To allay FTC concerns, Bristol-Myers to sell Celgene psoriasis treatment

To satisfy concerns raised by the U.S. Federal Trade Commission, Bristol-Myers Squibb Co. said it will divest Celgene Corp.'s Otezla psoriasis treatment. In January, New York City-based Bristol-Myers Squibb (NYSE: BMY) said it was buying Summit, New Jersey-based Celgene (Nasdaq: CELG) in a cash-and-stock deal worth about $74 billion. The divestiture is subject to further review by the FTC and requires that Bristol-Myers Squibb enter into a consent decree with the FTC.

• Stocks - Caesars Entertainment, Deere Rise Premarket; Spotify, Bristol-Myers Falls

  Investing.com
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  Bristol-Myers Plans To Divest Celgene Blockbuster To Satisfy Regulators

  Investor's Business Daily

Millennials, you've got this all wrong. You need to stop 'saving' for retirement.

All personal finance books harp on why it's critical to save for retirement. Brokerage firms publish studies about how much people are saving for retirement. OK, I get it: You're putting money aside for the future and letting it accumulate as a reserve, which is the very definition of saving.

• 
  Tax Season May Be Over, but You Can Make These 4 Moves to Lower Your 2019 Taxes

  Motley Fool
• Here's What the Average Older American Has in a 401(k)

  Motley Fool

Kraft Heinz is running out of cash: top analyst

Saving macaroni and cheese maker Kraft Heinz (KHC) may be one of the toughest gigs in Corporate America today (well that and trying to run what's left of Sears). The iconic company has been embarrassed by two years of terrible sales growth, a $15 billion write-down to the Kraft and Oscar Meyer trademarks, a depleted corporate culture, an awful stock price and a subpoena from the U.S. Securities and Exchange Commission related to an investigation of its accounting practices. “In our view, Patricio faces a monumental challenge to put Kraft Heinz on a path to success as a standalone company,” contends Guggenheim Securities analyst Laurent Grandet.

Rules That Warren Buffett Lives By

Berkshire Hathaway CEO Warren Buffett is arguably the world's greatest stock investor. Buffett personally lost about $23 billion in the financial crisis of 2008, and his company, Berkshire Hathaway, lost its revered AAA ratings. Buffett invests only in companies he thoroughly researches and understands.

Top 10 Forex Brokers in the UK (FXCM, GCAP)

Along with their own fxTrade platform launched in 2001, Oanda offers MetaTrader 4. Interactive Brokers: Greenwich, Conn. based Interactive Brokers offer direct access to interbank forex quotes and operate using an Electronic Communication Network (ECN) market structure.

Time for Investors to Move Some Holdings Into India Mid-Caps, Says HDFC Securities's CEO

Dhiraj Relli, chief executive officer at HDFC Securities, discusses Indian stocks and where he's putting his money. He speaks on “Bloomberg Markets: Asia. Corrects guest's title in headline.

Which jobs make the most money?

The data is used by the government to track the number of people in different jobs, focus government education programs, and forecast which jobs will grow in the future. p It's an astonishing trove of information for people looking for a job.

Cement Produces More Pollution Than All the Trucks in the World

Manufacturing the stone-like building material is responsible for 7% of global carbon dioxide emissions, more than what comes from all the trucks in the world. After wresting deep cuts from the energy industry, policymakers looking to extend the fight against global warming are increasingly focusing on construction materials and practices as a place to make further reductions. “There is so far too little demand for sustainable materials,” said Jens Diebold, head of sustainability at LafargeHolcim.

Retirement Income: A Lower Risk Recipe To Yields Of 2.5% To 7% — Or More

That's based on Fidelity's rule of thumb that says your savings should total 10 times your income by retirement, even though Fidelity assumes you retire at age 67. So how do you get $43,000 out of a retirement savings balance of $700,000? Vanguard's No.

A 'pretty simple' reason why there's no female big bank CEO: Krawcheck

The lack of gender diversity in the upper echelons of Wall Street is not a pipeline issue, banking veteran Sallie Krawcheck, the CEO of Ellevest, said recently. According to Krawcheck, the answer is rather straightforward. It's pretty simple," Krawcheck told Yahoo Finance during an interview at the Fortune Brainstorm Finance event in Montauk, New York.

The Koch Brothers: 2nd Wealthiest Family in America

Koch Industries was founded by Fred Koch in 1940 and is majority owned by his sons, better known as the Koch Brothers—David and Charles, with each owning 42% of the company. David, 79 years old, stepped down from his role with the company in 2018 due to health issues, while Charles, 83, remains Chairman and CEO. Koch Industries is the second-largest privately held company in the U.S., per Forbes annual rankings, generating $110 billion in annual revenues.

Eldorado Agrees to Buy Caesars for $8.6 Billion

The agreed equity value of $12.75 a share -- in a mix of cash and Eldorado stock -- represents a premium of about 28% to Caesars's Friday closing price. Eldorado dropped 7.2%. Casino and hotel operator Caesars had been pushed to consider a sale by Icahn, its biggest shareholder according to data compiled by Bloomberg.

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  Caesars Entertainment Adjourns Annual Meeting of Shareholders in Light of Proposed Merger with Eldorado Resorts

  PR Newswire
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  Caesars and Eldorado to Merge: Icahn Gets His Way Again

  Market Realist

Goldman Sachs plans to disrupt banking like Amazon did retail, Apple in music

With its startup consumer bank Marcus, Goldman Sachs (GS) wants to disrupt banking the way Amazon (AMZN) disrupted retail and and Apple (APPL) upended music. Specifically, the 150-year old bank's goal is to transform "the distribution and consumption experience of financial services," according to Harit Talwar, the head of global consumer business for Goldman Sachs. The diapers she buys at Walgreens or the diapers she buys at Amazon are the same diapers,” Talwar explained Yahoo Finance last week, on the sidelines of the Fortune Brainstorm Finance event in Montauk, New York.

Savers: Here Comes Bad News (And It Could Get Worse)

Stock investors love the Fed's apparent willingness to cut short-term interest rates. The yield on five-year certificates of deposit dropped to 1.39% as of June 21, says Greg McBride, chief financial analyst at Bankrate.com. Banks are pre-emptively cutting CD yields to protect themselves in case the Fed moves rates lower, McBride says.

Zimbabwe's Dollar Returns, a Decade After It Became Worthless

In regulations published Monday by the Reserve Bank of Zimbabwe the country said that currencies including the U.S. dollar and the South African rand, in use since 2009, will no longer be accepted as legal tender. A local quasi currency, bond notes, that was introduced in 2016 but can't trade outside the country, and their electronic equivalent, the RTGS dollar, will now be known as the Zimbabwe dollar. Zimbabwe abandoned the Zimbabwe dollar after inflation reached an estimated 500 billion percent in 2008, according to the International Monetary Fund.

From 'Prada to nada' and back: Has America really recovered from the Great Recession?

As many economists predict a new recession starting sometime next year, it's important to understand how far Americans have come in the last decade during what will be the longest economic expansion next month. Equally important, how prepared are they for another recession? The part that makes me cry' In 2009, it began to fall apart for Michelle and Michael Phillips of Dingman's Ferry, Pennsylvania.

How Trump's China Trade War Could Wreck The U.S. Economy

In the ensuing weeks, Trump has teed up 25% tariffs on the $300 billion in Chinese imports that have yet to be taxed. Huawei Export Ban May Create Air Pocket For Chip Sector Fitch Ratings already sees U.S. economic growth slowing to 1.8% in 2020. Extending 25% tariffs to all Chinese imports could knock that down by 0.5 percentage point, Fitch says.

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  Amazon’s Merchants Are Feeling the Pain of a Trade War With China

  Bloomberg
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  U.S. Supreme Court turns away challenge to Trump steel tariffs

  Reuters

FedEx lures online sellers with two-day air shipping at ground rates after Amazon contract ends

International shipping giant FedEx is showing it's serious about attracting the ecommerce crowd after a high-profile termination of one of its contracts with Amazon to provide delivery using its express air service in the US. FedEx is now offering the same two-day express air shipping direct to some customers for the same price it usually charges for ground service, which is typically much less expensive, the New York Times reports. FedEx is offering the price cut in order to better compete with rival UPS, the report claims, and to help refactor its product with ecommerce sellers in mind.

Must-Know Rules for Converting a 401(k) to a Roth IRA

Roth vs. Traditional IRA A traditional IRA allows an individual to defer the income tax owed on the portion of income that is saved for retirement. If the person is saving through an employer plan, the money is deducted from pre-tax salary. The self-employed can open an IRA account and contribute pre-tax income to it.

• 
  7 Must-Have Benefits for Job Seekers Today

  Motley Fool
• Here's What the Average Older American Has in a 401(k)

  Motley Fool

The Best Bank for Frequent Travelers Has No ATM or Foreign Transaction Fees

“The ATM fees are the worst thing about most banks when you travel abroad,” says Bronner, since people do still use cash a lot while traveling – especially if you're going someplace where cash is king. Why It Wins: In addition to being one of the rare banks that doesn't charge you for international purchases, Capital One 360 also has low fees across the board – with no monthly service or ATM fees either (although it won't reimburse you fees charged by the ATM owner). TD Bank's new 'Beyond Checking' account is the only other one that doesn't charge you for either kind of international fee.

Stocks edge up as investors await Trump-Xi meeting

The S&P 500 rose 7.2% in June through Friday's close, representing its best start to the month on record, based on data extending back to 1960. Meanwhile, geopolitical tensions continue to test investors. President Donald Trump over the weekend threatened to increase sanctions on Iran, which could be announced as soon as Monday.

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  Economy Week Ahead: New-Home Sales, Consumer Spending, Inflation Data

  The Wall Street Journal
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  Dow climbs, powered by Goldman, Boeing but broader market struggles for traction higher

  MarketWatch

Want to save more in your 401(k) retirement plan? Ditch these stock market myths

Making investment decisions based on seasonal proverbs could squash your 401(k) retirement savings. U.S. stocks dropped more than 6% last month – their worst May since 2010 and second-worst since 1962. That sour four-week stretch seemed to prove the old adage, “Sell in May and go away.

• 
  The Vast Majority of Workers Aren't Making the Most of Their 401(k)

  Motley Fool
• Here's What the Average Older American Has in a 401(k)

  Motley Fool