Business

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. …

The New York Post reports: Big pot has finally achieved big market cap. Shares of Peter Thiel-backed marijuana grower Tilray soared more than 60 percent on Wednesday, hitting a market value of $22.8 billion, as bullish comments from the company’s chief executive stoked Wall Street’s growing euphoria over the budding business of legalized marijuana. Shares of the Canada-based weed farmer …

Reuters reports: Elon Musk, the chief executive of Tesla Inc, was sued on Monday for defamation for allegedly suggesting that one of the rescuers of 12 boys and their soccer coach from a Thailand cave in July was a pedophile. Vernon Unsworth, a British caver, filed his lawsuit in the U.S. District Court in Los Angeles, more than two months …

The Guardian reports: Time Magazine is being sold by Meredith to Marc Benioff, a co-founder of Salesforce, and his wife, it was announced on Sunday. Meredith announced that it was selling Time for $190m in cash to Benioff, one of four co-founders of Salesforce, a cloud computing pioneer. The Benioffs are purchasing Time personally, and the transaction is unrelated to …

Bloomberg reports: The world’s largest beverage company may be the next industry giant to jump into the cannabis drinks business. Coca-Cola Co. says it’s monitoring the nascent industry and is interested in drinks infused with CBD — the non-psychoactive ingredient in marijuana that treats pain but doesn’t get you high. “We are closely watching the growth of non-psychoactive CBD as …

Fortune Magazine reports: After 123 years in business, department store Henri Bendel is closing up shop for good after the holiday season. Known for its brown-and-white-striped bags, Henri Bendel was founded in 1895 by its namesake, a designer from Louisiana. When L Brands acquired Henri Bendel in 1985, it was by far the most luxury holding in its portfolio of …

Bloomberg News reports: Ten days after Nike’s new Colin Kaepernick ad provoked calls for boycotts, shares hit an all-time high, closing at $83.47 Thursday. It will likely be months, if not longer, until anyone can fully measure the business impact of Nike Inc.’s controversial partnership with quarterback-turned-activist Colin Kaepernick, but early data from Edison Trends show sales tracking well above …

The Desert Sun reports: On Ramon Road in Cathedral City, beams and walls are beginning to frame a structure so big, you could rebuild the Palm Springs Convention Center on top of the same footprint and still have space to spare. This is the future home of Sunniva, a Canada-based medical cannabis company that plans to grow, process and sell …

Politico reports: President Donald Trump on Saturday warned that the prices of Apple products may climb as a result of a new round of proposed tariffs against China, and called on the technology giant to bolster production at home to avoid the consequences of an escalating trade war. The president on Friday threatened to impose tariffs on another $267 billion …

Fortune Magazine reports: Nike’s selection of Colin Kaepernick as one of the new faces of the company has certainly brought media attention and controversy, but it’s also having a noticeable effect on the bottom line. A new report from Edison Trends says Nike’s online sales grew 31% from Sunday through Tuesday of Labor Day weekend this year. “There was speculation …

The Associated Press reports: Hackers obtained the credit card details of some 380,000 British Airways travelers during a two-week data breach this summer that leaves the customers vulnerable to financial fraud, the airline says. BA’s CEO, Alex Cruz, said Friday that enough data was stolen to allow criminals to use credit card information for illicit purposes, and that police are …

The Guardian reports: Elon Musk, the billionaire chief executive of Tesla, risked provoking fresh concern from investors on Friday after smoking marijuana on a live web show with US comedian Joe Rogan. Musk, 47, who has repeatedly accused a British diver of being a paedophile, spent two-and-half hours on the streamed podcast late on Thursday discussing everything from artificial intelligence …

The Hill reports: President Trump’s removal from office, either by impeachment or electoral means, would not endanger America’s economy or trend of economic growth, financial analysts at Barclays said Thursday. In a post on LinkedIn published Wednesday, the firm’s head of investment strategy in London wrote that economic growth has “little” to do with actions taken by or affecting the …

Reuters reports: Mercedes showed on Tuesday how it is “aggressively” gunning for top spot in upscale battery cars market currently dominated by Tesla, as it unveiled the EQC, its first fully electric car, at an event in Stockholm. The event marks the start of the German onslaught against the American upstart and showcased a SUV with a 450 kilometer range, …

CNBC reports: Amazon just passed a $1 trillion market cap, and analysts are still telling investors to buy, buy, buy. Of the 47 analysts with ratings on Amazon, 45 (or 96 percent) say analysts should keep accumulating the shares, according to FactSet. That’s the highest ratio of buy recommendations among the 10 most valuable U.S. tech companies. Apple, which last …

Bloomberg News reports: Ford Motor Co. is canceling plans to import a new crossover model from a plant in China after President Donald Trump’s tariffs undermined the business case for bringing the vehicle to the U.S. market. Trump’s move to slap China-built autos with an additional 25 percent levy in July undermined the profitability of the Focus Active that Ford …

The San Francisco Chronicle reports: Gov. Jerry Brown will decide whether San Francisco, Oakland and five other California cities should be allowed to keep their bars open until 4 a.m. Under a bill the state Legislature approved Thursday, the cities could participate in a five-year pilot program that extends the time alcohol can be served at bars, nightclubs and restaurants …

The South China Morning Post reports: Grindr, the gay dating app owned by Chinese gaming company Kunlun Group, has received approval from its parent’s executive board for an overseas public listing. The timing of the listing is dependent on conditions in the international capital market and progress of approval from domestic and overseas regulators, Kunlun said in a public filing …