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UPDATE 1-Canadian retailer Hudson's Bay to be taken private by chairman-led group

Hudson’s Bay Co said on Monday it has agreed to a higher offer from a group of shareholders led by its Executive Chairman Richard Baker to take the struggling Canadian department store chain private. The deal comes at a time when the owner of luxury department store chain Saks Fifth Avenue has been closing underperforming stores to cut costs as it competes with discount direct-to-consumer brands and Amazon.com Inc. Baker’s first bid was opposed by shareholders including activist investor John Litt who called the offer “woefully inadequate”. …read more […]

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Boeing may face billions more in losses as MAX crisis deepens: analysts

Credit Suisse and UBS downgraded the stock after reports on Friday showed internal messages between two Boeing employees stating that the plane’s anti-stall system behaved erratically during testing before the aircraft entered service. The new revelations pose fresh challenges for Boeing, which is reeling under pressure after two fatal crashes forced the company to ground the planes and book billions of dollars in losses. Boeing’s shares fell 2% to $337.20 in premarket trading on Monday, adding to their 18% decline since the second deadly crash of the popular single-aisle jet in Ethiopia. …read more […]

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UPDATE 2-Drug companies reach settlement as opioid trial set to begin

Four drug companies reached a last-minute legal settlement over their role in the opioid addiction epidemic just as a nine-week trial was scheduled to start in Cleveland, the Wall Street Journal reported Monday. Drug distributors AmerisourceBergen Corp, Cardinal Health Inc and McKesson Corp and Israel-based drugmaker Teva Pharmaceutical Industries Ltd will announce the settlement on Monday, according to the report. …read more […]

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US STOCKS-Futures up on hopes of progress in trade war; Boeing shares slip

Wall Street looked set to start the week on an upbeat note on Monday, as investors hoped for progress in resolving the U.S.-China trade war, but a fall in Boeing’s shares kept a lid on early gains. Chinese Vice Premier Liu He said on Saturday that Beijing would work with Washington to address core concerns, adding to optimism from President Donald Trump’s comments on Friday that he expected a trade deal to be signed by mid-November. Microsoft Corp rose 0.8% in premarket trading after German business software group SAP said it had signed a three-year cloud partnership with …read more […]

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TIMELINE-Popular heartburn medicine Zantac pulled off store shelves

The U.S. Food and Drug Administration and international health authorities are investigating the safety of Zantac heartburn medicine, also sold generically as ranitidine, after finding a probable cancer-causing impurity in the drug. Ranitidine is the newest drug in which presence of cancer causing impurities have been found. Glaxo Holdings Ltd, now a part of GlaxoSmithKline PLC , receives its first U.S. FDA approval for Zantac as a short-term treatment of a common form of ulcers. …read more […]

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Russia Willing to Pay to Lure Shippers to the Arctic

(Bloomberg) — Russia wants to make its Arctic waters more attractive to shippers than the Suez Canal and could be willing to compensate for potential risks to make that happen.President Vladimir Putin has made development of the Arctic one of Russia’s top long-term priorities and huge projects to export liquefied natural gas via the Northern Sea Route have already lured investors above the Polar Circle. But shippers of other products remain reluctant to make the detour from the Suez Canal toward the Arctic due to multiple risks.To deliver a cargo via the Northern Sea Route today, a shipping company needs …read more […]

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The Latest: WikiLeaks founder Assange appears in UK court

WikiLeaks founder Julian Assange has appeared in court for a hearing on his extradition case. Assange raised a fist in a defiant gesture to acknowledge his supporters in the gallery at Westminster Magistrates’ Court for a case management hearing. Former Home Secretary Sajid Javid signed an order in June allowing Assange to be extradited. …read more […]