Business & Finance News
CVS Health Corp raised its full-year profit forecast and reported higher-than-expected second-quarter results on Wednesday, as increased U.S. prescription drug prices fueled rebates to its pharmacy benefits business.
Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said.
U.S. stocks plunged on Wednesday, with the Dow Jones Industrial Average falling more than 450 points, as investors were spooked by the latest signals from the bond market that pointed to heightened risk of a recession.
Short-sellers targeting U.S. stocks logged a one-day paper profit of $24.75 billion on the selloff on Aug. 5, according to data from financial technology and analytics firm S3 Partners.
Tesla Inc received a cease-and-desist letter last year from the U.S. National Highway Traffic Safety Administration (NHTSA) for making misleading statements over safety ratings of its Model 3 cars, according to documents seen by Reuters.
A rush into the safety of U.S. government bonds smothered a broad rally in global stocks Wednesday as spiraling fears of a global economic recession gripped markets.
China’s Great Wall Motor on Wednesday said that its joint venture with BMW faced regulatory uncertainties as both companies pledged to proceed with plans for developing a low-cost electric car.
U.S. stocks opened lower on Wednesday, as investors sought safety in gold and government bonds on worries about the impact of a long-drawn U.S.-China trade war on global growth.
Michael Kors-owner Capri Holdings Ltd has no plans to raise prices even if tariffs on Chinese imports go up to 25%, Chief Executive Officer John Idol said on Wednesday.
FedEx Corp confirmed on Wednesday it would terminate its contract with Amazon.com Inc for small-package ground deliveries, as the online retailer focuses on building out its own delivery network.
Wall Street was set to open lower on Wednesday, as investors sought safety in gold and government bonds on worries about the impact of a long-drawn trade war on global economies.
Capri Holdings Ltd missed quarterly revenue estimates and cut its full-year sales forecast on Wednesday, as the high-end fashion house struggled with slowing demand for its Michael Kors brand at department stores and at its own retail outlets.
India’s Reliance Industries Ltd is partnering with iconic U.S.-based luxury jeweller Tiffany & Co to open a line of stores in the country, adding yet another marquee name to its growing portfolio of brands.
Ryanair has decided to close its base at Faro International Airport in southern Portugal from next year with the loss of at least 120 jobs, the SNPVAC cabin crew union, which had called a strike for Aug. 21-25, said on Wednesday.
U.S. stocks futures turned lower on Wednesday after investors flocked to safe-haven gold and U.S. government bonds amid worries over the escalation in U.S.-China trade war denting global growth.
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