Saturday, May 11, 2019 1:00 am
Steelmaker set to slash 6,000 jobs
FRANKFURT, Germany – German steelmaker Thyssenkrupp said Friday it would cut some 6,000 jobs and restructure its businesses after saying that it expects European antitrust regulators to block plans for a joint venture with India's Tata Steel.
CEO Guido Kerkhoff said 4,000 of the lost jobs would be in Germany, the dpa news agency reported. He said the rejection of the joint venture was “a hard blow” for the company's 27,000 steelworkers.
Thyssenkrupp said in a statement that the companies had offered changes to address the European Commission's concerns but that hadn't been enough.
Consumer prices rise 0.3% in April
U.S. consumer prices increased 0.3% in April, led by more expensive gasoline, apartment rents and appliances.
The Labor Department said Friday that the consumer price index climbed 2% in the year ending in April. Excluding the volatile food and energy categories, core prices increased 0.1% last month and 2.1% from a year ago.
The figures suggest inflation is mostly subdued, despite solid economic growth and rising wages, which typically push up prices. Federal Reserve policymakers took note of low inflation at their meeting last week, but Fed Chair Jerome Powell attributed it mostly to “transitory” factors.
A big increase in gasoline costs drove more than two-thirds of April's price rise, while rents increased 0.4%. Food prices fell for the first time in nearly two years.
Boston Beer buying Dogfish Head
Delaware-based craft beer company Dogfish Head Brewery is being acquired by the Boston-based brewer of Sam Adams beer in a $300 million cash and stock deal.
The Boston Beer Co. announced Thursday that it had entered into definitive agreements to acquire all of the equity interests in Dogfish Head Holding Co.
Dogfish Head founder Sam Calagione and his family will receive about 406,000 shares of Boston Beer stock valued at about $128 million, based on a share price of $314.60. Dogfish Head shareholders also will receive $173 million in cash, and Calagione will join the board of Boston Beer.
3rd-largest coal company bankrupt
The nation's third-largest coal company by production volume filed for bankruptcy Friday as utility companies increasingly turn to gas-fired generation and renewable energy for electricity.
Cloud Peak Energy filed for Chapter 11 reorganization in U.S. Bankruptcy Court in Delaware. The move was widely expected since at least March, when the company received the first of several extensions to make a $1.8 million loan payment.
Rihanna to debut new fashion label
Rihanna is partnering with LVMH Moët Hennessy Louis Vuitton to launch a new fashion label.
The pop star, born Robyn Rihanna Fenty, announced Friday that a new line called Fenty will debut this spring and will be based in Paris. Fenty “is centered on Rihanna, developed by her, and takes shape with her vision in terms of ready to wear, shoes and accessories, including commerciality and communication of the brand,” according to a press release.