How corporations should be covered
Harold Meyerson writes for The American Prospect about how the media should cover corporations. Meyerson writes, “For now, though, here’s a suggestion to the business page editors of American newspapers: Now that shareholder value isn’t the be-all and end-all of corporate purpose, you need to supplement your business coverage with indices of more than a corporation’s […]
Walmart sues Tesla for solar panel fires
Walmart has filed a lawsuit against Tesla for fires at the rooftop solar installations at seven locations. Lora Kolodny had the news for CNBC: Walmart is suing Elon Musk’s electric vehicle and clean energy company after Tesla solar panels atop seven of the retailer’s stores allegedly caught fire, according a court filing. The Walmart suit […]
Clouds over Novartis thicken in gene therapy drug scandal
A Novartis executive sold almost $1 million worth of company shares weeks before the FDA accused the Big Pharma company of manipulating results for its gene therapy Zolgensma. Francois Murphy had the news for Reuters: An unnamed Novartis executive sold 925,400 Swiss francs ($946,000) worth of shares less than three weeks before the U.S. Food […]
Investigator accuses GE of accounting fraud
The financial investigator who first blew the whistle on Bernie Madoff has now accused GE of a $38-billion accounting fraud. Gregory Meyer and Mamta Badkar had the news for The Financial Times: An accounting fraud “bigger than Enron and WorldCom combined” is hidden inside General Electric, according to the financial investigator who sounded the first […]
WeWork reveals huge losses ahead of IPO
WeWork has reported a loss of $900 million for the first half of 2019 in regulatory documents ahead of its planned initial public offering. The BBC had the news: The owner of office space company WeWork burned through $900m (£746m) in the first six months of this year, according to figures ahead of its hotly […]
CBS, Viacom to merge
CBS and Viacom have struck a deal to get back together to improve their position amid intensifying competition. Kenneth Li had the news for Reuters: CBS Corp (CBS.N) and Viacom Inc (VIAB.O) have reached a deal to reunite media mogul Sumner Redstone’s U.S. entertainment empire, betting that a larger company will be able to compete […]
BlackRock Buys Majority in Authentic Brands
BlackRock has paid $875 million for a majority stake in Authentic Brands, which owns, among others, Sports Illustrated and Juicy Couture. CNN’s Clare Duffy had the news: BlackRock made a big $875 million investment and became the largest shareholder of a company that owns Sports Illustrated, Nine West, Juicy Couture and dozens of other brands. […]
Global oil demand predicted to drop
Worries about the health of the economy and increasingly uncertain trade relations between the U.S. and China will put further pressure on global oil demand in 2019, the International Energy Agency said Friday. In its closely watched oil-market report, the IEA downgraded its forecast for global oil-demand growth for the third time in four months, […]
Chip stock down as a result of China-U.S. trade war
The U.S. is putting its decision to relieve the Chinese tech giant Huawei Technologies Co. on hold after China suspended its purchase of U.S. agricultural products, according to a Bloomberg News report. President Donald Trump last month agreed to give “timely licensing decisions” to allow a slew of tech companies including Google and Broadcom to sell to the […]
Foot Locker powers up with new mega stores
Foot Locker plans to open dozens of “power” stores across the U.S., teaming up with Nike to do it, reports Lauren Thomas of CNBC.(https://www.cnbc.com/2019/08/09/foot-locker-is-opening-massive-power-stores-across-the-us-with-nike.html) These so-called power stores are four times as big as a typical Foot Locker store in malls. The newest will open Saturday in New York in the Washington Heights neighborhood of […]
