Bloomberg Warren Buffett is acknowledging what many investors have already realized: IBM’s long-promised reinvention is slow, painful and nowhere near close to the end. In an interview with CNBC, the billionaire chairman and chief executive officer of Berkshire Hathaway Inc. disclosed that he sold about a third of the firm’s investment in the computer-services giant during the first half …

  Bloomberg Kraft Heinz Co., rebuffed in its bid to buy Unilever earlier this year, is struggling to reignite sales in the absence of a deal. First-quarter revenue dropped to $6.36 billion, the food giant said. That missed the $6.46 billion average of analysts’ projections. Earnings also fell short of estimates, suggesting that Kraft Heinz’s much-vaunted cost cutting didn’t do …

  Bloomberg Mitsubishi Tanabe Pharma Corp. won US approval for its medication to treat Lou Gehrig’s disease, the first new drug for the condition in more than two decades and just the second approved option for patients with the rare and deadly muscle-weakening ailment. Radicava will cost about $145,000 a year before any discounts and rebates, with assistance available to …

  Bloomberg US payroll gains rebounded in April by more than forecast and the jobless rate unexpectedly fell to 4.4 percent, signaling that the labor market remains healthy and should support continued increases in consumer spending. The 211,000 increase followed a 79,000 advance in March that was lower than previously estimated, a Labor Department report showed. The median forecast in …

  Bloomberg The race to sell soft drinks online has a surprising second-place winner: Zevia. The zero-calorie, sugar-free soda brand sold more online than Pepsi, Mountain Dew, Sprite or Dr Pepper, according to a new study. The Los Angeles-based company only fell short of perennial soda king Coca-Cola, according to 1010data Inc., an analytics company. From March 2016 through February, …

  Bloomberg Home Capital Group Inc. added a former banker to its board of directors in a move the Canadian mortgage lender called “the start of our governance renewal.” Alan Hibben, a former RBC Capital Markets managing director who specialized in mergers and acquisitions, replaces Home Capital founder Gerald Soloway, who the Ontario Securities Commission named as one of the …

  Bloomberg China successfully completed the first test flight of its home-built modern passenger jet, bolstering President Xi Jinping’s ambition of turning China into an advanced economy. Amid cheers from onlookers, the C919 airliner took off from Pudong International Airport in Shanghai, the home base of its builder Commercial Aircraft Corp. of China Ltd., or Comac. The jet landed back …

  Bloomberg Canada is considering the sale of at least a minority stake in Toronto Pearson International Airport that values the country’s busiest airport at about C$5 billion ($3.7 billion), according to people familiar with the matter. The stake sale, just one of many options laid out in a report to government prepared by Credit Suisse Group AG, would free …

  Bloomberg British Airways (BA)-owner IAG SA posted record first-quarter earnings as expenses fell and joined Air France-KLM Group in signaling that increased demand from business travelers is poised to boost prices. Operating profit before one-time items rose 9.7 percent to 170 million euros ($187 million), aided by lower labor and fuel costs, IAG said. A slide in fares slowed, …

  Bloomberg Qantas Airways Ltd. predicted rivals would slow capacity growth by more than half, easing competition for the Australian flagship carrier on international routes. Overseas carriers are projected to increase capacity by about 5 percent in the fiscal second half ending June, Sydney-based Qantas said in a statement . That compares with the 11 percent capacity growth that Qantas …