Headlines 

Sick of high drug prices, insurers join hospitals to make their own generic medications

New York (CNN Business)Everyone complains about high drug prices. But hospitals and now insurers are trying to lower costs by manufacturing their own generic medications. Now insurers want in. The Blue Cross Blue Shield Association, along with 18 independent Blue Cross and Blue Shield insurers, announced Thursday they are pumping $55 million into Civica to form a subsidiary aimed at lowering the price of costly generic drugs consumers buy at pharmacies and through mail order. The subsidiary will initially focus on manufacturing seven to 10 high-priced medications, with the first…

Read More
Headlines 

Ex-Nissan CEO: Carlos Ghosn’s escape from Japan is a betrayal

Hong Kong (CNN Business)Ex-Nissan chief and Carlos Ghosn protege Hiroto Saikawa is slamming his former mentor’s brazen escape from Japan, calling it a betrayal. “Unfortunately there was no trust, and some of our Japanese friends thought that the only way to get rid of the influence of Renault on Nissan [was] to get rid of me,” Ghosn said. Saikawa succeeded Ghosn as CEO of Nissan in April 2017. But his tenure as chief, especially after Ghosn was arrested in November 2018, was marked by a string of terrible earnings. Saikawa…

Read More
Headlines 

From renewables to Netflix: the 15 super-trends that defined the 2010s

It was the decade of austerity, fracking, populism and internet lies. But not everything about the 2010s was terrible The plastics backlash Garbage, including plastic waste, is seen at the beach in Costa del Este, Panama City. Photograph: Luis Acosta/AFP via Getty Images It was once the height of metropolitan chic: the dash into Starbucks for a skinny decaf caramel latte en route for work, the takeaway cup a mark of upward mobility. Those were the days of Sex and the City, when the culture of doing everything on the…

Read More
Headlines 

American Dream: can this giant New Jersey mega-mall revive US retail?

The owners of a massive new shopping complex are convinced of success. But has Americas once-great retail format simply had its day? On a dreary Tuesday morning shortly before Christmas, two passengers boarded the 9.30am 355 bus from New Yorks Port Authority bus terminal bound for American Dream, the most ambitious new mall to be built in the US in a generation. One was a mall worker who didnt want to talk to the media; the other was me. Depending on who you speak to, American Dream, the optimistically named…

Read More
Headlines 

‘Amazing deal’ or ‘capitulation’? Why the US-China trade truce may not last

Donald Trump hailed the agreement, but others think it masks a process of deglobalisation as the two superpowers struggle for hegemony The trade war between the US and China may never be settled, experts fear, even after the two sides agreed on an outline phase one deal. Economists and investors have been poring over agreement would also require China to make structural reforms and other changes to its economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange. In exchange,…

Read More
Headlines 

Forget fashion and beauty. These are the grocery store influencers

New York (CNN Business)When you think of influencers, you might think of flat tummy tea and hair vitamins. Aldi is not the only big grocer with pages run by die-hard customers. Kroger Krazy lifts Kroger. An Instagram account called Costco_doesitagain has 511,000 followers. Then there’s Trader Joe’s List, Trader Joe’s Obsessed and a lineup of Trader Joe’s influencers with no connection to the company. I Heart Publix, a Facebook page started by Michelle Atwood more than a decade ago, has grown to 116,000 followers. With more consumers cutting the cord…

Read More
Headlines 

Billionaires only, please! London vault for the ultra-rich opens

Exclusive safety deposit bank near Harrods angles to be worlds most expensive Welcome to the billionaires new piggy bank. A bank vault in a grade-II listed 120-year-old former mansion next to the Dorchester Hotel on Londons Park Lane will open for business next week. This is no ordinary bank. This one will be slightly more discerning of its customers than the average high street bank branch. We wont deal with millionaires, says Sean Hoey, managing director of the facility, run by Ashok Sewnarain, said it was opening the London vault…

Read More
Headlines 

Customer Leaves 1-Star Because A Homeless Man Hangs Out By The Entrance, Gets Shut Down By The Business Owner

This business owner in San Diego is being praised for doing what we so often fail to do – treat homeless people as human beings. Rather than looking at Ray as just another addict, alcoholic or mentally ill statistic who should pull himself up by his bootstraps, the owner of Nomad Donuts sees him as part of the community and encourages others to get to know him. Image credits: Image credits: Brad Keiller Far from a ‘shutting down,’ this thoughtful and respectful response makes us all think about the ways…

Read More
Headlines 

US official says China trade deal possible but Trump won’t ignore Hong Kong

Robert OBriens comments add to growing worries Chinese crackdown on protests could complicate efforts to end trade war US national security adviser Robert OBrien said on Saturday an initial trade agreement with a Chinese crackdown on anti-government protests could further complicate the efforts by Washington and Beijing to end a prolonged trade war that has roiled global markets and undercut global economic growth forecasts. We were hoping to have [a phase one] deal done by the end of the year. I still think thats possible, OBrien told reporters at a…

Read More
Headlines 

How our home delivery habit reshaped the world

The long read: The great trick of online retail has been to get us to shop more and think less about how our purchases reach our homes A decade ago, the British department-store chain John Lewis built itself a long warehouse, painted in gradations of sky blue. The shed, as it is called in the industry, cost 100m and covered 650,000 sq ft. Windsor Castle could easily fit inside it. John Lewis named the shed Magna Park 1, after the site where it stands: a logistics campus of warehouses, roads,…

Read More
Headlines 

UAW acts to remove its embattled president amid scandal

New York (CNN Business)The United Auto Workers union’s executive board took the first step Wednesday to remove UAW President Gary Jones from office and expel him from the union. Pearson, who has pleaded not guilty to the charges, is the director of one of the union’s regions. He has been on leave since the indictment in September. The UAW executive board also moved to remove Pearson from office and expel him from the union on Wednesday. The UAW has about 400,000 members, according to its most recent annual report. While…

Read More
Headlines 

Monopolies cost Americans $300 a month. We’re no longer the land of free markets | Thomas Philippon

In a reversal from a few decades ago, American consumers are facing oligopolies while Europeans benefit from competition When I landed in Boston in 1999, the United States was the land of free markets. Many goods and services were cheaper here than in Europe. Twenty years later, American free markets are becoming a myth. Internet service, cellphone plans, and plane tickets are now cheaper in Europe and Asia than in the US. In 2018, the twice as much on cellphone services as households in France or the UK. This is…

Read More
Headlines 

Starbucks’ holiday cups will be back this week

New York (CNN Business)Christmas time has arrived at Starbucks once again. This year, Starbucks is selling five specialty holiday drinks: the peppermint mocha, toasted white chocolate mocha, caramel brulee latte, chestnut praline latte and eggnog latte, in addition to its Christmas coffee blend. It’s also selling a number of seasonal foods, including a turkey and stuffing panini, sugar plum danish and gingerbread loaf, among others. Although in the past Starbucks has experimented with less Christmasy cups, this year it’s sticking to the holiday theme with red and green designs. Two cups have the phrase “Merry…

Read More
Headlines 

GM strike ends after 40 days with 48,000 staff to return to work

Strike by workers who said they wanted a fair share of companys $25bn profits, started 16 September and reportedly cost GM more than $2bn The longest strike by autoworkers in a decade came to an end on Friday as United Auto Workers members voted to approve a new deal with Read more: https://www.theguardian.com/business/2019/oct/25/uaw-united-auto-workers-general-motors-strike-deal

Read More
Headlines 

Amazon profits drop sharply amid big spending to speed package delivery

Quarterly profits down to $2.1bn from $2.9bn a year earlier as US politicians focus greater scrutiny on Amazons business practices Amazons profits slid 26% in the last quarter as the company poured money into free shipping and its cloud storage business. While the companys revenues rose sharply, up 24% to $70bn for the quarter or more than $23bn a month, its profits fell to $2.1bn down from $2.9bn from a year earlier. The financial miss comes as Amazon is facing greater scrutiny from Washington, with politicians from both sides calling…

Read More