President-elect Donald Trump and the head of Japanese tech conglomerate SoftBank, Masayoshi Son, will announce a $100 billion investment effort designed to spur artificial intelligence and related infrastructure projects. The effort, first reported by CNBC,…
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Business
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The former head of Ozy Media has been sentenced to 10 years in prison for his role in an alleged fraud involving the failed content startup. Carlos Watson was facing a maximum of 37 years…
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A rocky year for restaurants separated the industry’s biggest chains into winners and losers, as eateries competed for a smaller pool of customers who have grown more discerning about how they spend their dollars. “I’ve…
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McKinsey & Company agreed to pay $650 million in a deferred prosecution agreement that will resolve a federal criminal probe into the company’s consulting work advising Purdue Pharma on how to increase sales of its opioid painkiller OxyContin, a court filing said…
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Business
Kroger and Albertsons are spending billions to reward shareholders after their blocked merger
Within a day of their $25 billion merger’s falling apart in court, Kroger and Albertsons were each planning to move forward with share repurchases to boost their stock prices and reward investors. America’s two largest…
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The Federal Trade Commission in a new lawsuit accuses the largest U.S. distributor of wine and spirits of illegal price discrimination that gave large chains — among them Costco, Kroger and Total Wine & More — much better prices than those offered…
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Federal prosecutors accused top real estate agents Tal and Oren Alexander and their brother, Alon, of drugging and raping “dozens of victims” over more than a decade. The brothers were arrested in Miami Wednesday on sex trafficking charges related to…
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A rogue employee was responsible for hiding $151 million in delivery expenses over the course of nearly three years, Macy’s said Wednesday. In a statement accompanying its quarterly earnings results, the department store chain said…
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Albertsons on Wednesday formally terminated its proposed $25 billion merger with Kroger and filed a lawsuit against its supermarket competitor, saying Kroger violated its contract and didn’t follow through on commitments to help get the deal approved. It…
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A U.S. district judge in Oregon has blocked a $25 billion bid by supermarket giant Kroger to take over rival Albertsons, ruling that the Federal Trade Commission’s concerns about the merger’s impact on market consolidation…