver Hefty Business to Defense Companies
The recent budget deal has handed U.S. defense companies an extra $75 billion over the next two years as the Pentagon boosts spending on aircraft, missiles, tanks and maintaining older equipment.
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Friday, February 16, 2018
For the Federal Reserve, a New Chief but Same Rate Path
Jerome Powell is stressing continuity as he takes over as Fed chairman, which suggests the central bank will keep gradually raising interest rates this year, unperturbed by recent market volatility and signs of firming inflation.
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Mattel Ditches High-Tech Barbies, Goes Back to Basics
Mattel Chief Executive Margo Georgiadis is shutting down products with extraneous technology from its Barbie lineup and elsewhere in the toy maker’s portfolio.
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Olympics Audience Shrinks, But NBC Touts Win
The verdict is in for the first week of the Winter Olympics: Viewership is down. That isn’t stopping NBC from claiming gold.
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Coca-Cola Betting Big on Smaller Packages
Coca-Cola Co. is betting that smaller packages that command higher prices will boost sales in the company’s struggling soda business this year.
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U.S. Weighs Tariffs and Quotas on Steel, Aluminum Imports
The Trump administration said it was considering broad-based tariffs and quotas to curb imports of steel and aluminum to protect national security, though officials stressed that the ultimate policy could be considerably more limited.
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What Stores Do With $90 Billion in Merchandise Returns
Retailers rang up their strongest holiday sales since 2011, but now they have to figure out what to do with an estimated $90 billion in returned holiday sales of apparel, electronics and sporting goods.
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Steve Wynn Won't Get Severance From His Casino Company
Billionaire casino executive Steve Wynn won’t be getting severance from the company he founded, Wynn Resorts, following his resignation as chairman and CEO after sexual misconduct allegations were detailed in a Wall Street Journal investigation.
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Ghosn Takes Huge Pay Cut to Stay at Renault
Renaul’s Carlos Ghosn took a steep pay cut after agreeing to remain at the helm of the French car maker for another four years, bowing to a campaign by the French government, one of its main shareholders, against high executive pay.
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Food Makers Still Searching for Stronger U.S. Sales
Food makers’ earnings show they remain under pressure as consumers hunt for healthier meals and snacks.
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How 'Fortnite' Defied Convention and Became a Hit
“Fortnite” wasn’t a big hit when it first came out as a $40 game. To attract players, Epic Games made an unusual decision: create a free version.
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Movies Made in China Trickle Into U.S. Theaters
Just in time for Lunar New Year, when movie-going is popular in China, four Chinese-made movies are set for release in the U.S. as Hollywood forges more ties with the world’s next top box-office market.
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Newell CEO Defends Management Amid Activist Calls for Change
Newell Brands CEO Mike Polk, facing a proxy fight with an activist investor seeking to oust him and the entire board, said a bruising retail environment and not management missteps are behind the company’s recent woes.
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Qualcomm Presses Broadcom After Meeting
Qualcomm said while it is open to further discussions with Broadcom it remains against the company’s “best and final” takeover offer.
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Deere Sees Strong Equipment Demand This Year
Deere & Co. raised sales forecasts for its farm and construction equipment this year.
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The Robots Are Coming for Garment Workers
Automation is finally invading the garment industry, transforming sweatshops and putting people out of work in poor countries like Bangladesh. For the U.S., that means lower prices and new domestic production possibilities.
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U.S. Import Prices Rise in January
Prices for foreign-made goods imported to the U.S. rose in January, driven by a broad range of product price increases and capping a week of solid inflation readings.
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Consumer Sentiment Rebounds in February
U.S. households’ confidence in the economic outlook rebounded this month, as a gauge of consumer sentiment hit its second-highest level since 2004.
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Jumbo Loans Are New Threat in U.S. Student Debt Market
Most borrowers who left college or graduate school owing at least $50,000 in student loans in 2010 had failed to pay down any of their debt four years later, according to a study by the Brookings Institution.
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U.S. Home Construction Rose 9.7% in January
U.S. home builders broke ground briskly in January, a development that could kickstart economic growth and ease a runup in home prices.
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Thursday, February 15, 2018
Inspector General Opens Probe of FCC's Easing of Media-Ownership Rules
A federal inspector general has agreed to investigate actions by federal regulators that might benefit Sinclair Broadcast Group Inc. in its efforts to buy Tribune Media Co., according to a top congressman who requested the probe.
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Kraft Heinz Hints at Appetite for Deals
Kraft Heinz Co. hinted at plans to do more deals. In a presentation to investors, Chief Executive Bernardo Hees said big food makers like Kraft Heinz face pressure to consolidate to confront changing consumer demands for fresher food and more snacks.
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At Thomson Reuters, Tensions Between Family and Board Ratchet Up With Blackstone Deal
The board of Thomson Reuters recently pressed ahead with plans to sell a piece of its business to Blackstone Group despite its chairman’s concerns that the company might not be getting the best price.
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Federal Judge Rejects Government Loan for Puerto Rico Utility
A federal judge has rejected a $550 million loan to keep Puerto Rico’s troubled electric utility in operation, threatening the island with more power outages at a time when it is trying to recover from last summer’s devastating hurricanes.
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Avis Budget's Largest Investor Launches Board-Seat Fight
The largest investor in Avis Budget Group Inc. is launching a fight to shake up the car-rental car company’s board of directors, a ratcheting up of several years of tension between the two.
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Roche to Acquire Healthcare-Software Company Flatiron for $1.9 Billion
Swiss pharmaceuticals giant Roche Holding S.A. agreed to buy the shares of oncology software company Flatiron Health Inc. that it doesn’t already own for $1.9 billion, increasing its capabilities in cancer medicines.
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A Profit at Sears? (There's a Catch)
Sears said in a regulatory filing that comparable-store sales fell 15.6% in its latest quarter, but that it expects recent U.S. tax law changes to help it post a profit.
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Tech Luminary Peter Thiel Parts Ways With Silicon Valley
Billionaire investor Peter Thiel is relocating his home and personal investment firms to Los Angeles from San Francisco and scaling back his involvement in the tech industry, people familiar with his thinking said, marking a rupture between Silicon Valley and its most prominent conservative.
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CBS Sales, Adjusted Profit Tops Views
CBS Corp.’s revenue rose 11% as it pulled in more money from pay-TV distributors, content licensing and its own direct-to-consumer streaming services.
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GE Moves to Sell First Part of Lighting Business
General Electric reached a deal to sell parts of its overseas lighting business to a former executive for an undisclosed amount, the first move for the conglomerate to separate with one of its oldest and most iconic businesses.
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Trucking Rates Come Down a Bit but Problems Persist for Shippers
Manufacturers and retailers are enjoying a breather from soaring trucking costs, but many shippers say lingering problems in booking big rigs point to more turmoil ahead.
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White House Adviser Cohn Downplays Concerns Over Rising Inflation, Bond Yields
Trump’s top economic adviser Gary Cohn dismissed worries that recent tax cuts and other stimulus would provide an excessive growth boost that causes inflation and eventually derails the economic expansion.
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Mnuchin Says IRS to Release New Tax Withholding Calculator Next Week
Treasury Secretary Steven Mnuchin said the IRS will release a new calculator next week that allows taxpayers to double-check the amount that should be withheld from their paychecks under the new tax law.
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U.S. Industrial Production Fell 0.1%
U.S. industries cut output for the first time since last summer in January, suggesting key sectors of the economy remain stuck in modest growth.
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U.S. Producer Prices Returned to Upward Path in January
U.S. producer prices rose in January, the latest sign of building inflation pressure in the economy.
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Tax Law Forces Revamps for Agriculture Firms
Ethanol makers and family-owned grain companies are setting up agricultural cooperatives to benefit from a provision in the new tax law that gives farmers larger tax savings for selling crops to that kind of business.
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U.S. Jobless Claims Rose Last Week
The number of Americans filing applications for new unemployment benefits increased by 7,000 to a seasonally adjusted 230,000 last week, but remained near historic lows.
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Analysis: Fed May Lift Rates With Confidence as Inflation Shows Signs of Life
The Federal Reserve is likely to welcome new signs of firming inflation, which should bolster its resolve to gradually raise interest rates this year.
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Talking Taxes: How to Hold On to More of Your Dough
The new tax rules have already taken effect. But they won’t show up on tax returns until early in 2019. What’s changing for individuals? The latest video in our Talking Taxes series breaks it all down for you, in bite-size pieces.
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Nestlé Sales Growth Weakens to Slowest in Decades
Sluggish U.S. demand limited Nestlé’s sales growth to its slowest pace in decades last year, underscoring the challenge facing the consumer goods giant as it tries to reposition itself as a nimble provider of healthy food and drinks.
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Airbus Reaps Rewards of Rising Plane Production
Shares in Airbus soared 9% after the European plane maker signaled it was starting to cash in on higher plane production and joined rival Boeing Co. in promising to build even more airliners.
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Wednesday, February 14, 2018
U.K. Says Russia Behind Cyberattack That Crippled Global Firms
British officials blamed Russia for last June’s massive “Petya” cyberattack, which crippled computer networks at multinational firms including FedEx Corp., container-ship giant A.P. Moeller-Maersk A/S and pharmaceutical firm Merck & Co.
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Forbes Will Pay All of Its Contributors, but Purge the Worst
Forbes has a new message for its network of largely unpaid contributors: Only the strong will survive, but they’ll be paid.
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Cisco Returns to Growth After Two-Year Sales Slump
Cisco Systems Inc. returned to revenue growth for the first time in more than two years and pledged to return more cash to shareholders as the networking-gear maker continues to focus on boosting how much money it generates from software and services.
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Mulvaney's Real Target: Government, Not Deficits
President Donald Trump’s budget director, Mick Mulvaney, says he is a deficit hawk, but he is about to preside over a historic rise in the budget deficit due in great part to a tax cut he and Mr. Trump enthusiastically supported.
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U.S. to Block Tax-Law Loophole on 'Carried Interest'
Treasury Secretary Steven Mnuchin said the government will act within two weeks to block a hedge-fund maneuver around part of the new tax law.
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How Google Influenced the Web's Effort to Block 'Annoying' Ads
Starting on Thursday, Google’s Chrome browser will block certain types of online advertisements, a change Google is describing as user friendly. But some in the industry say the ad giant’s move is self-serving, and they contend Google overly influenced the process that selected which ad types to block.
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To Fill Jobs in a Tight Labor Market, Employers May Need to Get Creative
Employers, educators and policy makers are wrestling with how best to transfer workers’ current skills into digital-ready skills and then prepare them for new opportunities. Answers are needed as jobs need to be filled.
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How Much of Your $355 Ticket Is Profit for Airlines?
For airlines, it still takes a lot to make a little. Tickets cover costs, but baggage fees, seat fees, reservation-change fees and just about every other nickel-and-diming that aggravates customers are what boost the bottom line.
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Japan's Economy Grows for Longest Stretch in 28 Years
Japan recorded its eighth straight quarter of growth, the longest streak since its heyday in the late 1980s, and economists generally expect modest expansion to continue this year.
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Trump Mulls Tariffs, Quotas on Foreign Steel
President Trump told lawmakers Tuesday that he is eyeing “tariffs and/or quotas” as a way of restricting U.S. imports of steel and aluminum on national-security grounds, but he acknowledged concerns that blocking metal imports could lead to price increases for U.S. industries that use the metals.
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The Path to the Tax Overhaul
It was nearly a decade in the making. Now, both Republicans and Democrats see the plan as potentially helping them in this year’s elections.
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U.S. Retail Sales Declined 0.3% in January
Retail and food-services sales—a measure of consumer spending at U.S. stores, restaurants and websites—declined a seasonally adjusted 0.3% in January
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U.S. Consumer Prices Rose 0.5% in January, Up 2.1% On Year
U.S. consumer prices rose more than expected in January, a further sign inflation is firming after a long run of softness.
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White House Considering Loretta Mester for Fed's No. 2 Job
The White House is considering nominating Cleveland Fed President Loretta Mester as vice chairwoman of the Federal Reserve Board in Washington, according to people familiar with the matter.
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Americans Can't Get Enough Consumer Debt
Interest rates are on the rise, but that hasn’t curbed Americans’ appetite for consumer debt as people borrow more than they have in years on credit cards or through auto loans, and lenders seeking growth are happy to oblige them.
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Not Coming Sooner to a Home Theater Near You: New Movies
Hollywood studios’ push to make movies available for home viewing sooner after theatrical release at a premium price is a casualty of Walt Disney Co.’s deal to acquire most of 21st Century Fox Inc.
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Sky's Soccer Rights Deal Puts Pressure on Fox to Raise Bid
Sky shares rose above the price that 21st Century Fox offered for the British pay-TV giant for the first time since the bid, putting pressure on Rupert Murdoch’s Fox to increase the figure.
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AT&T Weighs Bid to Challenge Antitrust Lawsuit Legitimacy
AT&T is considering an unusual bid to seek testimony from the Justice Department’s antitrust chief in the coming trial over its $85 billion purchase of Time Warner, part of the companies’ effort to challenge the legitimacy of the government’s lawsuit.
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Can the Nordstrom Family Outrun Retail's Woes?
Nordstrom Inc.’s founding family is reinventing their department stores as they restart talks with bankers about financing a buyout—but is the family’s vision visionary enough to survive the industry’s calamities?
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Kenya's Rose Farmers Faced Flight Crunch Ahead of Valentine's Day
A logistical logjam with global airborne trade threatened to scupper the most profitable—and romantic—time of the year for one of the world’s top rose exporters: Kenya.
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Cisco Earnings: What to Watch
Cisco is scheduled to report fiscal second-quarter results after Wednesday’s market close. It’s expected to report adjusted earnings of 59 cents a share and revenue of $11.81 billion, up 2% from a year ago.
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Amazon Hospital-Supply Push Marks Its Latest Move Into Health Care
Amazon is pushing to turn its nascent medical-supplies business into a major supplier to U.S. hospitals and outpatient clinics that could compete with incumbent distributors of items from gauze to hip implants.
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Is It OK for Your Boss to Hug Your Intern?
Offices struggle to get bystanders to sex harassment to speak up. Our quiz explains the changing landscape.
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Idaho Insurer to Sell Plans at Odds with Federal Health Law
Blue Cross of Idaho said it plans to use new rules set by state regulators to sell insurance that doesn’t meet all the requirements of the Affordable Care Act, a move that could force the Trump administration to take a stance on the legality of such products.
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Baidu Bounces Back as Ad Revenue Rebounds
Chinese search giant Baidu is clawing its way back from a challenging year on the strength of advertising and its move to pare down its noncore businesses.
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Tuesday, February 13, 2018
Uber Posts Fourth-Quarter Loss of $1.1 Billion on Higher Sales
Uber continued to boost ridership and revenue throughout last year, despite a punishing stretch that included a sexual harassment scandal, the resignation of its longtime chief and a blockbuster lawsuit from its primary rival in self-driving vehicles.
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Chipotle Picks Taco Bell CEO Brian Niccol to Be Its New Chief
Chipotle Mexican Grill Inc. on Tuesday will name Taco Bell CEO Brian Niccol its next chief executive, tapping a fast-food veteran to try to revive the struggling burrito chain.
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NXP Deal Is Likely Qualcomm's Best Defense Against Broadcom
In Qualcomm’s quest to avoid being swallowed by Broadcom, its best bet to remain independent may be completing its own giant acquisition. But it is running out of time.
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Walmart to Trim Store Management Ranks
Walmart is cutting some store management jobs as it works to keep labor costs low while investing in higher wages and e-commerce efforts to fend off Amazon.com.
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Inside the Bribery Scandal Sweeping Through the Oil Industry
Shell and Eni paid $1.3 billion for rights to a prized offshore oil field in Nigeria. The question of whether the money was mostly a bribe is at the heart of one of the biggest corruption scandals the industry has faced.
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Under Armour Expands Restructuring Plan
Under Armour said Tuesday that revenue in its latest quarter rose despite a decline in North America and announced it was pumping up restructuring plans in 2018 as it orchestrates a turnaround.
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Blue Apron Sheds Customers as Meal Kit Competition Mounts
Blue Apron Holdings is hemorrhaging customers, as operational problems and rising competition jeopardize its rank as the U.S.’s largest meal-kit company.
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Barnes & Noble Cuts Jobs Following Poor Holiday Season
Barnes & Noble is laying off a significant number of workers as a result of poor holiday-season results.
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Thomson Reuters CEO Jim Smith Hospitalized
Thomson Reuters Corp. president and Chief Executive Jim Smith was hospitalized in Toronto Monday after the company said he was “feeling unwell.”
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After a Busy Fall, Mall Mergers Slow
Deal fervor in mall REITs appears to have notched down a peg.
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Treasury Department to Block Latvia's ABLV Bank From U.S. Markets
The U.S. plans to sever ties between one the Baltic’s largest banks and U.S. markets, charging the bank with laundering billions of dollars in illicit funds, including for companies connected to North Korea’s banned ballistic missile program.
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U.S. Household Debt up $193 Billion
U.S. household debt rose for the 14th straight quarter in the final three months of 2017, pushing further into record territory as confident Americans added to mortgage loans and credit-card balances.
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Mester Says Fed Should Raise Rates in 2018 at Pace Similar to 2017
Federal Reserve Bank of Cleveland President Loretta Mester said the U.S. central bank should press forward with interest-rate increases this year, while adding the recent wave of volatility in financial markets hasn’t derailed a solid economic outlook
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Trump's Budget Proposal Projects Big Jump in Deficits
President Donald Trump unveiled a $4.4 trillion budget blueprint that projects deficits next year nearly double what his proposal estimated last year, underscoring how Republicans’ desire for lower taxes and more defense spending has derailed their campaign to impose fiscal discipline.
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Monday, February 12, 2018
Kraft Heinz Made Its Factories Really Efficient. Now It Has to Sell Bologna
3G Capital’s formula of squeezing costs to improve profit margins is running up against consumers whose tastes have shifted away from processed foods.
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General Motors to Close South Korea Plant
General Motors Co. said it will close its Gunsan, South Korea, factory in May and pressure union officials for additional cost cuts to stem losses.
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Walgreens Makes Takeover Approach to AmerisourceBergen
Walgreens Boots Alliance Inc. has made a takeover approach to drug distributor AmerisourceBergen Corp., a move that could help boost profitability at the drugstore giant and insulate it against external threats in an increasingly competitive health-care landscape.
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Fox Offers to Insulate Sky News to Mollify British Regulators
21st Century Fox offered to bolster the editorial independence of Sky PLC’s news operations to meet concerns of British regulators and ease approval of its $16 billion bid for the portion of the pay TV giant it doesn’t already own.
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Nevada Regulator, Inundated With Reports About Steve Wynn, Starts Website to Field Tips
Nevada gambling regulators on Monday introduced a new online system for the public to send in confidential complaints and tips after receiving a number of reports about Steve Wynn in the days after The Wall Street Journal published an article detailing sexual-misconduct allegations against the casino mogul.
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Snap's Head of Sales Leaving After Less Than Two Years
Snapchat parent said its head of sales, Jeff Lucas, is leaving the social-media company less than two years after joining from Viacom Inc.
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Trump Plans 'Reciprocal Tax' on Some U.S. Trading Partners
President Donald Trump said Monday he planned to announce as soon as this week what he called a ‘reciprocal tax’ on trade, aimed at countries that he said are taking advantage of the U.S.
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Trump's Infrastructure Plan Counts on States to Do Heavy Lifting
The Trump administration’s initiative to improve the nation’s infrastructure represents a gamble that a monetary nudge and a smoother regulatory path will be enough to spur cities and states to do big things.
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Starboard Unveils List of Candidates for Newell Board
Starboard Value has revealed the 10 candidates it will nominate to Newell Brands’s board as part of a proxy fight launched in response to the conglomerate’s recent performance.
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General Dynamics Buying CSRA for $6.8 Billion
General Dynamics said it agreed to buy CSRA for $6.8 billion as part of a big push by the defense contractor into government IT services.
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Self-Driving Car Safety Legislation Stalls in the Senate
Legislation to remove regulatory obstacles to the development of self-driving vehicles is running into problems in the Senate, dimming prospects for the quick passage that many had expected.
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Wisconsin, Facing a Worker Shortage, Pitches Its Benefits
Wisconsin has an abundance of job openings but not enough workers, so a new ad campaign aims to woo residents from nearby states by pitching a low cost of living and short commute times.
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The Tax Law Is About to Make Analyzing Earnings Trickier
The new U.S. tax law could throw a monkey wrench into a method many analysts and investors use to gauge the strength of companies’ earnings.
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Big Batteries Are Taking a Bite Out of the Power Market
Giant batteries charged by renewable energy are beginning to nibble away at a large market: The power plants that generate extra surges of electricity during peak hours.
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Oracle Leaps Into the Costly Cloud Arms Race
Oracle plans to quadruple the number of its giant data-center complexes over the next two years, a move that could boost capital spending.
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The Wayfair Riddle
The furniture retailer’s business has serious flaws. But the stock keeps soaring.
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Students Look Abroad for Internships
International work experience can bolster a résumé, but the price tag can be significant.
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Sunday, February 11, 2018
Global Economy Week Ahead: Japan GDP, U.S. Inflation, U.K. Retail Sales
This week will feature inflation readings from the U.S. and U.K., while Japan is expected to report it ended 2017 with an eighth straight quarter of economic growth.
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The Secret to Getting More People to Pay Their Taxes
Compliance would rise if taxpayers feel they have a say in how the money is spent.
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What the New Tax Law Means for Married Couples
Also: Common myths and misconceptions about marriage and taxes.
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Comcast Considers Reviving Pursuit of Fox
Comcast may revive its pursuit of 21st Century Fox, after its bid for the company’s entertainment assets was turned down despite being higher than that of eventual buyer Walt Disney Co., according to people familiar with the situation.
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New York Attorney General Alleges Extensive Harassment at Weinstein Co.
New York Attorney General Eric Schneiderman filed a lawsuit against the film company and its co-founders, Harvey and Bob Weinstein, alleging longstanding sexual harassment and other civil-rights violations.
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Unilever Threatens to Reduce Ad Spending on Tech Platforms That Don't Combat Divisive Content
Unilever says it will pull back advertising from popular tech platforms, including YouTube and Facebook, if they don’t do more to combat the spread of fake news, hate speech and divisive content.
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Broadcom Secures as Much as $100 Billion of Debt Funding for Qualcomm Bid
Broadcom sought the debt financing for its hostile bid for Qualcomm and enlisted two more big private-equity firms, strengthening the chip giant’s hand in the takeover battle.
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White House to Roll Out Trump Infrastructure Plan
President Donald Trump is set Monday to unveil a program to transform how the nation’s infrastructure is funded, but the initiative faces an uncertain road on how to pay for it.
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Sizing Up the Trumponomics Gamble on Deficit Spending and Inflation
Two of the biggest legislative deals in Donald Trump’s presidency—a $1.5 trillion tax cut and a $300 billion spending package—illustrate an emerging feature of Trumponomics: a willingness to tolerate larger budget deficits deep into an economic expansion.
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There's a Global Race to Control Batteries---and China Is Winning
Companies from China now dominate the lithium-ion battery production process, which starts in Congo and ends up in a phone or electric car. Says one executive: ‘We’re realizing that the Congo is to [electric vehicles] what Saudi Arabia is to the internal combustion engine.’
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'Fifty Shades Freed' Tops Box Office
Newcomers like “Fifty Shades Freed,” “Peter Rabbit” and “The 15:17 to Paris” breathed some fresh life into a marketplace that has for weeks been dominated by “Jumanji: Welcome to the Jungle,” '”The Greatest Showman” and various Oscar contenders.
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Sears Canada Creditors Zero In On Lampert Payments
Sears Canada creditors are targeting Eddie Lampert, its former controlling shareholder and the chief executive of its U.S. namesake Sears Holdings, over payments he received before the Canadian business collapsed last year.
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New Tax Law Haunts Companies That Did 'Inversion' Deals
The new law has something in store for some “inverted” companies that did mergers overseas and lowered their U.S. taxes: higher taxes.
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Cruise-Ship Builders Roll Merrily Along
Italy’s Fincantieri S.p.A and Germany’s Meyer Werft GmbH have deep backlogs of orders in the lucrative cruise-ship sector, even as many of the rest of the world’s top ship builders are reeling from years of losses.
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The Computer Part People Are Hoarding: 'I Felt Like I Was Buying Drugs'
There’s also lying and price gouging, prompted by the race to create cryptocurrencies, which is driving up cost of one specific type of hardware that’s also prized by PC gamers.
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Saturday, February 10, 2018
Purdue Pharma to Stop Promoting OxyContin to U.S. Doctors
Privately held drug company Purdue Pharma said it would stop promoting the drug to doctors and cut its U.S. sales staff as it faces growing legal scrutiny amid an opioid-addiction crisis.
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Coca-Cola, PepsiCo Try New Ways to Combat Soda Slump
Coca-Cola, PepsiCo and Dr Pepper Snapple have been remaking themselves for the past decade, adding products like kombucha tea and coconut water as consumers migrate to less sugary drinks.
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What It Would Take for Amazon to Become UPS or FedEx
Amazon.com is a long way from reaching the scale of America’s freight titans.
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Why Businesses Are Pushing for Better Child Care in America
Historically low unemployment is forcing headway on an issue that has been around since women entered the workforce: child care. Businesses increasingly see it as an issue vital to their operations and communities.
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Experimental Drug Promises to Kill the Flu Virus in a Day
As Americans suffer through the worst influenza outbreak in almost a decade, a Japanese drugmaker says it has developed a pill that can kill the virus within a day. But even if the experimental drug lives up to the claim, it likely won’t be available in the U.S. until next year at the earliest.
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Former Officials Raise Questions About New LA Times Owner's Business
NantHealth Inc., the centerpiece of former surgeon Patrick Soon-Shiong’s medical and technology empire, has been dogged by financial woes and other turmoil.
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Friday, February 9, 2018
Wynn Resorts Board Cancels Outside Investigation of Steve Wynn's Conduct
Wynn Resorts Ltd.’s board of directors said it has stopped an independent law-firm investigation into allegations of sexual misconduct against former Chairman and Chief Executive Steve Wynn.
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Amazon Names NBC Entertainment President Jennifer Salke to Head Amazon Studios
Amazon.com Inc. has tapped NBC Entertainment President Jennifer Salke as head of Amazon Studios, its movie and television unit, succeeding Roy Price, who resigned amid public allegations that he engaged in sexual harassment and inappropriate behavior toward a producer.
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