Author: Dow Jones
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Newmont rejects Barrick Gold’s takeover bid
Newmont Mining has turned down a proposal from rival Barrick Gold to merge and create one of the world’s largest mining companies, a widely expected move. Newmont said in a news release that Barrick’s all-share proposal was inferior to the Denver-based mining company’s deal with Goldcorp. The company, the nation’s second largest mining company as…
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National Enquirer publisher asked Justice Department for advice on Saudi connection
The dust-up between Amazon.com founder Jeff Bezos and National Enquirer parent American Media has raised questions about the media company’s connections to Saudi Arabia. American Media has had plenty of contacts with Saudi Arabia in recent years, including seeking financial backing from Saudi investors to fund acquisitions and producing a magazine celebrating the country’s new…
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SoftBank invests $940 Million in Nuro for driverless deliveries
SoftBank Group is investing almost $1 billion in a robotic-delivery vehicle startup, a hefty injection of capital that could help accelerate the race to put driverless vehicles on the road. Nuro raised $940 million from SoftBank’s nearly $100 billion tech-focused Vision Fund, the startup said Monday. Founded in 2016, Nuro is now valued by investors…
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Morgan Stanley, in its biggest deal since financial crisis, courts future millionaires
Morgan Stanley is making a play for the thousands of employees in the startup economy who might one day be millionaires. The Wall Street bank will pay $900 million to acquire Solium Capital, which manages the stock that corporate employees receive as part of their pay. The deal is the bank’s largest acquisition since the…
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Google parent shows cost of branching out
Google’s parent company posted a big jump in quarterly revenue last week, but also ever-rising costs outside its core online-advertising business, showing the drag from its efforts to diversify. Despite monster results in internet search, Alphabet shares fell as investors zeroed in on shrinking margins and slower revenue growth overall. Alphabet, with its tentacles stretching…
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Wells Fargo customers say paychecks went missing following outage
Wells Fargo customers and employees continued to experience problems with their bank accounts Friday as a result of a systems failure, with some saying they had trouble accessing money from direct deposits. Scores of customers complained Friday morning on social media that they were unable to see paychecks deposited into their accounts via direct deposit.…
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Mattel, Hasbro stung by collapse of Toys R Us
Hasbro and Mattel posted steep quarterly sales declines across most of their toy portfolios as last year’s liquidation of Toys R Us disrupted the holiday season. Mattel fared better during the fourth quarter, as overall sales fell 5 percent, helped by Barbie and Hot Wheels, its two largest brands. The company also reported better-than-expected earnings,…
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Sprint accuses AT&T of false advertising of 5G service
Sprint has sued AT&T over a branding campaign that it says falsely tells customers they are receiving 5G service on their smartphones, escalating marketing wars between carriers over the next generation of wireless networks. AT&T in recent weeks has begun putting a “5GE” label on some customers’ smartphone screens to indicate they are receiving higher-bandwidth…
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Economists Give Jerome Powell a Grade of B-Minus on His Job Performance
WASHINGTOn • A year into Federal Reserve Chairman Jerome Powell’s term, private-sector economists say he isn’t performing quite as well as his two predecessors but is roughly on par with former central-bank chief Alan Greenspan. Asked to grade the performance of each of the past four Fed chairs, economists surveyed this month by The Wall…
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U.S. Federal Pension Insurer Backs Eddie Lampert’s Bid to Buy Sears
Sears Holdings Corp. Chairman Eddie Lampert won the support of the U.S. government’s pension insurer for his $5 billion buyout proposal, a critical vote in his favor as he vies with other creditors who want Sears liquidated. Sears lawyer Ray Schrock told a bankruptcy judge Thursday that the Pension Benefit Guaranty Corp. had resolved its…