Business

Grocery Chain Winn-Dixie To File For Bankruptcy

Bloomberg reports: Bi-Lo LLC, the supermarket company that owns the Winn-Dixie chain, is preparing for a potential bankruptcy filing as soon as next month, according to people with knowledge of the matter. The retailer is planning to shut almost 200 stores as part of the move — either before or after the filing — said one of the people, who ...

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DISLOYALTY: Stock Market Plummets 1000+ Points

The Associated Press reports: Dow Jones industrials plunged over 1,000 points Thursday, bringing the index down 10 percent from the record it reached two weeks ago. Stocks started to fall in early trading and extended their losses throughout the morning. The market’s turmoil began last Friday and has continued this week as investors worried about early signs of inflation. Analysts ...

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Twitter Reports First-Ever Quarterly Profit

Reuters reports: Twitter shares surged 22 percent at the market open on Thursday after it reported its first quarterly profit and better-than-expected revenue, helped by ads that better targeted users and sales growth outside the United States. Investors shrugged off zero growth in Twitter’s users from a quarter earlier, which the company blamed in part on seasonal weakness and its ...

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Los Angeles Times Sold To Trump Ally Pharma Billionaire

CNBC reports: Tronc said Wednesday it has struck a deal to sell the Los Angeles Times, The San Diego Union-Tribune and other titles in the California News Group to billionaire biotech investor Patrick Soon-Shiong. The agreement with Soon-Shiong, a major shareholder in Tronc and chief executive of NantHealth, includes $500 million in cash plus the assumption of $90 million in ...

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$560 Million Lottery Winner Sues For Anonymity

Fortune reports: One very lucky New Hampshire woman is the winner of last month’s $560 million Powerball—but she wants to keep her identity a secret. Due to existing lottery rules, the winner is obligated to publicly claim the winnings, thereby indirectly letting friends and criminals alike know that she has come into millions. The winner fears that the inability to ...

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White House Shrugs Off Stock Market Plunge

The Hill reports: The White House on Monday said the country’s “long-term economic fundamentals” remain “exceptionally strong” after U.S. stocks dropped sharply earlier in the day, extending a massive sell-off on Wall Street. “The president’s focus is on our long-term economic fundamentals, which remain exceptionally strong,” White House press secretary Sarah Huckabee Sanders said in a statement. Sanders cited U.S. ...

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Dow Sees Record Plunge Of 1100+ Points

Bloomberg reports: The Dow Jones industrial average fell more than 1,000 points Monday, dropping below 25,000 for the first time since Jan. 4 during a second straight day of sell offs. It’s the worst losses the Dow has ever sustained in terms of points, coming on the heels of Friday’s 666-point loss. The Dow has lost its gains for the ...

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Stock Market Plummets 666 Points On Memo Day

CNN Money reports: Wall Street just suffered the worst day of the Trump presidency. The Dow closed down 666 points, or 2.5%, its biggest percentage decline since the Brexit turmoil in June 2016 and steepest point decline since the 2008 financial crisis. A strong jobs report showed wage growth is finally starting to pick up. That’s great news for workers, ...

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Coachella Owner Still Donating To Anti-LGBT Groups

The New York Daily News reports: Coachella co-owner Philip Anschutz has once again come under scrutiny for bankrolling right-wing, anti-LGBTQ organizations at odds with the progressively minded music festival. A new tax filing shows The Anschutz Foundation donated at least $325,000 between Dec. 2015 and Nov. 2016 to organizations with an explicit anti-LGBTQ mission, which was first reported by Pitchfork. ...

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Trump Administration Strips Enforcement Powers From Consumer Bureau In Cases Of Lending Discrimination

The Washington Post reports: The Trump administration has stripped enforcement powers away from Consumer Financial Protection Bureau office that specializes in pursuing cases against financial firms for breaking discrimination laws, according to two people familiar with the matter and emails reviewed by The Washington Post. The move comes about two months after President Trump installed his budget chief Mick Mulvaney ...

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Amazon Partners On Non-Profit Health Care Company

The Washington Post reports: Amazon is diving into health care, teaming up with Warren Buffett’s Berkshire Hathaway and the New York bank JPMorgan Chase, to create a company that helps their U.S. employees find quality care “at a reasonable cost.” The business giants offered few details Tuesday and said that the project is in the early planning stage. “The ballooning ...

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LG Jacks Up Unit Prices Due To Trump’s Tariffs

The Hill reports: LG Electronics is planning to raise prices on some of its washer and dryer models in response to President Trump’s decision this week to impose hefty new tariffs on imported washing machines. The president on Monday levied tariffs on washers made by LG and Samsung as part of an effort to help U.S. based Whirlpool. “As a ...

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Struggling Toys R Us To Shutter 182 Stores

The New York Times reports: Toys “R” Us is planning to close as many as 182 of its stores as it struggles to reorganize in bankruptcy. The toy chain, which filed for bankruptcy last September, said in a court filing late Tuesday that the stores selected for closing have failed to meet “performance standards.” The planned closings represent about 20 ...

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Fox Host On Trump’s Tariffs: I’d Pay $5000 For A US-Made iPhone Because Americans Would Get The Work

“If they made it in Kansas and it cost $5,000, I’m still gonna need it. You’re still gonna need it. That money is then going to support a family in Kansas where you’ve got parents who are going to work. They have the pride of work and they’re able to take care of their family and, guess what, you and ...

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Trump Slaps Up To 50% “America First” Tariffs On Imported Washing Machines And Solar Energy Parts

The Associated Press reports: President Donald Trump is signing a measure Tuesday imposing tariffs on imported solar-energy components and large washing machines in a bid to help U.S. manufacturers. The administration says the decision is part of Trump’s pledge to put American companies and jobs first. The administration is imposing an immediate tariff of 30 percent on most imported solar ...

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NYC Sues Big Pharma For $500M Over Opioids Crisis

NBC News reports: New York City filed a $500 million lawsuit Tuesday against prescription opioid manufacturers and distributors, seeking to hold them accountable for their alleged part in the city’s drug epidemic. The lawsuit aims to recover expenses the city will incur in combating the crisis. In 2016, more than 1,000 people in New York City died of an opioid ...

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Rupert Murdoch: Facebook Should Pay News Outlets

Variety reports: Rupert Murdoch weighed in on Facebook’s attempts to improve the accuracy of the news its delivers across its global platform — and suggested that what would really work is for the internet giant to follow the model of the pay-TV industry. “If Facebook wants to recognize ‘trusted’ publishers then it should pay those publishers a carriage fee similar ...

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Amazon Opens Its First “No Checkout” Store

USA Today reports: After a year of testing with its own employees, Amazon opens its store that lets you browse, grab and walk out — skipping the checkout line, but not the bill — to the public Monday. The convenience store and its proprietary technology, made up of hundreds of cameras and sensors and requiring a new Amazon app, dangled ...

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Feds Drop Suit Against Predatory Payday Lenders

Bloomberg reports: The Consumer Financial Protection Bureau is dropping a lawsuit against a group of payday lenders associated with an American Indian tribe in a sign the regulator is changing direction under Mick Mulvaney, the acting director appointed by the Trump administration. The agency had accused the lenders of deceiving consumers and failing to disclose the true cost of the ...

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Vistaprint: Satan Pamphlets Were Sent By Mistake

Mass Live reports: Pamphlets on sin and Satan were incorrectly sent to a gay couple who had ordered wedding programs, and the flyers were meant for someone else, Vistaprint says. The company, the target of a federal lawsuit filed in Massachusetts, updated a statement issued late Wednesday in which the company said it was investigating the matter. “What we have ...

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