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 …

Financial sharks circling Metro Bank

Earlier this year the financial regulator, the PRA, raised concerns with the bank about inconsistencies in the reports it was submitting. It soon emerged that the bank had miscalculated the capital it needed to support some of its commercial lending. The news sent the banks shares down nearly 40% in one day as the bank said it would need to raise more capital by selling new shares. Metro bank shares slump on cash call Which banks do customers love or hate? The American taking on British banks Miscalculating the amount of capital you have or need to support your lending is one of the most fundamental mistakes a bank can make. It gets to the very core of what a …

How eSports became a big business for Razer

Singapore (CNN Business)When Min-Liang Tan started a business 13 years ago to make gear for playing video games, he faced a lot of doubters. “We said we are going to come up with something that’s going to eat up all the other mice out there,” Tan said. “So we called our first mouse the Razer Boomslang, after the African tree snake.” The futuristic design of the Boomslang made it stand out from other computer products of its time. Razer sold it with the slogan that would define the company’s brand for years to come: “For gamers, by gamers.” Over the years, Razer developed hundreds more products including laptops and smartphones. It aims to meet demands for fast and ultra sensitive …

Answers to the pressing questions behind the FAA and the Boeing crash

(CNN)After the crash Sunday of a Boeing 737 MAX 8 aircraft in Ethiopia, questions have risen around Boeing, the Federal Aviation Administration, and why this crash occurred just months after a similar crash involving the same type of airplane. “We’re a data-driven organization,” FAA’s acting administrator Daniel Elwell told NBC News Thursday when asked why the US was among the last to make the decision to ground the Boeing 737 MAX planes. “You have to establish at least more than a gut feeling that two crashes are related before you ground an entire fleet.” According to Elwell, the tracking data for the Ethiopian flight was not available to be analyzed by the FAA until Wednesday. That data, along with information …

MPs reject Mays EU withdrawal deal again

Media playback is unsupported on your device Media captionMay: I profoundly regret MPs’ decision Theresa May’s EU withdrawal deal has been rejected by MPs by an overwhelming majority for a second time, with just 17 days to go to Brexit. MPs voted down the prime minister’s deal by 149 – a smaller margin than when they rejected it in January. Mrs May said MPs will now get a vote on whether the UK should leave the EU without a deal and, if that fails, on whether Brexit should be delayed. She said Tory MPs will get a free vote on a no-deal Brexit. LIVE: Reaction as May’s deal is voted down ‘People must decide’ Brexit – Sturgeon Brexit: What could …

1 million pounds of pork seized at U.S. border amid deadly Chinese outbreak

“Agriculture specialists made a critical interception of these prohibited animal products, and stopped them from entering the U.S. before they could potentially cause grave damage,” Troy Miller, director of Customs and Border Protection Field Operations, told NJ.com. RUSSIAN WOMAN FOUND DEAD, EATEN IN PIG PEN: REPORT Miller said it would cause nearly $10 billion worth of damage to the U.S. pork industry within one year. According to the U.N. Food and Agriculture Organization, the outbreak in China has already spread to Vietnam, where 79 outbreaks have been confirmed. “Agriculture specialists made a critical interception of these prohibited animal products, and stopped them from entering the U.S. before they could potentially cause grave damage,” Troy Miller, director of Customs and Border Protection …

Energy bills: ‘I don’t know who to trust’

Outfox the Market had to apologise late last year after it admitted sending annual bill forecasts that were 25% too high, as it introduced a winter/summer payment split. Winter likely to finish off some energy firms, analysts say Brilliant Energy becomes 10th energy firm to fail in a year The company is one of five new or smaller energy providers which have been given a customer service rating of less than two out of five by Citizens Advice in the final quarter of 2018. The others were Eversmart Energy, PFP Energy, Pure Planet and iSupply, although Pure Planet has argued that Citizens Advice’s scoring method is outdated and unfair. Gillian Guy, chief executive of Citizens Advice, said: “We have seen …

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 …

Do supermarkets know more about us than we do?

Analysing the decisions we make in the supermarket can help us understand the choices we make in other areas of our lives. Shaped by our choices To explore shoppers’ decision-making, we collected more than a million till receipts from one of the UK’s major supermarket chains over several years. Unsurprisingly, we discovered that people’s purchases reveal what they value and what their aims are. These range from very specific goals such as making a stir-fry, to general goals such as reducing their overall spending. Image copyright Getty Images Human decision-making can sometimes be more logical, with takeaway food choices one example of this. A wide-ranging study looked at users of a popular food delivery app in 197 cities, to deduce …

US and Canada are the only two nations still flying many Boeing 737 Max planes

(CNN)A raft of nations have temporarily suspended Boeing 737 Max flights after the fatal plane crash in Ethiopia but the United States and Canada are still flying a substantial number of those models. Before the EU’s announcement, nations like Australia, Austria, Belgium, France, Germany, Iceland, Ireland, Italy, Malaysia, the Netherlands, Oman, Singapore, Turkey and the United Kingdom announced their own bans on Tuesday. The UK, Oman, Singapore, Australia, Ireland and France and Norwegian Airlines suspended the whole Boeing 737 Max range. India, Dubai, China, Indonesia, Malaysia, Iceland, Germany and the airlines LOT Polish, TUI Airways, GOL Linhas Aereas, Aeromexico, Aerolíneas Argentinas, Cayman Airways, Comair Airways, Eastar Jet, Jet Airways, Mongolian Airlines, China Airlines, China Eastern, China Southern, Lion Air and …

Steve Forbes: US can beat China in 5G without becoming like China

The success of tech companies like Apple and Microsoft is emblematic of what American innovation and its competitive spirit can accomplish. The companies that have changed the world and kept America at the cutting edge have rarely if ever been the spawn of government. When politicians in Washington team up with special interests, it generally distorts competition and impedes groundbreaking innovation.

Snapchat always proved critics wrong. Then Evan Spiegel pushed for a redesign

Most CEOs would probably prefer not to overhaul their core businesses less than a year after an initial public offering. It’s a pivotal period when executives look to play up their company’s stability and growth to a world of potential new investors on Wall Street. Arlan Hamilton: She invests in tech founders others ignore. And it’s working Mary Barra: Her impatience could save GM. ‘Time is not our friend’ Read all 14 Risk Takers profiles The plan: separate content from friends and publishers — and celebrity users — while attracting new users by making the app easier to use. Spiegel said at the time that the move could be “disruptive” to Snap’s business. That proved to be an understatement. A …

Rupert Murdoch’s News Corp Australia calls for breakup of Google

Hong Kong (CNN Business)Rupert Murdoch’s Australian media company is calling for the breakup of Google, saying the US tech company wields too much power over news outlets and online advertisers. Google (GOOGL) has created an ecosystem where it can track people’s online behavior through a suite of products it owns, collecting a trove of user data that gives it an unfair advantage over competitors, according to News Corp Australia. Breaking up that ecosystem will “create a competitive market for search engines, mobile operating systems, internet browsers (and) the supply of digital advertising,” the company said. News Corp said any solution “must be bold,” because Google has a track record of “avoiding and undermining regulatory initiatives and ignoring private contractual arrangements.” …

Topshop retail group explores restructuring

Arcadia said that it was issuing its statement in response to that media speculation, but made no mention about a CVA nor potential sales. “Within an exceptionally challenging retail market and given the continued pressures that are specific to the UK high street we are exploring several options to enable the business to operate in a more efficient manner,” Arcadia said. “None of the options being explored involve a significant number of redundancies or store closures. The business continues to operate as usual including all payments being made to suppliers as normal,” it added. Criticism CVA’s can be used to cut shop rent bills, and other costs, but they are controversial and when House of Fraser used the arrangement it …

Four Brexits and a Divorce: What do MPs want?

At this five minutes to midnight moment, the House of Commons is still thinking. PM to bring third Brexit deal vote to MPs Latest updates: Fallout from no-deal vote Brexitcast: Something has changed It’s been clear for two years what MPs do not want. Theresa May’s deal has now been rejected twice, while Labour’s plan for joining a customs union has never secured a majority. Most MPs did not want to leave the EU, but apart from a minority insisting another referendum is needed to break the stalemate, they are reconciled to leaving. The question is how? Image copyright UKParliament/Jessica Taylor Former Conservative chancellor Ken Clarke believes a Brexit that keeps the UK closer to the EU economically is the …

Zoopla bars ‘no housing benefit’ rental ads

The move follows increasing pressure on mortgage lenders, insurers, property agents and property ad sites not to discriminate against people on benefits. This month NatWest Bank said it would change its restrictions on buy-to-let mortgages – which in one case led to a landlord receiving a demand for the revocation of an existing mortgage while being refused a re-mortgage after she rented the property to a tenant on housing benefits. Parliamentary inquiry Parliament’s Work and Pensions Committee has launched an inquiry into discrimination against benefits claimants. It is quizzing lenders, landlords, agents and benefit recipients and running an online survey of claimants who have had problems finding a place to rent or problems with their landlords. The National Housing Federation …