Author: Dow Jones
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Homebuilding in the U.S. rose in April
WASHINGTON • A gauge of homebuilding across the U.S. increased in April, driven by an uptick in single-family construction across much of the country. So-called housing starts rose 5.7% in April from the prior month to a seasonally adjusted annual rate of 1.235 million, the Commerce Department said Thursday. Residential building permits, which can signal…
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Bud brewer plots Asia IPO as earnings improve
Budweiser brewer Anheuser-Busch InBev SA confirmed plans for a potential public listing of its Asia arm, as the world’s largest beer company reported better-than-expected first-quarter earnings. The Belgium-based firm— which also owns Stella Artois globally and Corona outside the U.S. — said Tuesday that it is exploring a listing of a minority stake of its…
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Samsung’s Galaxy Fold smartphone release delayed
SEOUL, south Korea • Samsung is delaying the rollout of its Galaxy Fold smartphone until at least next month after some tech reviewers said their test devices had malfunctioned. The Galaxy Fold phone — priced at nearly $2,000 and the industry’s first mainstream foldable-screen device — was slated to hit shelves in the U.S. on…
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Cain asks Trump not to nominate him for Fed board
Herman Cain has withdrawn his name from consideration for the Federal Reserve Board, President Trump said Monday, praising the former restaurant executive whose potential nomination faced significant GOP Senate opposition. President Trump said on April 4 he intended to nominate Cain, a one-time Republican presidential candidate, for one of two vacant seats on the Fed’s…
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Energy fuels increase in consumer prices
WASHINGTON • U.S. consumer prices rose in March, driven by a rise in volatile oil prices that masked moderate underlying price pressures. The consumer-price index, which measures what Americans pay for household items such as bluejeans and services such as eye care, increased 0.41% in March from the prior month, the Labor Department said Wednesday.…
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Lyft leading wave of startups debuting with giant losses
Ride-hailing company Lyft is leading a parade of Silicon Valley companies to Wall Street that display an unusual quality: lots of red ink. With its initial public offering expected this week, Lyft will serve as one of the biggest tests of the public market’s appetite for money-losing companies since the dot-com era. Lyft last year…
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Newmont Mining tries to end shareholder revolt with special dividend
Newmont Mining Corp. will issue a special dividend in an effort to quash a brewing shareholder revolt that could have torpedoed the company’s takeover of Goldcorp, a deal that will create the world’s largest gold miner. Two large Newmont shareholders said last week that the company’s $10 billion merger with Goldcorp transferred away significant gains…
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Dollar Tree to close or rebrand nearly 600 Family Dollar Stores
Dollar Tree sharply marked down the value of its Family Dollar chain and announced plans to close hundreds of Family Dollar stores this year as the_ retailer struggles with a business it acquired over three years ago. The company said Wednesday it booked a $2.73 billion charge in its fiscal fourth quarter to lower the…
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Chevron, Exxon Mobil tighten their grip on fracking
Chevron and Exxon Mobil plan to significantly ramp up production in the oilfield at the heart of the American fracking boom, the latest sign that the next era of shale drilling is likely to be led by the major oil companies. In the next five years, Chevron expects to more than double its production in…
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Purdue Pharma preparing for possible bankruptcy filing
Purdue Pharma is working with restructuring advisers to prepare a possible bankruptcy filing as it seeks to contain liability from hundreds of lawsuits alleging it fueled the nation’s opioid epidemic, according to people familiar with the matter. Those advisers now include AlixPartners, a New York-based consulting firm known for its restructuring work, according to a…