Business

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U.S. Economy Grew at 1.2% Rate in Second Quarter

The American economy barely rebounded last quarter from its winter doldrums as weak spending by businesses overwhelmed an otherwise healthy consumer sector.<p>Besides the drop in corporate investment, weaker government spending also held back growth, reinforcing a trend that has hobbled the recovery …

Economics

Data in focus as market struggles for direction

NEW YORK (Reuters) - Wall Street, seeking direction as the S&P 500 has been stuck in a narrow trading range for 12 days, will next week shift its attention from second-quarter corporate earnings reports to economic data.<p>Investors will be looking for signs of economic strength to reinforce the …

Investing

Credit Suisse Is Building a New U.S. Bank Just for Billionaires

Some hundred-millionaires are welcome too.<p>Credit Suisse, which exited its U.S. private wealth business last year, is building out a new investment banking group in the region to serve billionaires.<p>Switzerland’s second-biggest bank has hired Charlie Buckley from rival UBS to work with company …

Banking

Facebook May Owe $5 Billion in Unpaid Taxes

Company says it will fight the IRS.<p>Maybe you had to file for an extension this year, or ask for a payment plan, because you didn't pay all your taxes on time. If so, you have company: Facebook revealed in its quarterly financial report on Thursday that it's under investigation by the IRS, and that …

SABMiller recommends revised AB InBev takeover offer

<b>Brewing giant SABMiller has recommended that its shareholders should accept the revised takeover offer from AB InBev.</b><p>Budweiser owner AB InBev raised its offer for rival SABMiller on Tuesday after a fall in the pound had made its original terms less attractive.<p>The pound has lost about 12% against …

United Kingdom

Obama signs bill requiring labeling of GMO foods

WASHINGTON (AP) — President Barack Obama has signed into law a bill that will require labeling of genetically modified ingredients for the first time.<p>The legislation passed by Congress two weeks ago would require most food packages to carry a text label, a symbol or an electronic code readable by …

Democrats

Transport Along China's Silk Road Economic Belt Just Got A Boost

Another step forward for the Silk Road Economic Belt just occurred as China just signed on to the United Nation’s TIR transit system, which enables authorized transporters to export goods through the EU and other member states by road without being subjected to customs inspections or duties en …

Silk Road

Huge lottery win goes to lucky player in German state of Hesse

A new German lottery record has been set, with 84.8 million euros going to the lucky ticket holder. The chance of winning the jackpot in the Eurojackpot lottery is one in 95 million.<p>A person or persons unknown in the western state of Hesse have made the biggest lottery win ever in Germany, cracking …

Lotteries

SHADDAI May Be The Most Outrageous Super Yacht Ever Conceived

Since the design brief he was working with for called for something “<i>omnipotent</i>,” it’s no surprise that designer Gabriele Teruzzi has come up with such an outrageous concept for a nearly 500-foot long, 124-feet tall super yacht called SHADDAI.<p>According the designer’s website, “He wanted to take the …

Boating

Dynagas LNG Partners LP 2016 Q2 - Results - Earnings Call Slides

The following slide deck was published by Dynagas LNG Partners LP in conjunction with their 2016 Q2 earnings call.<p>121<p>Click to enlarge<p>Dynagas LNG …

New Salt Lake Tribune owner replaces top editor

SALT LAKE CITY (AP) — The new owner of The Salt Lake Tribune made his first major editorial staffing move Friday, replacing longtime Editor Terry Orme with Jennifer Napier-Pearce, a former staffer who had recently left for a university political institute.<p>Paul Huntsman said in a statement that …

Oregon to host cannabis growers fair with guest speakers including ‘the Guru of Ganja’

Pot cultivation in the US has taken another step towards respectability with Oregon announcing it is to hold what is believed to be America’s first ever cannabis growers’ fair.<p>The event, which will take place at the Oregon state fairground in Salem, will bring together the elite of marijuana …

Marijuana

Anglo Irish Bank: Former executives jailed over fraud

<b>Two former executives of the notorious Anglo Irish Bank have been jailed in Dublin after being convicted of conspiracy to defraud.</b><p>John Bowe and Willie McAteer misled depositors, lenders and investors by making the bank's corporate deposits look larger than they were.<p>McAteer has been sentenced to …

Fraud

Two major IoT groups strike an alliance

<i>This story was delivered to BI Intelligence</i> IoT Briefing <i>subscribers. To learn more and subscribe, please</i> click here <i>.</i><p>Two IoT standardization groups — The Thread Group, founded by Alphabet’s Nest, and the newly formed Open Connectivity Foundation (OCF) — announced they will collaborate to ensure …

Internet of Things

First Quantum Minerals Ltd. 2016 Q2 - Results - Earnings Call Slides

The following slide deck was published by First Quantum Minerals Ltd. in conjunction with their 2016 Q2 earnings call.<p>123<p>Click to enlarge<p>First …

Organic Leaders Turn On Whole Foods And Each Other Over GMO Labeling Bill

“Organic Traitors Team Up with Monsanto and [Grocery Manufacturers Association] on DARK Act,” reads a recent headline from Ronnie Cummins, director of the organic industry-funded Organic Consumers Association. With over a million followers and network activists, Cummins leads OCA’s lobbying toward …

Food & Dining

Walmart has partnered with a massive Chinese messaging app

<i>This story was delivered to BI Intelligence "</i> E-Commerce Briefing <i>" subscribers. To learn more and subscribe, please</i> click here <i>.</i><p>Walmart, which operates over 400 stores in China, has partnered with WeChat, a mobile-based Chinese social network, to provide a mobile payment solution to its in-store …

Walmart

IRS Will Look Into Congressional Concerns Involving Clinton Foundation

The Internal Revenue Service (IRS) will look into allegations of impropriety at the Bill Hillary & Chelsea Clinton Foundation. In a July 22 letter to Rep. Marsha Blackburn (R-TN), first posted by The Daily Caller, IRS Commissioner John Koskinen wrote that the tax agency had “forwarded the …

Clinton Foundation

For 'Star Wars' Toys, Hasbro Prepares To Go 'Rogue'

We’ve had barely a year of <i>Star Wars</i> toys from the latest film, <i>The Force Awakens</i>, and already we are only two months away from the launch of the next line: <i>Rogue One: A Star Wars Story</i> toys are set to launch nationwide on September 30th. Collector are bound to have questions, and at the recent San …

Hasbro

China slams higher European steel tariffs as unjustified

BEIJING (AP) — Beijing has criticized new European tariffs on Chinese steel as "unjustifiable" protectionism coming just weeks after commerce ministers from G20 nations pledged to promote free trade.<p>The European Union said Friday it had set definitive anti-dumping duties on certain Chinese steel …

European Union

In Time of Discord, Bashing Trade Pacts Appeals to Both Parties

WASHINGTON — Democrats and Republicans agreed on almost nothing at their conventions this month, except this: free trade, just a decade ago the bedrock of the economic agendas of both parties, is now a political pariah.<p>Protesters, many of whom supported Senator Bernie Sanders, swarmed into …

Rob Portman

Hinkley Point: EDF's UK boss 'confident' of go ahead

<b>The boss of EDF in the UK says he is "confident" a new nuclear power station will be built at Hinkley Point, despite the government delaying its decision.</b><p>In an open letter to staff, Vincent de Rivaz said he regretted the uncertainty for employees, the local community and suppliers to the £18bn …

United Kingdom

U.S. authorities subpoena Goldman in 1MDB probe: WSJ

(Reuters) - U.S. authorities have issued subpoenas to Goldman Sachs Group Inc (GS.N) for documents related to the bank's dealings with scandal-hit Malaysian state fund 1MDB, the Wall Street Journal reported late on Friday.<p>Goldman received the subpoenas earlier this year from the U.S. Department of …

Regulation

How Wells Fargo Is Dealing With Lower-for-Longer Interest Rates

Making up for lower interest rates requires banks to be creative when it comes to filling the revenue gap. Image source: iStock/Thinkstock.<p><b>Wells Fargo</b> (NYSE: WFC) isn't sitting around waiting for interest rates to rise. It's read the tea leaves, and according to the nation's third biggest bank by …

Wells Fargo

Apple Loop: iPhone 7 Launch Date Leaks, iPhone's Risky Gamble, Tim Cook Defies Steve Jobs

Taking a look back at another week of news from Cupertino, this week’s Apple Loop includes the release date of the iPhone 7, the potential name change for the new handset, Apple’s falling iPhone sales, the benefits of OLED, Tim Cook’s ‘I’m not Steve Jobs’ strategy, secrets of Apple’s security on …

iPhone

Facebook could face extra $5bn tax bill after US investigation

Facebook could be liable to pay between $3 to $5bn in extra US tax after an extensive investigation by the US Internal Revenue Service (IRS) into the way the tech company transferred assets to Ireland.<p>The tax agency has been exploring whether Facebook deliberately deployed complex financial …

Internal Revenue Service

Regents OK $8.5 million for 2 patients suing over financial conflicts at UCLA

The University of California regents have agreed to pay nearly $8.5 million to settle two lawsuits alleging that a well-known UCLA spine surgeon failed to disclose his conflicts of interest with a leading device maker before using the company’s products in harmful surgeries.<p>The settlements were …

Health

Wynn Resorts Plans for Fewer Table Games Than It Wanted

Rendering of Wynn Palace. Image source: Wynn Resorts.<p>The long decline in <b>Wynn Resorts</b>' (NASDAQ: WYNN) operations has ended for the time being, but it's not all good news for the company. Revenue is growing again, which should continue over the next year, but management has said it estimates only 100 …

Steve Wynn

SpaceX wins second NASA mission to take crew to space station

NASA has ordered a second mission from SpaceX to take astronauts to the International Space Station.<p>The Hawthorne space company received its first order from NASA in November. Both SpaceX and Boeing Co. now each have two orders from the space agency to ferry as many as four crew members and about …

NASA

How A Local GameStop Boosted Sales By 100% In One Weekend With Pokemon Go

In the dog days of summer, here's one way to get people out and about - and into your shop<p>At a small GameStop store in Pittsburgh, the break room was abuzz with talk of Pokemon Go. The augmented-reality sensation had just launched in North America and everyone, including the store's manager Damon, …

Pokémon

Consumer Reports Finds Serious Security Flaws In Fertility App Glow

The fertility-tracking app Glow collects detailed information about users’ bodies and sex lives, and one thing that may not occur to users is the …

Security

To Get Noticed, List Your Startup Here

The 3 places potential investors and partners look first<p>A quality online presence is important for any company, from the local wine store down the street to the B2B marketing firm on another continent. Even a simple, clean landing page with basic contact information legitimizes your business to …

Finance

Tesla Motors, Inc. Earnings: What Investors Should Know

Model 3. Investors will look for an update on the development and timeline of Tesla's important Model 3 when the company reports second-quarter results on Wednesday. Image source: The Motley Fool.<p>On Wednesday, after market close, electric-car maker <b>Tesla Motors</b> (NASDAQ: TSLA) is scheduled to report …

Tesla

U.S. Judge denies Uber motion to compel arbitration in surge-pricing lawsuit

SAN FRANCISCO (Reuters) - A federal judge on Friday denied a motion by Uber Technologies Inc [UBER.UL] to compel arbitration in a passenger lawsuit over so-called surge pricing brought against the ride-hailing company's chief executive.<p>Spencer Meyer, a Connecticut passenger and the lead plaintiff …

Dispute resolution

Energy Recap: Another Move Up For The U.S. Rig Count

Every Friday, Seeking Alpha provides a roundup of insightful opinion and analysis articles in the energy sector.<p>In this edition, we highlight …

Stocks

Korean investors sue Wilshire Bank over fraud that cost them millions

When foreign investors believed that they’d been snookered by an L.A. attorney-turned-money manager, they sued him and his firm, trying to get their money back. When federal authorities thought fraud was afoot, they did the same.<p>But now a group of those investors are back in court, going after an …

Fraud

Mercedes pulls TV ad over potentially misleading automated driving claims

Mercedes has discontinued a television ad for its new E-Class sedan. It comes after criticism from a number of consumer groups over a comparison the company made between its autonomous F 015 concept car and the advanced driver-assist systems in the E-Class.<p>The ad shows the F 015 and the Mercedes …

Driving