Hong Kong’s financial markets are getting a boost of confidence from Alibaba’s multibillion-dollar public offering. The Chinese e-commerce company, founded by billionaire entrepreneur Jack Ma, said Friday it would begin selling shares to retail investors for up to 188 Hong Kong dollars ($24) each. It began selling to institutional investors earlier this week, and it…… MORE
President Donald Trump was supposed to sign a partial trade deal with Chinese President Xi Jinping next week, but negotiations over the final text have reached a rough patch, according to people familiar with the matter. It’s not clear when a final text will be ready for the two men to sign. The planned signing…… MORE
On the first day of the televised impeachment hearings against President Trump, the two most popular TV news channels were the two mostly closely associated with political parties. Fox News, the favorite among Trump and other Republicans, had the single biggest audience during the daytime hearings. It averaged 2.9 million viewers at any given time…… MORE
Kraft Heinz was crushed like an overripe tomato Thursday after Goldman Sachs cut its rating on the struggling food company to a “sell,” citing concerns about a “persistent” decline in profit. Shares of Kraft Heinz fell more than 6% following the downgrade. It was the second-worst performer in the S&P 500, trailing only tech giant…… MORE
Elizabeth Warren is taking her clash with billionaires to their home turf. The Democratic presidential candidate launched an ad buy Thursday on CNBC, a network that frequently hosts the billionaires whose wealth she wants to tax. Warren used the ad blitz to make the case for her wealth tax while simultaneously calling out her billionaire…… MORE
The rise and fall of Fitbit on Wall Street is a cautionary tale for other one-trick pony techs. Fitbit makes activity trackers and smartwatches that are beloved by many. But it ultimately couldn’t compete with similar products from tech giants Apple and Samsung. That’s a big reason why Fitbit recently agreed to sell itself to…… MORE
Hundreds of local newspapers are now under one umbrella company, making it the largest US media company by print circulation and completing a deal that has journalists and advocates for strong local media worried about the future. New Media Investment Group, parent company of GateHouse Media, announced its plan to acquire Gannett in August. On Thursday, the deal…… MORE
American Outdoor Brands has announced plans to split its firearms unit, Smith & Wesson, from its outdoor products business, citing “changes in the political climate.” The firm said in a statement Wednesday that it would create two independent, publicly traded companies. The restructuring is expected to be completed in the second half of next year.…… MORE
More than six years after a Twinkies shortage gripped the United States, the sweet snack is stronger than ever and taking on new forms. Post is partnering with Hostess to turn the 90-year-old treat into a cereal that will be available nationwide in late December. The taste of Twinkies Cereal “replicates the distinctive taste and…… MORE
Walmart notched another quarter of strong sales growth and raised its expectations for the holiday shopping season. “We’re prepared for a good holiday season,” Walmart CEO Doug McMillon said in a statement Thursday. Walmart, America’s largest retailer, is a bellwether of consumer health and the retail sector. The company’s upbeat results are a sign American…… MORE
