Business

Courthouse News reports: The Seventh Circuit reinstated pet owners’ class action fraud suit against Hill’s Pet Food, ruling that the FDA did not authorize the company’s “prescription” label on high-priced pet food found to be no different than regular pet food. Holly Vanzant and Dana Land sued Hill’s Pet Nutrition under the Consumer Fraud Act after allegedly discovering that Hill’s …

Business Insider reports: Morris Coffman has been a truck driver for 35 years. And he’s been a conservative for even longer than that — his whole life. “That said,” Coffman told Business Insider, “[Trump] is absolutely a moron. His idiotic ideas will tank the economy even further.” Truckers, like Coffman, lean conservative. A Verdant Labs analysis of Federal Elections Commission …

USA Today reports: As financial markets tumbled Wednesday over concerns about international trade, President Donald Trump took to Twitter to defend his administration’s tariff war with China and to take his latest swipe at the nation’s central bank. “We are winning, big time, against China,” Trump wrote on Twitter, despite few signs of progress in negotiating a new trade agreement …

Deadline reports: CBS and Viacom have agreed to a price for their long-awaited merger and plan to formalize the deal with an announcement after the close of trading today, sources tell Deadline. The “exchange ratio” — how many shares of each company will be traded in the all-stock translation — had been a major consideration in negotiations over recent days. …

CNBC reports: Recession risk is rising, according to Bank of America. Based on the most recent data, the bank’s global economist now sees a greater than 30% chance of a recession in the next year. “Our official model has the probability of a recession over the next 12 months only pegged at about 20%, but our subjective call based on …

Reuters reports: Oregon has joined a multistate lawsuit to block the merger of U.S. wireless carriers T-Mobile and Sprint, the New York attorney general’s office, which is leading the lawsuit along with California, said on Monday. Fifteen states and the District of Columbia are now seeking to stop the merger, which the states argue is anticompetitive and will cost their …

USA Today reports: Following two shootings inside its stores, Walmart is removing violent video game displays and signs from stores, the retailer confirmed Thursday. Stores were sent a memo that called for “immediate action” to remove signing and displays that “contain violent themes or aggressive behavior.” The memo circulated on Twitter and Reddit, and Walmart officials confirmed its authenticity to …

The Hill reports: President Trump on Thursday put renewed pressure on the Federal Reserve to cut interest rates, arguing the strength of the U.S. dollar is hurting American manufacturers. In a series of tweets, Trump accused the Fed of hindering U.S. exports by keeping interest rates relatively high compared to other economic powers. He suggested the central bank should weaken …

Forbes reports: A report that Stephen Ross, the billionaire owner of the Equinox and SoulCycle fitness clubs and the Miami Dolphins, would host a Hamptons fundraiser for President Trump prompted a social media meltdown today, with calls for boycotts and protests. Ross, whose net worth Forbes estimates at $7.7 billion, is also chairman of Related Companies, which is behind the …

CBS News reports: When publicly listed companies disclose risks for shareholders in their filings with the Securities and Exchange Commission, they typically cite business factors such as potential economic downturns, labor costs and currency fluctuations. But a new threat is starting to appear in annual earnings reports: The danger of getting shot. The Cheesecake Factory and Dave & Buster’s Entertainment …

CNBC reports: Barneys New York, an icon of New York retail, filed for bankruptcy early Tuesday morning, with a plan to significantly reduce its footprint, as it looks for a buyer to stave off liquidation. The retailer said it will focus on running only 5 of its more than 10 namesake stores: on New York’s Madison Avenue, in downtown Manhattan, …

Axios reports: U.S. Treasury Secretary Steven Mnuchin on Monday night declared China to be a currency manipulator, just hours after the Chinese government allowed the yuan to slip below a 7-to-1 dollar ratio for the first time in over a decade. Why it matters: This is a further ratcheting up of trade tensions between the two countries, and also marks …

Bloomberg reports: Financial markets buckled after China escalated the trade war with the U.S., sending American stocks to the biggest drop this year and sparking a rally in global bonds. Gold surged with the yen. The S&P 500 Index plunged about 3% and losses in the Dow Jones Industrial Average surpassed 750 points. Apple and IBM slid at least 4.5% …

Reuters reports: Walmart Inc, the largest firearms retailer in the country, said on Monday there has been no change in company policy on firearms sales after two mass shootings over the weekend. The company has issued no directives to stores around the country to change its policy, spokesman Randy Hargrove told Reuters. Walmart stopped selling assault-style rifles in 2015 and …

NBC News reports: China shot back on Friday after President Donald Trump announced on Twitter that the U.S. would impose an additional 10 percent tariff on $300 billion in Chinese imports starting next month. Chinese foreign ministry spokeswoman Hua Chunying called Trump’s move a “serious violation” and warned Beijing would have to take “necessary countermeasures” if the tariffs were imposed. …

NBC News reports: The three largest U.S. airlines presumed that President Donald Trump would take their side in a ferocious, yearslong dispute with Persian Gulf-based airlines — if they could just get his attention. They got his attention, by way of TV ads the president saw on Fox News. But when Trump finally gathered executives from both sides of the …

The Associated Press reports: The fight to save the seas from plastic waste may mean the end for mini bottles of shampoo and other toiletries that hotel guests love to stuff into their luggage. The owner of Holiday Inn and InterContinental Hotels says Tuesday that its nearly 843,000 guest rooms are switching to bulk-size bathroom amenities as part of an …

The New York Times reports: A software engineer in Seattle hacked into a server holding customer information for Capital One and obtained the personal data of over 100 million people, federal prosecutors said on Monday, in one of the largest thefts of data from a bank. The suspect, Paige Thompson, 33, left a trail online for investigators to follow as …

The Verge reports: The United States Justice Department has approved the $26 billion merger deal between T-Mobile and Sprint. After over a year in regulatory limbo, the merger received the green light from the last federal agency to hold out, with the Federal Communications Commission already signaling that it will approve the deal. The Justice Department finally approved the deal …

CNBC reports: In a tweet on Friday, President Trump said his administration will not grant Apple any relief on Mac Pro parts made in China. Apple said in June that tariffs on its products will reduce its contribution to the U.S. economy. In a letter to U.S. trade representative Robert Lighthizer, Apple said tariffs would “also weigh on Apple’s global …