Business

Reuters reports: Chevron Corp said on Monday it will buy smaller rival Hess Corp in a $53-billion all-stock deal, as the oil major looks to increase its footprint in oil-rich Guyana. The deal puts two of the top oil giants, Chevron and Exxon Mobil (XOM.N), head-to-head in two of the world’s fastest growing oil basins – shale and Guyana. Guyana …

The Insider reports: CVS this week said it is pulling many popular decongestants from its shelves after advisors to the Food and Drug Administration said the active ingredient simply does not work. In September, an advisory panel to the FDA ruled that phenylephrine, when taken orally, is no better than a placebo despite being on the market for more than …

Via press release from New York AG Letitia James: New York Attorney General Letitia James today filed a sweeping lawsuit against cryptocurrency companies Gemini Trust Company (Gemini), Genesis Global Capital, LLC and its affiliates (Genesis), and Digital Currency Group, Inc. (DCG) for defrauding more than 230,000 investors, including at least 29,000 New Yorkers, of more than $1 billion. An investigation …

The New York Times reports: On Sunday, Rite Aid, once the largest U.S. pharmacy chain, filed for bankruptcy court protection from its creditors and vowed to remake the company as a “modern neighborhood pharmacy.” Now, in one of its first steps, it says it is closing 154 stores in more than 10 states. The branches set to be shuttered were …

Reuters reports: Social media platform X, formerly known as Twitter, said on Tuesday it will test a new subscription model under which it will charge $1 annual fee for basic features. The new subscription termed as “Not A Bot” will charge users for likes, reposts or quoting other accounts’ posts, and bookmarking posts on the web version of the platform. …

Reuters reports: Rite Aid filed for Chapter 11 bankruptcy on Sunday, a move that would halt lawsuits the drugstore chain is facing over its alleged role in the U.S. opioid crisis and named a new CEO. Rite Aid said it has received a commitment for $3.45 billion in new financing from some of its lenders, which will provide enough liquidity …

The Digital Bits reports: The Digital Bits has learned from industry sources—and we’ve confirmed it with multiple sources now—that Best Buy plans to exit the physical media business for good next year, possibly as soon as the end of Q1 2024. This includes not just their in-store Blu-ray, DVD, and 4K Ultra HD sales, which the retailer has been gradually …

Bloomberg News reports: Netflix Inc. plans to open new destinations where fans can immerse themselves in the worlds of their favorite TV shows, shop for clothing, eat themed food and maybe even try a Squid Game obstacle course. Dubbed Netflix House, the venues will feature a mix of retail, dining and live experiences, according to Josh Simon, the company’s vice …

The Daily Beast reports: The once-ubiquitous MyPillow commercials that flooded the airwaves of Fox News and other cable television stations have all but disappeared over the past few weeks amid owner Mike Lindell’s ongoing financial problems, the linen company founder confirmed on Wednesday. The MAGA pillow magnate, who said earlier this month that he has “no money” due to his …

Wired reports: On Monday night, what is left of the trust and safety team at X (formerly Twitter) announced the measures it was taking to try and put the genie back in the bottle and curb the virulent spread of disinformation around the Israel-Hamas war on its platform. The statement, issued three days after the conflict began, reads: “As the …

Mashable reports: X, the Elon Musk-owned platform formerly known as Twitter, has begun serving its users with a weird new ad format and it’s one of the company’s least transparent products yet. The rollout of these ads also provides the public with a hint regarding just how much the company is struggling to attract advertisers. These new X ads don’t …

Reuters reports: Billionaire Elon Musk is under investigation by the U.S. Securities and Exchange Commission over his 2022 purchase of social media giant Twitter, according to a Thursday court filing in which the agency sought to compel Musk to provide testimony. The investigation concerns whether Musk broke federal securities laws in connection with his 2022 purchases of stock in Twitter, …

Reuters reports: X is still worth something, but not for the people running it. Boss Linda Yaccarino is set to present her plans for the social network formerly known as Twitter to bankers holding nearly $13 billion of its debt, the Financial Times reported. Looming over talks is the likelihood that X’s value is substantially less than even that figure. …

The Insider reports: MyPillow CEO Mike Lindell said that his company has been crippled by American Express’s decision to slash its credit line. “Steve, we really need everybody’s help right now. We have things going on I’m going to let you all know this week,” Lindell told fellow Trump ally Steve Bannon on the latter’s “War Room” podcast. “Out of …

The Associated Press reports: Facing a backlash, Walt Disney World’s governing district will pay a stipend to employees whose free passes and discounts to the theme park resort were eliminated under a policy made by a new district administrator and board members who are allies of Florida Gov. Ron DeSantis. The stipend will be $3,000 a year, which is around …

The Times Of London reports: The “free speech” website that hosts Russell Brand could be forced out of the UK under new online safety laws, experts have said. Rumble, a video-sharing platform based in North America, has become home to Brand and other figures with extreme views, including Andrew Tate and Alex Jones, the conspiracy theorist. It also hosts extreme …

Axios reports: Target announced Tuesday that it is shuttering nine stores on Oct. 21 because “theft and organized retail crime are threatening the safety of our team and guests.” Organized retail crime accounted for $112.1 billion in losses in 2022, a National Retail Federation report released Tuesday found. Organized retail crime — where gangs of thieves swarm stores for products …

The Washington Post reports: The Federal Trade Commission and 17 state attorneys general filed a sweeping antitrust lawsuit against Amazon Tuesday, a long-awaited move that seeks to bar the company from allegedly abusing its powers to raise prices for shoppers and levy high fees against businesses that sell on its platform. The FTC alleges that Amazon engages in illegal behavior …

The BBC reports: The boss of Iceland [supermarket chain] has been forced to apologise and retract a claim that three staff contracted HIV as a result of needle attacks. Richard Walker said he made comments in “error” in a “draft article” about threats of violence against store workers by shoplifters for Mail Online. Politicians and charities had called for him …

Click Orlando reports: Travelers can officially ride a high-speed train from Orlando to Miami. After years in the making, Brightline on Friday launched its first trains from Orlando and Miami on the grand opening of its new connecting service. The rail system provides service between Miami and Orlando International Airport, with stops throughout South Florida. The high-speed train travels up …