Afternoon Coffee: Boeing Cuts Thousands of Jobs, Foxconn to buy Sharp for $3.5B


Boeing is cutting about 4,000 jobs from its commercial airplanes division — 1,600 of those workers have voluntarily elected to leave the company as part of a new program. The move is part of a larger effort by the plane maker to reduce costs and compete against Airbus Group.

Foxconn will buy Sharp Corp. for about $3.5 billion. The deal is about $900 million less than Foxconn’s initial offer and reportedly due to the discovery of previously undisclosed liabilities at Sharp.

Companies in the middle of a merger or acquisition can be targets for cyber attackers, according to a new report. Attackers reportedly look for clues that companies are about to merge or be acquired and strike when the firms are most vulnerable during consolidation, the report said.

A new survey shows 75% of major suppliers of “soft goods” like clothing and accessories expect retail sales to grow 4% or more this year, significantly outpacing GDP growth. Nearly half also believe retail sales in 2016 will be better than 2015.

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