Powered by The Associated Press
Here are today’s top business headlines from across the nation and world:
BEIJING (AP) — Uber Technology Ltd. and its main Chinese competitor are combining their ride-hailing operations in China, ending a costly battle to attract riders. The announcement Monday marks the latest foreign technology brand to tie up with a local partner in the face of intense competition in China. Yahoo, eBay and others have turned over Internet operations to Chinese partners or withdrawn. Didi Chuxing said it would acquire Uber China and operate it as a separate brand. In exchange, Uber said it will receive a 20 percent stake in Didi Chuxing that will make the American company its biggest shareholder. The Chinese business magazine Caixin, citing unidentified sources, said the deal valued the combined company at $35 billion. That would make Uber’s share worth $7 billion. Read more
NEW YORK (AP) — Tesla will pay approximately $2.6 billion for solar panel maker SolarCity in an all-stock deal. The transaction gives SolarCity Corp. stockholders 0.110 Tesla common shares per SolarCity share, which puts the value of SolarCity stock at $25.37 per share. Tesla previously said it would offer $23.56 to $25.30 per SolarCity share. While electric car maker Tesla Motors Inc. has said that the transaction would create a one-stop shop for cleaner energy, some have questioned the motives behind the deal. Elon Musk is the chairman and biggest shareholder of both companies. Read more
COLORADO SPRINGS, Colo. (AP) — Billionaire industrialist Charles Koch has declared that his expansive political network would not support Donald Trump, questioning whether the Republican presidential nominee believes in free markets. During an exclusive gathering with some of the nation’s most powerful Republican donors Sunday, the 80-year-old conservative icon also dismissed as “a blood libel” any suggestion he might support Democrat Hillary Clinton. With Election Day just three months away, Koch and his chief lieutenants openly refused to support the Republican presidential nominee, focusing their tremendous resources instead on helping the GOP win competitive Senate contests in states like Ohio, Pennsylvania and Wisconsin. Read more
LONDON (AP) — Pharmaceutical giant GlaxoSmithKline is forming a joint venture with a unit of Google’s parent that will invest 540 million pounds ($714 million) in the relatively new field of bioelectronic medicine. GSK and Verily Life Sciences, a subsidiary of Alphabet, have agreed to create a new company known as Galvani Bioelectronics, which will be based in Britain. GSK said Monday that it will own 55 percent of the venture, with Verily owning the rest. Bioelectronics seeks to treat chronic illnesses using tiny implants to change electronic signals that pass along nerves in the body. Read more
CONCORD, N.H. (AP) — In a small town just south of New Hampshire’s capital, General Electric runs two plants filled with workers building jet engines for the world’s leading airlines. With 800 workers, GE Aviation is the largest employer in town. But in the next five to 10 years, about a third of those workers are expected to retire. The company is scrambling to not only fill those jobs, but to find workers with the needed skills to take on jobs that are becoming ever more technologically advanced. It’s a problem expected to play out across the region and the country over the next decade, driven in part by the growth of the economy and a rash of retirements among baby boomers. Read more
Want the state’s top business and entrepreneurship news in your inbox? Sign up here for our newsletters.