Thursday , 20 July 2017

Business News

Mixed results on Wall Street as S&P 500 retreats from record highs

tarabird/iStock/Thinkstock(NEW YORK) — Thursday saw mixed results on Wall Street after consecutive record-setting days for the Nasdaq and S&P 500. The Dow Jones Industrial Average dropped 28.97 on Thursday, closing at 21,611.78. The Nasdaq inched upwards to 6,390.00, gaining 4.96 and setting a new record close for the third straight day. The S&P 500, however, dipped 0.38 to a finish ... Read More »

Elon Musk says he received verbal approval to build underground hyperloop

Photo: Hyperloop One/Tesla(NEW YORK) — Elon Musk tweeted on Thursday that his Boring Company has received verbal approval to build an hyperloop connecting a number of major cities along the East Coast of the United States. Musk and the company have touted the possibility of untrafast travel via hyperloop system for years. On Thursday, Musk said that a trip from ... Read More »

Exxon slapped with $2M fine for violating Russia sanctions while Tillerson was CEO

James Leynse/Corbis via Getty Images(WASHINGTON) — The Treasury Department has fined Exxon Mobil $2 million for violating Ukraine-related sanctions against Russia — while Secretary of State Rex Tillerson was CEO. According to a penalty filed today by the Treasury Department, the presidents of Exxon’s U.S. subsidiaries in 2014 signed eight agreements for oil and gas projects with Igor Sechin, the ... Read More »

Farming startup raises $200M from major investors

iStock/Thinkstock(SAN FRANCISCO) — A California startup that turns farming on its head has raised $200 million dollars from big-name investors such as Amazon chief Jeff Bezos. Plenty, a vertical farming startup based in San Francisco, has also garnered funding from Japanese media giant Soft Bank and Alphabet’s Eric Schmidt, according to the BBC. Founded in 2013, the company has an ... Read More »

'Dark web' marketplaces shut down after global investigation

DigitalVision/Thinkstock(NEW YORK) — Two of the world’s largest “dark web” marketplaces have been shut down after a global investigation, according to the BBC. The AlphaBay and Hansa sites had been connected to the trade of illicit products such as weapons, drugs and stolen data. On AlphaBay, there were more than 250,000 listings for illegal drugs and toxic chemicals, according to ... Read More »

UK watchdog cracking down on ads with 'harmful' gender stereotypes

Wavebreakmedia Ltd/Thinkstock(NEW YORK) — The United Kingdom advertising industry’s self-regulatory group is cracking down on ads that feature stereotypical gender roles, after releasing a report this week that found such ads may cause people to “restrict how they see themselves and how others see them.” The Advertising Standards Authority (ASA) is calling on its sister organization, the Committees of Advertising ... Read More »

McCormick to acquire French's, Frank's RedHot brands for $4.2 billion

Photo by Roberto Machado Noa/LightRocket via Getty Images(NEW YORK) — In a sale worth more than $4 billion, McCormick & Company is expected to purchase the food business of the company that owns French’s, Frank’s RedHot and Cattlemen’s brands. In a press release from Reckitt Benckiser Group, which owned the condiments, the company’s CEO, Rakesh Kapoor, says that he is ... Read More »

Brides-to-be offered free wedding gowns after dress chain closes

iStock/Thinkstock(NEW YORK) — Brides are stepping up to help brides-to-be after the sudden bankruptcy of a national bridal dress chain left many without wedding dresses. Women are using the hashtags #AlfredAngelo and #dressmatchmaker to find strangers who may have purchased wedding gowns from Alfred Angelo Bridal, the chain that suddenly closed its stores last week after nearly 80 years in ... Read More »

Report: Canadians buying more homes in U.S.

Joe Raedle/Getty Images(NEW YORK) — More Canadians have been buying homes in the United States, according to a new report. The National Association of Realtors reported that Canadians spent $19 billion — more than double the previous year — on homes in the U.S. between April 2016 and March 2017, with many of them based in Florida. Buyers have been ... Read More »