Kimberly-Clark is buying Tylenol maker Kenvue in an approximately $48.7 billion cash-and-stock deal, creating a massive consumer health goods company. Kenvue shareholders will receive $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share held at closing. That amounts to $21.01 per share, based on the closing price of Kimberly-Clark shares on Friday.… Continue Reading
ABOARD AIR FORCE ONE (AP) — President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking. Trump’s aggressive use of tariffs since returning to the White House for a second term combined with China’s retaliatory limits on exports of rare earth elements gave the meeting newfound urgency. Trump told reporters he decided to reduce the current rate from 57% after the talks. Xi said Washington and Beijing would work to finalize their agreements to provide “peace of mind” to both countries and the rest of the world, according to a report on the meeting carried by Chinese state media.… Continue Reading
WASHINGTON (AP) — The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring even as inflation stays elevated. The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed’s 2% target. Compounding its challenges, the central bank is navigating without the economic signposts it typically relies on from the government, including monthly reports on jobs, inflation and consumer spending, which have been suspended because of the government shutdown. The Fed has signaled it may reduce its key rate again in December but the data drought raises the uncertainty around its next moves.… Continue Reading
BEIJING (AP) — China has accused the U.S. National Security Agency of cyberattacks on its national time center. The Ministry of State Security claims the U.S. agency exploited vulnerabilities in a foreign mobile phone brand’s messaging services in 2022. It allegedly stole sensitive information from the National Time Service Center’s staff. The ministry also says the U.S. used 42 types of cyberattack tools to target the center’s internal systems between 2023 and 2024. The time center is crucial for generating and distributing China’s standard time. The U.S. Embassy has not commented. This accusation could heighten tensions between Washington and Beijing.… Continue Reading
NEW YORK (AP) — Wall Street cruised to the finish of a winning week that began much bumpier. The S&P 500 rose 0.5% Friday. The Dow Jones Industrial Average added 0.5%, and the Nasdaq composite climbed 0.5%. The gains capped the S&P 500’s best week since August, but it was a roller-coaster ride. Indexes careened through jarring swings as worries built about the financial health of small and midsized banks, as well as the souring U.S.-China trade relationship. Bank stocks steadied themselves on Friday, while President Donald Trump eased some of the trade concerns after saying very high tariffs on China are not sustainable.… Continue Reading
NEW YORK (AP) — Wall Street is taking a pause. The S&P 500 fell 0.2% Thursday, coming off its latest all-time high and its eighth gain in the last nine days. The Dow Jones Industrial Average dropped 160 points, and the Nasdaq composite slipped 0.2%. Drops for Tesla and Dell Technologies helped to offset a big gain for Delta Air Lines after it delivered a stronger profit for the summer than analysts expected. The price of gold also pulled back from its latest record following its stellar run this year, while Treasury yields held relatively steady in the bond market.… Continue Reading
NEW YORK (AP) — Wall Street is getting back to rising. The S&P 500 climbed 0.5% Wednesday and is on track to top its all-time high, a day after breaking a seven-day winning streak. The Dow Jones Industrial Average added 13 points, and the Nasdaq composite rose 0.9%. Stocks benefiting from the artificial-intelligence boom continue to pull the market higher following a nearly relentless rise since April. Gold continued its stellar year and pushed further past $4,000 per ounce. Treasury yields eased in the bond market, while stock indexes rose in Europe following a weaker finish in Asia.… Continue Reading
NEW YORK (AP) — Most U.S. stocks ticked higher, sending Wall Street to more records. The S&P 500 inched up by less than 0.1% Friday to close out its seventh winning week in the last nine, and the Dow Jones Industrial Average climbed 0.5%. Both added to their all-time highs set the day before. The Nasdaq composite lost an early gain and slipped 0.3% from its own record. Treasury yields ticked higher in the bond market following mixed reports on growth for U.S. services businesses, while crude oil prices rose to claw back some of their sharp losses from earlier in the week.… Continue Reading
NEW YORK (AP) — U.S. stocks edged up to more records. The S&P 500 rose 0.1% Thursday. The Dow Jones Industrial Average added 0.2%, while the Nasdaq composite climbed 0.4%. All three set all-time highs. Technology stocks helped lead the way after OpenAI announced partnerships with South Korean companies for its Stargate artificial-intelligence infrastructure project. Fair Isaac surged to its best day in nearly three years after unveiling a program where customers can potentially bypass big credit bureaus for FICO credit scores. Stock indexes also rose across much of Europe and Asia, while Treasury yields eased in the bond market.… Continue Reading
WASHINGTON (AP) — President Donald Trump’s latest plan to overhaul the American immigration system has left some immigrant workers confused. That left the White House on Saturday scrambling to clarify that its new $100,000 fee on visas for skilled tech workers that soon will go into effect only applies to new applicants and not to current visa holders. The president on Friday signed a proclamation that will require the fee for what are known as H-1B visas — meant for high-skilled jobs that tech companies find hard to fill.… Continue Reading