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The latest business news delivered in a convenient, AD-FREE, easy-to-read stream. Brought to you by News Plexus, a pioneer in sustainable news publishing.

The latest business news delivered in a convenient, AD-FREE, easy-to-read stream. Brought to you by News Plexus, a pioneer in sustainable news publishing.
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NewsPlexus Media February 28, 2020

Facebook bans ads with false claims about new virus
Facebook said Wednesday that it is banning ads that make false claims about products tied to the new coronavirus. The social network said it is removing ads that feature a product and imply a limited supply, seeking create a “sense of urgency” in their mention of coronavirus.
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NewsPlexus Media February 28, 2020

Disney CEO Bob Iger steps down in surprise announcement
Disney CEO Bob Iger, who steered the company's absorption of Star Wars, Pixar, Marvel and Fox's entertainment businesses and the launch of a Netflix challenger, is stepping down immediately, the company said in a surprise announcement Tuesday. The Walt Disney Co. named as his replacement Bob Chapek, most recently chairman of Disney's parks, experiences and products business.
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NewsPlexus Media February 28, 2020

Virgin Galactic reports high interest in its space flights
Virgin Galactic has received nearly 8,000 online reservations of interest since its first successful test flight into space 14 months ago, the company said Tuesday as it nears commercial operation and prepares to reopen ticket sales. Virgin Galactic already had more than 600 firm reservations that were taken from customers in 60 countries until the December 2018 flight, when it closed down ticket sales.
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NewsPlexus Media February 28, 2020

No checkout needed: Amazon opens cashier-less grocery store
Amazon wants to kill the supermarket checkout line. The online retailing giant is opening its first cashier-less supermarket, where shoppers can grab milk or eggs and walk out without waiting in line or ever opening their wallets. It's the latest sign that Amazon is serious about shaking up the $800 billion grocery industry.
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NewsPlexus Media February 25, 2020

TurboTax maker Intuit buying Credit Karma in $7.1B deal
Intuit is buying consumer finance company Credit Karma in a $7.1 billion cash and stock deal that will take it deeper into the financial products realm. The agreement announced Monday would bring together the maker of TurboTax, QuickBooks and other personal finance tools with one focusing on consumers' access to financial products, such as finding the right loan or credit card.
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NewsPlexus Media February 22, 2020

Deere sees some stability on farms in bruising trade fight
Deere & Co. had a surprisingly strong first quarter after an extended period in which the tractor and construction equipment maker was bruised by the ongoing trade war between the United States and China. “Farmer confidence, though still subdued, has improved due in part to hopes for a relaxation of trade tensions and higher agricultural exports,” CEO John May said in a prepared statement Friday.
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NewsPlexus Media February 22, 2020

Struggling Victoria's Secret sold as women demand comfort
Victoria's Secret, which once defined sexy with its leggy supermodels in their lacy bras and oversized angel wings, has a new owner. Now, the big question is whether the once sought after but now struggling brand can be reinvented for a new generation of women demanding more comfortable styles.
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NewsPlexus Media February 21, 2020

Brexit pushes growing number of businesses to Netherlands
Ongoing uncertainty about the effects of Brexit is pushing an increasing number of foreign companies to set up offices in the Netherlands, the Dutch government said Wednesday. Since the 2016 referendum on Britain leaving the European Union, 140 businesses have established a presence in the Netherlands, with 78 shifting operations there last year.
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NewsPlexus Media February 21, 2020

A rare miss for Walmart to end the year
Walmart reported disappointing fourth-quarter profits and sales after a sluggish and shortened holiday shopping season. Violent social protests in Chile, where there are hundreds of Walmart stores, cut into international sales. Walmart also delivered a weak profit forecast for the year and a rare quarterly miss, its worst in about five years.
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NewsPlexus Media February 21, 2020

President Trump goes on clemency spree, and the list is long
President Donald Trump went on a clemency blitz Tuesday, commuting former Illinois Gov. Rod Blagojevich's 14-year prison sentence and pardoning former New York City police commissioner Bernie Kerik, among a long list of others. Those who got a break from Trump include financier Michael Milken, the “junk bond king” who served two years in prison in the early 1990s after pleading guilty to violating U.S. securities laws, and Edward DeBartolo Jr., the former San Francisco 49ers owner convicted in a gambling fraud scandal after building one of the most successful NFL teams in history.
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NewsPlexus Media February 21, 2020

Bed Bath & Beyond rises as retailer unveils turnaround plan
Shares of Bed Bath & Beyond moved sharply higher at the opening bell Wednesday after executives rolled out a raft of initiatives to turn the struggling chain around. Six weeks after using the company's own dismal quarterly results as motivation for change, new CEO Mark Tritton said late Tuesday that Bed Bath & Beyond would spend $1 billion this year reinvesting in stores, upgrading technology, and on debt reduction and share buybacks.
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NewsPlexus Media February 21, 2020

UK employers fear worker shortages in new immigration plan
Vegetables rotting in the fields, food going unprocessed, the elderly and disabled left without care. That’s the alarming picture painted by some British employers about the impact of new U.K. immigration rules set to be introduced in less than a year. Farms, food factories and care homes said Wednesday that they will face severe labor shortages under the government's plans to open Britain to skilled and educated immigrants while shutting out those its deems “low-skilled” workers.
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NewsPlexus Media February 21, 2020

Report: Work to reduce wildfire risks has economic benefits
Projects to reduce the risk of wildfires and protect water sources in the U.S. West have created jobs and infused more money in local economies, researchers say, and they were funded by a partnership between governments and businesses that has become a model in other countries.
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NewsPlexus Media February 20, 2020

Pot shops turn to highway sponsor signs amid strict ad rules
Cannabis companies are using a loophole in Colorado’s strict limits on marijuana advertising by sponsoring state highways and putting their names on roadside signs. Currently, 51 cannabis dispensaries, cultivators, manufacturers and edible producers sponsor roadways throughout the state, according to the Adopt a Highway Maintenance Corporation.
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NewsPlexus Media February 18, 2020

Pier 1 files for bankruptcy protection amid online challenge
Pier 1 Imports Inc. — the once-trendy supplier of home goods like papasan chairs and throw pillows — filed for bankruptcy protection Monday after years of sliding sales. The Fort Worth, Texas-based company has been struggling with increased competition from budget-friendly online retailers like Wayfair and Amazon and discount stores like Home Goods. In a 2018 presentation to investors, the company acknowledged that shoppers thought its merchandise was outdated and expensive. It was also burdened by high sourcing and supply chain costs.
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NewsPlexus Media February 18, 2020

Company efforts to stamp out tobacco often go up in smoke
Screening new hires for tobacco use is rare. But employers have long used financial penalties and perks to try to reduce the financial toll of tobacco-related diseases, such as cancer, heart disease and stroke. Those carrots and sticks are part of most corporate wellness programs, which also typically aim to encourage workers to exercise, lose weight and control diseases like diabetes. In recent years, researchers have begun rigorously studying the programs. The results show little evidence that wellness plans improve employee health or lower health care costs.
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NewsPlexus Media February 14, 2020

Buyers face more competition amid shortage of home listings
Americans shopping for a home this spring may face more competition than they have in years. A strong labor market and growing pool of would-be buyers as more millennials enter their 30s is expected to fuel demand for homes at a time when the inventory of properties for sale is at the lowest level in more than a decade.
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NewsPlexus Media February 14, 2020

Newspaper chain McClatchy files for bankruptcy protection
McClatchy, the publisher of the Miami Herald, The Kansas City Star and dozens of other newspapers, has filed for bankruptcy protection as it struggles to pay off debt while revenue shrinks because more readers and advertisers are going online. McClatchy said Thursday that its 30 newspapers will continue to operate normally as it reorganizes under Chapter 11 bankruptcy protection, helped by $50 million in financing from Encina Business Credit.
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NewsPlexus Media February 12, 2020

Under Armour puts NYC flagship store on ice, restructures
Under Armour's shares plummeted Tuesday after the company said it anticipates a big financial hit from the viral outbreak in China. The athletic gear maker expects the outbreak in China to drag its first-quarter sales down by $50 million to $60 million. It's also looking at pre-tax charges this year of between $325 million to $425 million related to restructuring.
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NewsPlexus Media February 12, 2020

Lyft posts $2.6B 2019 loss, keeps 4Q 2021 profit forecast
Ride-hailing service Lyft is sticking with its prediction that it will be profitable by the end of next year. This while its annual loss more than doubled in 2019 to over $2.6 billion. But the San Francisco company's annual revenue jumped 68% and ridership grew.
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NewsPlexus Media February 12, 2020

Schick owner retreats from $1.37B buyout of Harry's
The company that owns Schick has terminated its attempt to buy the upstart shaving company Harry's for $1.37 billion, just days after the U.S. sued to block the acquisition.
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NewsPlexus Media February 12, 2020

Xerox says it will offer $35B for HP after rejections
Xerox says it will raise its offer for computer and printer maker HP to nearly $35 billion after a lower bid was rejected. Xerox said Monday that it plans to make the offer about March 2.
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NewsPlexus Media February 9, 2020

Online mattress pioneer Casper soars in debut trading
Shares of online mattress pioneer Casper Sleep Inc. popped Thursday in their debut on the New York Stock Exchange. But the New York-based company still faces challenges to prove to investors it can profitably sell mattresses. Its shares closed at $13.50, up nearly 13% above the $12 IPO price. The stock opened at $14.50 and traded as high as $15.85.
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NewsPlexus Media February 9, 2020

NY Times publisher's 4Q profit grows as it adds subscribers
The publisher of The New York Times posted a 20% gain in fourth-quarter profits as the paper continued to add digital subscribers, although ad revenue declined both online and in print. In 2019, the Times set a goal of 10 million subscribers by 2025, and hit the halfway mark in the latest quarter with 5.3 million print and digital subscribers.
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NewsPlexus Media February 9, 2020

Uber loses $1.1B investing in food delivery, driverless cars
Uber is still losing money as it expands its food delivery business and develops technology for driverless cars. But revenue for its rides business nearly tripled in the final three months of last year as the company picked up more passengers around the world. That prompted it to say it will turn a profit earlier than it expected.
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NewsPlexus Media February 6, 2020

Twitter to label altered media, remove if it may cause harm
Twitter will begin to label and in some cases remove doctored or manipulated photos, audio and videos that are designed to mislead people. The company said Tuesday that the new rules prohibit sharing synthetic or manipulated material that's likely to cause harm. Material that is manipulated but isn't necessarily harmful may get a warning label.
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NewsPlexus Media February 6, 2020

Tesla stock is soaring. Madness or visionary investing?
Eight months after it seemed headed for the corporate junkyard, Tesla is now worth more than General Motors, Ford and Fiat Chrysler combined, even though the Big Three together sell more cars and trucks in two weeks than Tesla does in a whole year. In a reversal of fortune analysts find amazing if not nutty, the stock of the electric vehicle and solar panel maker has rocketed to nearly $900, up over 30% in just the past two days.
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NewsPlexus Media February 6, 2020

Disney Plus hits nearly 29M subscribers in 3 months
Disney said its Disney Plus streaming service reached nearly 29 million paid subscribers in less than three months, an impressive start for what the company has positioned as its future as more people drop cable subscriptions. But as expected, starting up a new service comes with huge expenses, contributing to a 23% profit decline for the company in the latest quarter.
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NewsPlexus Media February 6, 2020

Macy's to close 125 stores, shed 2,000 corporate jobs
Macy's said Tuesday it is closing 125 of its least productive stores and cutting 2,000 corporate jobs as the struggling department store tries to reinvent itself in the age of online shopping. The store closures represent about one fifth of Macy's current total. They include about 30 that are in the process of closing and account for $1.4 billion in annual sales.
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NewsPlexus Media February 5, 2020

Mall owners among group bidding $81 million for Forever 21
A consortium of buyers, including mall owners Simon Property Group and Brookfield Property Partners, is bidding $81 million for Forever 21, the ubiquitous mall staple that filed for bankruptcy protection in September. Simon and Brookfield are Forever 21's biggest landlords. The other bidder is Authentic Brands Group, which has acquired the licensing rights to other troubled retailers like Barneys New York.
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NewsPlexus Media February 4, 2020

FTC sues to block Harry's sale to Schick owner Edgewell
Federal antitrust regulators say a proposed merger that would combine old-school shaving company Schick with upstart Harry's would end up costing consumers some skin. The Federal Trade Commission on Monday sued to block Edgewell Personal Care Co.'s $1.37 billion acquisition of Harry's, which was supposed to be finalized this year. The FTC argues that bringing two major shaving brands together would hurt competition.
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NewsPlexus Media January 31, 2020

US workers’ compensation growth slowed a bit in 2019
Americans’ pay and benefits rose at a solid pace last year, but at a slower rate than in 2018, the Labor Department said Friday. Total salaries and benefits such as health insurance rose 2.7% in 2019, according to the government’s employment cost index, down from 2.9% in the previous year. In the final three months of last year, workers’ compensation grew 0.7%, matching the third-quarter’s increase.
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NewsPlexus Media January 31, 2020

Caterpillar 4Q profit rises despite sales decline
Caterpillar put a lid on costs in the fourth quarter, pushing profits higher despite an 8% decline in revenue. The strong profits, however, were overshadowed by an uncertain take on the year ahead with global growth slowing.
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NewsPlexus Media January 31, 2020

Atari plans to open video game-themed resorts in 8 US cities
Atari, the arcade game company that ushered in the gaming revolution in the 1980s, is opening eight video game-themed hotels across the United States, including ones in Las Vegas and Phoenix.
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NewsPlexus Media January 31, 2020

UN: Africa's locust outbreak needs $76M 'by, actually, now'
The worst locust outbreak that parts of East Africa have seen in 70 years needs some $76 million to help control and the money is “required by, actually, now,” the United Nations said Thursday. So far just $15 million has been mobilized to help stop the outbreak that threatens to worsen an already poor hunger situation for millions of people in Kenya, Ethiopia, Somalia and elsewhere.
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NewsPlexus Media January 31, 2020

Cost of Juul stake continues to mount for Marlboro maker
The company that makes Marlboro cigarettes saw in late 2018 the opportunity to offset declining tobacco sales with a $13 billion investment in Juul, the e-cigarette maker. That investment has come at a tremendous cost, the latest a $4.1 billion hit announced Thursday by Altria as legal cases against the company continue to mount. That follows a $4.5 billion writedown in October, when Altria slashed the value of its investment in Juul Labs by a third.
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NewsPlexus Media January 31, 2020

UPS deftly navigates shipping surge, hit by pension charge
Shares of United Parcel Service Inc. slumped Thursday after the package-delivery company gave a cautious outlook for 2020 as it invests more in its network to speed up deliveries. UPS reported a fourth-quarter loss of $106 million, but after stripping out a charge related to pensions, the adjusted profit matched Wall Street expectations.
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NewsPlexus Media January 31, 2020

Dating apps face US inquiry over underage use, sex offenders
A House subcommittee is investigating popular dating services such as Tinder and Bumble for allegedly allowing minors and sex offenders to use their services. Bumble, Grindr, The Meet Group and the Match Group, which owns such popular services as Tinder, Match.com and OkCupid, are the current targets of the investigation by the U.S. House Oversight and Reform subcommittee on economic and consumer policy.
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NewsPlexus Media January 31, 2020

Commerce secretary: China virus could bring jobs back to US
Commerce Secretary Wilbur Ross suggested Thursday that the viral outbreak in China might offer an unexpected benefit for the U.S. economy: It could encourage American manufacturers in China to return to the United States. "I think it will help to accelerate the return of jobs to North America. Some to U.S., probably some to Mexico as well,'' Ross told Fox Business Network.
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NewsPlexus Media January 31, 2020

Amazon's latest milestone: 150 million Prime members
Amazon had another prime holiday season. The online retailer said Thursday it has more than 150 million Prime members worldwide who pay $119 a year for faster shipping and other perks. That's up 50% from the last time Amazon disclosed the number in 2018. It also surpasses Netflix, which has 139 million members globally who pay to stream movies and TV shows.
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NewsPlexus Media January 31, 2020

Hummer is making a comeback, but this time it's electric
The Hummer, once a gas-guzzling target for environmentalists, is making a comeback. But this time around it won't burn fuel or spew greenhouse gases. General Motors announced Thursday that it will start selling a battery-powered Hummer pickup truck in September of 2021. At least part of the new Hummer will be shown in a 30-second television ad featuring basketball star LeBron James during the second quarter of Sunday's Super Bowl.
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NewsPlexus Media January 31, 2020

Mario like Mickey? Nintendo banks on profits from characters
Will Mario follow in the steps of Mickey Mouse? Japanese video game maker Nintendo Co. said Friday it is bullish about profiting from its characters by mirroring the historical appeal of the Disney franchise. "We are thinking about the Nintendo brand that way," said the company's game designer, Shigeru Miyamoto. He stressed that Nintendo characters have an extra, interactive element because they originate from video games.
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NewsPlexus Media January 31, 2020

Microsoft plows ahead in cloud business growth
Microsoft on Wednesday gave another solid quarterly report card to Wall Street, as it plows ahead in selling its cloud computing services to big businesses and the government. The company reported fiscal second-quarter profit of $11.6 billion, up 36% from the same period last year.
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NewsPlexus Media January 30, 2020

Warren Buffett gets out of the newspaper business
Billionaire Warren Buffett is giving up on the newspaper business. He's selling all of Berkshire Hathaway's publications to Lee Enterprises for $140 million, including the Omaha World-Herald in Nebraska and The Buffalo News in New York.
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NewsPlexus Media January 30, 2020

Grounded jet sends Boeing to first annual loss in 2 decades
Boeing, an icon of American manufacturing, suffered its first annual financial loss in more than two decades while the cost of fixing its marquee aircraft after two deadly crashes soared to more than $18 billion. New CEO David Calhoun on Wednesday stood by his estimate that regulators will certify changes Boeing is making to the 737 Max by mid-year.
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NewsPlexus Media January 30, 2020

McDonald's wraps up tumultuous year on a strong note
McDonald's wrapped up a tumultuous year on a high note after the company's CEO was ousted in November. The burger giant said Wednesday it surpassed $100 billion in annual sales for the first time, and notched its highest same-store sales in more than a decade, with growth in all of its global regions.
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NewsPlexus Media January 30, 2020

In grinding manufacturing slump, 3M cuts another 1,500 jobs
A profound slump in manufacturing and a trade war that has slowed economic growth in China has led to a second round of layoffs at 3M, the Minnesota company that makes Post-it notes as well as industrial coatings and ceramics. The 1,500 job cuts come on top of the 2,000 jobs the company trimmed less than a year ago.
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NewsPlexus Media January 29, 2020

Apple holiday season tops projections as iPhone bounces back
Apple is still reaping huge profits from the iPhone while mining more moneymaking opportunities from the growing popularity of its smartwatch, digital services and wireless earbuds. That combination produced a banner holiday season for a company whose fortunes appeared to be sliding just a year ago amid declining sales for the iPhone, its marquee product for the past decade.
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NewsPlexus Media January 28, 2020

GM to invest $2.2B in Detroit to build electric vehicles
General Motors is spending $2.2 billion to refurbish an underused Detroit factory so it can build a series of electric and self-driving vehicles, eventually employing 2,200 people. GM said in a statement Monday that the factory will start building the company's first electric pickup late in 2021, followed by a funky-looking self-driving shuttle for GM's Cruise autonomous vehicle unit.
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NewsPlexus Media January 27, 2020

Walmart tests higher hourly starting wages in 500 stores
Walmart says it's testing higher wages for new hourly positions at 500 of its U.S. stores as part of an overall strategy to better empower its staff. The nation's largest private employer, which operates roughly 4,700 namesake stores in the U.S., says it will be raising the starting hourly wages to $12 from $11 for these new roles.
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