Money

Hedge fund star Dan Loeb bets $3.5 billion on Nestle

Inside Hershey’s super secret chocolate lab Hedge fund star Dan Loeb thinks life could be sweeter for Nestle, the company behind KitKat chocolate bars and Haagen-Dazs ice cream. His fund, Third Point, said Sunday it had taken a $ 3.5 billion stake in Nestle(NSRGY) and would push for a new strategy to help the company improve its sales and profitability. “It is rare to find a business of Nestlé’s quality with so many avenues for improvement,” said Third Point in a public letter to Nestle shareholders. Shares in the Swiss-based ...

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Senate GOP health bill would slash Medicaid. Here's how.

This state line divides the Medicaid debate Republicans have wanted to repeal Obamacare for years — but they’ve wanted to overhaul Medicaid for far longer. They are now getting their chance. The health care legislation working its way through Congress would do much more than its stated purpose of repealing and replacing Obamacare. It wouldmake the most far-reaching changes and deepest cuts to Medicaid in the program’s 52-year history. “Medicaid: Sending it back to the states. Capping its growth rate. We’ve been dreaming of this since I’ve been around, since ...

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Italy is pouring billions more into its troubled banks

Italian banks are drowning in bad debt Italy is putting up €17 billion ($ 19 billion) to avert a fresh crisis in its beleaguered banking system. The move over the weekend came after a warning from European authorities that two struggling Italian regional banks — Banca Popolare di Vicenza and Veneto Banca — were facing collapse. It’s just the latest move by Italy to plug a hole in its fragile financial sector. At the end of last year, it had to promise billions of euros to rescue Monte dei Paschi, ...

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Takata, brought down by airbag crisis, files for bankruptcy in U.S.

Here’s what a Takata airbag explosion looks like Takata has filed for bankruptcy in the U.S. after failing to recover from one of the worst auto safety scandals ever. Analysts had long warned that Takata could be forced into bankruptcy due to the huge cost of a deadly exploding airbag scandal, which resulted in the recall of tens of millions of vehicles around the world. The company’s defective airbag inflators, which can explode and send shrapnel into drivers and passengers, has been blamed for 11 deaths in the U.S. and ...

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SpaceX nails two rocket launches in one weekend

SpaceX successfully launches a used rocket SpaceX just capped off two successful missions to space this weekend — the company’s quickest launch turnaround yet. After it launched a communications satellite into orbit from Kennedy Space Center in Florida on Friday, Tesla(TSLA) CEO Elon Musk’s private space outfit finished its run with a clean launch from California’s Vandenberg Air Force Base on Sunday. The launch Sunday marked SpaceX’s eighth launch so far this year. The company has now tied the record for the most launches in a single year, which it ...

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Phil Donahue: 'Hypocrisy is killing us'

Donahue: What about people who didn’t vote? Talk show legend Phil Donahue says America’s problem is “hypocrisy.” The 81-year-old Donahue said Sunday on CNN’s “Reliable Sources” that Americans tout their patriotism, but about half of them don’t vote. “Hypocrisy is killing us,” he said. Donahue argued that Trump’s base represented a small percentage of the country, but elected Trump because they were “angry” and showed up to the ballot boxes last November. Related: There are Trump’s claims about jobs. And then there are the numbers “These are angry people,” he ...

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Big week for health care; Trump meets with India's prime minister; fate of Murdoch deal

The Senate GOP health care bill explained 1. Big week for American health care: The public — and lawmakers — will learn the cost of Senate Republicans’ attempt to repeal and replace Obamacare. The Congressional Budget Office is expected to release its score of the Senate health care bill. The nonpartisan office will also estimate how many people would be covered under the bill. There will be plenty of debate on the Senate floor this week as Republican leaders try to whip votes in support of the bill, which Republicans ...

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Judge: Ivanka Trump must answer questions in shoe design lawsuit

Ivanka Trump must give a deposition in a lawsuit by an Italian shoemaker claiming her fashion label copied its designs, a federal judge has ruled. Aquazurra Italia filed the suit against Ivanka Trump and her company in June 2016. It claims the brand has produced cheaper knockoffs of Aquazurra’s “coveted” and highly publicized shoe designs. At the heart of the lawsuit is Aquazurra’s “Wild Things” shoe. The company says the Ivanka Trump brand’s “Hettie” shoe too closely resembles the Aquazurra design. Ivanka Trump’s lawyers have staunchly denied those allegations, according ...

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U.S. asks Supreme Court to take up Microsoft fight over email privacy

The U.S. Justice Department wants the Supreme Court to take up a years-long court fight with Microsoft. The case tests the reach of government warrants for private emails. At issue is a 2016 court ruling that determined that Microsoft didn’t have to hand over customer data that was stored on computers in another country. On Friday, the Justice Department filed a petition asking the Supreme Court to review the lower court opinion, insisting the Second Circuit federal appeals court had “seriously misinterpreted” the law. The Justice Department argues that it ...

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Getting deported was the best thing that ever happened to me

Undocumented: How an ICE raid shattered this family’s American dream If you ask Orlando Lopez, getting deported was the best thing that ever happened to him. His parents had brought him to the United States when he was just three years old, hoping to offer him a better life. But by the time he was a teenager, Lopez’s future was looking bleak. Lopez recalls that he was a good student at his Fort Worth, Texas high school. But he says he was also a wannabe gangster who ended up serving ...

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