PG&E shares plunge on bankruptcy worries
PG&E Corp’s shares plunged more than 18 percent on Monday after sources said the California utility is exploring filing for bankruptcy protection as it fears a massive charge in the fourth quarter related to potential liabilities from wildfires.
Lilly to buy Loxo Oncology in $8 billion cancer push
Eli Lilly and Co said on Monday it will buy Loxo Oncology Inc for $8 billion, an expensive bet on a pipeline of cancer drugs that target rare genetic mutations and the biggest acquisition in Lilly’s 143-year history. The price represents a 68 percent…
Central banks, U.S. employers support world stocks
Strong employment data in the United States, decisive action from the Chinese central bank and dovish messages from U.S. Federal Reserve chief Jerome Powell steadied markets on Monday, pushing an index of world stocks to a 2-1/2 week high.
Credit Suisse settles New York state RMBS lawsuit
Credit Suisse has settled a 2012 New York state lawsuit alleging misconduct over residential mortgage-backed securities (RMBS), with a source familiar with the deal saying the bank would pay much less than prosecutors had originally sought.
Nucor to set up plate mill in U.S. Midwest for $1.35 billion
Steel producer Nucor Corp said on Monday it would spend about $1.35 billion to build a plate mill in the U.S. Midwest, taking advantage of federal tax cuts that has resulted in windfall gains for several companies.
Starboard takes stake in Dollar Tree, seeks sale of Family Dollar
Activist investor Starboard Value LP said it had acquired a 1.7 percent stake in discount store operator Dollar Tree Inc and urged it to explore a sale of its underperforming Family Dollar business.
China has ‘good faith’ to fix trade issues as talks with U.S. resume
China has the “good faith” to work with the United States to resolve trade frictions, the Foreign Ministry said on Monday as officials of the world’s two largest economies resumed talks in a bid to end their trade dispute.
Assets worth $1 trillion to shift from UK to EU due to Brexit: EY
Assets worth nearly 800 billion pounds ($1 trillion) are being moved from Britain to new financial hubs in the European Union ahead of Brexit, consultancy EY said on Monday.
Central banks, U.S. employers aid world stock recovery
A set of strong employment data in the United States, decisive action from the Chinese central bank and dovish messages from U.S. Federal Reserve chief Jerome Powell combined to push world stocks further off recent lows on Monday.
Tesla CEO Musk breaks ground at Shanghai Gigafactory to launch China push
Tesla Inc broke ground on Monday for its Shanghai Gigafactory where it plans to begin making its Model 3 electric vehicles (EV) by year-end, a first step in localizing production in the world’s largest auto market.
