Friday, September 25News That Matters

Business

Apple warns sales to fall short of target due to coronavirus impact

Apple warns sales to fall short of target due to coronavirus impact

Business
(Reuters) - Apple Inc warned on Monday it was unlikely to meet its March quarter sales guidance set just three weeks ago as the world’s most valuable technology firm became one of the biggest corporate casualties of China’s coronavirus epidemic. The rapidly spreading virus has killed nearly 1,900 in China and stricken some 72,000 people, confining millions to their homes, disrupting supply chains and delaying reopening of factories after the extended Lunar New Year holiday break. Manufacturing facilities in China that produce Apple’s iPhone and other electronics have begun to reopen, but they are ramping up more slowly than expected, Apple said. That will mean fewer iPhones available for sale around the world, making Apple one of the largest Western firms to be hurt by the outbreak. Some
Barr says Trump tweets make it ‘impossible’ to do his job

Barr says Trump tweets make it ‘impossible’ to do his job

Business
William Barr, the US attorney-general, publicly rebuked Donald Trump on Thursday, saying the president’s tweets about ongoing criminal cases had made it “impossible” to do his job.The comments in an interview with ABC News followed intense criticism this week after the Department of Justice sought a more lenient sentence for an ally of Mr Trump following the president’s criticism of an initial proposed prison term of seven to nine years.Four prosecutors quit the case of Roger Stone, a longtime friend of the president, when Mr Barr reversed their sentencing recommendation. Mr Trump had publicly tweeted that a sentence of seven to nine years would be a “miscarriage of justice”.The president has since attacked not just the prosecutors, but also the judge, Amy Berman Jackson,
CVS Shuffles Executive Roles With Drug-Plan Chief Set to Depart

CVS Shuffles Executive Roles With Drug-Plan Chief Set to Depart

Business
(Bloomberg) -- CVS Health Corp. unveiled a series of management changes, including appointing a new chief for its pharmacy-benefit management business, as the health giant absorbs insurer Aetna, its biggest-ever acquisition, and makes over more of its drugstores.The company said in a statement Wednesday that Alan Lotvin had been named president of CVS Caremark, taking the reins from Derica Rice, who will depart CVS. Rice, a former Eli Lilly & Co. executive who joined the company in 2018, will remain through this month to help ensure a smooth transition.Additionally, Jonathan Mayhew was named executive vice president, transformation, and Alec Cunningham was named president and chief operating officer for the Aetna business.Shares of CVS were up 2.8% in premarket trading in New York afte...
Two days after his acquittal, Trump ousts two star impeachment witnesses

Two days after his acquittal, Trump ousts two star impeachment witnesses

Business
(Reuters) - President Donald Trump’s administration on Friday ousted the two witnesses who provided the most damaging testimony during his impeachment investigation: Army Lieutenant Colonel Alexander Vindman and Ambassador Gordon Sondland. Two days after Trump was acquitted by the Republican-controlled Senate on charges of trying to pressure Ukraine to investigate a political rival, Vindman — the top Ukraine expert at the White House’s National Security Council — was escorted out of the building, according to his lawyer. “Vindman was asked to leave for telling the truth,” said his lawyer, David Pressman. Hours later, Sondland said he had been fired from his post as U.S ambassador to the European Union. The two men served as star witnesses during the Democratic-controlled House of Represe
Coronavirus latest: China tariffs cut boosts investor sentiment

Coronavirus latest: China tariffs cut boosts investor sentiment

Business
Yum China warns coronavirus could wipe out 2020 operating profits Matthew Rocco reports from New York: Coronavirus could drag Yum China to an operating loss this year after the fast-food group closed thousands of its restaurants due to the outbreak. At stores that have remained open, comparable sales since the Chinese New Year slid 40-50 per cent versus the same holiday period a year earlier, with Yum China citing weaker foot traffic and shortened hours. “As a result of the outbreak, the company may experience operating losses for the first quarter of 2020, and if the sales trend continues, for the full year 2020,” Yum China said in its fourth-quarter earnings report. Analysts have forecast an adjusted operating profit – which strips out one-time costs – of $304.4m
India’s pollution regulator threatens to shut 14 coal-fired power plants

India’s pollution regulator threatens to shut 14 coal-fired power plants

Business
NEW DELHI (Reuters) - India’s federal pollution regulator has warned 14 coal-fired power plants that they could be shut down and penalized for failing to comply with environmental standards, according to documents reviewed by Reuters. FILE PHOTO: Chimneys of a coal-fired power plant are pictures in New Delhi, July 20, 2017. REUTERS/Adnan Abidi/File PhotoThe power plants, nine of which are around India’s polluted capital, New Delhi and five of which are in south Indian states, account for over 7% of India’s coal-fired utility capacity. The plants have been given 15 days to respond to the notices sent on January 31, the documents showed. Shutting the plants could further dent India’s thermal coal imports, which fell for three straight months between August and October, according to the late
Pete Buttigieg takes early lead in Iowa delegate race

Pete Buttigieg takes early lead in Iowa delegate race

Business
Pete Buttigieg has taken a narrow lead in the delegate race in the Iowa Democratic presidential caucuses, according to partial results released almost a full day after the end of voting in the state. Mr Buttigieg, 38, the former mayor of South Bend, Indiana, was ahead with 26.8 per cent in terms of delegates won, based on results from 71 per cent of roughly 1,700 precincts in the Midwestern state that held its caucuses on Monday evening. Vermont senator Bernie Sanders was close behind in second place at 25.2 per cent, while Massachusetts senator Elizabeth Warren had 18.4 per cent. Joe Biden lagged in fourth with 15.4 per cent, just ahead of Minnesota senator Amy Klobuchar at 12.6 per cent — a disappointing result for the former US vice-president who has staked his campaign on his
Goldman Sachs Sets BioMarin Target 75% Above Current Price

Goldman Sachs Sets BioMarin Target 75% Above Current Price

Business
With sales of $1.6 billion over the past year, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) will get a hefty revenue boost with the introduction of its hemophilia A therapy, which is expected later this year.Valrox is forecast to reach sales of more than $1.2 billion by 2024, according to pharmaceutical intelligence provider Evaluate. The San Francisco-based biotech's application is currently being reviewed by regulators in the U.S. and Europe.In anticipation of a 2020 launch, the company is gearing up manufacturing at its Novato, California plant, more than doubling capacity to 10,000 doses.The upgrade is important "because first-mover advantage in gene therapy is fundamental in a sense that every time you treat a patient that patient is off the market," BioMarin Chairman and CEO Jean-Jacqu...
Results delayed as Iowa Democrats conduct caucus meetings to search for Trump 2020 challenger

Results delayed as Iowa Democrats conduct caucus meetings to search for Trump 2020 challenger

Business
DES MOINES, Iowa (Reuters) - Iowa Democrats met at caucus sites around the state on Monday to kick off what could be a bruising months-long national presidential nominating fight, but the results were delayed and still unreported more than three hours after the process began. Voters poured into more than 1,600 schools, community centers and other public locations to begin to choose a November election challenger to Republican U.S. President Donald Trump. But the Iowa state party said it was doing “quality checks” on the results, and a state party source said a new mobile app designed to report the vote failed, forcing precinct chairs to call in the results and slowing the count. Iowa voters were meeting to render judgment on a field of 11 Democratic contenders led by front-runners Senator