Drug company executives to testify before Senate
Seven drug company executives will testify about rising prescription drug prices before a powerful U.S. Senate Committee on Tuesday, marking a sharp escalation in lawmakers’ promises to address high medicine costs.
JPMorgan keeps key profit goal, says wary of U.S. recession risks
JPMorgan Chase & Co on Tuesday maintained its key profit goal for the next three years, but its chief financial officer warned the forecast does not reflect significant risks that could speed the beginning of a U.S. recession.
Instant View: Powell – Fed remains patient deciding on further hikes
Rising risks and recent soft data shouldn’t prevent solid growth for the U.S. economy this year, but the Federal Reserve will remain “patient” in deciding on further interest rate hikes, Fed Chairman Jerome Powell said on Tuesday.
Embraer shareholders OK sale of commercial jet division to Boeing
Shareholders of Brazil’s Embraer SA approved a deal on Tuesday to sell 80 percent of the company’s commercial plane division to Boeing Co, enabling Boeing to compete with Airbus SE in the market for jets with up to 150 seats.
Macy’s new restructuring to cut 100 senior positions, save $100 million annually
Macy’s Inc said on Tuesday it would cut 100 senior management positions as the department store operator seeks to cut costs and improve profitability after reporting bleak holiday sales.
Wall Street dips at open as Home Depot, Caterpillar drag
U.S. stocks edged lower at open on Tuesday, weighed down by losses in Home Depot and Caterpillar while investors awaited Federal Reserve Chair Jerome Powell’s testimony on monetary policy.
Tesla’s Musk calls SEC ‘broken’ in new Twitter spat
Silicon Valley billionaire Elon Musk laid into the U.S. Securities and Exchange Commission again on Tuesday, after it accused the Tesla Inc chief executive officer of violating the terms of a settlement last year of fraud charges against him.
Pound leaps on Brexit hopes, shares take breather
Britain’s pound vaulted to a 21-month high against the euro on Tuesday on hopes that the worst of all Brexits will be avoided, while world shares took a breather after scaling five-month peaks.
Putin won’t intervene over detained U.S. investor: Kremlin
Russia’s President Vladimir Putin will not intervene in the case of a prominent U.S. investor arrested over embezzlement accusations, the Kremlin said on Tuesday, playing down pressure to release him before trial.
PSA Group may start production of Opel cars in Russia
French carmaker PSA Group may begin assembling Opel cars at its Russian plant in Kaluga, the company said on Tuesday, as it reintroduces the brand to the country.
