New orders for U.S.-made goods fell in April, and shipments dropped by the most in two years, indicating a weakness in manufacturing activity that could undercut the broader economy.
Factory goods orders declined 0.8 percent, pulled down by soft demand for transportation equipment, computers and electronic orders, and primary metals, the Commerce Department said Tuesday. Data for March was revised down to show factory orders increasing 1.3 percent instead of 1.9 percent as previously reported.
Shipments of manufactured goods fell 0.5 percent in April, the largest drop since April 2017, after rising 0.2 percent in March.
CVS Health is pushing deeper into health services with plans to add dietitians, medical equipment and space for the occasional yoga class to 1,500 stores over the next few years.
The drugstore chain said Tuesday it will expand a store model it recently tested. Its HealthHub stores will have about twice as much space devoted to health care as other locations and will aim to help people with chronic conditions like diabetes.
“The ultimate goal is, bring more health services into people’s communities where they can access them as part of their daily life,” CVS Health Executive Vice President Alan Lotvin said.
The company started testing the changes in Houston late last year and will add more to that market this year, as well as expanding to Atlanta, Philadelphia and Tampa. CVS officials say they expect to run 1,500 HealthHub stores by the end of 2021.
— Associated Press
Uber Technologies is under investigation from U.S. tax authorities and said its potential tax charges in a number of key markets could change.
The recently listed ride-hailing company said in a filing Tuesday that the IRS is examining the tax years for 2013 and 2014. Uber added that it is under examination by other state and foreign tax authorities and that its tax benefits are to be cut because of the company’s “transfer pricing positions.”
Transfer pricing concerns the transactions of goods and services among corporate subsidiaries and has sometimes been seen as a way to shift income to low-tax jurisdictions.
While Uber said it believes it has adequate amounts that have been reserved in the relevant jurisdictions, tax years from 2010 to 2019 could be adjusted in a number of its key markets, including the United States, Britain, the Netherlands and India.
Renault's board failed to make a decision on Fiat Chrysler's proposed merger Tuesday, extending discussions for a second day after its partner, Nissan Motor, put up resistance to the deal. Directors of the French automaker "decided to continue to study with interest the opportunity of such a combination and to extend the discussions on this subject," Renault's board said in a statement. Another meeting is scheduled for Wednesday, it said. Fiat Chrysler last week proposed a 50-50 combination under a Dutch holding company. But longtime Renault partner Nissan has resisted, while Renault's most powerful shareholder — the French government — has outlined a list of demands on jobs and a board seat.
The collapse of Canada's QuadrigaCX cryptocurrency exchange has sparked an investigation by U.S. agencies. The FBI, the U.S. Attorney's Office for the District of Columbia and the Justice Department's computer crime and intellectual property section are conducting a probe, according to a June 3 statement on the FBI's website. QuadrigaCX shut down in January following the death of founder Gerald Cotten, leaving some 115,000 customers out of pocket for about $195 million in cryptocurrencies and cash. The exchange owner Quadriga Fintech Solutions is in bankruptcy proceedings in Canada.
For the first time, U.S. adults this year will spend more time using their mobile devices than they'll spend watching TV, according to eMarketer. About 70 percent of that time will be spent on smartphones. The changes in usage have huge repercussions for everyone from traditional media companies to app developers. Smartphones' supremacy means that video viewing is shifting from TV sets and onto mobile devices, for example. U.S. adults' TV time will drop nine minutes this year, but their digital-video time will increase by eight minutes, eMarketer estimates.
— From news services
8:15 a.m.: ADP releases its employment survey for May.
10 a.m.: Institute for Supply Management releases its service sector index for May.
2 p.m.: Federal Reserve releases beige book.
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