Report: Corona-maker Constellation Brands may sell cheap wine brands to E. & J. Gallo

New York (CNN Business)Corona-maker Constellation Brands may sell off some of its lower-end wine brands to E. & J. Gallo Winery, according to CNBC. The deal is not confirmed and could still fall apart, CNBC reported, citing sources familiar with the situation. CNBC added that the specific brands up for sale are still being discussed. Recently, Constellation Brands has reported weakness in its low-end wine business. “We’re disappointed with the performance of our wine and spirits business as we’re facing challenges with the low end of the portfolio,” Constellation Brands CEO Bill Newlands said in January. E. & J. Gallo, which makes inexpensive products like André sparkling wines and Barefoot Wine, would make sense as a buyer for the lower-end …

Boeing faces dual crises after crash and grounding

New York (CNN Business)Boeing has two tough problems to solve. The 737 Max jets are by far the most important product for the company. It has orders for nearly 5,000 of the jets, enough to keep production lines operating for years to come. But none of the 371 planes delivered so far can fly until aviation authorities around the world determine they are safe. Boeing (BA) spent three days after the crash insisting the plane was safe before conceding that the jets should be grounded out of “an abundance of caution and in order to reassure the flying public of the aircraft’s safety.” A search for crash causes The cause of the Ethiopian Airlines crash is still unclear. But it …

Boeing and US under pressure to ground 737 Max as further bans brought in

US regulators increasingly isolated in maintaining plane is safe as EU countries halt flights Boeing and the US aviation authorities have come under increasing pressure to ground the 737 Max despite repeated reassurances as the European Union and numerous other countries halted flights and Donald Trump weighed in following a Ethiopian Airlineaccording to FlightRadar24. TUI, the worlds largest travel and tourism company, said it would stop using the 737 Max across all six airlines in its group. Earlier on Tuesday, Australia and Singapore suspended operations of all Boeing 737 Max aircraft in and out of their airports, after Indonesia and China grounded their fleets of the Max 8. Oman and South Korea have also followed suit. Nearly 40% of the …

Can Saudi Arabia turn its airline into a real rival to Emirates and Qatar?

Dubai (CNN Business)Saudi Arabia is hosting its first international air show as it seeks to turn its national airline into a global player. “Our brothers in the UAE and Qatar have worked so well to transform aviation in the Middle East … Saudi aviation companies should have a much greater share in the Middle East aviation market,” he said in an interview with Saudi state television in 2017. Shadow of Khashoggi killing Dozens of international companies are listed as exhibitors as the airshow, which kicks off Tuesday in Riyadh. Yet Boeing (BA), Airbus (EADSF), Raytheon (RTN) and Thales said they will be represented by regional staff at the event rather than global executives. Businesses have been hesitant to deepen their …

Trump’s tariff war pushes US trade deficit to 10-year high

Trade imbalance rose to $621bn in 2018 despite new tariffs while deficit jumped 19% in December alone The US trade deficit hit a 10-year high in December, dealing a blow to Donald Trumps efforts to restrict imports, especially from China, with protectionist trade tariffs. The gap between the goods US companies sell to China and Chinese imports ballooned to a record $419bn (318bn), while the total deficit in goods with all countries jumped to $891bn. A surplus in services trade was unable to prevent the overall deficit for 2018 from rising nearly 19% in December to a decade-long high of $621bn, the commerce department said. With US consumers continuing to demand imported phones, laptops and computer accessories, mostly from China, …

OxyContin maker Purdue Pharma reportedly exploring bankruptcy

Sackler family, the companys wealthy owners, are under mounting pressure to address their role in the opioid crisis Purdue Pharma, the maker of OxyContin, is exploring filing for bankruptcy to address potentially significant liabilities from roughly 2,000 lawsuits alleging the drugmaker contributed to the deadly opioid crisis sweeping the United States, people familiar with the matter said on Monday. The potential move shows how Purdue and its wealthy owners, to mounting litigation accusing the company of misleading doctors and patients about risks associated with by flooding the market with highly addictive opioids while falsely the nations opioid crisis. Opioids, including prescription painkillers, heroin and fentanyl, were involved in filed for bankruptcy earlier this year after deadly wildfires raised the prospect …

He took the leap into cannabis. Now everyone is following

Constellation Brands, a major American beverage company, had been weighing whether to break into the cannabis business for a while when executive chair Rob Sands had an epiphany. Ginni Rometty is shaping IBM’s future with a $34 billion acquisition Channing Dungey made Roseanne a hit again. Then she fired her Read all 14 Risk Takers profiles The hefty sum has already spooked investors. In January, Constellation slashed its 2019 forecast because of additional expenses from the deal and expected weakness in its wine business. Shares of the company plummeted. That report shows just how much Constellation has on its plate. Not only is the company breaking ground in the cannabis sector, but it also has to keep up with evolving …

Why are New Yorks bookstores disappearing?

The city that produced so many authors is losing its bookshops to pressure from Amazon, changing reading habits and skyrocketing rents Like payphones, typewriter repair shops and middle-class housing, bookstores are a vanishing presence in New York City. In 1950, Manhattan had 386 bookstores, Book Row, a stretch of Fourth Avenue between Union Square and Astor Place that no longer afford its rent, Lin-Manuel Miranda, creator of the play Hamilton, likely close when its lease expired. In response, loyal customers flooded the shop with orders, and someone organised a it was cause for panic, not celebration. Owner Nancy Bass Wyden is lobbying against the proposal because she says it will make maintenance costs prohibitively expensive. I just want the city …

Banking leak exposes Russian network with link to Prince Charles

Exclusive: investigation reveals how Troika Dialog channelled $4.6bn to Europe and US A charity run by Prince Charles received donations from an offshore company that was used to funnel vast amounts of cash from Russia in a scheme that is under investigation by prosecutors, the Guardian can reveal. Money flowing through the network included cash that can be linked to some of the most notorious frauds committed during Vladimir Putins presidency. In all, it is estimated that $4.6bn (3.5bn) was sent to Europe and the US from a Russian-operated network of 70 offshore companies with accounts in Lithuania. The details have emerged from 1.3m banking transactions obtained by the ed Crime and Corruption Reporting Project and the Lithuanian website Bill …

The slowdown in China’s economy just cost 1,400 Illinois auto workers their jobs

New York (CNN Business)The plunge in auto sales in China has made its way to the US heartland. The company wouldn’t say exactly where the drop-off in Cherokee sales occurred, but its last earnings statement made clear it is suffering the biggest sales weakness in China. China is the world’s largest market for auto sales, and has been the engine for growth for the global auto industry for most of the last two decades. But over the last six months the country has become a source of concern for automakers. The plunge in Chinese auto sales in the second half of 2018 occurred as the growing trade dispute with the United States slowed the Chinese economy significantly. Fiat Chrysler reported …

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China lost 161 billionaires because its stock markets tanked

Hong Kong (CNN Business)China’s recent stock market turmoil has dealt a heavy blow to the ranks of its super-rich. The number of Chinese billionaires fell from 819 to 658 in the year ended January 31, according to Hurun. Despite the big drop, the country is still home to more billionaires than the United States, which has 584, an increase of 13, according to Hurun. Among the biggest losers in China were Ma Huateng, the CEO of internet giant Tencent (TCEHY), whose fortune slumped 19% to $38 billion. Shares in Tencent were hit hard by a freeze in Chinese approvals for many of its money-making games. Dalian Wanda Group’s Wang Jianlin, once China’s richest man, suffered a 37% plunge in net …

Bank of America is ditching the 105-year-old Merrill Lynch brand

New York (CNN Business)Ten years after the financial crisis, Bank of America is phasing out the Merrill Lynch brand. In a statement, CEO Brian Moynihan said the changes would take place over the coming months. US Trust, which Bank of America bought in 2007, will now be called the Bank of America Private Bank, the bank said. Merrill Lynch was founded in 1914 by Charles Merrill and Edmund Lynch. The company grew into a massive retail brokerage that aimed to expose everyday investors to the stock market, and its brokers became known as the “thundering herd.” The bank also gained cachet on Wall Street for its investment banking arm. Merrill Lynch was sold to Bank of America for $50 billion …

Payless plans to close during its second bankruptcy, costing 16,000 workers their jobs

New York (CNN Business)Payless ShoeSource is heading back into bankruptcy. This time it will close its doors. RadioShack, American Apparel and Gymboree all suffered that fate. It’s one of the reasons Sears may struggleto remain in business long term, despite the company’s promises that it will be a profitable and competitive retailer once again as it emerges from bankruptcy. “The plans always make sense on paper. But the reality is if there are a fundamental problems with the way a customer perceives a retailer, bankruptcy doesn’t solve that,” said Philip Emma, a senior analyst with DebtWire and an expert on retail bankruptcies. “The is very little margin for error for these companies that try to make it.” Payless had too …

Japan Inc poured billions into Britain. Now it’s having regrets

Hong Kong (CNN Business)Japan’s top companies are losing patience with the United Kingdom as Brexit fast approaches. Japanese executives are fed up after warning for years of the risks inherent in a rupture with Europe. “Within Japan, every professional person I speak to is bemused by Brexit,” said Paul Bacon, a professor at Tokyo’s Waseda University who specializes in Japan’s relations with Europe. “It is obvious here how economically damaging it will be, and also that it creates serious difficulties for Japanese industry.” Britain is set to leave the European Union in less than 40 days, but Prime Minister Theresa May has failed to secure parliamentary backing for her plan for what happens next, heightening fears of a disorderly departure. …

Sears’ brand has been badly damaged. Now it has to win back customers

New York (CNN Business)The Sears brand, once the mightiest in retail, is only worth a fraction of what it once was. Sears’ history as an American retail pioneer goes back 133 years. “Sears has a mountain to climb just to get back to normal,” said Neil Saunders, managing director at GlobalData Retail, “It’s tarnished what was already a lackluster brand.”