Capital One, a Warren Buffett-backed consumer bank and credit card issuer, will acquire the credit card lender Discover Financial Services, according to a report by The Wall Street Journal that cited people familiar with the matter. Capital One has been working with advisers to "study a deal" to buy Discover and a deal could be announced as soon as Tuesday, per the Journal's report. Bloomberg reported earlier Monday that Capital One was considering making an offer for Discover.Discover has a market value of ...

Core Viewpoint - The International Trade Commission's decision against tariffs on foreign tin imports poses a significant threat to a West Virginia steel mill, potentially jeopardizing nearly 1,000 jobs and raising national security concerns [1][4][7]. Group 1: Impact on Employment and Local Economy - The closure of the Weirton, West Virginia plant by Cleveland-Cliffs could result in the loss of approximately 900 jobs, affecting not only the workers but also the local school system and tax base [6][7]. - The president of the United Steelworkers Local 2911 union emphasized that the decision could have broader implications for the entire country, highlighting the importance of domestic manufacturing [6][7]. Group 2: National Security Concerns - The union president expressed that the lack of tariffs on foreign tin imports could lead to foreign control over the food supply for U.S. soldiers in the event of a conflict, framing the issue as a national security matter [3][6]. - Senator Joe Manchin echoed these concerns, stating that the ITC's decision undermines economic and national security by favoring illegally dumped and subsidized imports over American workers [7][8]. Group 3: Legislative and Advocacy Efforts - The union and local politicians are mobilizing efforts to overturn the ITC's decision, with the union president asserting that there is significant support in Washington to challenge the ruling [3][6]. - Senator Manchin has committed to working with stakeholders to revitalize domestic manufacturing and strengthen supply chains, emphasizing the need for action to protect American jobs [8].

Berkshire Hathaway dumped a small portion of its Apple shares. That selloff, which involved just over 10 million shares, accompanied the Warren Buffett-helmed conglomerate shrinking its holdings in Paramount Global by 32% and making other portfolio adjustments in the fourth quarter.Even with the cut, Berkshire Hathaway’s stake in Apple, at over 905.5 million shares, remained massive, a Wednesday filing with the Securities and Exchange Commission (SEC) showed. It equated to about $174.3 billion.  WARREN BUFF ...

Nike is laying off 2% of its corporate workforce as it contends with weaker consumer spending.  Starting Friday, more than 1,600 positions will be cut as the company increases its investment in high priority areas such as running, women's clothing and its Jordan brand, CEO John Donahoe told employees, according to a memo seen by The Wall Street Journal. A second phase of the cuts will be completed by the end of the quarter. Employees in stores, distribution centers or on the innovation team aren't expected ...

The CEOs of leading U.S. automakers Ford and GM signaled Thursday they’re open to considering partnerships to lower the cost of electric vehicle technology to compete with low-cost Chinese EVs looking to the U.S. and European markets. "If there’s ways that we can partner with others, especially on technologies that are not consumer-facing, and be more efficient with R&D as well as capital, we’re all in," GM CEO Mary Barra told investors at a conference sponsored by Wolfe Research.Ford CEO Jim Farley also op ...

Target is luring in price-conscious customers by launching its cheapest brand to date. It's called "dealworthy," and it comes as households continue to feel constrained by the high cost of goods. The Minneapolis-based company said on Thursday that the new brand will encompass products in a variety of categories from apparel, accessories and beauty to electronics and home items. Most of them will cost under $10, but some will start at less than $1, Target said. For electronics in particular, some items will ...

Delta Air Lines CEO Ed Bastian said both Boeing and Airbus remain critical partners for the company despite scrutiny surrounding the Boeing Max 9.  "We need a strong Airbus. We need a strong Boeing to supply us," Bastian said during an interview Wednesday on "The Claman Countdown." "We only have two basic manufacturers that we can source planes from." Bastian responded to a question about whether the company regretted placing an order in 2022 for 100 Boeing Max 10 planes. Bastian said those planes were supp ...

Novo Nordisk CEO Lars Fruergaard Jorgensen has been fielding calls from food company chief executives who have questions about the company's diabetes and weight-loss-related drugs. "They are scared about it," Jorgensen told Bloomberg. The company confirmed to FOX Business he did not name names. However, it is no surprise that these drugs – Ozempic and Wegovy – which are the same medication but have different FDA-approved intended uses and are known to suppress appetites and change food preferences – are cat ...

Airbus has unveiled a special dividend following higher 2023 results, driven by increased demand for jetliners despite a $215 million charge at its Space business.The commercial planemaker is benefitting from a surge in orders, accumulating cash reserves compared to rival Boeing facing debt issues.Shares were slightly lower due to cautious financial forecasts for 2024 and a lack of updates on a broader share buyback. Europe's Airbus unveiled a special dividend on Thursday after posting higher 2023 results, ...

FedEx founder and executive chairman Fred Smith is adding his name to the list of business leaders sounding the alarm over America's surging national debt, telling FOX News this week it is "unsustainable." During an interview on "Special Report" Tuesday evening, host Bret Baier asked Smith for his take on the level of federal debt held by the U.S. government, which is now above $34 trillion. "Federal debt held by the public was 97% of GDP in 2022, projected to equal 195% of GDP by 2050," Baier noted. "Event ...