Business
Corporate news, the real economy, management decisions, and sector-specific developments.
UAW Local 2093 begins strike at American Axle in Three Rivers
UAW Local 2093 members began striking at American Axle’s Three Rivers plant after contract talks failed, with union officials saying about 1,000 workers walked out at 12:01 a.m. Monday.
UAW strikes American Axle plant in Michigan over wages
UAW Local 2093 members at American Axle’s Three Rivers, Michigan plant began a strike after contract talks stalled over wages. The union says about 1,000 workers are involved and that the walkout began at 12:01 a.m. Monday.
Brazil's Petrobras lowers diesel prices for distributors as subsidy starts
Petrobras said it will cut diesel A prices for distributors by R$0.3515 per liter starting June 1, as a federal subsidy program takes effect in Brazil.
Church & Dwight closes Miss Mouth’s Messy Eater acquisition for about $325 million
Church & Dwight said it has signed and closed its acquisition of Miss Mouth’s Messy Eater for about $325 million. The company expects the deal to be neutral to 2026 earnings per share and accretive to cash earnings in 2027.
IFF agrees to sell Food Ingredients business to CVC for $4.3 billion
International Flavors & Fragrances said it has agreed to sell its Food Ingredients business to funds advised by CVC Capital Partners for about $4.3 billion, while retaining an approximately 10% minority stake.
Canopy Growth relaunches Tweed brand in Germany with new cannabis strains
Canopy Growth said it is relaunching its Tweed brand in Germany’s medical cannabis market with three MTL Cannabis strains, calling it the first international release following the MTL acquisition.
Iran says possible memorandum still lacks Hormuz specifics, deal not imminent
Iran’s foreign ministry said a possible U.S.-Iran memorandum of understanding still lacks Strait of Hormuz specifics and is not close to signing, despite earlier U.S. claims that a deal was largely negotiated.
Japan plans 3 trillion yen extra budget amid concerns over fiscal strains
Japan will compile an extra budget of about 3 trillion yen to fund fuel and utility support, with officials seeking to limit new debt and reassure markets.
Singapore economy grows 6% in Q1, above advance estimate
Singapore’s economy grew 6.0% year on year in the first quarter of 2026, beating the advance estimate of 4.6%, according to the Ministry of Trade and Industry. MTI kept its full-year growth forecast unchanged at 2.0% to 4.0% and said downside risks have risen.
Samsung Electronics strike threat eases after tentative wage deal
Samsung Electronics and its South Korean labor union reached a tentative pay deal on Wednesday, and the union suspended its planned strike while members vote on the agreement. Earlier reports had said about 48,000 workers were set to walk out on Thursday after talks failed, but the latest coverage shows the immediate strike threat has eased pending the vote.
New York announces major financing milestone for former Lincoln Correctional Facility redevelopment
New York officials say the former Lincoln Correctional Facility redevelopment in Harlem has closed on $97.8 million in financing, advancing plans for 105 affordable cooperative homeownership units and community space.
Negotiators reach a deal to end strike on Long Island Rail Road
Negotiators reached a tentative deal Monday to end the Long Island Rail Road strike after three days of disruptions. Service was expected to resume Tuesday around noon in phases, with unions saying members will review the agreement.
Flagstar extends Joseph Otting's term as CEO
Flagstar Bank said on May 18 that it extended Joseph Otting's CEO employment agreement through March 2028 and added several executive leadership updates.
SSA says Direct Express is moving to Fifth Third Bank as financial agent
The Social Security Administration says Treasury has selected Fifth Third Bank as the new financial agent for Direct Express. SSA says new enrollments begin in May 2026 and the transition for existing customers starts in summer 2026.
UK pensions commission warns many workers are undersaving
The UK Pensions Commission has warned in an interim report that around 15 million people are undersaving for retirement, with the total potentially rising to 19 million without further action. The report calls for broader reform on pension adequacy and says low earners, the self-employed and women are among the most exposed groups.
Long Island Rail Road strike ends as MTA, unions reach tentative deal
A tentative agreement between the MTA and five Long Island Rail Road unions ended a three-day strike, with service expected to restart Tuesday and members still set to review the deal.
Mumbai FDA sets up control rooms ahead of chemists' strike
Maharashtra’s FDA has set up control rooms in Mumbai ahead of a planned May 20 chemists’ strike, aiming to prevent shortages of essential medicines during the shutdown call.
Boston Scientific invests $1.5 billion in MiRus with option to buy heart-valve business
Boston Scientific said it invested $1.5 billion in MiRus LLC for about a 34% stake and received an exclusive option to acquire the company’s transcatheter aortic valve replacement business after clinical and regulatory milestones.
USITC schedules hearing on fresh tomatoes from Mexico
The US International Trade Commission scheduled an in-person hearing for May 19 on fresh tomatoes from Mexico as part of its review investigation tied to the long-running antidumping case.
Former Obagi CEO charged with defrauding public company and shareholders
Federal prosecutors in Manhattan have charged former Obagi CEO Jaime Castle with defrauding Waldencast and its shareholders by allegedly inflating revenue and financial performance before the beauty company’s acquisition.
Boston Scientific enters $2 billion accelerated share repurchase
Boston Scientific said it entered a $2 billion accelerated share repurchase with JPMorgan Chase Bank under its existing buyback authorization. The company expects to receive about 30.4 million shares initially and complete final settlement by June 30, 2026.
POET closes US$400 million investment
POET Technologies said it has closed a US$400 million registered direct investment from a single institutional investor, adding gross proceeds of US$400,000,020 to fund manufacturing expansion, R&D and growth initiatives.
BP fails to reach deal with union as Indiana refinery lockout drags on
BP and United Steelworkers resumed talks over the Whiting, Indiana refinery lockout on May 18 but did not reach a deal, keeping the dispute unresolved as it enters a third month.
Negotiators reach deal to end Long Island Rail Road strike
Negotiators reached a tentative deal to end the three-day Long Island Rail Road strike, and phased service is scheduled to resume Tuesday at noon. The agreement still needs union ratification.