Wednesday, August 31, 2016

Elon Musk Faces Cash Squeeze at Tesla, SolarCity

Two pillars of the entrepreneur’s empire are facing financial crunches as he seeks to combine the two companies through a controversial acquisition.

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Dropbox Says 68 Million Usernames and Passwords Stolen in 2012 Hack

Dropbox is forcing some users to reset passwords after discovering that 68 million usernames and passwords were stolen from the online-storage site during a 2012 hack.

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Hanjin Shipping Upsets Global Trade After Seeking Protection From Creditors

South Korea’s Hanjin Shipping Co., one of the world’s largest shipping lines, stopped taking new cargo, and U.S. ports began turning away its ships after it filed for bankruptcy protection in Seoul.

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French Carrier Orange Pursues Stake in Iranian Wireless Firm

France’s Orange SA is in preliminary talks to acquire a stake in Iran’s largest cellular operator in what would mark the first time a Western company has acquired a stake in a major Iranian company since nuclear sanctions were lifted in January.

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Samsung Introduces New Gear S3 Smartwatch

Samsung Electronics Co., Ltd. unveiled its new Gear S3 smartwatch ahead of the IFA consumer electronics trade fair in Berlin.

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Personal-Privacy Concerns Grip China

Columnist Li Yuan writes that national outrage in China over reports of a phone swindle is focusing new attention on lax privacy protections.

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EU Looks to Rein In Alleged Excesses of U.S. Tech Giants

Apple’s tax bill is just the beginning. European officials are pushing a raft of regulations and investigations aimed at altering the behavior of a cadre of U.S.-based internet superpowers.

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United CEO, Health Regained, Looks to Rebuild Airline's Momentum

United Continental CEO Oscar Munoz, five months after returning from medical leave, said in an interview that he now has the management team in place to regain positive momentum for the struggling carrier.

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Insurers Move to Limit Options in Health-Care Exchange Plans

Under intense pressure to curb costs that have led to losses on the Affordable Care Act exchanges, insurers are accelerating their move toward plans that offer limited choices of doctors and hospitals.

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A Cure for Swelling Drug Prices: Competition

While the U.S. health care system is notoriously costly, prices of generic drugs have actually been falling. Price spikes like EpiPen’s reflect a lack of competition that can be curbed by allowing generics approved abroad to be sold in the U.S., Greg Ip writes.

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Deals Stoke Criticism Over U.S.'s Plan to End Internet Oversight

The U.S. government plans within weeks to end much of its oversight of the California nonprofit that helps run the internet, a move with broad international support. But recent business deals by the nonprofit are threatening to roil those plans.

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Justice Department Challenges Deere's Planned Deal With Monsanto

The Justice Department filed a lawsuit challenging Deere’s planned acquisition of a line of high-tech farming equipment from Monsanto, saying the deal would suppress competition for technology that allows farmers to plant crops at higher speeds.

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German Firms Blame U.S. for Iran Trade Disappointment

Many German business and government leaders predicted the lifting of sanctions on Iran would trigger a bonanza for their industrial firms; now they blame lackluster results on remaining U.S. prohibitions.

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Treasury's Lew Criticizes Decision to Issue Apple $14.5 Billion Tax Bill

U.S. Treasury Secretary Jacob Lew took the European Union to task for its decision to levy a $14.5 billion tax bill on tech firm Apple Inc. Tuesday, saying the move amounted to a swipe at the U.S. tax base.

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United Continental's New President Gets Initial $5 Million Bonus

United Continental Holdings Inc. on Tuesday released details of the base salary and other compensation for its newly hired president, Scott Kirby, who shifted into the job from the same post at rival American Airlines Group.

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U.S. Pending Home Sales Index Rose 1.3% in July

A measure of homes under contract for sale rose in July, a sign of steady demand amid low interest rates and rising employment.

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Tesla to Pay $422 Million to Bondholders

Tesla Motors said in a federal filing it expects to pay out $422 million in the third quarter to holders of convertible notes. The auto maker also proposed a swap offer valuing SolarCity at roughly $2.4 billion.

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U.S. Watchdog Seeks Assurances on Planned Shipping Alliance

The U.S. maritime watchdog won’t give the green light to a giant shipping alliance unless it provides guarantees of fair pricing for clients moving cargo in and out of the U.S.

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ADP Reports 177,000 Increase in August Payrolls

Private U.S. employers continued to hire at a solid clip in August, the latest sign that the nation’s labor market remains solid even if job creation is moderating.

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Asahi Mixes Drinks as Japan's Beer Market Shrinks

In an era when Budweiser is sold by a Belgium-based company, Japanese beer has remained in Japan’s hands. The head of Asahi wants to keep it that way, as brewers battle a shrinking domestic market.

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Ryanair CEO Says Big Drop in Winter Fares Could Affect Full-Year Guidance

Ryanair Holdings said a further deterioration in fares during the winter could threaten the airline’s full-year guidance after slightly higher passenger numbers in the summer offset a sharper-than-expected drop in ticket prices.

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AstraZeneca Agrees to Pay $5.5 Million to Settle Alleged Bribery Probe

U.S. regulators said AstraZeneca had agreed to pay $5.5 million to settle an investigation into alleged bribery at the drugmaker’s Chinese and Russian units.

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Mattel's American Girl to Be Sold in Toys "R" Us Stores

Mattel Inc. said it would begin selling its American Girl products in Toys “R” Us Inc. stores, in an extension of its iconic doll brand.

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Ship Operators Explore Autonomous Sailing

Ship designers, their operators and regulators are equipping for a future in which cargo vessels sail the oceans with minimal or even no crew, which could herald the biggest change in shipping since diesel engines replaced steam.

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South Korea's Hanjin Shipping Files for Bankruptcy Protection

South Korea’s Hanjin Shipping filed for receivership, as shipping companies world-wide grapple with overcapacity amid a slump in global trade.

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EU Plans New Legislation to Protect Publishers

The European Commission is set to propose formal legislation that would help publishers seek remuneration from news aggregators such as Alphabet’s Google news search that list snippets of articles on their website, according to an internal document obtained by The Wall Street Journal.

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Bouygues Names Deputy CEOs in Nod to Future Leadership Plan

Bouygues, the construction-to-media conglomerate, has taken a clear step toward choosing a successor to Chairman and Chief Executive Martin Bouygues by naming two more deputy CEOs.

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Tuesday, August 30, 2016

Theranos Walks Away from Zika Test

The blood-testing company withdrew its request for regulatory clearance after the FDA found that a study didn’t include proper patient safeguards.

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SpaceX Signs First Customer for Launch of Refurbished Rocket

Satellite operator SES has agreed to launch one of its large commercial spacecraft on a refurbished Space Exploration Technologies Corp. rocket, marking another advance for reusable boosters.

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Siri Takes Charge of Your Apps in iOS 10

We used Apple’s voice-controlled assistant to send messages with LinkedIn and make mobile payments with Square Cash.

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China Grants Clearance for Dell-EMC Merger

Dell said it received regulatory clearance from China and intends to complete its merger with EMC on Sept. 7. The $60 billion deal will be the largest technology merger ever.

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EU Apple Tax Ruling Stirs Fears of Revenue Loss in U.S.

The European Commission’s ruling that Apple must repay $14.5 billion to Ireland represents a major threat to a bipartisan U.S. tax agreement that has long seemed plausible but always sat just out of reach.

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Abercrombie & Fitch Reports Drop in Quarterly Sales

Abercrombie & Fitch posted a decline in quarterly sales and gave a more cautious outlook for the year, as the apparel retailer struggled to attract shoppers to its mall-based outlets.

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Uber Hires Target Executive as President

Uber Technologies is hiring Target’s top marketing executive to serve as a deputy to Chief Executive Travis Kalanick and oversee its operations.

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GE Capital CEO Keith Sherin, a 35-Year GE Veteran, to Retire

Keith Sherin, who helped steer General Electric Co. through the depths of the financial crisis and then shrank the company’s massive lending business, is retiring after 35 years at the company.

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Google Takes on Uber With New Ride-Share Service

Google is moving onto Uber’s turf with its own ride-sharing service in San Francisco that would help commuters carpool at far cheaper rates, jumping into a booming but fiercely competitive market.

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Mondelez Plans 'What's Next' After Hershey Rebuff

Now that a deal with Hershey is off the table, snack giant Mondelez is going about its plan to dramatically cut costs and become more profitable without the help of a big acquisition.

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T-Mobile, Sprint Unlimited Plans Are Full of Limits

Sprint Corp. and T-Mobile US Inc. recently said they would scrap data caps and give customers a simpler option: unlimited everything at a single price. But the plans have restrictions.

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Agrium, Potash Report Merger Talks

Canadian fertilizer giants Agrium Inc. and Potash Corp. of Saskatchewan Inc. said they were in preliminary talks about a possible merger of equals.

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Roller Coasters Ride Into Dizzying Realm of Virtual Reality

Roller-coaster fans at some amusement parks can now experience new thrills thanks to virtual reality. Riders wearing specially reinforced VR headgear are immersed in a fantasyland where they soar, plunge and twist in sync with a coaster’s motion.

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Adidas CEO Reflects on His Game Plan After 15 Years

As Herbert Hainer prepares to retire, the longtime Adidas chief executive talks about rekindling sales, working with retailers and finding the right people.

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U.S. Consumer Confidence Climbs to Highest Level in Nearly a Year

A gauge of U.S. consumer confidence rose to the highest level in nearly a year in August, suggesting that household spending will remain a key support for the economy.

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U.S. Home Prices Continued Strong Gains in June

Home prices continued to make strong gains in June, as continued price run ups put a damper on demand.

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Foreign Miners Pull Up Stakes in Indonesia

Newmont Mining’s exit from Indonesia after more than three decades operating there—and following by weeks BHP Billiton’s sale of its Indonesian coal interests—illustrates foreign miners’ growing difficulties in the Southeast Asian country.

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'Soft Skills' Like Critical Thinking Are in Short Supply

Companies across the U.S. say it is becoming increasingly tough to find job applicants who have ‘soft skills’ like the ability to communicate clearly, take initiative, problem-solve and get along with co-workers.

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Apple Faces $14.5 Billion Bill Over Illegal Tax Breaks

The European Union demanded that Ireland recoup roughly $14.5 billion in unpaid taxes from Apple, a move that could intensify a feud between the EU and the U.S. over the bloc’s tax probes into American companies.

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Monday, August 29, 2016

Alphabet Executive Leaves Uber Board

Uber Technologies Inc. on Monday said longtime Alphabet Inc. David Drummond executive has left its board amid increasing competition between the two tech companies over self-driving cars.

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Companies' Report on Brazil Dam Failure Adds Little New on Causes

The companies responsible for the failure of a massive tailings dam in Brazil reported the causes of the incident. But it added little information to what Brazilian police and prosecutors had gathered, and it presented few findings on how to prevent future accidents.

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Hanjin Shipping Moves Closer to Bankruptcy

Hanjin Shipping’s creditors have rejected the ailing company’s latest funding plans, nudging South Korea’s largest container operator one step closer to bankruptcy.

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Another Intellectual-Property-Law Firm to Close

Intellectual-property-law firm Kenyon & Kenyon will close and its 55 lawyers will move to Texas-based Andrews Kurth, shrinking still further the national roster of such specialist boutiques.

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Snack Maker Mondelez Drops Pursuit of Hershey

Mondelez has ended talks regarding a possible acquisition of Hershey, saying it determined there was “no actionable path forward” following recent shareholder developments at the chocolate maker.

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American Airlines President Moves to United Continental

The president of American Airlines left the company Monday but immediately moved into the same role at rival United Continental, in an unusual management shake-up in the competitive airline industry.

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Facebook to Allow Users to Trigger 'Safety Check' Feature

Facebook Inc. said Monday that it is aiming for communities to be able to trigger its “safety check” function instead of the social media giant having sole control over it during a disaster.

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At Ports, a Sign of Altered Supply Chains

Economists say subdued activity at U.S. ports is a sign of how retailers are slimming down their supply chains as more of their customers shop online.

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U.S. Implements New Drone Rules

With nationwide rules in place for routine flights of small commercial drones, federal regulators said their next big challenge will be evaluating industry waiver requests to balance innovation and safety.

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Walgreens Forms Alliance With Prime Therapeutics

Walgreens Boots formed a long-term alliance with pharmacy-benefits manager Prime Therapeutics as it seeks to capture a greater share of the prescription-drug market.

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Companies Play Up Standard Accounting Figures

More companies are responding to regulatory scrutiny of their financial reporting by giving greater prominence to standard, or GAAP, accounting, figures, rather than emphasizing their own, more flattering metrics.

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EU Set to Rule Apple Tax Deals With Ireland Illegal

The European Union’s executive body is poised to rule as soon as Tuesday that Apple Inc.’s tax arrangements with Ireland have breached the bloc’s state-aid rules, according to people familiar with the matter.

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Truck Carrying Takata Air Bag Components Explodes After Crash

Takata Corp. said a truck hauling air bag propellants exploded into flames on a Texas highway last week after failing to negotiate a curve and crashing, killing a woman in a nearby home.

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As U.S. Food Prices Fall, Economic Pain Hits More Businesses

Consumers’ glee at the supermarket checkout over lower food prices isn’t shared by all: Farmers, grocers and restaurateurs are feeling the pinch of cheap milk, beef and corn prices on their incomes.

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7-Eleven Tries Selling Another Type of Java

Ade Irmayanti used to view the local 7-Eleven as just a teenage hangout. Then, she and dozens of other mothers began visiting there three nights a week to learn HTML, Java script and other coding skills.

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Apple Sets Event for Sept. 7

Apple is planning to host an event Sept. 7, at which the company is expected to unveil the latest iPhone amid softening sales of its flagship product.

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Bazookas! Hammers! Sinks! Nobody Loves Silly Metaphors More Than Central Bankers

A growing arsenal of unorthodox policy weapons has inspired a new descriptive lexicon.

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Martin Shkreli Sells Remaining Stake in KaloBios

Martin Shkreli has sold his remaining stake in KaloBios, severing his ties with the company he once led as the small drugmaker seeks to distance itself from its former chief executive.

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SunEdison to Sell Some Assets to GCL-Poly Energy

GCL-Poly Energy Holdings, one of China’s largest makers of solar equipment, said it agreed to buy assets from bankrupt U.S. renewable energy company SunEdison for $150 million.

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Malaysia's AirAsia Net Profit Jumped 40.8% On Year

Malaysian budget airline AirAsia Bhd. said Monday net profit for the second quarter jumped 40.8% from a year ago, driven mainly by lower expenses, including fuel costs and taxes.

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Williams Adds Three New Directors

Williams made good on its plan to appoint three new independent directors to its board as activist investor Keith Meister has said he plans to remove the entire board.

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Mylan, Feeling Heat on EpiPen Price, Will Offer Cheaper Generic

Mylan said it would launch a generic alternative to EpiPen at a 50% discount after being criticized for sharply raising the price of the lifesaving drug.

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U.S. Consumer Spending Rose in July

Consumer spending rose for the fourth straight month in July, a sign domestic consumption could continue to drive U.S. economic growth over the second half of the year.

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U.S. Jobs, EU Sentiment, China Manufacturing

This week, the U.S. monthly jobs report will accompany data on personal consumption and inflation, while readings in Europe on unemployment and business sentiment could reflect the impact of the U.K.’s vote to leave the EU.

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Statoil Recalibrates Giant North Sea Project to Save Billions of Dollars

Norway’s Statoil has slashed planned spending on the giant Johan Sverdrup field in the North Sea, ensuring it should remain profitable even if oil prices fall to around half current levels.

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Sunday, August 28, 2016

Construction Unions Stymie Low-Income Housing Plans in California, New York

Legislative efforts in two of the country’s most populous states to boost urban housing construction are facing a common barrier: resistance from construction unions.

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Canada's Mail Service Could be Disrupted Monday

Canada’s mail service could be disrupted Monday if the government-owned postal agency doesn't agree with a union demand to extend contract talks.

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Business-Drone Rules to Take Effect

The first detailed U.S. rules for flights of small commercial drones go into effect Monday.

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Which State Is a Big Renewable Energy Pioneer? Texas

The Lone Star state has added more wind-based capacity than any other, as part of an aggressive energy diversification that seeks to skirt ideological land mines.

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Health Insurers' Pullback Threatens to Create Monopoly Zones

Nearly a third of U.S. counties look likely to have just a single insurer offering health plans on the ACA’s exchanges next year, according to a new analysis, an industry pullback that poses a major challenge to the health law.

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Glaxo Bets It Can Shake Up HIV Treatment

GlaxoSmithKline is pinning the future of its HIV business on an audacious bet: upending the decades-old triple-drug treatment strategy that has turned a fatal illness into a chronic condition.

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Forecasts of Brexit Gloom May Be Overdone

It’s early, but data so far suggest the British decision to leave the European Union could be another example of a recurring phenomenon: expert predictions of dire consequences to political decisions that end up proving overheated.

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Why Electric Cars Will Be Here Sooner Than You Think

In 2015, about one in every 150 cars sold in the U.S. had a plug and a battery. But mass adoption of electric vehicles is coming, and much sooner than most people realize.

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China Establishes New State-Owned Aircraft-Engine Maker

China set up a new state-owned aircraft engine maker to help fulfill ambitions to develop homegrown aerospace giants and become a major player in global aviation.

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Fed's Dislike of Negative Interest Rates Points to Limits of Stimulus

Fed officials don’t think negative rates are needed in the U.S. because the economy and job market are improving and they are hoping they will never have to use them in the future given their uncertainty about whether the policy works.

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Ford Feels Pressure of China Rivals' Pursuit

Slowing sales of Ford’s Kuga in China illustrate mounting challenges for foreign auto makers in the country, where growth is moderating and competition from cheaper domestic rivals is squeezing margins.

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Music Publishers Pay Up for Big-Name Songwriters

The price for signing big-name artists to music publishing deals is skyrocketing—even for those more famous for being center stage than for their lyrics.

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Saturday, August 27, 2016

Two Regional Bank Chiefs Doubt Fed Would Raise Rates Twice This Year

Two Fed regional bank presidents played down the likelihood of two rate increases this year beginning as soon as next month, after the U.S. central bank’s second-in-command floated the idea a day ago.

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Yellen Says Fed Could Expand Its Use of Bond Purchases

The central bank’s main tool for fighting the next recession could be bond-purchase programs, Federal Reserve Chairwoman Janet Yellen said.

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FAA Tightens Safeguards on Lithium Batteries on Airplanes

Three years after fire-prone lithium batteries led to the temporary grounding of Boeing‘s flagship 787 fleet world-wide, U.S. regulators are ratcheting up safety standards.

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Chlorine Leak From Railcar Closes Axiall Corp. Facility in West Virginia

A chlorine leak at an Axiall Corp. chemical plant in West Virginia caused a shutdown of the facility, the evacuation of nearby communities and the closure of local roads, the chemical company said on Saturday.

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Farm-Equipment Makers Face Challenge at Industry Show

An annual gathering of thousands of farmers and the country’s biggest agribusiness starts Tuesday against one of the gloomiest economic backdrops for the U.S. Farm Belt in years.

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Stada Arzneimittel Chairman Departs After Marathon Shareholder Meeting

A rare proxy fight in Germany between an activist investor and the management of Stada Arzneimittel culminated with the departure of the German generic drugmaker’s supervisory board chairman following a marathon shareholder meeting.

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Friday, August 26, 2016

Exxon Mobil Backs Out of Proposed Alaska LNG Project

The company has decided not to invest in the next stage of a planned facility to export liquefied natural gas to Asia.

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St. Jude Denies Claims in Muddy Waters Report

St. Jude Medical on Friday denied allegations made by a research firm that its pacemakers and other heart devices were vulnerable to hacking and other cybersecurity threats.

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HP, HP Enterprise Accused of Age Discrimination in Suit

Four former employees of Hewlett-Packard Co. have filed a lawsuit alleging they were victims of age discrimination as the technology giant pared its workforce in recent years.

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Apple CEO Tim Cook Sells $36 Million From Block of Compensation Stock

Apple Inc. Chief Executive Tim Cook this week received 1.26 million shares of Apple stock, valued around $135 million, that previously were restricted.

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Facebook Scaling Back Human Intervention of 'Trending' Feature

Facebook Inc. said Friday it is letting software almost entirely drive what appears in its “trending” feature, scaling back the human intervention that led to allegations of political bias earlier this year.

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Carl Icahn Buys More Herbalife Shares

Carl Icahn bought more shares in Herbalife Ltd. on Friday after the stock fell on a report that he had discussed possibly selling his stake, including in part to rival William Ackman.

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Possible Accord Reached in Sumner Redstone Trust Battle

A peace treaty appears likely in the feud between Shari Redstone and her niece Keryn Redstone over changes made to Sumner Redstone’s trust.

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Volkswagen Dealerships Upbeat Over Payout from Emissions Scandal

Volkswagen dealers nationwide are largely striking a hopeful tone on news that the auto maker’s deal with some 650 Volkswagen franchise dealerships in the U.S. over its emissions scandal.

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Paramount Pictures Chief Gets Vote of Confidence From Viacom

Paramount Pictures Chief Executive Brad Grey received a vote of confidence from parent company Viacom Inc. and its board of directors, a day after presenting a turnaround plan for reviving the studio following a recent losing streak at the box office.

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Republican Congressman Pushes Internet Sales Tax Plan

Rep. Bob Goodlatte must persuade conservatives he isn’t pushing a tax increase or a sharp expansion of state power with his newly issued proposal.

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AĆ©ropostale Loses Bid to Rein in Sycamore

A bankruptcy judge has dealt a big blow to AĆ©ropostale Inc.’s bid to survive chapter 11, refusing to rein in the bidding rights of Sycamore Partners, a former big backer and now major critic of the retailer.

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American Craft Beers Hop Across the Atlantic

Exports to Britain of American craft beers—and U.S.-grown hops—are growing as tastes shift, even as mainstream beer volumes continue to fall.

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Icahn-Ackman Herbalife Trade Could Be a Win-Win

Carl Icahn’s exploration of a sale of his Herbalife Ltd. stake to a group of investors including William Ackman is rich with irony. But a deal like the one discussed would, in both their eyes, likely deliver a profit.

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Lotte Vice President Found Dead Amid Finance Inquiry

The second-in-command of South Korea’s Lotte conglomerate was found by a passerby hanging from a tree, police said, as prosecutors investigating the company were preparing to question him.

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Tesla Raises Price of Autopilot Option by $500

Tesla raised the price of its semi-autonomous Autopilot option by $500, the latest move by the Silicon Valley auto maker to adjust prices and options on its electric vehicles.

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Web Firms May Have to Pay Publishers for News Under New EU Rules

News aggregators like Google news search may have to pay publishers to list news articles on their websites under European Union plans to update copyright rules.

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U.S. Consumer Sentiment Eases Slightly in August

A gauge of consumer sentiment edged lower in August, a potentially worrying sign for an economy heavily reliant on personal spending for growth.

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Fed's Yellen Sees Stronger Case for Interest-Rate Rise

Federal Reserve Chairwoman Janet Yellen signaled growing conviction that the central bank will raise short-term interest rates in the weeks or months ahead.

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STX Offshore & Shipbuilding Aims to Stay Afloat

Troubled Korean shipbuilder STX Offshore & Shipbuilding said it will lay off about a third of its workforce and sell a yard in France as part of wide ranging restructuring plan to stay above water.

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Rackspace to Go Private in $4.3 Billion Deal

Cloud-computing provider Rackspace Hosting is being taken private by private-equity firm Apollo Global Management for $4.3 billion.

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U.S. Corporate Profits Rise as GDP Ticks Down to 1.1%

A key measure of corporate profits rose this spring for a second straight quarter alongside modest growth in the overall economy, though U.S. businesses remain under pressure from global weakness and other forces.

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Jaguar Land Rover Drags on Profit at Tata Motors

Indian auto maker Tata Motors said net profit dropped in the latest quarter because of weaker earnings at its Jaguar Land Rover unit.

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Big Lots Posts Revenue Decline But Raises Forecast

Big Lots Inc. on Friday reported soft comparable-store sales and a revenue decline but raised its profit forecast for the year.

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Carl Icahn Mulled Selling Herbalife Stake to Ackman

Carl Icahn recently discussed selling his stake in Herbalife to a group including the company’s arch-nemesis William Ackman, another surprising twist in a battle between billionaires that has riveted Wall Street for years.

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ABInBev Warns of Thousands of Merger-Related Job Losses

ABInBev warned that its merger with SABMiller could lead to thousands of job losses in coming years.

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Robot Babies Not Effective Birth Control, Study Finds

A weekend spent mothering a robot baby to mirror the ‘real experience’ of parenting is meant to discourage teenage girls from getting pregnant. But so-called Baby Think it Over dolls don't cut teen pregnancy rates and in fact increase the risk, Australian research has found.

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From Bench to Benchmark: Jose Canseco Is Twitter's Favorite Financial Analyst

Swapping OPS for NIRP, the ex-slugger tosses out predictions on Japanese monetary policy, gold and Brexit, hitting more than .300.

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Theranos to Appeal Regulatory Sanctions

Silicon Valley startup Theranos said it plans to appeal a decision made last month by regulators to revoke its license to operate a lab in California, among other penalties, because of unsafe practices.

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Thursday, August 25, 2016

Fed Officials Voice Support for Activists' Issues

Federal Reserve officials sought to reassure a group of labor activists that the central bank isn’t going to cool down the economy just as a stronger labor market is reaching a broader swath of Americans.

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Jackson Hole Participants to Discuss Frameworks for Low-Rate World

Global central banks’ recent experiences with negative interest rates and whether they help central banks stimulate economic growth are likely to be the main topics of discussion at the Federal Reserve Bank of Kansas City’s annual economic symposium.

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Puerto Rico's Pensions: $2 Billion in Assets, $45 Billion in Liabilities

One of the thorniest tasks awaiting a seven-member board charged with cleaning up Puerto Rico’s debt crisis is deciding how to balance a $70 billion debt load with nearly $43 billion in unfunded pension liabilities.

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Equity in Startups Is Losing Appeal

Two years ago, when startups were flush with money, hardware and software design companies were eager to work with them and get paid in cash and equity. These days, however, smaller design firms increasingly want just cash.

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Burden of Health-Care Costs Moves to the Middle Class

Rising out-of-pocket health care costs, combined with slow economic growth and years of tepid wage growth, pose risks for an economy in which consumer spending accounts for more than two-thirds of overall output.

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U.S. Government Cuts Off New Funding for ITT Tech

The Obama administration took steps Thursday that could effectively force the closure of one of the nation’s largest for-profit college chains, banning ITT Technical Institute from enrolling new students who receive federal aid.

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Canadian Carriers Appear Set to Join U.S. Air-Safety Program

U.S. airlines and aviation regulators are poised to break new ground by expanding voluntary safety-reporting efforts to include data from Canadian carriers, according to people familiar with the discussions.

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Wal-Mart in 2008 Investigated Cotton Sheets Supplied by Welspun India

Wal-Mart in 2008 looked into an employee claim that cotton sheets provided by the big retailer’s supplier Welspun India might have been fake, according to ex-employees and documents reviewed by The Wall Street Journal.

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Mylan's EpiPen Price Increases Highlight Its Grip on the Market

The ability of Mylan to raise EpiPen’s list price by nearly 550% over the past eight years underscores the pricing power drug companies enjoy for iconic brands facing little competition.

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Volkswagen Reaches Pact With Dealers Hurt by Emissions Scandal

Volkswagen has reached an accord with about 650 U.S. franchise dealers affected by its diesel-emissions crisis but is struggling to convince regulators to accept a fix for some half a million polluting vehicles still on U.S. roads, even if they can’t be made fully compliant with emissions regulations.

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Report: Startup Used iPhone Bug to Allow Spying

Security researchers say a little-known Israeli startup exploited previously unknown bugs in Apple’s smartphone software to help foreign governments spy on their citizens.

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Miners Find South African Gold Recovers Its Luster

After years battling depressed prices and cost-cutting, South African gold miners are regaining their shine, with the country’s top four gold producers announcing soaring profits and dividends.

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What to Watch For at the Kansas City Fed's Jackson Hole Conference

Central bankers and economists are gathering in Jackson Hole, Wyo., for the Kansas City Fed’s annual economic symposium, this year titled “Designing Resilient Monetary Policy Frameworks for the Future.” Here are several things to watch for at the gathering.

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Fed Missteps Fueled 2016 Populist Revolt

Once admired as wise and deft, the U.S. central bank failed to foresee the crisis and has struggled in its aftermath, fostering the rise of populism and distrust of institutions.

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WhatsApp to Share User Data With Facebook

The messaging service WhatsApp will start sharing phone numbers and other data with Facebook, a shift in policy after vowing little would change when the app was acquired by the social network less than three years ago.

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China Moves to Ease Foreign Concerns on Cybersecurity Controls

China is taking a more inclusive tack in imposing cybersecurity standards on foreign technology companies, allowing them to join a key government committee in an effort to ease foreign concerns over planned domestically-set controls.

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U.S. Durable-Goods Orders Rebounded in July, Jumping 4.4%

Demand for long-lasting factory goods rebounded in July—with durable-goods orders leaping 4.4%—in a sign the manufacturing sector could continue to stabilize in the second half of the year.

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U.S. Jobless Claims Fall Further

The number of Americans applying for their first week of unemployment compensation fell again last week, the latest sign a strengthening labor market is helping the economy rebound from a sluggish first half of the year.

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Indian Firm Admits 'Error' After Target Cuts Ties Over Cotton Dispute

Welspun India said it would modify its supply chain and review its practices to address accusations it sold fake Egyptian cotton sheets to U.S. retailers.

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Mylan Boosts Price Assistance for EpiPen Amid Backlash

Mylan responded to backlash over the price of its EpiPen by promising to reduce the costs that some patients pay, though stopped short of saying it would cut prices.

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Germany's Merck Beefs Up Non-Drug Businesses

Merck KGaA is expanding its specialty chemicals and lab equipment operations to keep its revenue and profit growing despite recent drug-development stumbles.

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China's Zika Rules Raise Fears for U.S. Exporters

China’s recent move to add the U.S. to a list of Zika-infected countries is worrying U.S. exporters, who fear they will be required to fumigate all containers destined for Chinese ports.

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China's Decline in Oil Production Echoes Globally

Oil production in China likely peaked last year at around 4.3 million barrels a day, a development that has significant implications, including the potential for higher crude prices over time as China steps up imports to meet rising demand at home.

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Sears Posts Loss as Revenue Slides

Sears Holdings reported improved core results for its fiscal second quarter, helped in part by lower costs, but the retailer still posted a loss amid sliding sales.

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Monsanto Shelves Plans for New GMO Cotton Seeds in India

Monsanto said that it has withdrawn an application to sell a new variety of genetically modified cotton seed in India because of its concerns over the country’s attempts to restrict the biotechnology business.

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Self-Driving Taxis Hit the Road in Singapore

Singapore became the first country to launch a self-driving taxi service, beating ride-hailing giant Uber Technologies to public road tests by mere days.

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Woman Killed in PokƩmon Go-Related Car Crash in Japan

One woman died and another was injured in what Japanese police are calling the first fatal accident in the country involving the smartphone game PokƩmon Go.

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Wednesday, August 24, 2016

Republican to Unveil Sales Tax Plan for Purchases Across State Lines

A top House Republican will release a new proposal that attempts to resolve the long-running dispute among retailers, state governments and online retailers over how to tax purchases made across state lines.

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Do You Really, Truly Hate Your Office Printer? There's a Bat for That

Thanks to the cult movie “Office Space,” workers have taken to destroying the balky machines in a ritual act of catharsis.

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Backlash Against Trade Worries Businesses in Pence's State

The political backlash against trade is jolting businesses in Indiana, a big manufacturing state that once saw its governor, Republican vice-presidential nominee Mike Pence, as their ally.

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Mylan Faces Scrutiny Over EpiPen Price Increases

Mylan became the latest pharmaceutical company to face outrage about higher drug costs after the company’s substantial price increases for the EpiPen emergency allergy treatment.

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Trackers Help Prevent Lost-Luggage Nightmare

While Delta and other airlines improve how they track luggage, new products like Trakdot, LugLoc and the Bluesmart bag let you track your own, Scott McCartney writes.

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Duke University Makes Claim on Estate of Aubrey McClendon

Duke University made a claim on the estate of oil magnate Aubrey McClendon, saying the Chesapeake Energy co-founder died before he could make good on roughly $10 million of pledges.

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Fed Officials to Meet With Activists Before Jackson Hole

When Federal Reserve officials gather for the Kansas City Fed’s high-profile policy conference in Jackson Hole, Wyo. this week, some of them will start with an unprecedented event.

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Viacom May Tighten Reins on Paramount

Paramount Chief Executive Brad Grey and his team are under pressure from the Viacom board to defend their film record and present a turnaround plan.

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More U.S. Retailers Probe Indian Supplier of 'Egyptian Cotton'

Wal-Mart Stores, Target and other big U.S. retailers have become entangled in a controversy over whether one of India’s biggest textile companies has been supplying their stores with phony “Egyptian cotton” sheets.

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HP Reports Lower Earnings, Revenue

HP’s revenue and earnings shrank in the most recent quarter, but the company showed signs of stabilizing the personal-computer business, its largest revenue source.

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Why Twitter Can't Shake Its Harassment Problem

Twitter has been trying to shake its reputation as a haven for harassment, but the company’s own design can magnify events.

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Sports Authority's Renewed Bonus Plan Provokes Protest

Top Sports Authority executives are back with demands for up to $1.5 million in bonuses to wrap up the final stages of a bankruptcy that closed hundreds of stores and cost thousands of jobs.

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General Mills Grooms Jeff Harmening as Next CEO

General Mills is grooming Jeff Harmening as its next chief executive, putting an unflappable Midwesterner who bet on healthy foods in line to run a food giant that is struggling with an industrywide shift toward nutritious products.

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U.S. Criticizes EU on Corporate Tax Probes

The U.S. Treasury Department released a sharp critique of the European Commission’s investigation of corporate tax breaks as EU officials near the end of their inquiry into Apple’s arrangements with Ireland.

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SunEdison Seeks Court Approval for Executive Bonuses

SunEdison is seeking bankruptcy-court approval to pay up to $5.1 million in bonuses to nine senior executives during its chapter 11 case.

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China Gears Up in Artificial Intelligence

Columnist Li Yuan writes that the biggest buzz in China’s internet industry is about competing head-to-head with the U.S. and other tech powerhouses in the hottest area of technological innovation: artificial intelligence.

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Central Bankers' Main Challenge: Staying Relevant

When central bankers gather this week in Jackson Hole, Wyo., they will be consumed not with some pressing crisis in the global economy but by an existential threat to their relevance, Greg Ip writes.

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U.S. Existing-Home Sales Fall for First Time Since February

Sales of previously owned homes slipped 3.2% in July, a sign the U.S. housing-market recovery could be uneven as limited inventory and rising prices put purchases out of reach for some Americans.

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AAA Warns of Misconceptions Regarding Automatic Braking Systems

The automatic emergency braking systems showing up on an increasing number of vehicles may not work quite the way drivers think they do, according to a study conducted by AAA.

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Qantas Soars to Record Profit as Pain Pays Dividend

A first dividend payment in seven years marks a big turnaround for Qantas, which as recently as 2014 had been selling terminals, deferring plane orders and laying off staff to stem losses from a bruising battle for Australia’s skies.

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U.S. LNG for China Arrives Via Panama Canal

The first shipment of liquefied natural gas from the U.S. to China arrived this week, thanks to the recently expanded Panama Canal’s easing access to the robust Asian market for U.S. gas exporters.

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Graduate Students Can Unionize at Private Colleges, NLRB Rules

The National Labor Relations Board ruled that Columbia University graduate students are employees under federal labor law, paving the way for graduate students at private colleges nationwide to join labor unions.

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Tech Startups Struggle to Close Deals With IT Buyers

Startup products and services for enterprises, while more accepted than a few years ago, still face significant resistance on the path toward revenue.

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China's SAIC Motor Sees Profit Rise on Consumer Tax Break

SAIC Motor Corp., China’s biggest auto maker by sales, reported Wednesday that first-half net profit rose 6% from a year earlier, driven by a tax break that encourages small-car purchases.

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Largest Oil Companies' Debts Hit Record High

Some of the world’s largest energy companies are saddled with their highest debt levels ever as they struggle with low crude prices, raising worries about their ability to pay dividends and find new barrels.

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Volkswagen Faces Recall of Audi Models in Korea

South Korea ordered the local unit of Volkswagen to recall some of its Audi A8 models, dealing a fresh blow to the German auto maker mired in a global emissions scandal.

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Hong Kong No Longer Top Market for Luxury Watches

The U.S. is now the biggest market for luxury watches after sales in Hong Kong were hurt by a strong local currency and by China’s crackdown on gifting by party officials.

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Glencore Reports Narrower Loss, Cuts Debt

Glencore reported a narrower first-half net loss and signaled that it’s on track to significantly reduce its net debt by selling unwanted assets to weather the recent commodities turmoil.

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AstraZeneca Sells Part of Antibiotics Business to Pfizer

AstraZeneca has agreed to sell part of its antibiotics business to Pfizer for up to $1.575 billion plus royalties, giving Pfizer the right to sell three approved drugs and two now in clinical trials in most markets outside the U.S.

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WPP Profit Plunges in First Half

WPP, the world’s largest marketing company by revenue, said net profit plunged in the first half of the year despite a rise in sales.

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Tuesday, August 23, 2016

Soda Consumption Falls After Special Tax in California City

Consumption of soda and other sugary drinks fell by more than a fifth in low-income neighborhoods of Berkeley after the California city became the first in the U.S. to introduce a special tax last year, according to a study published Tuesday.

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When Is Kate Spade Not Kate Spade? When She's Frances Valentine

The woman who started a bag and shoe company has launched a new venture, but under a different name. It’s a common conundrum as fashion types seek second acts.

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Spotify in Talks Over Music Rights

As Spotify gears up for a potential initial public offering next year, the music-streaming service is missing one key component in its pitch to investors: rights to play the music in years to come.

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IBM, AMD Plan Assault on Intel's Chip Dominance

Few companies enjoy the kind of dominance Intel does in chips for the computers found in data centers. But competitors keep trying to pry open its server stronghold, with IBM the latest to brandish a new tool.

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Another Former Fox News Host Files Harassment Suit

Former Fox News host Andrea Tantaros filed a lawsuit that accuses former network chief Roger Ailes of sexually harassing her and alleges that his associates subsequently intimidated her and harmed her career.

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Tesla Unveils Electric-Car Battery With a 315-Mile Range

Tesla Motors announced it will sell a battery capable of taking an electric car 315 miles on a charge, the first time an auto maker is providing that much electric range in a vehicle, the company said.

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Tighter French Emissions Probe Is Urged

The French government is being asked to conduct a deeper inquiry to establish whether car makers are illegally using software to mask their emissions during tests.

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New Leadership Structure Unveiled for DreamWorks

Comcast Corp.’s NBCUniversal announced a leadership structure at its newly acquired DreamWorks Animation SKG Inc. that keeps the “Shrek” studio separate its other animation company, Illumination Entertainment.

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P&G Sues Edgewell for Patent Infringement

Procter & Gamble said it has sued smaller rival Edgewell Personal Care for patent infringement and said the company made misleading claims against P&G’s Gillette subsidiary.

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Pinterest Acquires News-Bookmarking App Instapaper

Pinterest Inc. on Tuesday said it had acquired article-bookmarking app Instapaper. Terms of the deal weren’t disclosed.

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Disney and Vice, a Storybook Romance

The family-friendly entertainment conglomerate, worried about reaching young men in an era of cable-cutting, is betting big on the profane gonzo journalism of ex-punk rocker Shane Smith

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U.S. Lawmakers Plan Hearing Over Wave of Agriculture Mergers

U.S. lawmakers say they plan to examine a wave of mergers that could reshape the $100 billion global market for seeds and pesticides, a day after ChemChina said its planned takeover of Syngenta was cleared by Committee on Foreign Investment in the U.S.

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Companies Rethink Annual Pay Raises for All

A handful of companies and pay experts are questioning across-the-board annual pay raises, with some contending that giving larger and more frequent bonuses might spur better performance and be more cost-efficient.

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U.S. New Home Sales Rise to Highest Level Since 2007

Sales of newly built homes jumped 12.4% in July to the highest level in since October 2007, a sign of solid momentum in the U.S. housing market.

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Wal-Mart Probes Whether India Company Misrepresented Cotton Sheets

Wal-Mart Stores is reviewing supplies from Welspun India after Target severed ties with the Indian textile maker alleging that the company billed sheets it sold as made with Egyptian cotton when they weren’t.

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Best Buy Shares Jump as Online Sales Climb

Best Buy reported a surprise increase in second-quarter sales, helped by a sharp jump in its online business as the retailer lured shoppers in a difficult market.

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Viacom's Dauman Has Until September to Share Paramount Plans

Viacom Chairman Philippe Dauman, who last week was ousted as chief executive, will have less than a month to update the board on a plan to sell a minority stake in Paramount Pictures, the company said.

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VW's Emissions Battles Around the World Are Heating Up

Governments, investors and car owners around the world are gaining ground in efforts to pressure Volkswagen for settlements over its diesel emissions-cheating scandal.

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Low Earners See Paychecks Grow

For Americans in the bottom quarter of the income scale, pay is rising at the fastest rate since the recession, and large firms are setting a public example, putting pressure on competitors to follow suit.

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Monday, August 22, 2016

Auto-Parts Makers Unite to Develop Self-Driving System

Top auto-parts suppliers Delphi Automotive and Mobileye are joining forces to develop a fully autonomous-driving system that car makers could begin placing in their vehicles beginning in 2019.

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Powerful U.S. Panel Clears Chinese Takeover of Syngenta

A powerful federal committee blessed ChemChina’s $43 billion planned takeover of seed giant Syngenta, months after shooting down much smaller Chinese deals for electronics and lightbulb manufacturers.

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Former Fed Staffer, Activists Detail Plan to Overhaul Central Bank

After arguing earlier this year the Federal Reserve needs to modernize how it is structured, a former top central bank adviser and activists are now laying out exactly how they believe the overhaul needs to happen.

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Theme Parks Begin to Sprout in Persian Gulf Countries

Persian Gulf countries are in a race to outdo each other as more companies build amusement parks in the region, a nod to a future where less revenue will come from oil and gas.

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U.S. Farmers See Possible Benefits in Syngenta Deal

Chinese state-owned ChemChina’s planned takeover of Syngenta could have inherent advantages for U.S. farmers, some farm groups say. The deal could force China to take a more direct interest in the fortunes of U.S. farmers, who are major customers of Syngenta’s seeds.

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Apple Purchases Medical Startup Gliimpse

Apple has quietly purchased Gliimpse, a three-year-old startup that aims to help patients make sense of their medical records.

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Activist Investor Seeks to Replace Entire Williams Board

Activist investor Keith Meister is seeking to remove the entire board of Williams Cos. this fall, prolonging the drama that has already gripped the pipeline company for a year.

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Univision to Pay Gawker Founder Nick Denton Not to Compete

Gawker Media’s new owner Univision Communications Inc. will pay founder Nick Denton $16,666 a month for the next two years in exchange for a promise not to work for the gossip site’s rivals.

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VW Supply Dispute Affects 27,000 Workers

Volkswagen said about 27,700 employees are six factories would be affected by reduced working hours resulting from a contract dispute with two auto-parts suppliers.

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Speedo Drops Ryan Lochte

Swimwear apparel company Speedo has dropped its endorsement deal with Ryan Lochte in the wake of the Olympic swimmer’s Rio robbery scandal.

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Office Depot CEO to Step Down

Office Depot said Monday that Chief Executive Roland Smith would retire next year.

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Pfizer Adds Key Drug for Cancer in $14 Billion Deal

Pfizer agreed to buy biotech Medivation for 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.

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Couche-Tard to Buy CST Brands for About $3.7 Billion

Alimentation Couche-Tard agreed to buy CST Brands for roughly $3.67 billion in cash, a merger that would sharply consolidate the convenience store industry.

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Valeant Names Zoetis Executive as CFO

Valeant Pharmaceuticals International Inc. confirmed it has hired Zoetis Inc. executive Paul Herendeen as its new chief financial officer, the latest shake-up at the embattled drugmaker.

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Samsung to Close Milk Music Streaming Service in U.S.

Samsung said it will be shutting down its music-streaming service in the U.S. next month, just over two years after its launch, in the latest sign of the technology giant’s struggle to offer attractive apps. 

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BlueScope Steeled by Turnaround Despite China Glut

BlueScope Steel, with operations spanning the U.S. to Southeast Asia, has achieved a turnaround that has eluded many of its biggest rivals at a time when China is churning out steel at a record daily pace.

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U.S. Security Panel Clears ChemChina-Syngenta Deal

State-owned ChemChina said it received clearance from the Committee on Foreign Investment in the U.S. for its planned $43 billion acquisition of Swiss pesticide and seed company Syngenta.

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Sharp to Restructure in Effort to Boost Brand

Sharp will implement a large-scale corporate restructuring to achieve profitability, with the hope of restoring the brand’s image as a global provider of innovative consumer electronics.

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Renesas in Talks to Buy U.S. Chip Maker for $3 Billion

Japanese chip maker Renesas Electronics said it is in talks to buy U.S.-based chip maker Intersil, a deal that would be valued at about $3 billion.

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Sony to Sell Updated Model of Standard PlayStation 4

Sony plans to introduce a standard and high-end version of the new PlayStation 4 next month, people familiar with the matter said, in an effort to maintain demand for the best-selling videogame console.

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Sunday, August 21, 2016

China Crinkles Aluminum Foil Market

Chinese imports are now claiming a bigger part of the U.S. aluminum market, supplying much of the wraps for potato chips, pill packages and yogurt.

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Pfizer Nears Agreement To Buy Medivation

Pfizer Inc. is nearing an agreement to buy biotech Medivation Inc. in a deal that would add one of the crown jewels of the multibillion-dollar market for cancer drugs to Pfizer’s portfolio, according to people familiar with the matter.

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Valeant Hiring Paul Herendeen as New CFO

Valeant Pharmaceuticals is expected to announce it has hired Paul Herendeen as its new CFP, luring the executive away from Zoetis Inc., according to sources close to the companies.

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Viacom Detente Yields Promotion for New Interim CEO

After lawsuits, on-again, off-again settlement talks and exchanges of insults, a settlement was finally reached between Viacom and National Amusements. The interim CEO title will go to Tom Dooley through Sept. 30.

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'Ben Hur' is Epic, Big-Budget Bust

“Ben-Hur” didn’t have a prayer at the box office. Hollywood’s latest big-budget attempt to fill multiplexes with faith-based moviegoers and general audiences floundered this weekend, collecting an estimated $11.5 million in fifth place in the U.S. and Canada.

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Spending on Home Improvement Is Set to Pick Up as Building Pace Slows

Spending on single-family home construction in the U.S. remains 40% below the levels of a decade ago, but new forecasts project that investment in residential remodeling and repairs this year will surpass records set during the housing boom.

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Global Economy Week Ahead: Jackson Hole Gathering, Eurozone PMI, Japan CPI

Indicators from major economies are likely to affect the moods of central bankers set to return from vacation and possibly adjust monetary policy in the U.S., eurozone and Japan in the weeks ahead.

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Some Shale Drillers Return to Oil Patch

As the price of U.S. crude marches back toward $50-a-barrel territory, several big shale drillers are tiptoeing back into the oil patch, and that is making some energy experts nervous.

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Focus on Performance Shakes Up Stolid Kimberly-Clark

The diaper and tissue maker has shifted from a paternalistic company that resisted conflict to one focused on pushing workers to constantly improve, closely tracking progress and shedding laggards.

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Nonprofit Hospitals' Business Relationships Can Present Conflicts

Nonprofit hospitals have extensive business ties that can pose conflicts of interests for their administrators and board members, a Wall Street Journal analysis of newly released Internal Revenue Service data shows. While not necessarily improper, administrators and board members sometimes may be forced to choose between what’s best for the hospital and what’s best for their private interests.

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The Internet of Things Is Here and It Isn't a Thing

Everyone is waiting for the Internet of Things. The funny thing is, it is already here. Contrary to expectation, though, it isn’t a thing at all—it is services.

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Tyra Banks to Teach Stanford M.B.A. Class

The former host of “America’s Next Top Model” will make her teaching debut at Stanford University next May, as co-instructor of a class about creating and protecting a personal brand.

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VW to Resume Negotiations With Parts Suppliers on Monday

Volkswagen AG will resume negotiations Monday to resolve a dispute with parts suppliers that has led to reduced working hours for thousands of its employees across Germany.

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Fed Officials Brace for (Familiar) New Normal

For much of the post-financial crisis era, Federal Reserve officials have held to a belief they could get back to their old way of doing things. As they prepare to gather at their annual retreat in Jackson Hole, Wyo., officials are grimly coming to a view it isn’t going to happen that way.

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Helen Bentley Made Her Name on the Waterfront in Baltimore

Helen Bentley, whose career began in the mid-1940s, succeeded in the men’s worlds of the press, ports and politics by showing she could curse or throw a punch as well as any of her male colleagues. Ms. Bentley died Aug. 6 at 92.

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Some Small Businesses Restore Group Health Coverage

Some small companies that dropped group health insurance for their employees are reversing course, driven by a tightening labor market and the rising cost of individual coverage.

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Goldman Sachs Cooks Up Deal for Korean Kitchenware Maker

Goldman Sachs and private-equity firm EastBridge Partners have agreed to acquire a South Korean kitchen appliance maker in a deal reported to have an estimated value of about $160 million.

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Fed's Fischer Says Better Fiscal and Regulatory Policies Could Improve Productivity

Federal Reserve Vice Chairman Stanley Fischer called for better fiscal and regulatory policies that could help boost the U.S. economy’s flagging productivity growth rate and help the central bank avoid having to drop interest rates to near zero again.

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India Names Urjit Patel as Central Bank Governor

India appointed Urjit Patel as the country’s next central bank chief, replacing the departing Reserve Bank of India governor Raghuram Rajan.

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Travelers Cos. Executive Chairman Jay S. Fishman Dies

Jay S. Fishman, the executive chairman of Travelers Cos., has died at the age of 63, the company said.

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Tencent's High-Stakes Supercell Game

Chinese internet giant Tencent’s deal for Supercell valued the Finnish mobile-game maker at more than $10 billion—a valuation that is raising questions in light of declining revenue for Supercell’s latest game, ‘Clash Royale.’

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China 'Selfie' App-Maker Meitu Plans Up to $1 Billion Hong Kong IPO

One of China’s most popular ‘selfie’ app makers, Meitu, is preparing to raise up to $1 billion through a listing on the Hong Kong exchange, in a test of whether that market can compete with New York and mainland China for a wave of expected Chinese startup offerings.

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Saturday, August 20, 2016

Freshly Minted HP Inc. Plays the Long Game

In a tough business environment, HP Inc. is hoping its success, at least for now, won’t be defined by the printing-and-personal-computer company’s growth.

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Friday, August 19, 2016

Russia Loses Another WTO Fight

Russia lost its second case in a week at the World Trade Organization, where most of Moscow’s 2014 bans on European Union exports of pigs, pork and other pig products were declared unjustified.

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Madison Square Garden Loss Widens

Madison Square Garden Co. posted a deeper loss in the latest quarter as revenue slid more than expected, hurt by weaker performance in its sports and entertainment operations.

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Volkswagen Suppliers Deny Fault for Bottlenecks

Suppliers to Volkswagen denied responsibility for bottlenecks at the German car maker’s plants, a problem that has forced Volkswagen to halt production of two models at its main plant and reduce working hours elsewhere.

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In Bitcoin Era, Ransomware Attacks Surge

Ransomware attacks have quadrupled this year amid the growing use of bitcoin and improved encryption software.

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GEO Announced a Contract Extension but U.S. Rescinded It

Shortly after private-prison operator GEO Group Inc. tried to rebuild investor confidence Friday by announcing a contract’s extension by the Federal Bureau of Prisons, the government rescinded the extension.

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Viacom CEO Philippe Dauman Agrees to Step Down

Viacom Chief Executive Philippe Dauman has agreed to step down effective immediately and the company’s board will be expanded as part of a settlement to end a drawn-out power struggle at the media giant.

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The Controversial Way the Wealthy Are Lowering Estate Taxes

New rules are coming that will likely limit techniques used by the wealthy to lower their estate and gift taxes.

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Deere Lifts Profit Outlook As Profit Beats Views

Deere & Co. said profit and sales fell again in its third quarter as global markets for farm and construction equipment remain weak.

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Foot Locker Posts Same-Store Sales Growth

Foot Locker said sales grew across its segments and regions as profit and revenue rose in its latest quarter.

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EstƩe Lauder Offers Downbeat View

EstƩe Lauder Cos. gave a disappointing outlook for its new business year as the cosmetics company pushes through restructuring plans.

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Internet Connection Seem Slow? Check It With an App

Suffering from stuttery streaming video while watching Netflix, Hulu or other services at home? It’s time to see if you’re getting the broadband internet you’re paying for with some helpful free apps.

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Pandora Nears Deals For On-Demand Streaming

Pandora is aiming to start expanding its internet radio service as soon as next month, offering its hallmark free tier as well as two monthly subscription options for on-demand music streaming.

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Thursday, August 18, 2016

Gawker.com Will Shut Down Next Week

The scandal-plagued entertainment and gossip site Gawker.com will shut down next week after Univision Communications Inc. won a bankruptcy auction to acquire its parent company.

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Victoria's Secret Shifts Its Focus to the Bralette

Victoria’s Secret plans to embrace a growing customer preference for bralettes and will make up for their lower prices by selling shoppers more of the unpadded lingerie.

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Oil Companies Need Prices to Keep Rising Past $50 a Barrel

A rally that pushed international crude-oil prices above $50 a barrel Thursday is a welcome sign for many energy companies but not enough to kick-start an industry in the midst of a two-year slump, executives said.

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Harley-Davidson to Pay $15 Million to Settle Emissions Charge

Harley-Davidson Inc. reached a $15 million settlement to resolve U.S. claims that it violated air-pollution laws amid growing government scrutiny of vehicle emissions on the road.

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Dividends Eat Up Bigger Slice of Company Profits

Big companies are handing more of their profits to shareholders than at any time since the financial crisis, as record-low bond yields put a premium on dividends.

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Ryan Lochte's Endorsement Potential Could Take a Hit After Rio Robbery Scandal

Ryan Lochte’s antics outside of the pool may damage the Olympic swimmer’s ability to land new sponsors. Brazilian police are saying that American swimmers, including Mr. Lochte, fabricated a story about being robbed at gunpoint over the weekend by assailants who were posing as police officers.

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Viacom, Redstone Said to Be Near Settlement Ousting CEO Dauman

The long and sordid struggle for power in Sumner Redstone’s media empire is nearing a conclusion.

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Emerson to Buy Pentair Valves-and-Controls Unit for $3.15 Billion

Emerson Electric Co. reached a deal to buy Pentair PLC’s valves-and-controls unit for $3.15 billion, part of a strategy to expand its automation offerings.

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Blackstone Mulls New Mountain Capital Proposal to Back JDA Software

Blackstone Group is contemplating a proposal by New Mountain Capital that could give it a minority stake in JDA Software, as talks to sell the supply-chain management software provider to Honeywell continue, said people familiar with the situation.

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Lawyers in Volkswagen Case Steer Toward Bosch

Lawyers seeking compensation for victims of Volkswagen AG’s emissions-cheating scandal are turning up the pressure on auto-parts supplier Robert Bosch GmbH, and they’re getting assistance from an unexpected corner: Volkswagen.

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Gap Cuts Year View as Quarterly Sales Fall

Gap Inc. said sales fell during the second quarter as the retailer continued to struggle with its turnaround efforts.

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Deutsche Bank Whistleblower Says He Rejects $8 Million Award

A whistleblower who is in line to receive $8 million for exposing alleged securities law violations at Deutsche Bank said on Thursday that he is giving up the award because regulators only fined the company and didn’t go after the managers responsible for the misconduct.

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Volkswagen Supplier Spat Ruffles Production

Volkswagen is considering a plan to reduce working hours at five German assembly plants due to a supplier dispute that has disrupted production, the auto maker said on Thursday.

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Acquirers Chase Mobile-Game Makers

A record year in videogame deal making is turning attention to smaller mobile-game developers now that most bigger targets have been gobbled up.

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Donald Trump's Tax Ideas Could Boost Debt-Laden Real Estate Firms

Donald Trump’s emerging tax plan could benefit leveraged real-estate companies like the one he runs with new and substantial subsidies.

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'Warcraft' Streaming Deal in China Sets New Price Record

A sale of post-theater rights to show the ‘Warcraft’ film online in China set a record for streaming-video that could signal the start of a new revenue opportunity for movie studios.

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Macy's Names Retail Veteran as Its New Marketing Chief

Macy’s Inc. named retail veteran Richard Lennox as the department chain’s new marketing chief starting Sept. 15, after a roughly four-month search.

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White House Details Plans for Obama's Trip to G-20 in China

U.S. President Barack Obama is to make his 11th trip to Asia in September, the White House confirmed Thursday.

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Uber to Put 100 Autonomous Volvo SUVs on Road in Pittsburgh

Uber Technologies this month will let customers in Pittsburgh summon rides from autonomous taxis, a bid to be the first in a race among automobile and technology companies to make driverless cars mainstream.

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HarperCollins Pushes Ahead With Plans for Ailes Memoir

Roger Ailes has a story to tell. And HarperCollins Publishers is still eager to publish it, despite his recent ouster as the head of Fox News, another branch of the Rupert Murdoch media empire.

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T-Mobile Drops Low-Priced Plans, Moves to Unlimited Data

T-Mobile is dropping lower-priced monthly data plans and replacing them with a higher-priced service offering unlimited data.

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Samsung Shares Hit Record High

Shares of Samsung closed at an all-time high, putting the South Korea-based company within striking distance of Alibaba as Asia’s most valuable technology firm.

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United Continental Names New CFO, Commercial Chief

United Continental named a new chief financial officer to take the job held on an interim basis for the past year by a senior financial executive, and selected a new chief  commercial officer to succeed its retiring chief revenue officer.

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Nestle Seeks Bigger Piece of High-End Chocolate

KitKat owner NestlƩ SA is upping its game in high-end chocolate to chase revenue growth as overall chocolate volumes decline.

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Valeant Secures Another Debt Amendment

Valeant Pharmaceuticals reached a deal with its loan holders to again amend the terms of its debt as it continues to dig out of a year of business and accounting distress.

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Saudi Arabia Increases Crude Exports

Saudi Arabia increased its crude exports in June as it pumped at near-record-high levels, with little evidence that it intended to take any action to reduce the global oil glut.

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U.S. Jobless Claims Fall to 262,000

The number of Americans filing new applications for unemployment benefits declined last week and continued to hover at a low level consistent with a strengthening labor market.

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Wal-Mart Lifts Profit Outlook as Sales Grow

Wal-Mart reported stronger-than-expected same-store sales growth in the latest period, with slightly more shoppers heading to its stores at a time when many retailers are struggling to attract foot traffic.

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Volvo, Uber to Jointly Develop Autonomous Sport-Utility Vehicles

Volvo Car and ride-hailing giant Uber have agreed to co-develop autonomous SUVs that will either be used as self-driving taxis or sold to consumers.

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Hormel Beats Expectations, Raises Guidance

Hormel Foods boosted its outlook for the year again as revenue and profit rose, thanks to the continued strength of its Spam and Skippy products.

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Legal Fight Escalates Over Tech Startup's Financials

Former Domo Inc. manager Jay Biederman sued the tech startup Monday to obtain its financial statements. The lawsuit follows two legal actions that Domo filed against Mr. Biederman in June.

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South Korea Questions VW Unit Chief as Emissions Probe Widens

Prosecutors’ questioning of the managing director of Volkswagen Korea comes as the Korean government widens its probe of emissions certifications to nearly two dozen foreign auto makers.

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U.K. Retail Sales Up Despite Brexit as Weak Pound Lures Tourists

U.K. retail sales rose strongly in July, as warm weather boosted clothing sales and a weak pound lured overseas visitors to snap up watches and jewelry. The stronger-than-expected data gave sterling a boost.

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Wednesday, August 17, 2016

NestlƩ Reports Sales Growth, Lower Profit

NestlƩ posted first-half revenue of 43.2 billion Swiss francs ($45 billion) based on organic growth of 3.5%, aided by strong sales in North America.

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Bank of Japan Likely to Take Bold Easing Action, Abe Adviser Says

Etsuro Honda rejected speculation that the central bank’s policy review, set to be released next month, will justify a paring back of stimulus.

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Gannett Sweetens Bid for Chicago Tribune Parent Tronc

Gannett has privately sweetened its bid for Tronc Inc., hoping to overcome resistance to a sale from the parent of the Chicago Tribune and Los Angeles Times.

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Target Adds Private Bathrooms to Quell Transgender Debate

Target said it will spend $20 million to add a private bathroom to each of its stores by next year, after customer protests of its policy allowing transgender individuals to use whichever restroom corresponds with their gender identity.

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U.K. Presses Food and Drink Industry to Cut Sugar Content

The U.K. government is challenging the food and beverage industry to reduce overall sugar by one fifth across a range of products as part of a drive to tackle childhood obesity.

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Lowe's Earnings Miss Expectations

Lowe’s second-quarter sales growth rose just 2% at existing stores, trailing that of its main rival Home Depot.

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Antiunion Campaign Goes Door-to-Door

An emerging movement to undercut public-sector unions involves a door-to-door effort to convince workers to leave their unions or stop paying a portion of their dues.

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Court Says Pfizer's Biosimilar of J&J's Remicade Doesn't Infringe Patent

Pfizer’s lower-priced version of Johnson & Johnson’s blockbuster autoimmune disease drug Remicade doesn’t infringe a patent, a federal court ruled, potentially clearing the way for the drug’s sale in October.

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J.C. Penney to Raise Bet on Private Brands

J.C. Penney outlined its long-term strategy, saying it will step up its focus on exclusive and private brands such as Liz Claiborne and St. John’s Bay to drive growth.

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Cisco Plans to Cut 5,500 Workers

Cisco said it would shed 5,500 employees—7% of its workforce—in the networking company’s latest reaction to a shift in its core market from hardware to software.

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Security Experts Say NSA-Linked Hacking Effort Was Compromised

Evidence is mounting that a mysterious hacking group claiming to have stolen data from a spying operation linked to the National Security Agency is telling the truth.

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India's Ola Lays Off Workers Amid Growing Competition From Uber

ANI Technologies’ ride-hailing service Ola is laying off hundreds of workers at a fellow Indian operator it bought last year, a sign of possible consolidation amid increased competition in the country from Uber Technologies.

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Intel Unveils Plans for Artificial-Intelligence Chips

Intel Corp. signaled it wants a bigger role in artificial intelligence, revealing plans to modify a line of chips to target a fast-growing market turning into a battleground for technology suppliers.

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GE Wants to Bring More Life to Coal

GE is bullish about coal again. The company is poised to build coal power plants in developing economies and reap profits from existing coal plants, installing upgrades amid tightening emissions rules.

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Marcato Presses for Changes at Buffalo Wild Wings

Activist investor Marcato Capital Management called for substantial changes at sports-bar chain Buffalo Wild Wings, including the addition of new management and improvements in food quality and service.

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AT&T Raises Prices for Low-Data Users, Lowers Rates for High-Data Plans

AT&T Inc. on Wednesday introduced a new slate of wireless plans that raised prices for its most frugal customers, while lowering costs for its biggest data users.

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Fed's July Minutes Show a Split Central Bank Seeking to Keep Options Open

Federal Reserve officials sought to keep their options open at a July policy meeting as they tried to reconcile differences on the economic outlook and when to raise short-term interest rates.

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The Unstable Economics in Obama's Health Law

Barack Obama’s signature health-care law is struggling for one overriding reason, Greg Ip writes: Selling mispriced insurance is a precarious business model.

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Aetna Warned It Would Pull Out of Exchanges if Humana Deal Blocked

Aetna warned the Justice Department that if it sued to block its merger with Humana, the company would immediately cut its presence in Affordable Care Act exchanges.

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Target Dims Outlook as Sales Struggle

Target said sales at existing stores fell for the first time in more than two years and warned of further weakness, signs that Chief Executive Brian Cornell’s turnaround push has stalled.

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Freight Railroads Fight New Rule for Amtrak Trains

Freight railroads are challenging a new stricter way of measuring on-time performance for Amtrak trains, the latest wrinkle in a battle over how far freight trains must go to enable passenger trains to arrive on time.

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Patagonia's Balancing Act on Ethical Apparel

Apparel company Patagonia is learning a tough lesson: upholding a strict code of ethics while chasing mass-market appeal is a tricky balancing act.

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How Uber Rival's Founder Won Friends and Influenced Beijing

Before handing rival Uber its first major defeat, Didi founder Cheng Wei won support from China’s tech giants and wooed the country’s regulators.

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Staples Swings to Loss, to Close 50 Stores This Year

Staples said it swung to a loss in the latest period on nearly $1 billion in charges, hurt in part by its failed plan to merge with Office Depot, as sales further deteriorated.

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Tim Cook, in China, Seeks to Stem Apple's Losses

For Apple Chief Executive Tim Cook, the demands from China are growing and his bargaining chips are dwindling.

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What to Watch in the Fed Minutes

The Fed left its benchmark short-term interest rate unchanged in July, and the minutes from the meeting should offer guidance about how confident officials are that they will move by year’s end.

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Dollar's Drop Signals Doubts Over Fed Rate Rise

Investors appear to believe that soft global economic growth will limit the Federal Reserve’s capacity to tighten monetary policy as promised.

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Glencore Investors to Glasenberg: Don't Buy Anything Yet

A year of debt cuts, asset sales and rising commodity prices have pulled Glencore back from the brink of crisis. Now, the mining and trading giant’s shareholders have a new concern: That Chief Executive Ivan Glasenberg might return to his free-spending ways.

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Monsanto to Expand Computerized Farming Effort

Monsanto is broadening its bet on computerized farming services, hoping to attract farmers looking for an edge in boosting crops and managing their land amid a slumping agricultural economy.

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Carlsberg Profit Climbs as Restructuring Offsets Beer Drop

Carlsberg turned in a 25% jump in half-year net profit, with the recent sale and swap of beer assets as part of a corporate restructuring offsetting a decline in beer volumes and revenue.

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Tuesday, August 16, 2016

U.S. Airlines See Higher Labor Day Travel Demand Than in 2015

The major U.S. airlines expect 15.6 million passengers to fly over the seven-day Labor Day travel period, up 4% from the analogous period a year ago, according to Airlines for America, the leading industry trade group.

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Viacom, Redstone's National Amusements Resume Deep Settlement Talks

Viacom Inc. and Sumner Redstone’s National Amusements Inc. are back in deep talks toward a settlement that would end their litigation, reshape the company’s board and lead to the exit of Viacom Chairman and Chief Executive Philippe Dauman, according to people familiar with the matter.

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Health-Law Setback Becomes Campaign Fodder

The decision by Aetna to pull out of health exchanges in nearly a dozen states is a double whammy to President Obama’s signature law, increasing the financial strains on it while dragging the debate over its merits into the presidential campaign.

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Facebook's Point System Fails to Close Diversity Gap

Facebook has made little progress improving the diversity of its 15,000-person workforce, despite sweetening recruiter incentives. A lack of women and non-Asian minorities is one of the tech industry’s most persistent problems.

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Univision Wins Bankruptcy Auction for Gawker Media for $135 Million

Univision Communications won a court-administered auction for Gawker Media, outbidding Ziff Davis for control of the 14-year-old digital media pioneer.

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Obama Administration to Privatize Internet Governanceon Oct. 1

The Obama administration said it will formally shift authority for much of the internet’s governance to a nonprofit multi-stakeholder entity on Oct. 1, a move likely to spark a backlash from parts of Congress.

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Too Big to Frack? Oil Giants Try Again to Master Technology That Revolutionized Drilling

BP and others are hoping that hydraulic fracturing will allow them to coax enough oil out of U.S. wells to replace output from declining megaprojects.

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Trucking Industry Cautiously Embracing New Federal Standards

Major truck manufacturers and operators of large commercial fleets cautiously embraced federal standards released Tuesday requiring cuts in fuel usage of big trucks.

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Home Depot, TJX Buck Retail Trends

On Tuesday, Home Depot Inc. reported a 4.7% jump in sales at established stores during the second quarter, while TJX Cos., the parent of T.J. Maxx and other off-price chains, posted a 4% increase at existing stores.

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Barnes & Noble CEO Is Leaving

Barnes & Noble Inc. said Chief Executive Ronald Boire is leaving the company after its board determined that he “was not a good fit.” He had started with Barnes & Noble in September.

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Ford Developing Fully Driverless Car

Ford Motor Co. plans to release a fully driverless car without a steering wheel or pedals in the next five years, the latest salvo in a technological arms race engulfing the global auto industry.

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Wal-Mart Earnings: What to Watch

Wal-Mart Stores Inc. will report second-quarter financial results for fiscal 2017 before the market opens on Thursday. Here is what you need to know:

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India's WhatsApp Rival Hike Valued at $1.4 Billion

Indian messaging app startup Hike says it has raised $175 million in a fundraising round led by Chinese internet giant Tencent and Taiwanese electronics assembler Foxconn.

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Target Earnings: What to Watch

Target will report fiscal second-quarter results and host a conference call before the market opens on Wednesday. Here’s what you need to know.

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Intel Shows Off 'Project Alloy' Virtual-Reality Headset

Intel stepped up an effort to shape the fast-moving market for virtual-reality technology, demonstrating an unusual headset prototype it hopes other companies will manufacture and sell.

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Tim Cook Pledges More Apple Investment in China

Apple Chief Executive Tim Cook pledged to increase investment in China and set up an independent research center, China’s state media reported.

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Some Firms Step Up Push for Gender Parity at Board Level

As businesses pay greater attention to parity for men and women at all levels, initiatives to recruit more female directors are bearing fruit.

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Industrial Production Rose 0.7% in July

Industrial production, a measure of everything made by factories, mines and utilities, rose a seasonally adjusted 0.7% in July, the Federal Reserve said Tuesday. Capacity utilization, a measure of how much industries are making as a share of potential output, rose to 75.9%.

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Obama Administration to Fund Nontraditional Training for Students

In a novel experiment, the Education Department plans to announce Tuesday up to $17 million in loans and grants for students to undergo training at eight entities that aren’t traditional colleges.

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U.S. Consumer Prices Held Flat in July

Consumer prices were flat in July, with falling gasoline costs offsetting modest gains elsewhere, a sign inflation pressures in the economy remain modest.

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U.S. Building Permits Fell 0.1% in July

Housing starts rose in July but building-permit issuance fell slightly, a possible sign of caution ahead among home builders despite historically low interest rates.

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Opera Software Retunes Sale Terms With Chinese Buyers

Opera Software agreed to exclude its video-compression and virtual private network business from the sale of the Oslo-based company’s internet browser to a Chinese consortium after earlier failing to secure regulatory approval for a broader deal.

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China's Factories Count on Robots as Workforce Shrinks

China’s appetite for European-made industrial robots is rapidly increasing, as rising wages, a shrinking workforce and cultural changes drive more Chinese businesses to automation.

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