Category Archives: CNN – Business

Fixing GE ‘is the challenge of a lifetime,’ CEO says

Fixing GE ‘is the challenge of a lifetime,’ CEO says

General Electric took years to break. New CEO Larry Culp knows that he won’t fix it overnight. “We didn’t get to where we are in six weeks so it’s going to take a while,” Culp told CNBC on Monday. Culp, the former boss of industrial manufacturer Danaher, was unexpectedly hired on October 1 as the…MORE

Saudi Arabia’s oil reversal is a win for American shale

Saudi Arabia’s oil reversal is a win for American shale

American oil executives will sleep a bit better tonight after Saudi Arabia signaled it’s coming to the rescue of the battered crude market. Saudi Arabia announced plans on Sunday to cut shipments by half a million barrels per day in December. And the kingdom threw its weight behind OPEC and its allies reducing supply further…MORE

Sears should close for good, creditors say

Sears should close for good, creditors say

It’s time to pull the plug on Sears, according to its creditors. A committee of unsecured creditors said in a court filing Friday that the company’s plans to stay in business during bankruptcy are “nothing more than wishful thinking ” and “an unjustified and foolhardy gamble with other people’s money.” The committee applauded the company’s…MORE

Startup Rocket Lab puts 6 small satellites into orbit

Startup Rocket Lab puts 6 small satellites into orbit

A scrappy American rocket startup just set the bar in the red-hot market for companies that launch small satellites. Rocket Lab’s Electron rocket launched six small satellites — or smallsats — into a low-Earth orbit Sunday from New Zealand. It’s the second time company’s rocket, which is less than 60 feet tall, has done that.…MORE

Saudi Arabia is reducing oil supply and OPEC may cut too

Saudi Arabia is reducing oil supply and OPEC may cut too

Saudi Arabia will reduce oil supply next month in response to lower demand, and more cuts could follow next year. Speaking at a conference in Abu Dhabi, Saudi energy minister Khalid Al Falih said the kingdom’s oil output would fall by 500,000 barrels per day in December. Members of the Organization of Petroleum Exporting Countries…MORE

Why Procter & Gamble will start delivering Tide in a shoe box

Why Procter & Gamble will start delivering Tide in a shoe box

Tide laundry detergent will soon be shipped in a shoe box, part of its parent company Procter & Gamble’s push to adapt to online deliveries. P&G rolled out the new “Tide Eco-Box” on Friday. It features a twist-to-open pour for the detergent, a pull-out stand, and a measuring cup. The liquid formula, which contains less…MORE

Activist investor tries new tactic in Campbell Soup fight

Activist investor tries new tactic in Campbell Soup fight

The activist investor pushing to replace Campbell Soup’s entire board of directors is changing tactics. Control of the company is on the line. After months of fighting for a new board, Daniel Loeb’s hedge fund Third Point now wants to replace just five of its 12 members. The move comes at a critical time: Next…MORE

Why Ford and Volkwagen will get together – but not get married

Why Ford and Volkwagen will get together – but not get married

Ford and Volkswagen appear headed for some kind of combination. They’d better. The industry is facing the challenges and costs at least as great as those posed by the financial crisis of a decade ago. Going it alone no longer appears to be an option. Automakers are spending billions of dollars in development costs as…MORE

China gives American Express first shot at its huge payments market

China gives American Express first shot at its huge payments market

American Express just became the first US credit card company to get the green light to start building its own payments network in China. The company said Friday that the Chinese central bank has given it preliminary approval to handle payments in yuan. AmEx (AXP) can now start setting up the payments network through a…MORE