OxyContin maker Purdue Pharma LP said Saturday that it has cut its sales force in half and will stop promoting opioids to physicians, following widespread criticism of the ways that drugmakers market addictive painkillers. The drugmaker said it will inform doctors Monday that its sales representatives will no longer be …
It’s been a tough week on Wall Street. The Dow Jones Industrial average closed more than 300 points higher Friday, after plunging more than 1,000 points the day before, the second steepest decline in history. The biggest dive happened Monday when the blue chip index fell more than 1,100 points. …
U.S. stocks opened higher in the last trading session of a turbulent week in which the Dow Jones Industrial Average and the Standard & Poors 500 Index plunged into correction territory for the first time in two years. The Dow at Friday’s open moved nearly one-percent higher to 24,087, while the …
Kenya’s cut-flower industry has blossomed since the 1980s, and now holds the biggest market share for exports to Europe. Kenya’s flower producers are hoping direct flights set to open between Nairobi and New York City could help them put down roots in a new market — the United States. On …
U.S. stocks tumbled again Thursday as investors continued to fret about the possibility of rising inflation and higher interest rates. For the second time in four days, the Dow Jones industrial average sank more than 1,000 points, or 4.2 percent, to end Thursday day at 23,860. The Standard and Poor’s …
China’s export growth accelerated in January amid mounting trade tension with Washington while imports surged as factories stocked up ahead of the Lunar New Year holiday. Exports rose 11.1 percent compared with a year earlier to $200.5 billion, up from December’s 10.9 percent growth, trade data showed Thursday. Imports surged …
Dutch lender Rabobank’s California unit agreed Wednesday to pay $369 million to settle allegations that it lied to regulators investigating allegations of laundering money from Mexican drug sales and organized crime through branches in small towns on the Mexico border. The subsidiary, Rabobank National Association, said it doesn’t dispute that …
The rollercoaster ride continued in financial markets Tuesday, with sharp swings rocking major indexes from Asia, Europe and North America. The volatility intensified just a day after the steepest drop on Wall Street on Monday, after the Dow Jones Industrial index plunged nearly 1,200 points. But if the sharp sell-off came …
In the heartland of the tequila industry, in Mexico’s western state of Jalisco, a worsening shortage of agave caused by mounting demand for the liquor from New York to Tokyo has many producers worried. The price of Agave tequilana, the blue-tinged, spiky-leaved succulent used to make the alcoholic drink, has …
Peru’s trade minister defended China as a good trade partner on Tuesday, after U.S. Secretary of State Rex Tillerson warned Latin American countries against excessive reliance on economic ties with the Asian powerhouse. Eduardo Ferreyros said Peru’s 2010 trade liberalization deal with China had allowed the Andean nation of about …
U.S. stock prices fluctuated wildly Tuesday after regaining ground following a sharply lower open on the heels of selloffs earlier in the day in Asia and Europe. The volatility continued unabated one day after The Dow Jones Industrial Average shed the most points in one day in its more than …
The U.S. trade deficit hit the highest level in nine years in 2017, defying President Donald Trump’s efforts to bring more balance to America’s trade relationships. The Commerce Department said Tuesday that the trade gap in goods and services rose to $566 billion last year, the highest level since …
Mercedes-Benz issued an apology in China on Tuesday for quoting the Dalai Lama, the Tibetan spiritual leader who is reviled by Beijing, on social media abroad in a reflection of foreign companies’ heightened sensitivity to the Communist government’s possible reaction to their global activities. The apology follows official criticism last …
Venezuela’s central bank on Monday announced a devaluation of more than 99 percent of its official exchange rate with a new foreign exchange platform. The central bank said the first auction of its new DICOM system yielded an exchange rate of 30,987.5 bolivars per euro, equivalent to around 25,000 per …
U.S. President Donald Trump’s tax reform could bring almost $2 trillion back to the United States as U.S. firms repatriate cash piles from foreign affiliates, a U.N. report said Monday. Ending the incentive to hoard cash overseas could produce a stimulus effect in the United States, and Trump has credited …
U.S. stocks plunged in highly volatile trading on Monday, with both the S&P 500 and Dow Industrials indices slumping more than 4.0 percent, as the Dow notched its biggest intraday decline in history with a nearly 1,600-point drop and Wall Street erased its gains for the year. The declines for …
Recent losses on global financial markets, including those in the U.S., have some investors concerned about expectations for their holdings and plans for the future. The Dow Jones Industrial Average declined 2.5 percent Friday, its largest percentage drop since Britain’s decision in June 2016 to leave the European Union. The …
Over the last decades, growing economic hardships forced people in cities and villages around the world to leave their hometowns to find work in other countries. Dreaming of returning one day and enjoying a better life where they grew up, many invested most of their savings buying houses back home. …
U.S. Secretary of State Rex Tillerson’s Latin American tour took him Saturday to Argentina, where he talked with officials about conservation and diplomacy. Traveling from Mexico City after meeting with the Mexican president and other senior officials on Friday, Tillerson arrived in Bariloche, a lakeside resort town in Argentina’s Nahuel …
The window opened Friday for oil, gas, uranium and coal companies to make requests or stake claims to lands that were cut from two sprawling Utah national monuments by President Trump in December, but there doesn’t appear to be a rush to seize the opportunities. For anyone interested in the …
Britain has made clear its desire to be part of China’s so-called ‘One Belt One Road Initiative’ — a cornerstone of President Xi Jinping’s vision to boost Chinese investment and influence across Asia, Europe and Africa. There are, however, concerns over the financial and humanitarian costs of the vast infrastructure …
Another solid month for the U.S. economy as American companies added 200,000 new workers to their payrolls last month. The unemployment rate remained unchanged at 4.1 percent, but wages are rising. Although the number of unemployed Americans continues to fall, recruiting agencies say they’ve never been busier. Mil Arcega explains. …
U.S. stocks slumped Friday, pulling down the Dow Jones industrial average by more than 650 points and handing the market its worst week in two years. Technology, banks and energy stocks accounted for much of the broad slide. Several major companies, including Exxon Mobil and Google’s parent company, Alphabet, sank …
Stocks closed sharply lower in New York on Friday, extending a weeklong slide, as the Dow Jones industrial average plunged more than 600 points. The drop capped stocks’ worst week in two years. The Dow’s drop was its biggest in percentage terms since June 2016. Several giant U.S. companies’ shares dropped after …
Britain has made clear its desire to be part of China’s so-called “One Belt One Road” initiative — a cornerstone of President Xi Jinping’s vision to boost Chinese investment and influence across Asia, Europe and Africa. But there are concerns about the financial and humanitarian costs of the vast infrastructure …
When Janet Yellen leaves the Federal Reserve this weekend after four years as chair, her legacy will include having shattered a social barrier: She is the first woman to have led the world’s most powerful central bank, a position that carries enormous sway over the global economy. Yellen will …