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Boeing to pay $2.5b to resolve US charge over 737 Max conspiracy

Jan 08, 2021
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TRADE

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US deficit highest in 14 years in November

The US trade deficit jumped to $68.1 billion in November, the highest monthly deficit in 14 years, as a surge in imports overwhelmed a smaller increase in exports. The November gap between what America buys from abroad compared to what it sells abroad rose by 8 percent from the October deficit of $63.1 billion, the Commerce Department said Thursday. Through the first 11 months of 2020, the deficit stands at $604.8 billion, 13.9 percent higher than the same period in 2019. President Trump has insisted that his get-tough trade policies with the rest of the world would shrink the deficit and bring back American jobs. — ASSOCIATED PRESS

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RETAIL

Victoria’s Secret holiday sales disappoint

L Brands, owner of Victoria’s Secret and Bath & Body Works, offered a glimpse into holiday sales for mall-based chains — and it’s mixed. The retailer’s Bath & Body Works chain, which sells soaps, lotions, and hand sanitizer, saw comparable sales rise 17 percent in the nine-week period ended Jan. 2. Sales on that basis, a key metric in retail, slumped 9 percent at Victoria’s Secret, a struggling brand that L Brands is preparing to separate from Bath & Body Works this year. — BLOOMBERG NEWS

RETAIL

Scion of LVMH to have top position at Tiffany following sale

A top executive at Louis Vuitton and one of Bernard Arnault’s sons are set to take over management of Tiffany & Co. after the biggest acquisition in the luxury industry by LVMH. Anthony Ledru will lead the jeweler, with Alexandre Arnault taking on a top position inside the brand, according to people familiar with the appointments who asked not to be identified before an announcement. Ledru leads global commercial activities at Louis Vuitton, and Alexandre is currently in charge of LVMH-owned suitcase maker Rimowa. — BLOOMBERG NEWS

GAMBLING

Adelson takes a leave of absence for cancer treatment

Las Vegas Sands Corp. founder and chief executive Sheldon Adelson is taking a leave of absence after resuming treatment for cancer. Adelson had retained his executive role since the company revealed in 2019 that he had non-Hodgkin’s lymphoma. President Robert Goldstein will now take up Adelson’s duties as acting chairman and acting CEO, according to a statement Thursday. Adelson, 87, is the company’s majority shareholder and one of the world’s biggest gambling moguls, overseeing operations from the Las Vegas Strip to Macau. He’s a prominent donor to Republican politics, having backed outgoing President Trump. The son of a cabdriver from Boston, Adelson is the world’s 37th-richest man, according to Bloomberg data. His family also has newspaper interests in the US and Israel. — BLOOMBERG NEWS

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AIRLINES

Ryanair cuts winter schedule amid new covid travel restrictions

Ryanair slashed its winter schedule, denouncing new coronavirus-related travel restrictions as “draconian” and calling for faster vaccine rollouts in the UK and its home country of Ireland. Europe’s biggest discount airline said it will offer few flights from Jan. 21 until the travel curbs are lifted. That goes beyond cutbacks made earlier in the week by rivals EasyJet, British Airways, and TUI AG. Dublin-based Ryanair said on its website that passenger numbers will fall below 1.25 million in January, then drop to as few as 500,000 for February and March. — BLOOMBERG NEWS

ECONOMY

Goldman raises US growth forecast after Democrats take the Senate

Goldman Sachs economists raised their growth forecasts for the United States this year after Democrats secured control of the Senate. In a report to clients late Wednesday, the economists led by Jan Hatzius predicted the economy would expand 6.4 percent this year, faster than the 5.9 percent they previously expected. The upgrade was driven by the anticipation President-elect Joe Biden will now be able to deliver a fiscal stimulus package of $750 billion this quarter, $300 billion of which will be in the form of checks to households. The economists cautioned the sluggish pace of coronavirus vaccinations may still slow the spending boost. — BLOOMBERG NEWS

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PHARMACIES

Walgreens Boots records loss due to stake in drug wholesaler

Walgreens Boots Alliance lost $308 million in its first fiscal quarter due to a big charge tied to its ownership stake in the drug wholesaler AmerisourceBergen. The drugstore chain also saw COVID-19 continue to eat away at its business, particularly in the United Kingdom, but the company’s overall performance topped Wall Street expectations. Walgreens runs more than 21,000 stores mainly in the United States and United Kingdom. Its drugstores and the stores of other retailers were hit hard last year, particularly in the spring, by a global pandemic that kept customers away. Walgreens said it still felt the pandemic in its fiscal first quarter, with fewer customer visits and new prescription starts as people made fewer trips to the doctor. It also saw weaker sales of products to help with colds, coughs, and the flu. — ASSOCIATED PRESS




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