Business Latest News: Factory Activity, Hiring Slows in June

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Business Latest News: Factory Activity, Hiring Slows in June

Business Latest News: Factory Activity, Hiring Slows in June
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Business Latest News: Factory Activity, Hiring Slows in June

by Wochit 1:03 mins

U.S. manufacturing activity grew in June at its slowest pace in eight months as overseas demand dried up and firms took on the fewest new workers in more than three years. Cancer drugmaker Onyx Pharmaceuticals Inc said on Sunday it rejected a roughly $10 billion takeover offer from larger biotechnology company Amgen Inc. as too low but still is considering selling itself. Investors in David Einhorn's Greenlight Capital Management's offshore gold fund were down 11.8 percent in June, bringing their year-to-date losses in the fund to 20 percent, two sources close to the matter said. Einhorn, one of the most widely followed hedge fund managers and known for warning about Lehman Brothers' precarious finances before it collapsed, has also seen his flagship $8 billion Greenlight Capital fund under recent pressure though it is still up for the year.

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