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Wells Fargo’s profit climbs despite CEO search, pressure from rates

New York (CNN Business)Wells Fargo’s bottom line grew steadily in the second quarter as the big bank searches for a new boss and tries to recover from years of scandal. Interim CEO Allen Parker signaled the board is still seeking an outsider for the job, casting doubt on recent speculation that he could get the gig permanently. “From the very beginning, they said they would be seeking someone from the outside. As far as I know, they’ve never wavered from that,” Parker told analysts during a conference call. Part of…

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Boeing 737 Max ordered by Ryanair undergoes name change

Decision fuels speculation that troubled plane will be rebranded once it is given all clear to fly A Boeing 737 Max due to be delivered to Ryanair has had the name Max dropped from the livery, further fuelling speculation that the manufacturer and airlines will seek to rebrand the troubled plane once it is given the all clear to fly again. Photos have emerged of a 737 Max in Ryanair colours outside Boeings manufacturing hub, with the designation 737-8200 instead of 737 Max on the nose. The 737-8200 is a…

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Prime Day: activists plan protests in US cities and a boycott of e-commerce giant

Immigrants and workers say Amazon should cut ties with federal deportation agencies and provide better work conditions Activists, immigrants and Amazon employees are planning actions against the e-commerce giant on its annual Prime Day, to protest against its labor practices and its involvement with US authorities deportation efforts. The protests on Monday are set to take place in at least seven US cities, and will coincide with the yearly sale that made the company more than $4bn in 2018. Activists say Amazon should not be profiting off the yearly sale…

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A higher US minimum wage is inevitable so businesses better be prepared | Gene Marks

A minimum wage increase will put pressure on everyones compensation, so businesses may have to cave and pay up Over the past few years many localities and cities, from New York City to Seattle, have passed legislation raising minimum wages that employers must pay to $15 an hour. Now, Washington is taking action. If youre a small business owner, you better be paying attention. Bloomberg very recent one from the Congressional Budget Office that show how a minimum wage hike would cost jobs. But there are other studies (like Read…

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Sole to the highest bidder: Sotheby’s to auction rare Nike sneakers

Nikes famous Moon Shoe and limited-edition trainers produced by Kanye West, Air Jordan and Adidas will be sold Sothebys in New York has announced its first-ever auction dedicated to sneakers. The auction house will sell 100 pairs of the rarest sneakers ever produced, including a sample of one of the first Nike running shoes with a pre-sale high estimate of $160,000. The Nike Moon Shoe is one of only 12 pairs created. It was designed by Nike co-founder and track coach Bill Bowerman for runners at the 1972 Olympics trials…

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A ‘Museum of Weed’ is coming to Hollywood

San Francisco (CNN Business)A 30,000-square-foot cannabis museum is coming to Hollywood. “Frankly, it feels like we’re at an inflection point … where the outcome isn’t fully decided,” Beals said. The exhibits also delve into the minutiae of the cannabis plant via an “interactive Plant Lab.” It won’t be fully interactive, though. No consumption of cannabis nor its various components — including the super-trendy cannabis compound CBD — are allowed. To strike a balance between the Snapchattable and the somber, the company drew from an eclectic mix of existing repositories, such…

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Odds and Ends 

Agritech startup TaniGroup raises $10M to help Indonesias farmers grow

In 2016, former World Bank analyst Eka Pamitra teamed up with five friends to start a business that would help farmers in their native Indonesia. Today their company — TaniGroup — closed a $10 million Series A round that’s aimed at expanding its service nationwide with the support of the government. TaniGroup works for more than 25,000 farmers in Indonesia to help them get fairer rates for their crops, and grow their businesses. It does that in two ways. It operates a B2B platform that helps farmers sell their produce…

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Profit over safety? Boeing under fire over 737 Max crashes as families demand answers

Relatives are demanding clarity and believe they should be consulted on when or if the 737 Max flies again On 10 March, 24-year-old Samya Stumo was on her way to start a healthcare job in Kenya when, along with 156 other passengers on an Ethiopian Airlines-operated Boeing 737 Max 8, she died as the plane took a high-speed dive into countryside outside Addis Ababa. Now her parents, Michael Stumo and Nadia Milleron, together with her great-uncle Ralph Nader, have become the most vocal relatives to demand a say on when…

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Announcing TechCrunch Sessions: Enterprise this September in San Francisco

Last year alone, the and included IBM’s acquiring Red Hat for $34 billion, SAP paying $8 billion for Qualtrics, Microsoft landing GitHub for $7.5 billion, Salesforce acquiring MuleSoft for $6.5 billion and Adobe grabbing Marketo for $4.75 billion. No startup category has made more VCs and founders wildly wealthy, and none has seen more mighty companies rise faster or fall harder. That technology and business thrill ride makes enterprise a category TechCrunch has long wanted to tackle head on. We’ll enlist proven enterprise-focused VCs to reveal where they are directing…

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Club Med’s Chinese owner wants to buy Thomas Cook

London (CNN Business)The Chinese owner of Club Med wants to buy the tour operating business of Thomas Cook, a move that could rescue the 178-year-old British brand and help it expand in Asia. Thomas Cook is a travel company that handles vacation bookings and has its own airline and hotels. But it’s struggled with weak demand and high debt. The company has posted multiple profit warnings and shares are down 84% in the past year. While its stock shot higher on Monday’s news, Thomas Cook’s market value is only about…

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SZA accusation prompts Sephora to close all locations Wednesday for diversity training

(CNN Business)Sephora will close all locations Wednesday to hold diversity training for its staff after R&B singer SZA accused the store of racial profiling in April. Sephora responded to the tweet on May 1 saying, “You are a part of the Sephora family, and we are committed to ensuring every member of our community feels welcome and included at our stores.” In a statement posted to the Sephora Facebook page, the company also announced its new “We Belong to Something Beautiful campaign,” which focuses on inclusion within its staff and…

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Sir Philip Green charged in US over claims he touched pilates instructor

Arizona authorities accuse Arcadia mogul of repeatedly touching instructor inappropriately claims Green denies Sir Philip Green has been charged with four counts of misdemeanour assault in the US after a pilates instructor alleged he repeatedly touched her inappropriately, Arizona authorities have said. Lauren Deakin, a deputy county attorney in Pima county, said Green had been formally charged with four counts of knowingly touching another person with the intent to injure, insult or provoke. Greens alleged victim told police the Arcadia boss had spanked and grabbed her backside in 2016 and…

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MGM says it could pay up to $800 million for possible settlements related to Vegas massacre

New York (CNN Business)MGM Resorts thinks it could pay as much as $800 million for lawsuits related to the 2017 massacre in Las Vegas, though it’s not clear when or if settlements will be reached. “It’s just as possible at this point that it doesn’t,” Eglet said. He added that if a settlement is not reached, attorneys involved in the case will once again pursue litigation. MGM said in a regulatory filing last week it was “reasonably possible” that it will pay out between $735 million and $800 million. The…

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Great fanfare as Uber gets its stock on the road, but app stalls in New York

Could this be the moment the sentiment on Wall Street turned against the tech sector? Ubers stock market debut came with all the usual razzmatazz of a big American technology IPO. The chief executive spent weeks making sweeping statements about how the business was just getting started and had new worlds to conquer everything from pizza delivery to international freight. In the background, investment bankers whipped up buyers for the transportation stock of the 21st century. And, when immediately went into reverse. Priced at $45 a share, valuing Uber at…

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Alphabet: Google parent company’s shares drop after latest earnings report

Report comes as company faces internal worker turmoil, and a recent $1.7bn fine from the EU Google shares slumped on Monday after the company failed to beat analyst predictions, following a year of internal turmoil, privacy concerns, and several international fines. The companys stock was down 7% in after-hours trading after it reported first quarter revenue of $36.34bn, lower than the $37.33bn revenue forecast by analysts. The quarter one earnings represent a 17% increase from the same time last year, in which it reported $31.15bn in revenue. In a call…

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