5 Most Important Things in Business Today
After a research firm criticized one of Amazon’s (NASDAQ: AMZN) suppliers in China, the supplier will review its labor practices. According to Reuters:
Contract manufacturer Foxconn said on Sunday it is investigating a plant in China that makes devices for Amazon.com Inc (AMZN.O), after a U.S. watchdog group criticized what it described as harsh working conditions at the factory.
A 94-page report by New York-based China Labor Watch that followed a nine-month investigation cited excessive hours, low wages, inadequate training and an overreliance on “dispatch” or temporary workers in violation of Chinese law at the Hengyang Foxconn plant in Hunan province, which makes Echo Dot smart speakers and Kindle e-readers.
KKR is expected to make another large M&A deal. According to The Wall Street Journal:
KKR & Co. is nearing a deal to buy Envision Healthcare Corp. for $46 a share, or about $5.5 billion, according to people familiar with the matter, in one of the largest recent leveraged buyouts.
The Nashville, Tenn., provider of physician services to hospitals and other health-care facilities has been conducting an auction after announcing a strategic review last fall. A deal with the private-equity firm is expected to be announced Monday, the people said.
There was a new No.1 film at the box office last week. According to Box Office Mojo:
With an estimated $41.5 million, WB’s Ocean’s 8 topped the weekend box office and outperformed pre-weekend industry expectations, which anticipated an opening in the mid-thirties, though fell a little short of Mojo’s pre-weekend forecast, which saw potential for a debut over $45 million.
An investigation of Bitcoin chopped it value. According to the FT:
Bitcoin tumbles to two-month low in wake of futures probe. Cryptocurrency falls as much as 11.5% after report that regulators are examining possible manipulation
One of China’s huge telecom companies announced a huge loss. According to The Wall Street Journal:
Chinese smartphone and gadget maker Xiaomi Corp. lost money in the first three months of the year, the company revealed in new filings ahead of its coming stock listing that is expected to value the company at about $70 billion.
Xiaomi said it lost 7 billion yuan ($1.1 billion) in the first quarter, on revenue of 34.4 billion yuan, due to one-off accounting charges. Excluding those charges, the company reported a profit of 1.7 billion yuan, boosted by an 88% rise in smartphone sales during the quarter.