Ethan Miller/Getty Images
Walmart’s CEO of over a decade to retire. Walmart CEO Doug McMillon plans to step down early next year, handing over the reins of the country’s biggest retailer and private employer to John Furner. Furner currently heads up Walmart’s US business after starting at the chain in 1993 as an hourly associate. McMillon, who took up the top job in 2014, led Walmart as it upped its e-commerce game to better compete with Amazon and as it dealt with the pandemic. The company gained $576 billion in market capitalization during his tenure, according to the Wall Street Journal. The retail giant is set to report its latest earnings on Thursday.
Switzerland scores 15% tariff in trade deal with US. The two countries said yesterday that they’d reached a deal to slash the Matterhorn-high 39% tariffs Trump unexpectedly slapped on Swiss goods like chocolate, gold, and pharmaceuticals, down to the 15% level that EU countries are also facing. Under the terms of the agreement, Switzerland will invest $200 billion in the US by the end of 2028. The deal came together after billionaire Swiss executives bearing an engraved gold bar and Rolex clock came to Washington to personally lobby President Trump after government negotiations stalled.
Bankruptcy judge approves $7.4 billion Purdue Pharma opioid settlement. The judge said he would sign off on the deal next week, which will allow the OxyContin-maker to exit bankruptcy and settle lawsuits over the opioid’s impact against the company and the Sackler family that owns it. The decision on the latest plan comes after the Supreme Court rejected an earlier version because it let the Sackler family entirely off the hook for future opioid-related claims, even though some plaintiffs had not agreed to the settlement. In the new version, the Sacklers will contribute up to $7 billion over 15 years, and creditors who do not consent to the deal can still sue in civil court.—AR
No comments:
Post a Comment