Abbott's $5 Covid-19 Rapid Antigen Test Gets Emergency-Use Status From FDA

The Food and Drug Administration has granted emergency-use authorization to Abbott Laboratories for a $5 rapid-response Covid-19 antigen test that is roughly the size of a credit card. 


 
Jack Ma's Ant Remains in Regulators' Crosshairs Ahead of Giant IPO

Ant Group, the startup controlled by Jack Ma that is gearing up for a two-part initial public offering, wants potential investors to see it as a technology company-but it remains in focus with China's financial regulators. 


 
As Job Losses Loom, the Airline Recovery Is Under Threat

Uncertainty about travel restrictions is slowing the rebound in flights and could also be hitting how much carriers make from each ticket sold. 


 
Forget Interest. Startup PrizePool Hopes to Bring in Savers With Cash Prizes

Customers will get a virtual ticket for each dollar they deposit in their account, with $50,000 in prizes on offer each month. 


 
Builders FirstSource, BMC Stock to Combine in an All-Stock Deal

Builders FirstSource and BMC Stock Holdings plan to combine in an all-stock deal that would join two of the largest suppliers of residential building materials. 


 
TikTok CEO Kevin Mayer Quits as Trump Pushes Chinese App to Sell U.S. Business

Chief Executive Kevin Mayer said he is leaving the social-media platform after being on the job for about three months, as the company comes under increasing pressure from the White House over its ties to China. 


 
Chinese Tesla Rival to Raise $1.5 Billion in U.S. IPO

Xpeng will raise more than initially planned because of investor demand, selling 99.73 million American depositary shares at an offer price of $15. 


 
Rolls-Royce Plans GBP2 Bln Disposals to Boost Balance Sheet

Rolls-Royce said that it has identified up to 2 billion pounds ($2.64 billion) of potential disposals over the next 18 months as it seeks to shore up its balance sheet, while it continues to bleed cash. 


 
WPP 2Q Swings to 1H Pretax Loss

WPP said that like-for-like net sales fell 15% in the second quarter as cost-conscious clients tightened their advertising budgets, and swung to a first-half pretax loss on coronavirus-related charges. 


 
Chinese Phone Maker Xiaomi Taps New Finance Chief

The Beijing-based company hired Alain Lam, an investment banker, as it looks to grow its profit margins.