Bloomberg Businessweek

Bloomberg Businessweek March 11, 2019

GHOSN: TORU HANAI/BLOOMBERG; BUGATTI: STEFAN WERMUTH/BLOOMBERG; JENNER: RICK KERN/GETTY IMAGES/ULTA BEAUTY

 IN BRIEF

By Benedikt Kammel

○ The U.S. budget deficit

widened to

$310b

in the first four months

of the fiscal year, and

the financial shortfall is

set to grow even more in

the coming years as the

Republican tax cut package

and increased spending for

defense and other priorities

boost government outlays.

○ GE’s share price fell almost

8 percent on March 6,

after CEO Larry Culp said

the company would have

negative industrial free cash

flow this year—a sign of just

how far GE has yet to go to

fix its balance sheet.

○ Kylie Jenner, 21,

is now the

youngest person

to become a

billionair

her own

company

○ Volvo announced

it would cap the top

speed on all its cars at

180 kilometers per hour

(112 mph) beginning in

2020, saying the move

is part of a campaign to

eliminate fatal accidents.

○ Newmont Mining

rejected an unsolicited

bid from Barrick Gold,

a potential

$17.8b

deal that would have

created the world’s largest

gold producer.

○ SpaceX’s

unmanned Crew

Dragon capsule

completed

its mission of

docking with

the International

Space Station.

A manned

flight is scheduled

for July.

○ Oxycontin maker

Purdue Pharma is preparing

for a possible bankruptcy

filing as it faces hundreds

of lawsuits over its role in

the U.S. opioid epidemic,

according to Reuters.

○ Carlos Ghosn was granted bail—

set at 1 billion yen ($8.9 million)—by

a Tokyo court and released from

detention after more than 100 days.

Ghosn said in a statement that

accusations of financial misconduct

are “meritless and unsubstantiated.”

○ Bugatti unveiled a one-off supercar, La Voiture Noire. Priced at €11 million

($12.5 million), it will go to a buyer identified only as an “enthusiast” of the brand.

Kylie Cosmetics ha

$360 million in sale

last year, fueled by

Jenner’s 128 million

Instagram follower

○ U.S. regulators approved Johnson & Johnson’s nasal spray Spravato, a chemical cousin of ketamine, to treat depression.

○ The worsening scandal facing Canadian Prime Minister Justin Trudeau cost him two members of his cabinet.

○ Embattled pizza chain Papa John’s International announced that founder John Schnatter will resign from its board.

○ An HIV patient who received a stem-cell transplant has no sign of the virus, the second successful treatment of its kind.

○ “I don’t feel the

investigation is a

witch hunt.”

Former Trump White House lawyer Ty Cobb disputed his former boss’s view

of the Russia election meddling probe, instead calling special counsel Robert

Mueller an “American hero.”

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5

GE share price

12/31/

$7.

3/6/

$9.