Category Archives: CNN – Business

Manufacturing takes a sharp turn for the worse

A key indicator of the health of the manufacturing sector tanked in June, suggesting that business sentiment around new tariffs is starting to bite. The Empire State Manufacturing Survey, which measures how factories in New York State view the state of their business, fell much more than expected in June: a record 26 points, to…MORE

India is escalating a trade fight with America. It’s a high risk strategy

India’s decision to slap new tariffs on American goods over the weekend escalates a trade battle with the United States that may not be worth fighting and could backfire. The Indian tariffs on 28 US products including almonds, apples and some chemicals went into effect Sunday. While New Delhi says the heightened duties are in…MORE

Airbus bests Boeing on day one of the Paris Air Show

Airbus kicked off the Paris Air Show by unveiling a new jet and announcing orders for over 100 new planes. Its chastened rival Boeing was meanwhile stuck playing defense over the 737 Max. The recent divergence in fortunes of the world’s dominant planemakers was on full display at the biennial industry beauty contest, where the…MORE

Sotheby’s sold to billionaire art collector Patrick Drahi for $3.7 billion

Telecom billionaire and art collector Patrick Drahi has emerged as the winning bidder for Sotheby’s, the 275-year-old auction house. Sotheby’s announced an agreement on Monday to be taken private by Drahi in a deal valued at $3.7 billion including debt. The takeover will result in Sotheby’s, the world’s oldest and largest international auction house, ending…MORE

The calm before the Fed storm? Dow inches higher ahead of eventful week

The Dow and the broader US stock market opened slightly higher ahead of a busy week, including a highly anticipated Federal Reserve meeting. The Dow was up 0.1%, or 32 points, early in the trading day. The S&P 500 and the Nasdaq Composite rose 0.2% and 0.8%, respectively. In outright negative news for stocks, the…MORE

Carole Ghosn wants Trump to raise her husband’s case with Japan

Carole Ghosn, the wife of former Nissan and Renault chairman Carlos Ghosn, is asking President Donald Trump for help. In an interview with the BBC, she requested that Trump speak with Japanese Prime Minister Abe about “fair trial conditions” for her husband. The two leaders will both be at the G20 summit in Osaka in…MORE

Beyond Meat will start making ‘ground beef’

Beyond Meat is taking a new shape. The alternative meat maker is debuting a plant-based “ground beef,” which marbleizes and tenderizes just like the real thing. The company announced that it will start arriving on shelves beginning next Monday, June 24. It will be sold at several grocery chains including Whole Foods, Wegmans, HEB and…MORE

Pfizer to buy Array BioPharma for $11 billion

Pfizer agreed to spend $11 billion to buy Array BioPharma, a company that is developing small molecule medicines primarily to treat cancer. Array’s portfolio includes two drugs in more than 30 clinical trials for different kinds of cancer, particularly colorectal cancer. The companies said that is the third-most-common form of cancer:140,250 patients were diagnosed with…MORE

Lufthansa is being hit hard by low cost rivals

Lufthansa’s stock plummeted Monday after the German carrier warned that intense competition from low-cost European rivals was hurting its bottom line. Shares in the airline dropped more than 12% in Frankfurt to €15.47 ($17.35), their lowest level in over two years. Lufthansa on Sunday issued a profit warning, downgrading its expected margins for 2019 to…MORE

Paris Air Show; Tariff pain; Stocks rise

1. Paris Air Show: All eyes are on Boeing as the Paris Air Show kicks off Monday. The show is typically an opportunity for Boeing and Airbus to announce orders for hundreds of aircraft. That will be harder this year for the US jetmaker, which has halted deliveries of its 737 Max following two deadly…MORE