/Business/ Last Updated: Mon, Jun 17th, 2019 @ 12:30pm EDT

Business Insider

Tanza Loudenback

Even people who say saving for retirement is critical and want to amass $1.7 million are probably going about it the wrong way

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A Charles Schwab survey found that the average amount 401(k) participants think they need for retirement is $1.7 million. And yet, just over half of the survey respondents contributed between 1% and 10% of their salary to their 401(k) last year...

Business Insider

Becky Peterson

Going public makes $12 billion CrowdStrike an anomaly in crowded cybersecurity space where M&A is the norm. Here's why. (CRWD, CSCO, PANW)

CrowdStrike, the Google and Accel-backed end-point security company, went public last week, bucking the trend toward M&A that keeps most cybersecurity startups from hitting the public markets. Just five companies in cybersecurity valued over $100 million have gone public in IPOs since 2018, while 36 companies have gotten acquired, according to PitchBook data. Click here for more BI Prime stories.

CrowdStrike's  initial public offering last week was a boon for early investors, but there's...

Business Insider

Rachel Premack

An extensive new report suggests that the missing MH370's pilot was 'clinically depressed' and purposely killed all 239 on board

Malaysian Airlines Flight MH370 mysteriously vanished on March 8, 2014. William Langewiesche in The Atlantic's July 2019 cover story unearthed new evidence that points to "the most horrific theory" on why the plane disappeared.  The report suggests that Zaharie Ahmad Shah, the captain on Malaysian Airlines Flight MH370, was mentally unstable.  Visit Business Insider's homepage for more stories.

It remains a mystery why Malaysia Airlines Flight MH370 vanished on March 8, 2014.

But a...

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Graham Rapier and Rebecca Ungarino

Patrick Drahi, behind the $3.7 billion Sotheby's acquisition, is no stranger to dealmaking. Here's what else he's bought.

Patrick Drahi, the founder of Dutch telecoms company Altice, is taking the iconic auction house Sotheby's private in a $3.7 billion deal.  The Sotheby's acquisition under Drahi's BidFair USA entity, announced Monday, is far from the entrepreneur's first deal.  Here's everything you need to know about Drahi, his businesses, and his past acquisitions.  Visit Business Insider's homepage for more stories.

Patrick Drahi, the founder of Dutch telecommunications giant Altice and the chairman of...

Business Insider

Alex Morrell

Citigroup launched a major restructuring of 2 of its top moneymaking units in sales and trading. We got the internal memo.

Citigroup is merging its rates and currencies operations, two of its top moneymakers in sales and trading.  As part of the changes, Nadir Mahmud, who ran the firm's foreign exchange and local markets business, is taking on a new role in strategy for the EMEA region. The bank sent an internal memo Monday announcing the restructuring, a copy of which was seen by Business Insider. Read the full memo below. Click here for more BI Prime stories.

Citigroup is launching a major restructuring of...

Business Insider

Daniel Strauss

'Not all FAANGS will survive this battle': A Wall Street firm handicapped the impact of Big Tech regulation — and it's bad news for Facebook (FB)

Facebook could be impacted the most by an antitrust investigation, Linda Martin, an analyst at Needham and Co. said in a research note on Monday.  The Federal Trade Commission and Department of Justice came to an agreement last month over which big tech companies would fall under which agencies jurisdiction.  According to Martin, the broader scope of the FTC's mandate could be more harmful to Facebook than the DOJ's oversight of Google.  Watch Facebook trade live.

As antitrust...

Business Insider

Gina Heeb

More than 300 US executives are flocking to Washington to testify against Trump's next round of China tariffs

Representatives from more than 300 companies are scheduled to testify on the Trump administration's proposed China tariffs as part of a week of public hearings.

Many are planning to warn that the 25% tariffs on roughly $300 billion Chinese imports would act as a tax on Americans and threaten jobs at home.

The Trump administration has found support for its calls to address Chinese trade practices seen as unfair. But that backing has waned as the number of products hit by tariffs...

Business Insider

Graham Rapier

A Boeing executive reportedly said the company is open to a new name for the embattled 737 Max, which remains grounded worldwide after 2 deadly crashes (BA)

Boeing isn't ruling out the possibility of a name change for its embattled 737 Max jet "We're committed to doing what we need to do to restore it. If that means changing the brand to restore it, then we'll address that," the company's CFO said at the Paris Air Show, according to Bloomberg.  President Donald Trump previously suggested a name change in April. Visit Business Insider's homepage for more stories. 

Boeing will reportedly consider any and all options to repair the reputation...

Business Insider

Rebecca Aydin

Tim Cook learned the 'visceral difference between preparation and readiness' after taking over Apple for Steve Jobs, and it's life advice everyone should hear

Tim Cook gave advice to Stanford graduates over the weekend based on his experience stepping into Steve Jobs' shoes as Apple CEO after his death. "Your mentors may leave you prepared, but they can't leave you ready," he told the audience. Cook also used his Stanford commencement address to call out Silicon Valley for its shortcomings, to the tune of Facebook, Theranos, and YouTube.  Visit Business Insider's homepage for more stories.

Apple CEO Tim Cook drew from his experience of...

Business Insider

Akin Oyedele

The stock market is entering its 2 most important weeks of the year. Here's what Wall Street experts recommend to navigate the chaos and make a killing.

The Federal Reserve's meeting this week and the G20 summit next week are poised to give investors key updates on two of the stock market's biggest drivers of late: interest rates and trade.  We've rounded up commentary from top Wall Street experts on what is at stake and where to invest for every eventuality.  Click here for more BI Prime stories.

Wall Street is waiting in suspense for the outcomes of two events that will unfold over the next two weeks.

These could have been...

Business Insider

Emma Court

Pfizer just struck an $11 billion deal, and it marks an ambitious shift in the US drug giant's blockbuster cancer strategy

US drug giant Pfizer just announced that it is buying cancer biotech Array BioPharma for about $11 billion. Pfizer has been betting heavily that new cancer drugs will be key to its future growth. The latest deal marks a shift for the company into two new, important areas: the skin cancer melanoma and colorectal cancers that start in the colon or rectum.  Click here for more BI Prime stories.

US drug giant Pfizer, which has been charting an expansion into cancer, just struck a deal to buy...

Business Insider

Erin Brodwin

A controversial startup that charges $8,000 to fill your veins with young blood and halted operations after an FDA warning now says it's back up and running

A controversial blood-transfusion startup called Ambrosia was offering to fill a person's veins with the blood of young people for $8,000, despite little to no hard evidence that the procedure has any benefits. On the heels of a warning from federal regulators in February, Ambrosia said on its website that it had stopped giving the procedure. But on Monday, Ambrosia's founder told a potential customer that the company was back up and running in two cities: San Francisco and Tampa, Florida,...

Business Insider

Alex Morrell

A top credit salesman at Bank of America Merrill Lynch has left after nearly 15 years

Brian Kirkwood, a managing director in investment-grade credit sales, is leaving Bank of America Merrill Lynch after nearly 15 years.  Bank of America has Wall Street's third-ranked business for fixed-income, currencies, and commodities business, and is especially a powerhouse in credit sales and trading. Click here for more BI Prime stories.

A top credit salesman is leaving Bank of America Merrill Lynch after a nearly 15-year run at the bank. 

Brian Kirkwood, a managing director in...

Business Insider

Sarah Li Cain

I thought I'd open a CD to save up my down payment, but after doing my research I chose an Ally high-yield savings account to earn 20 times more on my money

Author Sarah Li Cain and her husband were saving for a down payment on their house, and had to decide: Where should they keep their savings? Knowing they'd need the money in the near future, they looked at putting the cash in a certificate of deposit (CD), an interest-yielding FDIC-insured savings instrument. However, because they weren't sure exactly when they'd need the money, and they wanted to keep putting money into savings, they decided on an Ally high-yield savings account for its...

Business Insider

Theron Mohamed

Here's why a UBS economist's 'Chinese pig' comment may have been offensive to Mandarin speakers

A top UBS economist made a joke about a "Chinese pig," sparking a fierce backlash that resulted in his suspension and the Swiss bank losing out on a $1 billion bond sale. Pigs are celebrated in the Chinese Zodiac and featured in classic Chinese literature. However, several insults revolved around pigs, including "da ben zhu" or "big stupid pig" for someone clumsy and stupid. China's current strained relationship with the West may also have been a factor. View Markets Insider's homepage for...

Business Insider

Rachel Green

UnionPay is pursuing Italy as part of its plans to diversify outside of China

This is an excerpt from a story delivered exclusively to Business Insider Intelligence Payments Briefing subscribers. To receive the full story plus other insights each morning, click here.

Chinese state-affiliated card network UnionPay is partnering with Italian acquirer Nexi to boost its acceptance network in Italy, according to PaymentsSource.

The partnership will expand UnionPay acceptance among e-commerce merchants and Nexi will ensure UnionPay card acceptance among all merchants...

Business Insider

Kevin Webb

'Fortnite' was nearly cancelled years before it became a global phenomenon, according to a former employee of Epic Games

"Fortnite" is the most popular video game in the world, with more than 250 million registered players and more than $2.5 billion in revenue generated since 2018. But "Fortnite" was nearly cancelled years before it launched in July 2017. Rod Fergusson, a former production lead at Epic Games, said in a recent interview that he attempted to cancel "Fortnite" before the game's popular "Battle Royale" mode was introduced.

"Fortnite," the video game that has taken the world by storm since it was...

Business Insider

Kate Taylor

Texans are freaking out over the news that a Chicago private equity firm is buying a majority stake in the iconic chain Whataburger

Whataburger announced on Friday that Chicago-based BDT Capital Partners agreed to acquire a majority share of the Texas family-owned company.  Many Texans panicked in response to the news, worrying that a deal with a Northern private equity firm would diminish Whataburger's quality. NFL stars and the state's governor proposed that Texans chip in and buy the iconic chain themselves.  "Texas, we don't want you to be upset. We will always be Texan and represent you in a way that makes you...

Business Insider

Rebecca Ungarino

Sotheby's, the 275-year-old auction house, is getting acquired by billionaire media mogul Patrick Drahi (BID)

Sotheby's shares spiked nearly 60% Monday after the auction house said BidFair USA, owned by the Altice founder Patrick Drahi, was acquiring it for $3.7 billion. The price tag marks a hefty 61% premium to Sotheby's closing price the session prior. The acquisition is the second notable deal under Drahi this spring. In late April, Altice USA said it was buying the financial news video startup Cheddar. Track Sotheby's stock price here in real time.


Shares of Sotheby's spiked nearly 60%...

Business Insider

Daniel Strauss

Array BioPharma spikes more than 50% after Pfizer shells out $11 billion for the cancer-drug developer (ARRY)

Pfizer agreed to purchase Array BioPharma for $11 billion.  Array Biopharma specializes in the development and commercialization of drugs to treat cancer and other high burden diseases.  There have been several large healthcare acquisitions in 2019 focused on drugs to treat cancer. 

Array BioPharma rose more than 50% before the opening bell on Monday after Pfizer offered $11 billion to buy the biotechnology company.

Pfizer is offering $48 a share for Array, which represents around a 62%...

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