Money

Soon, there will be just 3 black Fortune 500 CEOs

Ursula Burns: From public housing to CEO Soon there will be only three black CEOs leading America’s largest companies. Kenneth Chenault, the longtime chief executive of American Express, is retiring early next year. Unless another company hires a black CEO, that will leave Merck, TIAA and JCPenney as the only businesses in the Fortune 500 with black leaders. And all three of those leaders are men. There hasn’t been a black woman CEO in the Fortune 500 since Ursula Burns left Xerox last year. The number of black executives leading ...

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China's answer to Groupon and Yelp is now worth $30B

You need an app to shop in Alibaba’s grocery stores Investors are hot for Chinese startups. Meituan-Dianping — a company that enables users to make lunch reservations, order food and buy movie tickets through a single mobile app — said Thursday it has raised $ 4 billion, valuing it at roughly $ 30 billion. That puts it in the same league as major U.S. startup Airbnb. The Chinese firm was formed in 2015 by the merger of two smaller companies that were viewed as China’s equivalents of Groupon and Yelp. ...

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China's economy cools slightly in the third quarter

Xi Jinping’s rise to power There were no nasty surprises in China’s latest economic growth figures. The world’s second largest economy expanded 6.8% in the third quarter compared with the same period a year earlier, government data released Thursday showed. That number was in line with economists’ forecasts. Few analysts had expected any big surprises in Thursday’s data, since it coincided with the ruling Communist Party’s national congress, a major political event that takes place just twice a decade. The party has prioritized economic stability in the run up to ...

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Baltimore is trying to land Amazon's new HQ with help from Goldman Sachs

A rendering of the Port Covington development, in Baltimore. Baltimore is getting a hand from Goldman Sachs as it tries to become Amazon’s second home. Goldman(GS) invested $ 233 million last month in a huge real estate project that could serve as a potential East Coast base for the e-commerce giant. The move came just a week after Amazon announced plans to open another headquarters in North America. Called “HQ2,” the facility will employ as many as 50,000 workers. Cities are required to submit their bids by Thursday. Related: Cities ...

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Harvard rescinds medal awarded to Harvey Weinstein in 2014

Women go public with Weinstein allegations Harvard has decided to strip Harvey Weinstein of an award it gave him in 2014. The Hutchins Center for African and African American Research voted unanimously on Wednesday to rescind Weinstein’s W. E. B. Du Bois Medal. The movie mogul has been accused of sexual harassment and assault by dozens of women in recent weeks. The allegations span nearly three decades. “We stand with the women who have courageously come forward to fight for themselves and indeed for all of those who have experienced ...

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Blue Apron lays off hundreds just months after IPO

Wall Street gets its first taste of Blue Apron IPO Blue Apron is fighting to get back in the black. Blue Apron(APRN) laid off 6% of its staff across its fulfillment centers and corporate offices on Wednesday in an effort to get closer to profitability, according to a filing with the Securities and Exchange Commission. No headcount was provided. Blue Apron reported having more than 5,000 employees when it went public in June, suggesting 300 people may have been cut. Reps for Blue Apron did not immediately respond to a ...

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Ethics case against Trump awaits green light from judge

Secret Service paid Mar-a-Lago thousands Ethics experts have sued the president. Now a judge has to decide whether their case can go forward. At issue: Payments from foreign entities to his hotels, clubs and restaurants, which some watchdogs say violate an anti-corruption measure in the Constitution. The constitutional provision in question — the Emoluments Clause — bars the president from accepting gifts from foreign governments without permission from Congress. CREW claims that because Trump refused to sell his business holdings before the inauguration, he’s in violation of the statute. Related: ...

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Mnuchin to Congress: Cut taxes or market will dive

Here’s how the Dow topped 23,000 Treasury Secretary Steven Munchin, speaking on the eve of the 30th anniversary of the 1987 market crash, predicted stocks will plunge if Congress fails to overhaul taxes. “There’s no question in my mind if we don’t get it done you’re going to see a reversal of a significant amount of these gains,” Mnuchin told Politico on Wednesday. Mnuchin’s warning — a highly unusual one for a sitting treasury secretary — suggests he fears a drop of at least thousands of Dow points. The average ...

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Ford recalling 1.3 million F-series pickups

Police pull some Ford SUVs from service over carbon monoxide claims Ford is recalling 1.3 million F-series pickup trucks, the best selling vehicle in America, for a door latch problem that could allow the door to open while the truck is moving. The affected models include some of the model year 2015 F-150’s, as well as some 2017 Super Duty pickups. In addition to the problem with the door opening unexpectedly, the latch can also prevent the driver from opening the door when they need to. Ford(F) estimates it will ...

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We've found Trump's perfect pick for Fed chair: Janet Yellen

White House isn’t ruling out a second term for Fed Chair yet President Trump loves to brag about the stock market’s incredible post-election run. He’d surely hate to see it come to an end. One way to prevent the market from getting knocked off course is to keep one of its biggest backers in place: Janet Yellen. The Federal Reserve chief’s promise not to remove the easy-money punch bowl too quickly has helped keep the party on Wall Street going. If Trump replaces Yellen when her term expires in February, ...

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