America’s corporate economy has long been divided between a taxed, for-profit sector and a non-taxed, not-for-profit sector. This division has significant implications for tax policy: To wit, if the wealth gained from for-profits is penalised, the non-profit sector will also suffer. Consider the wealth taxes that have been proposed by Elizabeth Warren and Bernie Sanders. Even an apparently modest annual ...

Novartis AG’s latest biotech bolt-on requires a big leap of faith. The Swiss drugmaker’s $9.7 billion deal to buy Medicines Co. pays the US cardiovascular specialist’s shareholders a huge chunk of the potential gains to be had from its novel treatment for lowering bad cholesterol. Investors will have to console themselves that Novartis is big enough to absorb the cost ...

London first banned Uber under its buccaneer of a founding chief executive officer, Travis Kalanick — and now for a second time under Kalanick’s successor, Dara Khosrowshahi, who was meant to be the adult in the room. Though the ban won’t be a popular decision among Londoners and many will call it disproportionate, it shows Uber Technologies Inc. has more ...