Billionaire entrepreneur Elon Musk’s rocket-making company has won its most significant U.S. military contract, bidding 40% less than the Pentagon estimated it would spend sending a satellite into orbit, a senior Air Force official said Thursday.
The U.S. economy stumbled out of the gate in 2016 as consumers and businesses showed renewed signs of caution, underscoring the uneven growth that has been a hallmark of the nearly seven-year expansion, the worst performance in two years.
Caterpillar said Thursday it will close five U.S. plants and shed about 820 positions as the construction equipment maker continues to scale back its production and work force in response to falling demand.
De Beers’s expanded presence has helped transform Botswana’s capital over the past few years, turning it into a hub for a cosmopolitan crowd of gem buyers and upending the lives of dozens of company employees.
U.S. corporate profits are set to decline for the third straight quarter, the longest and broadest slide in earnings since the financial crisis, weighed down by the energy slump and slowing growth around the world.
Drugmakers are placing big bets on medicines they expect will command premium prices. Sanofi made an unsolicited, $9.3 billion offer to purchase Medivation. Separately, AbbVie agreed to pay $5.8 billion for Stemcentrx.