Economic news

The Sacklers transfer Purdue Pharma’s $10 billion to its other companies The owners of Purdue Pharma, the Sackler family, transferred more than $10 billion in a decade from the OxyContin maker to its trust and holding companies, according to a New York Times report on Monday, citing the drugmaker’s newly-commissioned audit. The audit is likely […]

Amazon.com Inc (AMZN.O) blocked sellers from using FedEx Corp in handling Prime shipments as the company prioritized rapid delivery deadlines this holiday season. FedEx representative stated that the scheme will only impact minimum number of sellers but “limits the options for those small businesses on some of the highest-demand shipping days in history.” Amazon and […]

Swedish appliance maker Electrolux stated that its North American business will obtain $70 million in Q4 as part of moving into a new facility in South Carolina. The new facility in Anderson, South Carolina is set to replace manufacturing in St. Cloud, Minnesota and other facilities in Anderson, driving Electrolux to invest $350 million in […]

BEIJING- China’s industrial output and retail sales growth for November recorded a far better results than what was initially forecasted, indicating that the economy is stronger as Beijing seeks to support domestic demand despite the months-long trade truce with the United States. Industrial production advanced 6.2% year-on-year in November as disclosed by records from National […]

International Flavors & Fragrances Inc plans to merge with Dupont Inc’s nutrition and biosciences unit worth $26.2 billion in a merger deal. This measure was done to create a new consumer giant worth at least $45 billion. Under the terms of agreement, IFF shareholders will own 44.6% of the new company’s shares while DuPont shareholders […]

SHANGHAI-Asian shares recorded a well-ended performance on Monday over fresh news on Sino-U.S. trade agreement. However, investors remain cautious on lurking skepticism about the deal and diplomatic relations of China and the United States. Though there are some necessary revisions, U.S. Trade Representative Robert Lightizer said that the pact was “totally done” and was expected […]

UK’s The Hut Group acquires €1 billion to fund expansion British online retailer, The Hut Group (THG) said it had raised €1 billion ($1.10 billion) to help fund expansion amid macro-economic and political changes from Brexit and the general election. The new capital of a €600 million term loan, a five-year £150 million ($192.45 million) […]

Argentina hikes export taxes in attempts to finance new government’s spending Argentina raised export taxes over processed soybean meal and oil on Saturday as its government attempted to fund spending under new President Alberto Fernandez. After this year’s 37% slump in the Peso, his administration has replaced a levy of 4 Pesos per Dollar for […]

Lower demand and extended output decline dragged Japan’s factory activity shrink to eight consecutive months in December. Fourth-quarter economic contraction looms around Japan’s economic zone. From a 48.9 marker in November, the Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) dipped to 48.8 (seasonally adjusted). This marks another below the 50.0 threshold level performance, […]

Singapore’s unemployment rate in Q3 of 2019 hiked to its highest in 10 years amid economic uncertainty caused by an election to be held in the coming months, official data showed. Overall unemployment rate climbed to 2.3% from the previous quarter’s 2.2%. This was the highest unemployment rate since the fourth quarter of 2009, which […]