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Johnson & Johnson to split into 2, aim for faster growth
NEW BRUNSWICK, N.J.: Johnson & Johnson is splitting into two companies, separating the division that sells Band-Aids and Listerine from its medical device and prescription drug business. The company said Friday that the division selling prescription drugs and medical devices will keep the Johnson & Johnson name. The new consumer health company will house brands including Neutrogena, Aveeno, Tylenol, Listerine, Johnsons, and Band-Aid. Company leaders told analysts that the move will make each business more nimble in adapting to their respective markets. It also allows for a more precise allocation of capital. Johnson & Johnson expects the split to occur in the next two years.
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Americans give bosses same message in record numbers: I quit
WASHINGTON: Americans quit their jobs at a record pace for the second straight month in September, while businesses and other employers continued to post a near-record number of available jobs. The Labor Department said Friday that 4.4 million people quit their jobs that month, or about 3% of the nations workforce. There were 10.4 million job openings, down from 10.6 million in August, which was revised higher.
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Japans Toshiba spins off energy, computer device units
TOKYO: Embattled Japanese technology conglomerate Toshiba is restructuring to improve its competitiveness, spinning off its energy infrastructure and computer devices businesses. Tokyo-based Toshiba Corp. said Friday it is separating its nuclear power business, including the decommissioning of the nuclear plant in Fukushima that suffered meltdowns in 2011, from its non-energy businesses. The energy infrastructure business will also include its sustainable energy and battery businesses. The other spinoff encompasses digital devices and storage operations. Toshiba will remain a third independent company, holding whats left, such as its flash memory company Kioxia Holdings Corp. and Toshiba Tec Corp., which makes office equipment.
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Rodgers vaccine comments may test his clout with sponsors
GREEN BAY, Wis.: Green Bay Packers quarterback Aaron Rodgers could be playing football again less than two weeks after testing positive for COVID-19 while unvaccinated. Whether the off-field consequences of this situation on the reigning MVPs public persona have a similarly short shelf life remains uncertain. Rodgers is one of the NFLs most visible players. His appearances on State Farm commercials make him a ubiquitous presence even on game telecasts that dont involve the Packers. His comments regarding his vaccination status could put that marketability to the test.
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Out of time: Climate talks go past deadline over coal, cash
GLASGOW, Scotland: Going into overtime, negotiators at U.N. climate talks in Glasgow are still trying to find common ground on phasing out coal, when nations need to update their emission-cutting pledges and, especially, on money. Talks are at a bit of a stalemate, and the United States, with support from the European Union, is holding back talks, said Lee White, the Gabonese minister for forests and climate change. U.S. Climate Envoy John Kerry Friday night told The Associated Press that climate talks are working away after a late night meeting with his Chinese counterpart and before a hallway chat with Indias negotiator.
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Musk sells more Tesla shares and stock falls further
DETROIT: Tesla CEO Elon Musk has sold another chunk of his stock after pledging on Twitter to liquidate 10% of his holdings in the electric car maker. Musk sold about 640,000 shares for roughly $687.3 million, according to two filings with the U.S. Securities and Exchange Commission. The sales will help Musk pay whats expected to be a hefty tax bill. So far the eccentric CEO has sold about 5.1 million shares worth about $5.69 billion. That amounts to just over 3% of his stake in Telsa. He still owns about 167.5 million shares, just under 17% of the company, according to the SEC filings and data provider FactSet.
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Stocks close higher, but indexes still end week in the red
NEW YORK: Stocks closed higher on Wall Street on Friday, but still marked their first weekly loss in six weeks. Technology and communications companies led the modest gains. The S&P 500 rose 0.7%, the Dow Jones Industrial Average rose 0.5% and the Nasdaq rose 1%. Johnson & Johnson gained ground on news that health care giant will split up. Spectrum Brands, owner of Cutter bug spray and George Foreman grills, soared after reporting strong quarterly earnings. Bond yields rose. Banks and energy stocks lagged the rest of the market. Energy prices ended lower.
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UK, EU keep talking but stay far apart in Brexit trade feud
LONDON: The U.K. and the European Union inched away from a diplomatic cliff edge on Friday but remained miles apart in a post-Brexit spat that risks escalating into a cross-Channel trade war. Talks to resolve differences over Northern Ireland trade have dragged on for almost a month, with EU officials increasingly concerned that Britain plans to suspend parts of the legally binding divorce agreement between the two sides. That would trigger EU retaliation and could spiral into a trade war between the 27-nation bloc and its increasingly estranged former member.
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AstraZeneca to book modest profit from coronavirus vaccine
LONDON: British-Swedish pharmaceutical company AstraZeneca said Friday that it will start to book a modest profit from its coronavirus vaccine as it moves away from the nonprofit model it has operated during the pandemic. In a third-quarter update, the company said it is now expecting to progressively transition the vaccine to modest profitability as new orders are received. It said the limited profits from the vaccine in the fourth quarter will offset costs related to its antibody cocktail developed to prevent and treat COVID-19. Until now, AstraZeneca said it would provide the vaccine at cost around $2 to $3 for the duration of the pandemic following an agreement with the University of Oxford, which developed the vaccine.
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The S&P 500 rose 33.58 points, or 0.7%, to 4,682.85. The Dow Jones Industrial Average gained 179.08 points, or 0.5%, to 36,100.31. The Nasdaq added 156.68 points, 1%, to 15,860.96. The Russell 2000 index of smaller companies inched up 2.63 points, or 0.1%, to 2,411.78.
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