Business News

Equifax reportedly near deal to pay about $700 million over data breach

Equifax reportedly near deal to pay about $700 million over data breach

Credit reporting agency Equifax is nearing a deal to pay about $700 million to state and federal regulators to settle probes stemming from a data breach that exposed the personal information of nearly 150 million people, according to two published reports. Funds from the settlement will go toward compensating consumers for the cost of the…

Zara wants all its clothes to be made from sustainable fabrics by 2025

Zara wants all its clothes to be made from sustainable fabrics by 2025

Fast fashion retailer Zara is going green. All of the cotton, linen and polyester used by Zara will be organic, sustainable or recycled by 2025, parent company Inditex announced this week. The Spanish retail conglomerate said the goal will extend to its other brands, including Zara Home, Pull & Bear and Bershka. Inditex made the…

‘The Lion King’ could seal Disney’s reign over the box office

‘The Lion King’ could seal Disney’s reign over the box office

The US box office is struggling, but you wouldn’t know it if you only looked at Disney’s coffers. The House of Mouse owns the top four highest-grossing films of 2019, including “Avengers: Endgame,” “Captain Marvel,” “Aladdin” and “Toy Story 4.” “Endgame” shattered records when it opened in April and has made more than $2.7 billion…

Carl Icahn declares war over huge oil takeover

Carl Icahn declares war over huge oil takeover

Carl Icahn believes Occidental Petroleum badly overpaid for oil driller Anadarko Petroleum. Now, he wants four Occidental directors to pay for that controversial deal — with their jobs. The famed activist investor officially declared war on Occidental’s board on Thursday by filing the paperwork required to begin the process of ousting and replacing a chunk…

On ESPN, Dan Le Batard calls his own network ‘cowardly’ for not addressing racism

On ESPN, Dan Le Batard calls his own network ‘cowardly’ for not addressing racism

ESPN radio and TV personality Dan Le Batard called his network’s relatively new politics-free stance “cowardly” in the face of President Donald Trump and his supporters’ racist remarks about four Democratic congresswomen of color. Jimmy Pitaro, who became ESPN’s president last year, recently told the Los Angeles Times that the sports network’s audience has no…

Stocks end lower as geopolitical fears rise

Stocks end lower as geopolitical fears rise

The Dow and US markets closed lower on Friday, as geopolitical worries overshadowed the hopes of interest rate cuts by the Federal Reserve. The Dow closed down 0.3%, or 69 points, while the S&P 500 and the Nasdaq Composite finished 0.6% and 0.7% lower, respectively. All three stock benchmarks also fell week-on-week. Geopolitical concerns overshadowed…

China’s economic slowdown is real, but it’s not just about tariffs

China’s economic slowdown is real, but it’s not just about tariffs

China’s economic growth has slumped to its lowest level in nearly three decades, but the trade war with the United States isn’t solely to blame. Gross domestic product growth dropped to 6.2% in the second quarter, the weakest since the government started publishing quarterly figures in 1992, the national statistics authority said this week. Soon…

Netflix faces a new rival in the UK

Netflix faces a new rival in the UK

UK television network ITV has teamed up with the BBC on a streaming product that gives British audiences a new alternative to Netflix. BritBox will debut in the final three months of this year, the networks announced Friday. For £5.99 ($7.50) per month, users will get access to older shows and new HD programming across…

Dollar stores are everywhere. That’s a problem for poor Americans

Dollar stores are everywhere. That’s a problem for poor Americans

As dollar stores sweep across America, they are facing growing scrutiny from opponents who argue that discount chains stifle local competition and limit poor communities’ access to healthy food. Dollar stores have never been more popular. Yet a wave of cities and towns have passed laws curbing the expansion of Dollar General and Dollar Tree,…

AB InBev sells Australian business after ditching huge Asian IPO

AB InBev sells Australian business after ditching huge Asian IPO

The world’s biggest brewer is selling its Australian business just days after calling off what would have been the biggest initial public offering of 2019. Anheuser-Busch InBev will unload its Carlton & United Breweries unit to Japanese beer giant Asahi in a deal worth 16 billion Australian dollars (about $11.3 billion). It was announced on…

Boeing’s 737 hit; Iran tensions and oil; Microsoft soars

Boeing’s 737 hit; Iran tensions and oil; Microsoft soars

1. Boeing crisis: Boeing’s 737 Max crisis is hitting its bottom line. The company said Thursday that it will record a $5 billion after-tax charge in the second quarter, citing potential concessions to customers for disruptions and delivery delays. It’s the fullest account from Boeing to date of the cost of grounding its best-selling jet.…

Boeing will take a $5 billion charge for its 737 Max troubles

Boeing will take a $5 billion charge for its 737 Max troubles

Boeing will take a roughly $5 billion hit this quarter because of the 737 Max crisis. The company said Thursday that it will record a $4.9 billion after-tax charge in the second quarter “in connection with an estimate of potential concessions and other considerations to customers for disruptions related to the 737 Max grounding and…

Netflix: The Straight Pride Parade ‘is about hate — not pride’

Netflix: The Straight Pride Parade ‘is about hate — not pride’

Netflix thinks the Straight Pride Parade “is about hate — not pride.” The company had a strong and swift response after organizers of a Straight Pride Parade included a logo of Netflix on their website about potential corporate sponsors. “You should know that we’re unafraid of bullies,” Netflix wrote in an email to the group…

Southwest extends 737 Max flight cancellations through November 2

Southwest extends 737 Max flight cancellations through November 2

Southwest Airlines is the latest carrier to extend flight cancellations into November because of the Boeing 737 Max grounding. The Dallas-based airline announced Thursday it has removed flights that use the grounded aircraft through November 2. Southwest has 34 of the 737 Max planes in its fleet, the most of any US airline. Southwest has…