Analog Devices to buy Maxim Integrated in $21B chipmaker deal

Analog Devices is buying rival chipmaker Maxim Integrated Products for about $21 billion, the companies announced Monday. The massive all-stock acquisition will make Massachusetts-based Analog a semiconductor giant valued at more than $68 billion and give it a stronger foothold in markets such as autonomous vehicles and 5G communications networks. Both companies make integrated circuits […]

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Trump administration announces 25 percent tariff on $1.3B in French handbags, cosmetics, other goods

The White House on Saturday announced a 25 percent tariff on $1.3 billion worth of French merchandise, including cosmetics and handbags, after a digital service tax was levied against U.S. tech giants. The Trump administration reportedly saw the tax as an unfair assault on American companies like Facebook, Google and Amazon. Senate Finance Chair Chuck Grassley, R-Iowa., and […]

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Fed buys more corporate bonds but may soon end purchases

The Federal Reserve says it purchased $1.3 billion in corporate bonds in late June as part of its effort to keep U.S. interest rates low and ensure large companies can borrow by selling bonds By CHRISTOPHER RUGABER AP Economics Writer July 10, 2020, 6:49 PM 2 min read Share to FacebookShare to TwitterEmail this article […]

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The Catholic Church raked in $1.4 billion in coronavirus loans

The Catholic Church raked in at least $1.4 billion in taxpayer-backed loans meant to help small businesses survive the coronavirus pandemic, a new report says. Catholic dioceses, parishes, schools and other entities made extensive use of a loophole in the feds’ Paycheck Protection Program to snag at least 3,500 forgivable loans as the pandemic scuttled […]

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Drug Giants Create Fund to Bolster Struggling Antibiotic Start-Ups

Twenty of the world’s largest pharmaceutical companies on Thursday announced the creation of a $1 billion fund to buoy financially strapped biotech start-ups that are developing new antibiotics to treat the mounting number of drug-resistant infections responsible for hundreds of thousands of deaths each year. The fund, created in partnership with the World Health Organization […]

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Biden pushes ‘made in America’ plan to boost nation’s economy

Presumptive Democratic presidential nominee Joe Biden is proposing spending $700 billion on American products and research in the hopes of bringing back millions of jobs lost by an economy flattened by the coronavirus pandemic. The former vice president will formally unveil his plan Thursday during a speech at a metal works factory in Dunmore, Penn. The plan, which also seeks to create […]

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Biden Plans $300 Billion Increase in Research Spending and More Stimulus for Recovery

Joseph R. Biden Jr. will propose on Thursday a $300 billion increase in government spending on research and development of technologies like electric vehicles and 5G cellular networks, as part of an effort to more aggressively challenge President Trump on economic policy. Mr. Biden’s announcement will come at a speech in Pennsylvania that will be […]

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UK on course to borrow 350 billion pounds in 2020/21, IFS says

LONDON (Reuters) – British government borrowing is on course to surge to around 350 billion pounds ($442 billion) this year following the latest spending measures announced by finance minister Rishi Sunak, the Institute for Fiscal Studies think tank estimated on Thursday. “Back in March, the government forecast a deficit of about 50 to 60 billion […]

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Tesla stock surge may lead to $1.7B payday for Elon Musk

Tesla’s supercharged stock rally has put a $1.7 billion payday within arm’s reach for Chief Executive Elon Musk. Shares of the electric automaker have soared 40 percent in the past week, and with a market cap of $253 billion, Tesla blew past Toyota as the world’s valuable car company. More important for Musk, however, is […]

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House Dems’ defense funding bill allocates $1M to rename military facilities named for Confederates

House Democrats unveiled their $694.6 billion defense funding bill Tuesday, which includes money to be allocated for renaming military bases named after Confederate leaders. The bill’s price tag is an increase of $1.3 billion over fiscal year 2020, but is $3.7 billion below the White House request. It includes  $626.2 billion for the base account […]

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Judge Puts Cloud Over Settlement of Roundup Cancer Claims

An agreement to pay more than $10 billion to settle thousands of claims that the popular weedkiller Roundup causes cancer is at risk of unraveling. Although the bulk of the complex deal between Roundup’s manufacturer, the German conglomerate Bayer, and a raft of plaintiff lawyers does not require court approval, one crucial piece does: a […]

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Silicon Valley data-analysis titan Palantir files to go public

Palantir — the Silicon Valley data-analysis titan once valued at $20 billion — has filed paperwork to take its stock public. The Palo Alto, California-based company confidentially submitted a registration statement for a proposed public listing to the Securities and Exchange Commission, it announced late Monday. Palantir said its shares would start trading publicly after […]

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Novavax gets $1.6 billion from government to develop coronavirus vaccine

The feds have committed $1.6 billion to help biotech firm Novavax develop its coronavirus vaccine and produce 100 million doses, potentially starting later this year. The award announced Tuesday is the largest so far from Operation Warp Speed, the Trump administration’s effort to deliver a vaccine by January. “Adding Novavax’s candidate to Operation Warp Speed’s […]

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Uber acquiring food-delivery app Postmates for $2.65B

Uber is acquiring food-delivery app Postmates for $2.65 billion in stock, less than a month after it tried and failed to acquire rival Grubhub. The combination of Uber’s UberEats food-delivery app with Postmates will control 37 percent of the food delivery business in the US and would be second to Doordash, which controls 45 percent […]

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Uber agrees to buy Postmates with $2.65 billion all-stock deal

Ride-sharing company Uber Technologies Inc. has agreed on a deal to buy food-delivery app Postmates Inc. in a $2.65 billion all-stock agreement, Bloomberg News reported late Sunday, citing people familiar with the matter. The deal has been approved by Uber’s board and could be announced as soon as Monday, Bloomberg reported, adding that Pierre-Dimitri Gore-Coty, head […]

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Britain withholds gold from Maduro, says it does not recognize him as Venezuela’s president

A British judge refused to hand over nearly $1 billion in gold to Venezuela’s Nicolas Maduro Thursday, citing that the United Kingdom does not recognize him as the legitimate president of the country. The socialist leader has demanded access to the funds currently sitting in a British bank to aid with the crippling effects of the […]

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U.S. stock funds shed $4.6 billion in week: Lipper

(Reuters) – U.S.-based stock funds in the week ended wednesday posted a $4.6 billion outflow, Lipper data showed on Thursday. Taxable bond funds attracted $5.6 billion, the twelfth straight weekly inflow, while U.S. money market funds saw $28 billion of drawdowns, the seventh straight weekly outflow, according to Lipper. Disclaimer: Fusion Media would like to […]

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U.S. Fed buys $22.7 billion of mortgage bonds, sells none

NEW YORK, July 2 (Reuters) – The Federal Reserve bought $22.705 billion of agency mortgage-backed securities in the week from Jun. 25 to Jul. 1, compared with $22.859 billion purchased the previous week, the New York Federal Reserve Bank said on Thursday. In a move to help the housing market begun in October 2011, the […]

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Ukraine Cancels Eurobond Sale After Central Bank Chief Quits

© Bloomberg. Yakiv Smoliy (Bloomberg) — Ukraine canceled a $1.75 billion Eurobond sale after the head of its central bank unexpectedly stepped down citing sustained political pressure against him and his colleagues. The shock departure late Wednesday came just as the debt was being priced, with the hryvnia and existing Eurobonds plunging when they opened […]

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Council leader: Plan to cut $1B from NYPD expected to pass

New York City lawmakers were expected Tuesday to approve shifting $1 billion from policing to education and social services in the coming year, acknowledging protesters’ demands to cut police spending — but falling short of what activists sought. City Council members were due to debate and vote on the plan Tuesday night, with time running […]

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U.S. Treasury Unemployment Payouts Surpass $100 Billion in June

© Reuters. U.S. Treasury Unemployment Payouts Surpass $100 Billion in June (Bloomberg) — The U.S. Treasury Department has paid out more than $100 billion in unemployment benefits in June, the most for a single month since the pandemic started and underscoring the importance of federal relief efforts to shore up a battered job market. With […]

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Shell assets may take up to $22B hit due to coronavirus

Royal Dutch Shell expects to slash the value of its assets by as much as $22 billion as the coronavirus crisis roils energy markets. The oil and gas giant announced the massive write-down Tuesday as it cut its energy price forecasts to account for the pandemic, which has led to worldwide lockdowns that have restricted […]

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Uber wants to buy Postmates for $2.6B following GrubHub fallout

Uber is in talks to purchase Postmates for roughly $2.6 billion following the collapse of its takeover deal with Grubhub, according to reports. The deal would further consolidate the food delivery industry at a time when the coronavirus pandemic has demand soaring. It would also strengthen Uber’s delivery arm, Uber Eats, which is unprofitable despite […]

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BP sells petrochemicals business to Ineos for $5 billion

BP is selling its petrochemicals arm to Ineos for $5 billion as part of the fossil fuel giant’s efforts to reposition itself as a more sustainable energy company. The deal announced Monday achieved BP’s goal of dumping $15 billion in assets a year ahead of schedule. BP decided to sell the business — which makes […]

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Mark Zuckerberg loses $7.2B over major advertising boycotts on Facebook

Billionaire Mark Zuckerberg took a $7.2 billion hit after several companies pulled their advertising from Facebook, citing the company’s failure to police hate speech and disinformation on its site. The company’s shares fell 8.3 percent Friday, the most in three months after Unilever, one of the world’s largest advertisers said it would stop selling its […]

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Airline unions seek another $32B coronavirus bailout

Labor unions for aviation workers want Congress to pass another $32 billion bailout to protect hundreds of thousands of jobs as the coronavirus pandemic keeps airlines in a chokehold. Six unions warned lawmakers that “mass layoffs are inevitable” without another round of payroll aid to keep airline workers employed through at least the end of […]

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