Month: August 2020

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JC Penney hits ‘stalemate’ with potential buyers. Lenders to make bid for department store in bankruptcy

An empty parking lot is seen outside a closed JC Penney Co. store in Mt. Juliet, Tennessee, on Thursday, April 16, 2020. Luke Sharrett | Bloomberg | Getty Images Talks had been progressing with three potential bidders, including the mall owners Simon Property Group and Brookfield, to salvage the department store chain J.C. Penney — …

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Stocks making the biggest moves midday: Apple, Tesla, Beyond Meat, Amazon & more

Apple CEO Tim Cook delivers the keynote address during the 2019 Apple Worldwide Developer Conference (WWDC) on June 03, 2019 in San Jose, California. Justin Sullivan | Getty Images Check out the companies making headlines midday Monday: Apple — Shares rallied 3.5% as its long-awaited 4-for-1 stock split took effect. That gain made the tech …

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Bill Gates shares possibly ‘the most important thing’ he’s learned from Warren Buffett

To celebrate Warren Buffett’s 90th birthday on Sunday, Bill Gates wrote a blog post honoring the pair’s 29-year friendship — and what may be the most important guidance Buffett ever gave him. Gates and Buffett first met in 1991 and bonded over their common love for math and numbers, Gates said in his post. Since then, Gates and Buffett …

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Apple and Tesla are doing stock splits. Here’s what that actually means to investors

Apple split its stock on Monday. FREDERIC J. BROWN | AFP | Getty Images Two of the most valuable and popular public companies – Apple and Tesla – completed stock splits on Monday. Wondering what that entails? And what, if anything, it means for your investments?  Let’s start with how the process of a corporate stock …

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FDA willing to fast track coronavirus vaccine before phase three trials end

Commissioner of U.S. Food and Drug Administration Dr. Stephen M. Hahn speaks during a news conference about the latest coronavirus disease (COVID-19) developments, in the Brady Press Briefing Room of the White House in Washington, U.S. August 23, 2020. Erin Scott | Reuters The chief of the U.S. Food and Drug Administration is prepared to …

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China’s mega banks lost billions of dollars in profit as bad loans rise during coronavirus pandemic

China’s five largest banks reported their biggest profit declines in at least a decade as they brace for further increases in bad loans in an economy weakened by the coronavirus pandemic. The five lenders — Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Bank of Communications — …

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How Singapore’s start-ups are shaping a post-pandemic future

The coronavirus pandemic has uprooted most aspects of daily life. But some entrepreneurs are finding opportunities in crisis by sowing the seeds for a new future. CNBC Make It’s Karen Gilchrist speaks to three Singaporean start-ups to discover how their businesses are shaping a post-pandemic world. 07:36 Sun, Aug 30 20208:20 PM EDT

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China says manufacturing activity expanded in August, slightly missing expectations

China on Monday announced that manufacturing activity expanded in the month of August as the country continued to recover from the coronavirus pandemic.  The official manufacturing Purchasing Manager’s Index (PMI) for the month of August came in at 51.0 as compared to 51.1 in July, according to the National Bureau of Statistics. However, the pace of expansion missed …

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Warren Buffett’s Berkshire Hathaway buys stakes in Japan’s five leading trading companies

Warren Buffett Gerry Miller | CNBC They say 90 is the new 70, and in Warren Buffett‘s case it may be true. The chairman and CEO of Berkshire Hathaway announced today, on his 90th birthday, that his company has acquired a slightly more than 5% stake in each of the five leading Japanese trading companies. …

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These millennials are building businesses for a post-pandemic world

The coronavirus pandemic has uprooted most aspects of daily life — and much of the economy built around it. But out of crisis comes opportunity. And for some young entrepreneurs, the pandemic has unearthed green shoots for a new future. In Singapore, fast-growing start-ups in the food, retail and technology industries have been working to respond …

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CDC revised guidance on testing ‘unfortunate’ and unlikely to be followed by states, Gottlieb says

Scott Gottlieb, former Commissioner of the FDA Adam Jeffery | CNBC Dr. Scott Gottlieb, former FDA chief under President Donald Trump, said on Sunday that the new guidance from the Centers for Disease Control and Prevention to not test asymptomatic people for Covid-19 was  “unfortunate” because those people could be at high risk of contracting the infection.  “We should …

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How Warren Buffett made his billions and became the ‘Oracle of Omaha’

Warren Buffett is celebrating his 90th birthday on Sunday. The longtime chairman of Berkshire Hathaway and investing icon is still going strong with a career that’s stretching toward seven decades. Buffett’s sustained market success has earned him the moniker “The Oracle of Omaha” and a cult following of want-to-be financial savants hoping to soak up …

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Many older workers entered the pandemic with little saved toward retirement. Here’s how they can improve their finances now

DusanManic | iStock | Getty Images Many people’s retirement dreams received a reality check following the economic downturn caused by the coronavirus pandemic. New research shows that’s especially true for older workers. A recent report from Democrats on the Joint Economic Committee of Congress found that workers ages 65 and up were hit harder by …

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U.S. Open kicks off Monday with no fans, following week of sports protests

The U.S. Open tennis tournament is kicking off on Monday, following a wave of protests across the sports world that brought competition in professional tennis, basketball, baseball, and soccer to a halt this week.  After initially pulling out of her match in protest at the Western & Southern open, a precursor to the U.S. Open, …

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With the market back at a record, Wall Street’s top analysts think these stocks can go even higher

DraftKings CEO and Co-Founder Jason Robins speaks during the unveiling of DraftKings headquarters March 26, 2019 in Boston, Massachusetts. Darren McCollester | Getty Images Stocks are once again at record high levels — with the S&P 500 now up over 21% on a one-year basis. That’s following Fed Chair Jerome Powell’s more-relaxed inflation targeting strategy, …

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Pretzel-maker Utz readies for market debut after gaining share during the pandemic

Utz Brands CEO Dylan Lissette Source: Utz Brands Utz Quality Foods gained market share as consumers stockpiled its pretzels and potato chips for quarantine snacks at the start of coronavirus lockdowns, helped by its direct-store delivery model. “Our path from manufacturing to putting it on the shelf is very fast. It can literally happen in …

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Stocks making the biggest moves in the premarket: Coca-Cola, Big Lots, Gap, Workday & more

Take a look at some of the biggest movers in the premarket: Coca-Cola (KO) – The beverage giant announced a reorganization which will see the current 17-unit business structure changed to nine business units. The realignment will result in an undetermined number of both involuntary and voluntary job cuts, with Coca-Cola planning to offer voluntary …

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Mars board member accused of stamping on the foot of ex-employee at the center of JAB Holdings lawsuit

People visit the M&M store in Times Square on July in New York City. Spencer Platt | Getty Images A former Mars executive is claiming that a member of the family and the company’s board “stamped” on his foot and told him that he would regret his choice to leave for a position with JAB …

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