Money


Iced Tea Giant Announces New Deal To Produce New Cannabis-Infused Products Iced Tea Giant Announces New Deal To Produce New Cannabis-Infused Products
- August 09, 2019

Arizona Beverage Co. has reached a licensing deal with cannabis company Dixie Brands Inc ., Jennifer Maloney reported in The Wall Street Journal on Wednesday . Constellation Brands , the company behind Corona beer, announced in 2017 that it had purchased a 10% stake in Canopy Growth Company. Dixie intends to launch the line in the USA, and then expand to Canada and Latin America. (more...)
"Magnate Les Wexner: " I Was Deceived' by Jeffrey Epstein
- August 09, 2019

Wexner wrote that he began to cut ties with the financier after allegations against Epstein surfaced in 2006 involving sexual abuse of underage girls. Victoria's Secret's parent company, L Brands , has said Epstein was never an employee or paid consultant for the company. The company's board recently hired an outside law firm to review any role Epstein may have played at the business. (more...)
Lyft continues to post losses despite revenue growth Lyft continues to post losses despite revenue growth
- August 09, 2019

It also paid $298 million in stock and cash to drivers to show appreciation in connection with the IPO . Gross bookings, a measure of total value of auto rides, scooter and bicycle trips, food deliveries and other services before payments to drivers, restaurants and other expenses, rose 31% from a year earlier to $15.76 billion. (more...)
High-End Retailer Barneys Files for Bankruptcy, Announces Several Store Closures High-End Retailer Barneys Files for Bankruptcy, Announces Several Store Closures
- August 09, 2019

In the Chapter 11 document, filed Tuesday morning in the bankruptcy court for the Southern District of New York , Barneys listed assets and liabilities in the range of $100 million to $500 million. "In the same way as other in our industry, Barneys New York's monetary position has been drastically affected by the hard retail condition and lease structures that are unnecessarily high with respect to market request". (more...)
Calif. stores among dozens closed by Sears, Kmart Calif. stores among dozens closed by Sears, Kmart
- August 09, 2019

The Sears store in Portage, near Kalamazoo, is also closing and they are the only MI locations on the company's new closure list. Sears emerged from bankruptcy in February. The company said additional store closures would not be ruled out. The new entity of assets was renamed. As a private company, TransformCo has largely flown under the radar, as it doesn't have to report quarterly sales reports, which tended to be very dismal for Sears. (more...)
New Brands For Rolls-Royce Power Systems New Brands For Rolls-Royce Power Systems
- August 09, 2019

Rolls-Royce employs 23,400 people in the UK. Chief Financial Officer Stephen Daintith said Rolls had 50 new engines in its inventory, up from a typical 15. He said: We delivered further progress across the group in the first half in line with our full year expectations. "More importantly, at least 1 billion pounds free cash flow in 2020 is reaffirmed", they said. (more...)
British Airways flights delayed and cancelled as airline suffers IT problems British Airways flights delayed and cancelled as airline suffers IT problems
- August 08, 2019

On that occasion, the airline cancelled 726 flights due to a power failure, sparking a raft of compensation claims for flight costs, train and hotel expenses, replacement clothes and toiletries. The problems started when people tried to check in for the first flights of the day and the airline was unable to say when they would be resolved. During the latest problem, BA offered passengers booked on short-haul services departing from Heathrow, Gatwick or London City a refund or opportunity ... (more...)
United Kingdom trade delegation eyes post-Brexit deal with Trump United Kingdom trade delegation eyes post-Brexit deal with Trump
- August 08, 2019

Johnson and his team remain ideologically committed to a no-deal Brexit whatever the cost, despite the evidence that doing so would severely damage the UK's economy. "America is our single largest bilateral trading partner". 'The UK looks forward to working with our American friends to reach a free trade deal that is good for both countries, and cooperating on the common security challenges we face'. (more...)
U.S. crude oil refinery inputs increase last week U.S. crude oil refinery inputs increase last week
- August 08, 2019

In addition, he said the trade war has had a larger impact on oil demand by slowing global trade growth from 7 per cent before the tariff-brinksmanship of the US and China to just 2.5 per cent after. WTI was trading at $51.66 (-3.67%), while Brent crude was trading at $57.10 (-3.12%)-below the psychologically important $60 threshold. Furthermore, despite an expected 1.65M bpd growth in U.S. (more...)
Gold prices surge over ₹1,000 in a day, hit record highs Gold prices surge over ₹1,000 in a day, hit record highs
- August 08, 2019

Silver, gold's cheaper cousin, also surged. Goldman Sachs Group Inc. expects that there will be a total of three US rate reductions this year. Gold prices jumped in futures trade on Wednesday as the trade conflict between the United States and China continued to drag, thus boosting the demand for the safe-haven asset. (more...)
US formalizes ban on govt contracts to China’s Huawei, others US formalizes ban on govt contracts to China’s Huawei, others
- August 08, 2019

And it extends to other Chinese companies that, like Huawei, have raised security concerns inside the US government, including telecom equipment maker ZTE and Hikvision, which develops facial-recognition technology. ZTE didn't immediately respond to a request for comment. Indian companies have a far smaller presence in China than other major economies. Congressman Jim Banks of the Republican party alleged the Chinese Communist Party was "strong-arming countries into exposing themselves to ... (more...)
China further weakens yuan rate amid trade row with U.S. China further weakens yuan rate amid trade row with U.S.
- August 08, 2019

The market sell-off was triggered by participants' fear the trade tensions between the United States and China could further escalate. This comes on the heels of monetary easing from central banks in New Zealand, India and Thailand and as fears of the trade war hurting global growth re-emerged after President Donald Trump last week threatened to slap 10% levies on the rest of $300 billion of Chinese imports. (more...)
FedEx is freezing out Amazon. Let the delivery wars begin FedEx is freezing out Amazon. Let the delivery wars begin
- August 08, 2019

The company added disclosures in its annual filing about the extent to which Amazon is developing in-house delivery capabilities that may make it a competitor. Last month, Amazon admitted it would cost more than the $800 million it had said it would spend to switch its Prime two-day delivery promise to one-day delivery. (more...)
UK's data watchdog seeks more clarity from Facebook over Libra UK's data watchdog seeks more clarity from Facebook over Libra
- August 07, 2019

According to the joint statement , the signees were prompted to air the concerns in part because they have previously had to address events in which Facebook's handling of users' information "has not met the expectations of regulators, or their own users". (more...)
Subway Just Unveiled Its First Plant-Based Beyond Meat Sandwich In Canada Subway Just Unveiled Its First Plant-Based Beyond Meat Sandwich In Canada
- August 07, 2019

They are now testing meatless bacon. Subway restaurants in Australia and New Zealand launched falafel in July 2018 in response to consumer demand for more vegan options. "With our new plant-based Beyond Meatball™ Marinara sub, we are giving them the best of both worlds", Van Popering added. The Beyond Meatball was developed specifically for Subway and can not be found anywhere else. (more...)
Food industry wants no-deal Brexit competition waiver Food industry wants no-deal Brexit competition waiver
- August 07, 2019

The Food and Drink Federation (FDF) said: "We asked for these reassurances at the end of past year". It hasn't yet received a response. Britain is due to leave the European Union on October 31, but there appears to be little prospect at the moment of a deal being reached to ensure the free-flow of goods after that date. (more...)
The U.S. Federal Reserve to Launch Real-Time Payments System The U.S. Federal Reserve to Launch Real-Time Payments System
- August 07, 2019

But the big banks' service, called the Clearing House , has been slow to reach smaller banks. But those perks have yet to extend to every financial institution and business across the country. The Retail Industry Leaders Association (RILA) retail trade association is publicly supporting efforts to develop FedNow. These delays cause stress, an over-reliance on credit, and higher fees paid by individuals and merchants. (more...)
Disney announces reboots of classic kids' movies including Home Alone Disney announces reboots of classic kids' movies including Home Alone
- August 07, 2019

During its earnings call today, Disney revealed a planned upcoming bundle that will give cord-cutters access to a huge amount of streaming content for less than $15 per month. As far as worldwide availability goes, Disney has yet to confirm whether or not the bundle will be available outside the US. He said Disney is taking Fox in "a whole new direction", with an "all-new development slate" of titles for theatrical release as well as Hulu and Disney +. (more...)
EMIs set to fall as RBI goes for fourth straight rate cut EMIs set to fall as RBI goes for fourth straight rate cut
- August 07, 2019

The central bank lowered the reverse repo rate, at which it borrows money from commercial lenders, to 5.15% from 5.50%. "The Monetary Policy Committee (MPC) notes that inflation is now projected to remain within the target over a 12-month ahead horizon", the Reserve Bank of India said. (more...)
Reserve Bank releases OCR announcement - and banks respond Reserve Bank releases OCR announcement - and banks respond
- August 07, 2019

CommSec chief economist Craig James said it appeared the Reserve Bank of New Zealand was anxious about the nation's slow economic growth pace as the United States engaged in a trade war with China. "We're seeing insurance cuts from across the board now and I expect we'll definitely see more to come", said Shaun Roache, chief Asia-Pacific economist at S&P Global Ratings in Singapore. (more...)

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