Business

Wells Fargo To Pay Customers $386M In Class Action Lawsuit Over Unneeded Charges For Auto Insurance

Reuters reports: Wells Fargo & Co will pay at least $386 million to settle class-action claims by customers who said the bank signed them up for auto insurance they did not want or need when they took out car loans. The settlement was disclosed in filings on Thursday with the U.S. District Court in Santa Ana, California, and requires a …

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Texas Sues San Antonio Over Airport Chick-Fil-A Ban

The Statesman reports: Escalating the fight over Chick-fil-A’s religious rights, Texas Attorney General Ken Paxton sued San Antonio on Monday as part of his investigation into the city’s decision to reject the chicken chain as an airport vendor. The lawsuit, filed in state district court in Travis County, seeks a court order requiring San Antonio to turn over emails and …

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Apple Unveils $6000 Mac Pro, $5000 Monitor [VIDEO]

The Verge reports: Having admitted that its glossy “trash can” Mac Pro of 2013 was a mistake, Apple has long promised that the next update to its most professional computer line would be a return to more modular, less thermally constrained computing. That is being realized today at WWDC 2019 with the official debut of an all-new redesigned Apple Mac …

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Forbes: Jay-Z Has Become Hip-Hop’s First Billionaire

Forbes reports: Jay-Z has accumulated a fortune that conservatively totals $1 billion, making him one of only a handful of entertainers to become a billionaire—and the first hip-hop artist to do so. Jay-Z’s steadily growing kingdom is expansive, encompassing liquor, art, real estate (homes in Los Angeles, the Hamptons, Tribeca) and stakes in companies like Uber. To calculate his net …

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Apple To Shutter iTunes In Move To Music App

Bloomberg News reports: Apple Inc.’s developer conference beginning Monday will move the company closer to a future in which the iPhone is no longer the central cog for other products and services. Chief Executive Officer Tim Cook and other leaders will make a keynote presentation at the Worldwide Developers Conference in San Jose, California, to unveil updates of Apple’s operating …

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Pharma Douche Sues Former Company From Prison

The New York Daily News reports: Takes one to know one. Imprisoned “Pharma Bro” Martin Shkreli sued three former colleagues Friday over his ouster from the unethical pharmaceutical company he founded, alleging they were “driven by their egos, jealousy, and greed.” The notorious Brooklyn-born troll is serving seven years for securities fraud. His lawsuit describes a Bizarro Shkreli who was …

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WINNING: Costco To Raise Prices Because Of Tariffs

CNN Money reports: Costco says it’s going to be raising prices on many items — and the company is pointing to U.S. tariffs on China as the reason why. “At the end of the day, prices will go up on things,” Costco chief financial officer Richard Galanti said this week in a call with investors, in response to a question …

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WINNING: Car Stocks Crater $18B Because Trump

Bloomberg reports: The automotive industry is bearing the brunt of trade-war crossfire again as U.S. President Donald Trump threatens to slap tariffs of as much as 25% on goods from Mexico, a key production hub for carmakers from Mazda Motor Corp. to General Motors Co. Mexico is the largest source of U.S. vehicle and auto-parts imports, meaning tariffs would increase …

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WINNING: China Halts Soybean Buys From US Farmers

CNBC reports: China has halted purchases of American soybeans in another move in the escalated trade war with the U.S. Chinese buyers have stopped ordering and don’t expect to resume the purchases due to the disagreement over trade between the world’s two largest economies. U.S. soybean farmers have taken a hard hit from the trade tensions as the value of …

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Big Oil Shareholders Vote Down Climate Resolutions

Axios reports: Resolutions pushing ExxonMobil and Chevron to get more aggressive on climate change were soundly defeated at annual shareholder meetings on Wednesday. The meetings were the latest example of growing investor pressure on oil giants over global warming. At Exxon’s meeting, a resolution calling for a new board committee on climate won just 7.4% support. At Chevron’s meeting, roughly …

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Disney Threatens Georgia Boycott Over Abortion Ban

The New York Times reports: Disney’s chief executive, Bob Iger, said on Wednesday it would be “very difficult” for the company to continue filming in Georgia if the state’s highly restrictive abortion law is carried out. Iger’s comments were the strongest sign yet that Hollywood could pull back from Georgia, which has lured television and film producers with generous tax …

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Apple Issued “Foldable Cover And Display” Patent

CNET reports: As Samsung continues its figure out its Galaxy Fold problems, a recent patent suggests we might be getting closer to seeing Apple’s version of a foldable device. On Tuesday, the US Patent and Trademark Office issued a patent to Apple for a “foldable cover and display for an electronic device.” There are no specifics on whether this display …

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Anheuser-Busch Loses “Corn Syrup” Court Battle

Courthouse News reports: A Wisconsin judge has ordered Anheuser-Busch to stop suggesting in advertising that MillerCoors’ light beers contain corn syrup, wading into a fight between two beer giants that are losing market share to smaller, independent brewers. Corn syrup is used by some brewers during fermentation. During that process, corn syrup is broken down and consumed by yeast so …

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Amazon Readies Purge Of Thousands Of Small Vendors

Yahoo Finance reports: Two months ago, Amazon.com Inc. halted orders from thousands of suppliers with no explanation. Panic ensued — until the orders quietly resumed weeks later, with Amazon suggesting the pause was part of a campaign to weed out counterfeit products. Suppliers breathed a sigh of relief. Now a larger, more permanent purge is coming that will upend the …

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Ex-Wife Of Jeff Bezos Pledges $17 Billion To Charity

Vox reports: Less than two months after finalizing her divorce from the world’s richest person, MacKenzie Bezos has indicated that she intends to be a far more generous philanthropist than her husband has ever been. MacKenzie Bezos announced in a letter on Tuesday that she had signed the Giving Pledge, a commitment to give half of her $35 billion in …

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FAA Opens Chick-Fil-A Probe After Texas Airport Ban

The San Antonio Express-News reports: The Federal Aviation Administration has launched an investigation into the San Antonio City Council’s decision to remove Chick-fil-A from an airport vendors contract, breathing new life into a controversy that roiled the mayor’s race and potentially putting millions of dollars in federal grants at risk. The FAA told San Antonio officials Friday that it is …

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Walmart Announces Higher Prices Due To Tariffs

Reuters reports: Walmart Inc said on Thursday that prices for shoppers will go up due to higher tariffs on goods from China as the world’s largest retailer reported its best comparable sales growth for the first quarter in nine years. U.S. President Donald Trump increased tariffs on $200 billion worth of Chinese imports to 25% from 10% last week. The …

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Macy’s Warns Of Rising Prices Due To Trump’s Tariffs

The Associated Press reports: Macy’s customers may start to feel the impact of President Donald Trump’s trade war with China. The administration is preparing to extend the 25% tariffs to practically all Chinese imports not already hit with levies including toys, shirts, household goods and sneakers, which furnish Macy’s behemoth stores. Macy’s CEO Jeff Gennette told investors Wednesday the higher …

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Manhattan Trump Tower Units Now Selling At A Loss

Bloomberg reports: Trump Tower, once the crown jewel in Donald Trump’s property empire, now ranks as one of the least desirable luxury properties in Manhattan. The 36-year-old building has been turned into a fortress since Trump won the presidency, ringed with concrete barriers and the two main entrances partially blocked off. It hasn’t been substantially updated in years. And Trump’s …

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Walmart To Roll Out Free One-Day Delivery Program

The Verge reports: Walmart will offer free one-day delivery on up to 220,000 items on its online store with orders over $35. Walmart is currently offering the new service in Phoenix and Las Vegas, and will come to Southern California in the coming days. The retailer expects the service to be available to 75 percent of the US by the …

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