Business

The Hill reports: Twitter CEO Jack Dorsey on Friday sounded off against a San Francisco measure to increase corporate taxes that would give the city more funding to tackle its homeless crisis. Dorsey said he was opposed to San Francisco’s Proposition C because he believes one of companies he leads as CEO, Square, will be taxed at unfair rates compared …

WWD reports: Behind Pride Media are the stepbrothers Adam Levin and Maxx Abramowitz, the founders and operators of Oreva Capital, which last September acquired Out and The Advocate, along with related brands and intellectual property. They are also, respectively, the chief executive officer and lead investor of High Times magazine parent High Times Holdings. However, a new owner that not …

The New York Times reports: Sears, which more than a century ago pioneered the strategy of selling everything to everyone, filed for bankruptcy protection early on Monday. The company had long ago given up its mantle as a retail innovator. It was overtaken first by big box retailers like Walmart and Home Depot and then, by Amazon as the go-to …

Axios reports: Sale of the one millionth electric vehicle in the U.S. is likely to occur this month, according to an estimate by the group Securing America’s Future Energy (SAFE) that’s based on data compiled by Inside EVs. It’s a symbolic threshold that signals growing adoption of the technology, even though it remains a small part of the overall U.S. …

NBC News reports: Wall Street had another rough day on Thursday, with the tech-heavy Nasdaq index dipping into correction territory and the Dow Jones closing 548 points down after another day of market convulsions. Thursday’s market mayhem followed a global ricochet triggered the previous day when the Dow Jones tumbled by more than 800 points to its lowest level since …

Business Insider reports: Aphria, a Canadian-based cannabis producer, rallied more than 16% Wednesday after a report said that Altria, the maker of Marlboro cigarettes, was in talks to buy a minority stake in the company, the Globe & Mail reported, citing unidentified people familiar with the matter. According to the Globe & Mail, Altria has expressed an interest in acquiring …

Retail Dive reports: After years of speculation and financial losses, Sears is contacting banks to arrange the financing for a possible Chapter 11 filing, which might come as soon as this week, according to reports in The Wall Street Journal, which broke the story, and CNBC, that both cited unnamed sources. The report comes as Sears faces a $134 million …

CNBC reports: The Department of Justice gave conditional approval Wednesday for CVS Health’s acquisition of insurer Aetna, cementing a deal that could transform how U.S. consumers access health care. The two companies cleared their path to approval when Aetna announced Sept. 27 that it reached an agreement to sell its Medicare Part D drug plan business to WellCare Health Plans …

NBC News reports: Ford will be making cuts to its 70,000-strong white-collar workforce in a move it calls a “redesign” of its staff to be leaner, have fewer layers, and offer more decision-making power to employees, the company announced. The number of jobs that will be axed is unknown at this point. “A lot of the (reorganization) is about making …

The BBC reports: A stencil spray painting by elusive artist Banksy shredded itself after it was sold for more than £1m. The framed “Girl With Balloon”, one of the artist’s best known works, was auctioned by Sotheby’s in London. The piece which shows a girl reaching towards a heart-shaped balloon was the final work sold at the auction. However, moments …

The Associated Press reports: Mattress Firm, Inc., the nation’s largest mattress retailer, filed for bankruptcy protection on Friday, saying its rapid expansion of stores in recent years — with locations often very close to each other — resulted in “cannibalization” of sales. The Houston-based company filed for Chapter 11 bankruptcy protection in federal court in Delaware, saying it plans to …

The New York Post reports: It’s official: Toys R Us will live on. The iconic retailer’s debtholders are forming a new company, Geoffrey LLC that will control the Toys R Us and Babies R Us brands, including e-commerce assets and data associated with the brands, the debtors said late Tuesday night. They also plan to open stores in the US …

CNBC reports: Amazon announced Tuesday it’s raising the minimum wage for all U.S. employees to $15, effective next month. The new minimum wage will benefit more than 250,000 Amazon employees — including part-time and temporary employees — as well as another 100,000 seasonal employees, the company said. Some employees who already make $15 per hour will also see a pay …

CNN Money reports: In the latest indignity for a once-grand retailer, the share price fell below $1 on Friday for the first time in the company’s history, dropping as much as 15% to 85 cents in midday trading. Falling into loose-change territory is more than embarrassing. Nasdaq, the exchange where Sears stock trades, could delist the company. Shares of Sears …

CNN Money reports: Starting in January, Dunkin’ Donuts will drop the “Donuts” from ads, packages and signage at new and remodeled stores, as well as its social media accounts. The makeover is part of Dunkin’ Brand’s efforts to relabel itself as a “beverage-led” company that focuses on coffees, teas, speedy service and to-go food including -— but not limited to …

The Associated Press reports: The co-founders of Instagram are resigning their positions with the social media company without explanation. Chief Executive Kevin Systrom said in a statement late Monday that he and Mike Krieger, Instagram’s chief technical officer, plan to leave the company in the next few weeks and take time off “to explore our curiosity and creativity again.” “Mike …

CNET reports: SiriusXM will acquire Pandora in a $3.5 billion all-stock deal, the companies announced Monday. The deal between SiriusXM — a satellite radio company — and Pandora — a music streaming company — will create the world’s largest audio entertainment company, they said in a joint release. The companies hope to cross-promote between SiriusXM’s more than 36 million US …

CBS News reports: The heat Nike has taken over its controversial advertising campaign featuring former NFL start Colin Kaepernick seems to have had another effect: burnishing the iconic brand’s appeal to investors. Nike shares have surged 36 percent on the year, making the company the top performer on the Dow’s index of 30 blue-chip stocks. The run-up includes a nearly …

The Associated Press reports: American Airlines is threatening to prohibit customers from making changes to nonrefundable tickets if Congress makes good on a proposal to crack down on unreasonable airline fees. American CEO Doug Parker says his airline would be acting just like many other businesses when customers want to swap their ticket for a different flight or for another …

USA Today reports: According to a notice issued Wednesday by the United States Department of Agriculture Food Safety and Inspection Service, Cargill Meat Solutions is recalling approximately 132,000 pounds of ground beef products made from the chuck portion of the cow. Officials said the ground beef was produced and packaged on June 21, 2018, and affects 12 different Cargill products. …