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US stocks open broadly higher ... GE selling biopharma business ... BMW fined for excessive diesel emissions

February 25, 2019

NEW YORK (AP) — Stocks opened broadly higher on Wall Street today after President Donald Trump agreed to hold off on raising tariffs on Chinese goods, which would have escalated a damaging trade war between the world’s two largest economies. At 10:44 a.m. Eastern Time, the S&P 500 was up 16 points, to 2,809. The Dow was up 163 points, to 26,195. And the Nasdaq was up 61 points, at 7,588.

BOSTON (AP) — General Electric is selling its biopharma business to Danaher Corp. for $21.4 billion as it continues to sell off chunks of a once sprawling conglomerate. The biopharma unit, part of GE Life Sciences, generated revenue of about $3 billion last year. Danaher says that after tax benefits, the deal will have a price tag that is closer a $20 billion. The mostly-cash transaction is expected to close in the fourth quarter of this year. Danaher is a medical technology company based in Washington, D.C.

FRANKFURT, Germany (AP) — Germany prosecutors have fined automaker BMW 8.5 million euros ($9.66 million) for lax oversight in installing defective engine software that led to excessive diesel emissions in nearly 8,000 cars. The prosecutors say they’ve found no evidence that the Munich-based carmaker committed fraud but faulted the company for what it called insufficient quality control.

OMAHA, Neb. (AP) — Investor Warren Buffett says Berkshire Hathaway’s businesses have already seen some impact from the U.S. trade dispute with China. In an interview today on CNBC, Buffett said the tariffs have the effect of pushing up prices, but so far some of the 10 percent tariffs imposed on Chinese goods have been absorbed by businesses. Buffett says if tariffs are increased to 25 percent, that would likely have a significant impact on prices and more businesses may decide to change suppliers.

BERLIN (AP) — A report published today says companies behind some of the best-known consumer products — from soaps to sodas — are beginning to factor climate change into their business equation. A survey of 16 major corporations by nonprofit group CDP found that many are working to lower their carbon emissions, prepare for the effects of global warming on their supply chain and respond to growing environmental consciousness among customers.