
President Biden proposes eliminating a loophole that allows wealthy people to pass assets tax free to their children but Republican lawmakers say it will hit middle class Americans.

(Bloomberg) -- GlaxoSmithKline Plc agreed to pay U.S. biotech Alector Inc. as much as $2.2 billion to develop therapies targeting diseases such as Parkinson’s and Alzheimer’s, the latest step by the U.K. pharmaceutical giant to rebuild its drug pipeline.Alector will receive $700 million upfront from Glaxo, and up to $1.5 billion in the future if the treatments prove successful, the companies said Friday. They will co-develop and commercialize two monoclonal antibodies, one of which is in late-st

(Bloomberg) -- International Business Machines Corp. President Jim Whitehurst is stepping down after three years at the century-old technology company. The shares fell the most in five months.The departure marks one of the first major corporate reshuffles under Chief Executive Officer Arvind Krishna, who took the helm last year and has moved quickly to reshape IBM and return it to growth. Whitehurst, 53, is the former CEO of Red Hat Inc., which IBM announced it was acquiring in 2018 in a $33 bil

International Business Machines Inc. shares fell Friday after the company announced that Jim Whitehurst was stepping down as president. IBM (IBM) shares were last down 4.5% at $140.28 and were the worst performing stock on the Dow Jones Industrial Average (DJIA) Friday. Whitehurst became IBM president in January 2020, the same time Arvind Krishna was appointed chief executive, after the company’s $34 billion acquisition of Red Hat, which closed in July 2019.
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