Businessman and former Republican presidential candidate Herman Cain has died from corona virus (Covid-19) at age 74 years old. Mr. Cain was a Republican presidential candidate in the 2012 elections. He came up with the 9-9-9 Plan which was tax proposal for fixing the USA tax code. It was a paramount plan for his campaign. He was a former chairman of the Federal Reserve Bank of Kansas City.
Before his journey into politics and monetary policy, Herman can was CEO and President of Godfather Pizza (subsidiary of Burger King). After his stint at Godfather Pizza he became the CEO of the National Restaurant Association. He was also on various company board of directors as well. -SB
1) Avia Capital Services, a Russian aircraft leasing company, has filed a law suit against Boeing aircraft to cancel an order for 35 737 MAX jets. The law suit alleges that Boeing failed to disclose safety issues and therefore knowingly sold defective products. The company seeks $115 million dollars in compensation damages. Boeing had a $2.9 billion dollar loss for its second quarter, the biggest loss ever for Boeing.
2) An Oklahoma lawsuit against Johnson & Johnson for $572 million dollars over its marketing of opioid drugs will spur further trials and legal settlements. This ruling will shape negotiations with about 1,500 similar lawsuits across the country. Plaintiffs content that Johnson & Johnson failed to market the drugs responsibly and failed to stop suspicious orders from shipping.
3) Telecommunications provider Sprint announced the next phase of its 5G rollout adding the big cities of New York City, Phoenix and Washington DC to launch service starting 27 August. Atlanta, Chicago, Dallas, Houston and Kansas City already have Sprint’s 5G service, with Sprint saying they now have 2,100 square miles of 5G.
4) Stock market closings for – 27 AUG 19:
Dow 25,777.90 down 120.93 Nasdaq ,826.95 down 26.79 S&P 500 2,869.16 down 9.22