Latest Business News

FILE- This May 1, 2018, file photo shows Merck corporate headquarters in Kenilworth, N.J.  Surging sales of cancer medicines and reduced spending helped Merck overcome a big hit from the coronavirus pandemic and increase its profit 12% in the second quarter. The  drugmaker on Friday, July 31, 2020,  increased its financial forecast for the year, all while it’s investing in development of two experimental vaccines and a possible treatment for COVID-19.  (AP Photo/Seth Wenig, File)

Strong sales of drugs, vaccines, propel Merck in 3Q

Oct. 27, 2020 8:24 AM EDT

KENILWORTH, N.J. (AP) — Drugmaker Merck boosted its third-quarter profit by 55% and blew past Wall Street expectations, due to slightly higher sales, restrained spending and a small, one-time gain. The Kenilworth, New Jersey, company said it's making progress on three efforts to combat the coronavirus...

FILE - In this Sept. 18, 2019, photo a Puckett Machinery Company technician walks past a new heavy duty Caterpillar excavator that awaits modification at Puckett Machinery Company in Flowood, Miss. Caterpillar is reporting a third-quarter profit of $668 million and topped most expectations, though demand for its equipment is being driven down by the pandemic. The Deerfield, Illinois, company reported a profit Tuesday, Oct. 27, 2020, of $1.22 per share. (AP Photo/Rogelio V. Solis, File)

As pandemic depresses demand, Caterpillar muscles through 3Q

Oct. 27, 2020 8:22 AM EDT

Caterpillar’s sales fell 23% in the third quarter as the pandemic throttled demand for construction equipment and a trade war with China continues to create headwinds. The company still managed to top Wall Street expectations, despite rising COVID-19 infections that hamper almost all sectors, including...

An Indian worker makes markings for voters to ensure social distancing at a polling canter on the eve of the first phase of Bihar state Assembly elections in Patna, India, Tuesday, Oct.27, 2020. Bihar is India’s third largest state with a population of about 122 million people. India’s overall total of cases for the coronavirus pandemic is nearing 8 million, trailing only the United States, which has over 8.7 million. (AP Photo/Aftab Alam Siddiqui)

Asia Today: Thailand: Woman probably infected in quarantine

Oct. 27, 2020 7:59 AM EDT

BANGKOK (AP) — Health officials in Thailand said Tuesday that it is likely that a French woman who earlier this month tested positive for the coronavirus became infected when she stayed under quarantine at a hotel near Bangkok. The 57-year-old woman tested positive after she and her family flew on Oct. 15...

FILE - In this Jan. 20, 2011, file photo, AMD chips are displayed at the Micro Center computer store in Santa Clara, Calif. AMD is buying processing platform developer Xilinx in an all-stock deal valued at $35 billion. (AP Photo/Paul Sakuma, File)

AMD buys Xilinx for $35B, creating Silicon Valley chip giant

Oct. 27, 2020 7:50 AM EDT

SAN JOSE, Calif. (AP) — AMD is buying Xilinx for $35 billion in an all-stock deal that will combine the two Silicon Valley chip makers. The deal announced Tuesday puts AMD in a place it wants to be; competing more fiercely with Intel. Xilinx stockholders will receive 1.7234 shares of AMD stock for each...

Pfizer signs are seen out front of the Pfizer Research & Development Laboratories Wednesday, July 22, 2020, in Groton, Conn.  Pfizer on Tuesday, July 28,  reported a 32% plunge in second-quarter profit, as the global coronavirus pandemic limited marketing of and new prescriptions for its medicines. Still, the biggest U.S. drugmaker posted a solid profit and nudged up parts of its 2020 financial forecast. (AP Photo/Stew Milne)

Pfizer tops 3Q earnings views, makes progress on COVID shot

Oct. 27, 2020 7:49 AM EDT

Drugmaker Pfizer saw its third-quarter profit plunge 71%, mainly due to an $8.1 billion gain a year earlier from selling its consumer health care business to a GlaxoSmithKline joint venture, but managed to top Wall Street expectations. Meanwhile, the New York-based company on Tuesday said disruptions from the...

An employee closes his cafeteria before curfew in Barcelona on Monday, Oct. 26, 2020. Spain orders nationwide curfew to stem worsening outbreak. Spanish Prime Minister Pedro Sánchez has declared a second nationwide state of emergency in hopes of stemming a resurgence in coronavirus infections. (AP Photo/Emilio Morenatti)

Spain tries to reverse economic slump as unemployment rises

Oct. 27, 2020 7:45 AM EDT

MADRID (AP) — The Spanish government plans to increase taxes on big corporations and the wealthy and use 27 billion euros ($31.8 billion) in European grants as it tries to reverse one of the deepest coronavirus-related slumps among developed economies. The country is grappling with a resurgence of the...

FILE - In this Oct. 14, 2020, photo provided by the Iranian Health Ministry, medics tend to a COVID-19 patient at the Shohadaye Tajrish Hospital in Tehran, Iran. Iran is confronting a new surge of infections that is filling hospitals and cemeteries alike. (Akbar Badrkhani/Iranian Health Ministry via AP)

The Latest: Iran hits record single-day virus death toll

Oct. 27, 2020 7:20 AM EDT

TEHRAN — Iran has again hit a record single-day COVID-19 death toll, reporting 346 new deaths. That brings the country’s total virus deaths to 33,299, the highest virus toll in the Mideast. Iran Health Ministry spokeswoman Sima Sadat Lari also said Tuesday that daily new coronavirus cases have also...

En esta imagen de mayo de 2020 distribuida por Eli Lilly, un investigador prueba posibles anticuerpos de COVID-19 en un laboratorio de Indianápolis. (David Morrison/Eli Lilly via AP, Archivo)

Lilly misses profit projects as sales of diabetes drug slow

Oct. 27, 2020 7:09 AM EDT

INDIANAPOLIS (AP) — Eli Lilly and Co. is reporting third-quarter net income of $1.21 billion. On a per-share basis, the Indianapolis company said it had profit of $1.33. Earnings, adjusted for asset impairment costs, were $1.54 per share. That's far short of the per-share earnings of $1.76 that Wall Street...

AMD acquires Xilinx in $35 billion deal to create massive Silicon Valley chip maker

Oct. 27, 2020 6:44 AM EDT
NEW YORK (AP) — AMD acquires Xilinx in $35 billion deal to create massive Silicon Valley chip maker.
In this Friday, Oct. 23, 2020, photo, the figure of the Ant Group's mascot is displayed at the office in Hong Kong. The world's largest fintech company, China's Ant Group, will try to raise nearly $35 billion in a massive public offering of stock that would shatter records. (AP Photo/Kin Cheung)

Here's why Ant Group is about to shatter IPO records

Oct. 27, 2020 6:35 AM EDT

HONG KONG (AP) — Stella Su, who lives and works in Shanghai, has used an ATM only once in the past year. Instead of cash, in recent years she has done almost all her business using the digital wallet Alipay –- shopping in a mall, buying stuff online or transferring money to friends. “Now when...