Business News

Goldman Sachs unit pleads guilty in Malaysian bribery case and agrees to pay $2.9 billion

Goldman Sachs’s Malaysian subsidiary has pleaded guilty to charges that it conspired to violate US anti-bribery laws in a massive scheme involving the Southeast Asian country’s sovereign wealth fund, known as 1MDB. Goldman has agreed to pay about $2.9 billion to various authorities. About $1.3 billion of that will go to the US Justice Department,…

Morgan Stanley to cover tuition for 60 students at three HBCUs

Morgan Stanley announced a new program to provide full scholarships for 60 students at three historically Black colleges and universities, known as HBCUs — the latest move by a major bank to try to confront racial inequalities in the United States. The scholarships are part of the bank’s HBCU Scholars program, which will provide four-year…

Santa is skipping Macy’s for the first time in 159 years

There will be no miracle on 34th Street this year. Santa Claus won’t be visiting any Macy’s stores in 2020, ending a 159-year holiday season tradition. The department store’s tradition started in 1861, but Santa meet-and-greets won’t be happening this year because of concerns about the coronavirus pandemic. Instead, Macy’s is creating an interactive virtual…

Guinness may actually be good for you now: There’s a non-alcoholic version

Every Guinness Irish stout has contained alcohol for the past 261 years. Until next week. Guinness announced 0.0, a non-alcoholic version of its famous stout, will go on sale in the UK and Ireland Monday at select retailers, and it will go on sale elsewhere — including pubs — in the spring. The drink isn’t…

Time replaces its logo for the first time in its history. Now, it says ‘Vote’

For the first time ever, Time magazine’s logo will be replaced with an imperative — “VOTE.” It’s both a call to action for readers and a mission statement for the November 2 double issue, which covers the final days of the 2020 presidential election. “Few events will shape the world to come more than the…

Viagogo’s $4 billion purchase of Stubhub is in trouble

The $4 billion takeover of US ticketing resale platform StubHub by its European rival Viagogo was thrown into jeopardy on Thursday after Britain’s competition watchdog said it could require the companies to part ways. The Competition and Markets Authority (CMA) said in a statement that the deal is “likely to result in a substantial lessening…

Invisalign maker gets big boost from TikTok star Charli D’Amelio

Invisalign maker Align Technology just blew past Wall Street’s forecasts, thanks to endorsements from one of TikTok’s biggest stars. Align Technology said in its third quarter earnings report Wednesday that sales of its Clear Aligner cases for teenagers rose nearly 26% from a year ago. That helped lift overall revenue and earnings, which topped Wall…

It’s shocking that Jamie Dimon is urging a peaceful transfer of power. Here’s why

JPMorgan Chase CEO Jamie Dimon is urging all Americans this election to respect the democratic process, especially the peaceful transfer of power. “The peaceful and stable transition of power ― whether it is to the second administration of a president or a new one ― is a hallmark of America’s 244-year history as an independent…

Tesla is knocking on the door of the S&P 500

Tesla could have been added to the S&P 500 earlier this year. Instead, it was snubbed, shocking the bullish investors that have driven the company’s shares up more than 400% this year. But the electric carmaker’s pitch for joining the exclusive index of top US companies appears to be strengthening. What’s happening: Tesla reported its…

American Airlines and Southwest trim losses but still lose billions of dollars

American Airlines and Southwest Airlines both reported billions of dollars in losses Thursday, but that’s what passes for an improvement in the battered industry these days. American, the world’s largest airline, reported it lost $2.8 billion in the third quarter excluding special items. That’s down from the $3.4 billion it lost in the second quarter…

Wendy’s just released a new fried chicken sandwich

Wendy’s is reentering the fried chicken sandwich battle with a new competitor. The chain has a rolled out the Classic Chicken Sandwich, which features a crispier and juicier fried-chicken filet compared to its predecessor and is topped with mayo, a slice of tomato, lettuce, and pickles — all placed on a toasted bun. The sandwich…

HBO Max has added 8.6 million US subscribers

HBO Max — WarnerMedia’s answer to Netflix, Disney+ and the like — is catching on quickly. The company doubled the number of HBO Max subscribers last quarter and now has 38 million HBO and HBO Max customers. That’s enough to surpass HBO’s year-end target. AT&T, which owns CNN parent company WarnerMedia and the fledgling streaming…

‘Selfish and reckless.’ More than 700 economists strongly oppose Trump’s reelection

More than 700 economists, including seven Nobel Prize winners, are urgently warning against the reelection of President Donald Trump, citing what they describe as a “sustained assault” on democracy, a fumbled response to the pandemic and the spread of “dangerous misinformation.” “In just one term in office, Donald Trump has rendered the United States unrecognizable,…

This is what Burger King’s new reusable packaging looks like

Burger King is planning to test reusable containers starting next year as part of its efforts to reduce waste. The trial is part of a partnership with TerraCycle’s zero-waste delivery platform, Loop. Customers can opt in for reusable packaging for menu items such as sandwiches, soft drinks and coffee. They can then return the reusable…

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