Category: Business

Bayer To Buy Monsanto For $66B [VIDEO]

Germany-based health and agricultural giant Bayer reached a deal to acquire seed and pesticide firm Monsanto for $66 billion in yet another jolt to a global agricultural sector that has been rocked by sluggish crop prices. Bayer said Wednesday that it agreed to pay $128 per share in cash for St. Louis-based Monsanto after months…

Wells Fargo Fined $185 Million For Illegal Banking Practices [VIDEO]

Wells Fargo was fined $185 million Thursday for illegal banking practices, including issuing credit cards without customer consent and piling late fees onto accounts customers didn’t know they had. The bank, which serves approximately 40 million customers, has fired 5,300 employees for creating over 2 million fake accounts. “Wells Fargo employees secretly opened unauthorized accounts…

New iPhone Expected To Top Today’s Apple Event

On Wednesday, Apple CEO Tim Cook and other company luminaries and guests will host an event in San Francisco, and the featured product is widely expected to be a new smartphone, the iPhone 7. According to rumors, the new iPhone will have no headphone jack, may have two cameras on the back of the larger…

Samsung Recalls Galaxy Note 7 Phones Over Exploding Batteries

Samsung on Friday recalled its new Galaxy Note 7 smartphones over a battery problem that can cause the devices to catch fire. The company has sold 2.5 million of the waterproof phones, which only made their debut on Aug. 19. Samsung said it had found 35 cases of faulty devices globally. The South Korean company’s…

U.S. Economy Adds 151,000 Jobs In August

The U.S. economy continued to build momentum in August, with employers adding 151,000 workers to their payrolls, the Labor Department reported early Friday. The unemployment rate held steady at 4.9 percent for the third consecutive month, and average hourly wages rose 0.1 percent. August is seen by economists as a difficult month to measure, as…

5 Ways Donald Trump Is Making Money Off His Campaign

Here are the five ways Trump has used campaign funds to benefit himself financially, and how much he has made so far: Buying copies of his own book – $55,000 Rent in Trump Tower – $169,758 Trump Tower food – Unknown (Taco bowls ain’t cheap) Trump’s Mar-a-lago & other properties – $600,000 The Plane –…

EU: Apple Must Repay $14.5 Billion In Back Taxes To Ireland

A European Union ruling Tuesday determined that Apple owes Ireland $14.5 billion in taxes and must now pay up. The amount makes the ruling the largest the organization has ever issued on a single company. Apple executives said the company will appeal the decision and believe the ruling “upended the international tax system,” CNN reports.…

Pfizer to Buy Medivation for $14 Billion

Pfizer Inc. said Monday it has agreed to buy biotech Medivation Inc. for $81.50 a share, valuing the total company at about $14 billion, in a move that adds one of the crown jewels of the multibillion-dollar market for cancer drugs to Pfizer’s portfolio. It ends months of bidding for San Francisco’s Medivation, one of…

Gawker.com Shutting Down Next Week [VIDEO]

Gawker.com will shut down next week, the famed gossip blog announced Thursday afternoon. The decision comes several days after Univision purchased the website and its six sister sites for $135 million, months after it lost a high-profile lawsuit filed by pro wrestler Hulk Hogan (and financed by billionaire investor Peter Thiel) and the media network…

Gawker Media Sold to Univision for $135M [VIDEO]

Gawker Media has been sold to Univision for $135 million in a bankruptcy sale completed Tuesday. Univision, the owner of Fusion, The Root, and a stakeholder in The Onion, among other properties, outbid Ziff Davis for the blog network started 14 years ago by Nick Denton. The deal will be made official by a bankruptcy-court…

Clinton Releases 2015 Tax Returns Paid 34% Effective Federal Rate

Hillary Clinton today released her 2015 tax returns while running mate Sen. Tim Kaine released 10 years’ worth of his. The information shows that she and husband Bill Clinton paid an effective federal tax rate of 34.2 percent and an effective state and local tax rate of 9 percent, totaling a combined tax rate of…

Jobs Report: U.S. Adds 255K Jobs in July

The U.S. added 255,000 jobs during the month of July, the Bureau of Labor Statistics annnounced Friday morning. The numbers handily beat expectations of 180,000 jobs, while the unemployment rate remained at 4.9 percent. However, job growth in May was extremely tepid: Just 38,000 new jobs were created, the BLS said originally, but that number…

Time Warner Buys 10% Share in Hulu

Time Warner has acquired a ten-percent stake in Hulu, as part of an effort to bring Turner cable shows to the live-streaming TV service launching in 2017. While terms of the deal were not made public, Variety reports that “Time Warner is investing $583 million, implying Hulu is worth nearly $6 billion.” The media conglomerate…

Donald Trump used 9/11 Funds Program to Get $150K for Himself

The self-proclaimed billionaire, who has so far refused to release his tax returns, was one of many wealthy individuals and businesses who used a loophole in a program intended to help smaller companies in lower Manhattan recover after the Sept. 11 tragedy. He did this even though he said that he had no damage to…

Verizon Buys Yahoo For 4.83 Billion [VIDEO]

Verizon confirmed Monday that it had reached a deal to buy Yahoo’s land holdings and core internet operations for $4.83 billion. Yahoo was once an internet behemoth valued at as much as $125 billion. The takeover will end months of uncertainty about Yahoo’s future, which began in February with an announcement the company would review…

Global Markets Plunge On EU Vote [VIDEO]

World stocks saw more than $2 trillion wiped off their value on Friday as Britain’s vote to leave the European Union triggered 5-10 percent falls across Europe’s biggest bourses and a record plunge for sterling. Such a body blow to global confidence could prevent the Federal Reserve from raising interest rates as planned this year,…

Apple’s Biggest Announcements From WWDC 2016

Apple’s annual World Wide Developers Conference is the company’s biggest event of the year, where a big crowd of developers and media all meet to see the latest tech to come out of Cupertino. This year’s event is likely to be light on hardware and heavy on software updates. Among the big announcements expected this…

Microsoft Buys LinkedIn for $26.2 Billion [VIDEO]

Microsoft is acquiring LinkedIn, the company announced Monday. The move is a cash deal valued at $26.2 billion. Both companies’ boards of directors approved the acquisition unanimously. Under the new deal, LinkedIn CEO Jeff Weiner will report to Microsoft CEO Satya Nadella. After the announcement, the LinkedIn share price jumped 48 percent.

Facebook To Revamp ‘Trending Topics’

Facebook says it will switch up the top 10 list of sites it uses to determine its trending topics, but claimed there was no political bias in the process. The changes are meant to give editors clearer guidelines for the process as well as more reviews for the procedure. The move comes after Facebook CEO…

Bayer Announces $62 Billion Cash Offer For Monsanto [VIDEO]

German drugs and chemicals group Bayer AG said it had made an offer to buy U.S. seeds company Monsanto Co for $122 per share in cash, or a total value of $62 billion including debt, to create the world’s biggest agricultural supplier. Bayer said on Monday that the proposal made to Monsanto’s management represented a…

Zuckerberg Meets With Conservatives Leaders [VIDEO]

Facebook’s Mark Zuckerberg issued a statement thanking conservatives for meeting with him at the company’s headquarters on Wednesday. “Thank you to everyone who rearranged their schedules and made sacrifices to be here today. It’s important that Facebook remains a platform for all ideas and that we continue to give every person a voice,” Zuckerberg wrote.…

76ers Become First Team to Sell Ads on Uniform [VIDEO]

The Philadelphia 76ers is officially the first team among the four major professional sports leagues to sell sponsorship on their official uniforms. The NBA franchise announced Monday morning that ticket resale company StubHub will place its logo on the upper-right corner of the last-place team’s jersey, starting in the 2017-18 season. According to ESPN sources,…

Takata Set to Recall 35M More Airbags

Takata Corp. is planning to announce as early as Wednesday a recall of at least 35 million additional airbag inflaters in U.S. vehicles, more than doubling what is already the largest auto recall in American history, The Wall Street Journal reports. The affected airbags, which use ammonium nitrate as a propellant, can rupture and spray…

New Tesla Model 3 Gets 115K Preorders [VIDEO]

Before Tesla had even unveiled its new electric wonder sedan, the Model 3, on Thursday, the company had already amassed $130 million from preorder deposits for the vehicle. The 115,000 preorders were garnered in a 24-hour period. “This is kind of crazy,” Elon Musk said when he announced the number at a launch event late…

U.S. Added Strong 215K Jobs in March [VIDEO]

American employers in March added 215,000 jobs, according to new figures Friday from the Bureau of Labor Statistics. Average hourly wages rose 0.3 percent, up from the 0.1 percent registered in February. However, the unemployment rate edged up to 5 percent, a slight bump from 4.9 percent a month ago. So far this year, average…

SeaWorld to Stop Breeding Killer Whales [VIDEO]

The orcas—also known as killer whales—at SeaWorld will be the last generation to live at the water parks, the company said. SeaWorld will stop breeding them immediately. The company has faced public scrutiny for its treatment of the mammals since 2013, when the CNN documentary Blackfish debuted. The film followed the life of an orca…

Nike, TAG Heuer, Porsche Suspend Ties With Sharapova [VIDEO]

Nike announced Monday it was suspending its relationship with tennis star Maria Sharapova just hours after the world’s highest paid female athlete announced she failed a drug test at the Australian Open in January. Sharapova said she took “full responsibility” for using meldonium, a substance banned by the World Anti-Doping Agency. The 28-year-old career Grand…