Aside from oil and lean hogs, 2019 has been a tough year for commodities. Coffee prices have fallen 9%, natural gas is 11% lower and soybean prices have fallen 7% to name just a few. The diamond industry is also in a slump, Bloomberg reports.
What's new: De Beers revealed Tuesday its diamond sales fell to a 2-year low, underlining a slump in the industry worldwide. Sales fell 25% from a year ago and were down 29% from an offering last month.
Despite warnings from economists that the U.S-China trade war could cause a global economic recession, investors have been buying rather than selling.
What's happening: Both institutional investors and hedge funds have gone bargain-hunting in the weeks since President Trump reignited the trade war by increasing tariffs on Chinese imports to 25%. Investors remain largely convinced that the public squabble between the 2 countries is bluster, and that a deal is likely sooner rather than later.
Mallinckrodt announced yesterday that it is suing the Centers for Medicare & Medicaid Services and the Department of Health and Human Services for changing the way Medicaid rebates are calculated for its pricey H.P. Acthar Gel medication.
Details: The move would require Mallinckrodt to pay back large sums of money to the federal government.
U.S.-Chinese tariff increases are hurting American business in China, 74.9% of almost 250 respondents told a survey, published Wednesday by American Chamber of Commerce (AmCham) in China and Shanghai.
Why it matters: It's anothersign that the trade war is starting to bite. Bank of America-Merrill Lynch has said the standoff risks "a global recession." Now, American businesses are concerned about the effects of President Trump's action against Chinese tech giant Huawei, AmCham China chairman Tim Stratford told BBC.
China "remains ready" to resume trade talks, according to Cui Tiankai, China's ambassador to the U.S. He told Fox News' "Special Report with Bret Baier" on Tuesday that negotiations had stalled because the U.S. "changes its mind so often."
Why it matters: President Trump's new limitations on Chinese tech giant Huawei, which Cui called "politically motivated," has intensified the trade war that the Bank of America has said risks "a global recession." Meanwhile, U.S. farmers and shoe firms warn of "catastrophic" repercussions if the situation continues.
ABC News has added the former mayor of Chicago, Rahm Emanuel, to its contributor lineup, the Daily Beast reports.
Details: Emanuel, who also served as President Obama's chief of staff, reportedly considered gigs with MSNBC and CNN as well, per the Daily Beast, as he hoped to boost his national reputation with cable-news appearances. He exited Chicago's mayor's office within the last 2 days, announcing in September 2018 that he would not seek re-election.
Details: Before the tariffs were enforced in July 2018, Maine was forecast to have a record year, with $87 million of lobster expected to export through mid-2018 — nearly double the year prior. Maine's ability to compete with Canadian lobster exporters has since dwindled, though the industry continues to aggressively pursue other markets to recoup some of the financial burden from the U.S.-China trade war. "It's gone from very regular large-scale relationships, to very opportunistic," Sheila Adams, the vice president of sales and marketing for Maine Coast Lobster, told SeafoodSource.
Over the years, Walmart's bosses have invited dozens of A-listers, including Justin Timberlake, Jamie Foxx and Carly Rae Jepsen, to its annual shareholders' meeting in Bentonville, Arkansas. This year, workers, who are attending the meeting to lobby for higher pay and better benefits, invited their own guest: Sen. Bernie Sanders.
Why it matters: In the 1980s, Walmart was the archvillain of capitalism. Now, Amazon has largely taken its place, fielding most of the criticism from political candidates and academics for its size and influence. But Walmart, which is still far bigger by sales volume than Amazon, is starting to creep back into the debate.
When you think of Nasdaq, chances are you think of the U.S.-based stock exchange. However, the company has numerous other lines of business, none more interesting than their foray into sports betting.
Why it matters: In addition to operating its own stock exchange in New York, Nasdaq is a technology provider for other global marketplaces. One of its core customers: sports betting operators.
Al Jazeera is planning to launch a cross-platform business vertical called AJ Impact, executives tell Axios. It will feature original reporting from Al Jazeera journalists worldwide, as well as curated business content from Bloomberg.
Why it matters: To date, Al Jazeera has mostly focused on hard news topics, like politics, breaking news and current events. AJ Impact, which will focus on topics like personal finance, economic inequality, and impact investing, represents a significant departure from its traditional areas of focus.
Dotdash, the digital publishing company that grew from About.com, is launching a new millennial paint line with Amazon in an effort to bolster its growing commerce business.
Why it matters: This is the first time that Dotdash, which is expected to bring in roughly $150 million in revenue this year, is selling its own direct-to-consumer products.
A logjam of inflationary pressures is starting to hit the U.S. all at once, and will challenge the persistent low inflation that has been a hallmark of the economy for more than a decade.
What's happening: The biggest single inflationary catalyst is the trade war between the U.S. and China. Major companies, including Walmart and Macy's have already warned that tariffs will force them to raise prices.
More than 170 U.S. shoe companies — including Nike, Adidas and Steve Madden — signed onto a letter with the Footwear Distributors and Retailers of America to warn President Trump of "catastrophic" repercussions in the industry if the U.S.-China trade war continues.
Why it matters: The letter argues that Trump's proposed 25% tariff on footwear would cause "unfathomable" effects and could cost American customers an extra $7 billion a year, despite the president's incorrect assertion that tariffs are paid by China directly into the U.S. Treasury. The companies ask Trump to "bring this trade war to an end."
President Trump has a penchant for ganging up on the "mainstream media," but lately his attacks have spread to ganging up on any information gatekeeper — from Big Tech platforms to newscasters on his favorite network.
Why it matters: Trump has spent years shooting the messenger, but as his presidency rolls on, so do his grievances against any information platform that may, at some point, work against his interests.
The number of hospital admissions, surgeries and other medical procedures has continued to stay flat in many parts of the country, but that hasn't prevented hospitals from retaining large sums of money and hiring more people.
The big picture: America's rural hospitals are dying. But large not-for-profit hospital systems in cities and suburbs are doing extremely well as premiums rise and as patients struggle to afford their medical bills.
After a failed sale attempt, Ascena Retail Group Inc. announced on Monday it will begin winding down its Dressbarn clothing chain, closing its roughly 650 storefronts, Bloomberg reports.
Details: The parent company's brands — including Ann Taylor — have been the source of broad criticism for failing to appeal to shifting consumer preferences, per Bloomberg.
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