The business news thread

Who at Styleart decided this was a good slogan to put on t-shirts for children? And if he hasn't yet been fired, he should be.

Amazon pulls racist 'Slavery Gets S**t Done' products from website
HuffPost, Jan 24 2018 2:24 PM

Amazon has removed a series of products from its website that bore a slogan praising slavery. The online retailer faced a backlash this week after a third-party seller named Styleart listed a number of items emblazoned with the phrase "Slavery Gets Shit Done" on Amazon’s Marketplace platform. The products included laptop cases, mugs, bags, children’s T-shirts and bibs. Human rights organization Anti-Slavery International described the items as "absolutely shocking" and urged Amazon to "do better to control what you sell." Some customers also called for a boycott of the website.

https://www.aol.com/article/news/201...site/23342612/

Grenade Beverage had the rights to sell Grumpy Cat iced coffee but then they started selling Grumpy Cat roast coffee and Grumpy Cat t-shirts, which they did not have the rights to. Now Grumpy Cat and her owner have something to smile about.

Grumpy Cat wins $710,000 payout in copyright lawsuit

www.bbc.com/news/world-us-canada-42808521

This app is a terrible idea. Nobody will know which stories are true and which stories are false -- and I'm sure there will be many false stories. I can imagine them: "I just got fired. I'm going to get even. I'll post a story saying my boss embezzled $5,000,000." "My neighbor backed into my car and dented it. I'll fix him. I'll post a story saying he started an arson fire at the Catholic church."

Google's new Bulletin app lets anyone submit local news stories -- but it might make the company's fake-news problem even worse

http://www.businessinsider.com/googl...ke-news-2018-1

Patron's stockholders are probably in high spirits. (Sorry.)

Bacardi buys tequila maker Patrón for $5.1 billion

http://www.fortune.com/2018/01/22/ru...equila-patron/

Would anyone really pay $349 (plus tax) and $10 a month just to have pictures of the inside of his car?

A former Apple engineer who worked on the first iPhone is making a super-smart camera for your car
Business Insider, Feb 01 2018

Andy Hodge, a former Apple executive who worked on the iPod and Dropcam, has a new startup making a super-smart dashboard camera. The company and camera are called Owl, and the camera comes with a built-in LTE connection so it can alert you to fender benders and break-ins even when you're not in your car or it's not turned on. The company has raised $18 million in venture funding. The Owl sells for $349, which includes a year of LTE service, which will eventually cost $10 per month.

http://www.businessinsider.com/owl-c...t-execs-2018-2

Amazon's fourth-quarter operating income was $2.1 billion, 69% higher than the fourth quarter of 2016. If I had lots of money, I would ask Alexa to buy me a few thousand shares of Amazon stock.

Amazon posts largest profit in its history on sales, tax boost
Reuters, Feb 1 2018 4:25 PM

Amazon today reported a fourth-quarter profit of $1.86 billion, the largest in its history, as the online retailer drew millions of new customers to its Prime fast-shipping club for the holiday season and as changes to U.S. tax law added to its bottom line. Amazon is using fast shipping, television shows exclusive to its website and forays into new technology, such as its voice-controlled Alexa devices, to attract high-spending Prime members. Amazon said price cuts at Whole Foods Market, which it acquired for $13.7 billion last year, are helping it win grocery sales, too. Amazon's profit received a provisional $789 million boost from the U.S. Republican tax bill passed in December.

https://www.reuters.com/article/us-a...-idUSKBN1FL6H0

In 1823, Johann Adam Benckiser founded a chemical business in Pforzheim, Germany. The company grew into today's JAB Holdings, headquartered in Luxembourg. Cola consumption is declining and JAB is obviously assuming consumption of 7Up and Dr Pepper is climbing:

Keurig to take control of Dr Pepper Snapple in $18.7-billion deal
Los Angeles Times, Jan 29 2018 4:00 PM

JAB Holding Co.'s audacious effort to build a food-and-beverage empire, which already includes Krispy Kreme Doughnuts and Caribou Coffee, has taken a surprise turn into soft drinks. The investment firm's Keurig Green Mountain business, known for its single-serve coffee brewers, has agreed to take control of Dr Pepper Snapple Group Inc. The deal would pay $18.7 billion in cash to shareholders and vault JAB into competition with the likes of Coca-Cola and PepsiCo, bringing a stable of brands that includes 7Up lemon-lime soda, A&W root beer and Mott's apple juice. Keurig Dr Pepper, as the new company would be known, would have annual revenue of about $11 billion.

http://www.latimes.com/business/la-f...129-story.html

Billboard, Hollywood Reporter merge with dick clark productions, MRC
Billboard, Feb 1 2018

Billboard-Hollywood Reporter Media Group, dick clark productions and film and television studio MRC are merging into a new company called Valence Media. The Los Angeles-based company said its divisions will retain their own brands and current leadership teams. Its projects will include publishing, film and television production, and live and digital entertainment.

https://www.billboard.com/articles/b...roductions-mrc

The CNN headline uses a figure of speech. Nobody really smacked any of Wells Fargo's employees with a hammer -- although many of them might have deserved to be smacked with a hammer.

The Fed drops the hammer on Wells Fargo
CNN Money, Feb 2 2018 8:08 PM ET

The Federal Reserve today handed down unprecedented punishment for what it called the Wells Fargo's "widespread consumer abuses," including its notorious creation of millions of fake customer accounts. Wells Fargo won't be allowed to get any bigger than it was at the end of last year -- $2 trillion in assets -- until the Fed is satisfied that it has cleaned up its act. It is the first time the Federal Reserve has imposed a cap on the entire assets of a financial institution, according to a Fed official. Under pressure from the Fed, the bank agreed to remove three people from the board of directors by April and a fourth by the end of the year. "We cannot tolerate pervasive and persistent misconduct at any bank," outgoing Fed Chairwoman Janet Yellen said in a statement. Today was her last day on the job.

Wells Fargo's reputation has been shattered over the past year and a half by a seemingly endless series of misconduct. Most prominently, Wells Fargo admitted that its workers responded to wildly unrealistic sales goals by creating as many as 3.5 million fake accounts. The bank has also said it forced up to 570,000 customers into unneeded auto insurance. The bank agreed to the Fed's conditions under what's known as a consent decree. In a statement, Wells Fargo said it is "confident" it can meet the Fed's requirements.

http://money.cnn.com/2018/02/02/news...rve/index.html

As I write this, Bon-Ton stock is selling for $0.085 per share, a 52-week low.

Regional department store chain Bon-Ton files for bankruptcy protection, will close more than 40 of its 260 stores

http://www.cnbc.com/2018/02/05/depar...rotection.html

Three days ago, I posted the news of the Federal Reserve's sanctions on Wells Fargo for creating 3.5 million fake accounts and charging 570,000 auto loan customers for insurance without notifying them. Well, now it's time for the sob story. Pardon me if I don't feel sorry for Wells Fargo.

Wells Fargo: Fed order could cut $400 million from bank's profit this year

http://www.msn.com/en-us/money/compa...D=ansmsnnews11

"Help wanted. Must be able to make a hamburger. Good pay. Opportunity for advancement."

With unemployment at a 17-year low, fast-food chains are struggling to hire and retain workers

http://www.businessinsider.com/fast-...-donuts-2018-2

Jeff Bezos will be happy. Best Buy's loss will be Amazon's gain.

Best Buy will stop selling CDs July 1; Target could follow suit

http://www.businessinsider.com/best-...eaction-2018-2

I can't help wondering what Walt Disney would say if he could see the theme parks today: "Avatar? Star Wars? Indiana Jones? Guardians Of The Galaxy? Muppet*Vision 3D? The Twilight Zone Tower Of Terror? At Disney parks? We should be developing rides and shows based on our own characters -- Disney characters."

Theme parks lift Disney profit
Reuters, Feb 6 2018 1:15 PM

The Walt Disney Co. today reported a quarterly profit that topped Wall Street forecasts as theme park attendance rose, making up for a decline at the ABC broadcasting network. Shares of Disney rose 2.7% in after-hours trading to $108.99. The media and entertainment conglomerate reported adjusted earnings per share of $1.89 for October through December, ahead of the $1.61 analysts expected.

The theme parks division generated $1.3 billion in operating income for the quarter, helped by strong park attendance and cruise ship bookings over the Christmas and New Year’s holidays. Visitors flocked to an Avatar-themed land at Walt Disney World in Florida and to a Guardians of the Galaxy ride at Disneyland Resort in California, the company said.

https://www.reuters.com/article/us-w...-idUSKBN1FQ321

The Times was owned by the same family from 1884 until 2000 when the paper was sold to the Tribune company in Chicago. Ownership will once again be local. Patrick Soon-Shiong, born in South Africa to Chinese parents, is a former doctor who now lives in Los Angeles and owns several medical research companies. Forbes estimates his wealth at $7.8 billion.

Billionaire Patrick Soon-Shiong reaches deal to buy Los Angeles Times and San Diego Union-Tribune

http://www.latimes.com/business/la-f...207-story.html

Can we chat about Snap? Snap and Snapchat are really making headlines today.

Snap Inc. stock surges 39% following report of strong earnings, user growth

http://www.latimes.com/business/tech...207-story.html

Snapchat revamp gets full-scale UK rollout

http://www.bbc.co.uk/news/technology-42978422

Snapchat will not let users broadcast Live
Snapchat is finally getting Live video. Today Snapchat announced it will pipe snippets of NBC’s Live Olympics coverage directly into its app but there are no plans to open up broadcasting to Snapchatters.

https://techcrunch.com/2018/02/07/snapchat-live/

For an additional $7.99, online shoppers can get groceries delivered within an hour. Is going to a market once a week and buying groceries really that difficult and time-consuming? For many people, pushing a shopping cart in a market might be the only exercise they get each week.

Amazon Prime members can get free two-hour delivery from Whole Foods

http://www.money.cnn.com/2018/02/08/...ery/index.html

Amazon.....Whole Foods.....and now this. We're giving people more and more reasons to be lazy and never leave their homes.

KFC, Taco Bell teaming with GrubHub to start home deliveries

http://www.cbsnews.com/news/kfc-taco...ck-yum-brands/

I wonder what's next. An Amazon Bank? Amazon Airlines? Amazon Insurance Company? A national chain of Amazon restaurants? Ooh, maybe an Amazonland theme park.

Amazon to launch delivery service that would compete with FedEx, UPS

http://www.msn.com/en-us/money/compa...D=ansmsnnews11

Let the chips fall where they may. (Sorry.)

Qualcomm rejects Broadcom's revised $121 billion buyout offer, proposes meeting

http://www.reuters.com/article/us/qu...-idUSKBN1FS391