Business

Illumina, the leading producer of gene-sequencing machines, announced Sunday that it would sell Grail, a cancer test developer that it purchased for $7.1 billion in 2021.The move came two days after Illumina lost its case in a federal appeals court, which largely upheld a Federal Trade Commission ruling that Illumina should unwind its deal with Grail on antitrust grounds.The case was seen by antitrust experts as a test of regulators’ efforts to stop big companies from buying fledgling innovators.The deal had also faced a roadblock in Europe. In September 2022, the European Union said it would block the acquisition. Illumina, based in San Diego, previously stated publicly that if it was unsuccessful with appeals in either jurisdiction, it would divest the start-up.“We are committed to an ex...

From his tiny gem store in southern New Mexico, Robert Hanseck spends his days untangling chakra beads and answering questions about the healing properties of amethyst crystals. After four decades behind the register, he has met thousands of wellness-minded tourists eager to explore the hot springs that span the region.But he almost never sees the type of traveler he was promised would transform his small town of Truth or Consequences: space enthusiasts.“It’s been a flop,” he said of Spaceport America, a project that was conceived as the vanguard of commercial space travel — and that has been promoted by state officials for more than two decades as a launchpad for the local economy.Less than a mile up the road, Arthur Burger, who owns an art gallery, recounted the moment in 2021, not long ...

The Bank of England held interest rates at a 15-year high on Thursday, as policymakers sought to squeeze out inflationary pressures even amid signs of economic slowdown.The bank’s key rate remained at 5.25 percent, following a faster-than-expected retreat in inflation, which dropped below 5 percent in October. Still, the inflation rate was more than double the central bank’s 2 percent target.Troubling to some policymakers and analysts, the rate is also high compared to European neighbors, and workers on average are experiencing relatively fast wage growth, pushing up prices in the services sector. Indications that domestic price pressures remain quite strong mean traders are not expecting the central bank to cut rates until about the middle of next year. The bank’s policymakers were split ...