Weekly News

Business recap: Week of July 24

July 24,2016 04:10

Verizon emerged Friday as the most likely buyer of Yahoo for a reported price close to $5 billion for its core Internet business. The deal would follow a tumultuous run for chief executive Marissa Mayer, who tried to reinvent Yahoo. If finalized, the ...

McDonald’s largest franchise has had to stop selling the Big Mac in Venezuela as it can’t source the bread it needs to make the famous sandwich. (Toru Hanai/Reuters) Business Roger Ailes resigned as head of the Fox News Channel, felled by sexual harassment accusations leveled by a former anchor, leaving his boss and longtime ally, Rupert Murdoch, to settle frayed nerves at the most-watched U.S. news network. 21st Century Fox, which owns Fox News, confirmed that Ailes will become an adviser to Murdoch, who at 85 will be chairman and acting chief executive for the Fox News Channel and Fox Business Network. Verizon emerged Friday as the most likely buyer of Yahoo for a reported price close to $5 billion for its core Internet business. The deal would follow a tumultuous run for chief executive Marissa Mayer, who tried to reinvent Yahoo. If finalized, the nation’s largest wireless carrier would add the iconic Web pioneer and its millions of daily users to a growing stable of media properties. Elon Musk offered his “master plan” for Tesla Motors, a 1,500-word manifesto laying out lofty ambitions for an integrated solar and battery product and, someday, electric trucks and buses. Tesla shares slid 1 percent on the announcement. Airbnb hired former U.S. attorney general Eric H. Holder Jr. to help it craft an anti-discrimination policy. The home-sharing company has come under fire in recent months following complaints of racial bias by its hosts. “While we have a policy that prohibits discrimination, we want this policy to be stronger,” chief executive Brian Chesky wrote in a blog post. McDonald’s largest franchise has had to stop selling the Big Mac in Venezuela as it can’t source the bread it needs to make the famous sandwich. Verizon emerged as the most likely buyer of Yahoo for a reported price close to $5 billion for its core Internet business. MetLife, the New York-based insurer that traces its roots to the 1860s, said its new U.S. retail unit will be known as Brighthouse Financial once it is broken off from the parent company. Capital Business DynCorp International was sued by the Justice Department, which alleged the contractor “knowingly inflated claims in connection with a State Department contract to train Iraqi police forces.” The government said the McLean-based company allowed one of its subcontractors on the contract, awarded in 2004, “to charge excessive and unsubstantiated rates for hotel lodging, translator, security guard and driving services and overhead expenses.” The company said it is “disappointed” with the decision and that it denies the allegations. Deals SoftBank Group agreed to buy ARM Holdings for $32 billion, securing a slice of virtually every mobile computing gadget on the planet and future connected devices in the home. Anheuser-Busch InBev and SABMiller, received Justice Department approval for their $100 billion merger, in a deal that would create a global giant controlling much of the world’s beer. U.S. antitrust officials spent more than a year studying the deal, concerned the new company would have too much market power and drive up prices. Economy  The European Central Bank kept its stimulus program unchanged as policymakers try to assess the economic damage inflicted by Britain’s vote to leave the European Union. Officials left the main refinancing rate at zero, the deposit rate at minus 0.4 percent and asset purchases at $88 billion. Americans bought more homes in June, the fourth monthly gain, as the sales rate climbed 1.1 percent, reaching its highest level in more than nine years. Transitions Donald Trump secured the Republican nomination for the U.S. presidency. Searing temperatures caused by climate change may cost global economies more than $2 trillion by 2030, restricting working hours in some of the poorest parts of the world, according to United Nations research. As many as 43 countries, especially those in Asia, including China, Indonesia and Malaysia, will experience declines in their economies because of heat stress.

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