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The business news thread
I am starting a new thread. "What, another one?" Yes, but this one is specifically for business news: mergers, takeovers, hirings, firings, expansions, closings and other business news stories which have to do with issues other than stocks. (Those last four words make a pun but it was unintentional.)
Today we have the sales of two snack companies -- and now I'm hungry.
Hershey Foods buying snack maker Amplify in $1.2 billion deal
http://www.msn.com/en-us/money/compa...D=ansmsnnews11
Campbell Soup Co. buys snack maker Snyder's-Lance for $4.87 billion
http://www.abcnews.go.com/business/w...-487b-51858216
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How do you say "Uh-oh" in Swedish?
EU regulators are investigating Ikea's Dutch tax deals
Reuters, Dec 18 2017
European Union state aid regulators are investigating whether Swedish furniture retailer Ikea's tax arrangement with the Netherlands helped cut its tax bill -- the latest crackdown on unfair tax deals between multinationals and EU countries. The European Commission is looking into two tax rulings issued to Inter Ikea, which operates Ikea's franchise business and collects a fee of 3 percent of turnover from all Ikea shops via subsidiary Inter Ikea Systems in the Netherlands.
European Competition Commissioner Margrethe Vestager said, "All companies, big or small, multinational or not, should pay their fair share of tax. Member states cannot let selected companies pay less tax by allowing them to artificially shift their profits elsewhere." Fast food chain McDonald's and French energy company Engie are also in the EU crosshairs over their Luxembourg tax deals.
https://www.cnbc.com/2017/12/18/eu-r...tax-deals.html
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On December 11, Newsweek published its annual "Global 500" list of the world's most eco-friendly companies. Toyota ranked first in the automotive category and #16 overall. And now.......
Toyota says all its cars will have an electric or hybrid option by 2025
The Japanese firm is targeting 5.5 million annual sales of electric vehicles by 2030.
http://www.cnbc.com/2017/12/18/toyot...n-by-2025.html
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Jack In The Box to sell Qdoba Restaurant unit for $305 million cash
Reuters, Dec 19 2017
Restaurant chain operator Jack In The Box Inc. is selling its Qdoba Restaurant Corp. unit to funds affiliated with Apollo Global Management LLC for $305 million cash. Qdoba operates and franchises more than 700 Qdoba Mexican Eats restaurants. San Diego-based Jack In The Box acquired Qdoba for $45 million in 2003. The restaurant chain initially enjoyed fast revenue growth but has faltered in recent quarters.
https://www.reuters.com/article/us-j...-idUSKBN1ED1JI
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Chinese tire manufacturer Sentury will open a plant in Georgia. Chinese tire manufacturer Wanli will open a plant in South Carolina. And now there are three:
Chinese tire maker Triangle Tire picks North Carolina site for its first US plant
http://www.businessinsider.com/ap-ch...-plant-2017-12
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Daniel Kline and Dylan Lewis of The Motley Fool discussed cable television, streaming, "cord cutting," Netflix and the Disney-Fox deal. Here is the video -- and a transcript so you can follow along at home:
What will the cable business look like in 2018?
http://www.fool.com/investing/2017/1...e-in-2018.aspx
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This ruling could pave the way for government regulation of other Internet-based businesses.
Top EU court rules Uber is a taxi company, not a technology service, and should be regulated as such
http://www.abcnews.go.com/internatio...mpany-51901623
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Don't worry -- I won't ask for a show of hands from those who are guilty. This is from the Wall Street Journal:
Worker 'idle time' costs US employers $100 billion a year, study says
That is what research says is being spent on employees who are on the clock but not working.
https://www.wsj.com/articles/worker-...ays-1513785601
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Twitter, in conjunction with Bloomberg, has launched Tic-Toc, a full-time streaming news service. Twitter is also trying to get CEOs to tweet more. Hey, Twitter, don'tcha think maybe they're too busy?
Twitter seeks business ad dollars with live news, CEO tweets
https://www.usnews.com/news/technolo...ews-ceo-tweets
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This would be Boeing’s largest acquisition since since buying McDonnell-Douglas in 1997.
Boeing in talks for takeover of Brazil's regional jet maker Embraer
https://www.bloomberg.com/news/artic...er-wsj-reports
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He stepped down in 2005 and came back three years later. Maybe this time he will stay "stepped down."
John Schnatter, Papa John's controversial CEO, steps down after facing backlash for his criticism of NFL anthem protests
http://www.businessinsider.com/papa-...as-ceo-2017-12
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Indiana AG sues hotel for charging guests $350 after bad online reviews
Ars Technica, Dec 22 2017 5:30 AM
The Indiana attorney general has sued a small hotel in Nashville, south of Indianapolis, over claims that it illegally charged its own customers a $350 fee for leaving negative reviews online. The hotel's Yelp page is currently listed as being "under dispute."
According to the lawsuit, State of Indiana v. Abbey Management, Inc., which was filed in state court in Brown County on December 15, the case originated when a woman named Katrina Arthur stayed at the Abbey Inn. According to her official April 2016 complaint with the AG's office, she stayed just one night in March 2016 and paid $230. Arthur wrote in an online review that the hotel "smelt like sewer."
Arthur received a letter April 2 from Andrew Szakaly, who purported to be an attorney representing the hotel and threatened to sue her for libel if she did not remove the negative review. Arthur was charged $350 four days later. Indiana attorneys, in their complaint, called the hotel's practices "unfair, abusive and deceptive" for not posting this policy anywhere publicly available at the hotel.
https://arstechnica.com/tech-policy/...diana-ag-sues/
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Shoplifters who were caught could avoid criminal prosecution by paying a fee and taking a course on retail theft -- but no longer.
Walmart drops in-house punishment for shoplifters
http://www.upi.com/top_story/us/2017...2831513972935/
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I can't help thinking that if these drug manufacturers didn't charge such outrageously high prices for the drugs they sell, they wouldn't be able to afford to buy other companies. Unfortunately, as competition decreases, drug prices will remain outrageously high.
Roche buys cancer drug maker Ignyta for $1.7 billion deal
Bloomberg, Dec 23 2017 12:31 PM
Roche Holding agreed Friday to acquire San Diego-based biotech company Ignyta for $1.7 billion, following Bayer in buying into a class of experimental cancer drugs that home in on a specific mutation across many types of tumors. Roche's purchase comes about five weeks after Bayer signed a $1.55 billion licensing deal for Loxo Oncology's larotrectinib, an experimental medicine similar to Ignyta's entrectinib.
https://www.investors.com/news/techn...-billion-deal/
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On December 20, AT&T announced that they would use their tax savings to give $1,000 bonuses to 200,000 employees. That was then, this is now:
AT&T announces thousands of layoffs, firings just in time for Christmas
https://www.yahoo.com/news/t-announc...205347737.html
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Kroger owns Ralphs, Fred Meyer and Food 4 Less. If we're going to be doing all their work for them, they should lower their grocery prices!
Kroger is taking a direct shot at Amazon and Walmart and making checkout lanes obsolete
Business Insider, Dec 24 2017 4:02 PM
Kroger's new "Scan, Bag, Go" technology allows customers to scan and pay for goods as they shop. The grocery chain is rolling it out to 400 stores in 2018. Here's how it works: shoppers scan the barcodes of items they wish to purchase using a handheld scanner provided by Kroger or the chain's "Scan, Bag, Go" app on any smartphone. The technology will keep a running tab of shoppers' total order and offer applicable coupons. When customers are finished shopping, they can visit a self-checkout register to pay for their order. Soon, shoppers will be able to skip that step and provide payment through the app instead. That means they won't have to stand in line or visit a register at any point during their shopping trip.
Amazon revealed plans in December to introduce a similar technology, Amazon Go, to its own brick-and-mortar grocery concept. Walmart is also testing its own cashier-less technology in more than a dozen stores in Texas, Florida, South Dakota, Arkansas, Georgia and Kentucky.
https://www.aol.com/article/finance/...lete/23316375/
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I could tell spending was up by the large number of delivery trucks filled with packages from Amazon.
Shoppers spent big this holiday season
CNN Money, Dec 26 2017 1:42 PM
Americans spent at a record pace this holiday shopping season, according to a report from MasterCard's SpendingPulse. That's good news for retailers that need to finish strong after a difficult year. Sales jumped nearly 5% between November 1 and Christmas Eve compared to the same time period last year. That number tracks in-store and online purchases no matter the payment method, and it excludes car sales. It's the biggest percentage gain since 2011, when the economy was still coming back from the Great Recession.
Tthe ever-growing shift to online shopping has battered many traditional retailers. The number of store closings more than tripled this year to nearly 7,000 -- a record. Bankruptcies jumped 30% compared to last year.
http://money.cnn.com/2017/12/26/news...html?iid=SF_LN
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This news is not surprising. It's depressing -- but not surprising:
Insurers poised to raise prices after costly string of natural disasters
Hurricanes, earthquakes and wildfires could make 2017 the most expensive year ever for insurers.
http://www.wsj.com/articles/insurers...ers-1514462400
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Prince Mohammed bin Salman has become the Saudi Arabian counterpart of Bill Gates and Jeff Bezos.
Apple and Amazon in talks to set up in Saudi Arabia
Companies looking to obtain licenses to enter Saudi market. Apple planning to open retail stores.
http://www.cnbc.com/2017/12/28/apple...s-sources.html
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Nice try, Volkswagen.
Germany's top court rejects VW's bid to suspend audit of manipulation of vehicle emissions tests
http://www.reuters.com/article/us-vo...-idUSKBN1EN1C3