Category: Business

Shortage of Chinese parts caused $50 billion fall in February’s global exports: U.N.

China’s exports of vital parts and components for products ranging from automobiles to cellphones are estimated to have shrunk by an annualized 2% in February, costing other countries and their industries $50 billion, a United Nations agency said on Wednesday. The world’s second-largest economy – and epicenter of the coronavirus outbreak that has spread to […]

GE says coronavirus will hit first-quarter cash flow, sticks to full-year forecast

General Electric Co (GE.N) predicted on Wednesday that the coronavirus would wipe out a substantial chunk of industrial free cash flow in the first quarter, but stuck to full-year financial targets the company set in January.GE predicted that the outbreak would erase $300 million to $500 million from industrial free cash flow and cause a […]

Fiat Chrysler’s U.S. sales chief Reid Bigland who sued company steps down

Fiat Chrysler Automobiles (FCHA.MI) said on Wednesday its U.S. sales chief, Reid Bigland, is leaving the company to pursue other interests. Bigland, who has been with Fiat Chrysler for 22 years, sued the company last year, claiming it withheld 90% of his 2018 compensation because he cooperated with a regulatory probe into its sales practices. […]

U.S. service sector races to one-year high in February

U.S. services sector activity accelerated to a one-year high in February, suggesting underlying strength in the economy despite the coronavirus outbreak, which has triggered financial market fears of a recession and led to an emergency interest rate cut from the Federal Reserve. The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing activity index […]

Johnson & Johnson ordered to pay $1.7 million to three Australian women in pelvic mesh class action

An Australian court on Tuesday ordered Johnson & Johnson to pay three women a total of A$2.6 million ($1.7 million) plus legal costs as compensation for misleading patients and surgeons about the risks of its pelvic mesh implants. The Federal Court of Australia awarded the three lead applicants in the class action lawsuit between A$555,555 […]

Bayer’s top seed faces U.S. soybean challenge from Corteva

Bayer AG’s takeover of Monsanto has been beset by problems, and now a decades-long dominance of the $4 billion U.S. soybean seed market is under threat from rival Corteva Inc. Bayer (BAYGn.DE) told Reuters it expects plantings of its genetically modified Xtend soybean seeds to flatline this year for the first time, after three years […]

As Americans hoard food, Campbell Soup speeds up ingredients orders

Campbell Soup (CPB.N) said it is ordering more ingredients to ensure it can keep enough soups, sauces and snacks on hand to meet growing demand from retailers as U.S. consumers hoard food in preparation for potential coronavirus quarantines. Over the weekend, a few retail customers began stepping up orders, Campbell Chief Executive Mark Clouse told […]