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Business News

Location American Business News for 11 February 2020

Art Rises in the Saudi Desert, Shadowed by Politics

The New York Times - 11 Feb 2020 22:34
Some artists say Desert X AlUla is a step toward changing Saudi society. Critics call the government-funded exhibition "morally corrupt."
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Frog debuts a radical new business model. Can it save independent design? The business of design has never been as profitable as the businesses that design enables. In partnering with the VC firm Tuesday Capital, Frog wants to change that. In 2013, Andrew Zimmerman received a letter from Faceb...
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Glass House Shows Us Its New, Massive 355K Square Feet Cannabis Greenhouse An exclusive, first look inside one of the world's largest cannabis greenhouses.
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Chinese Manufacturers Called for Icing

Wall Street Journal - 11 Feb 2020 20:54
As many companies try to gauge the coronavirus's effect on the global economy, one of the first impacts is being felt in the world of sports: Players are running out of hockey sticks.
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Rage Against The Machine Lead 2020 Rock Tours With World Tour Announcement Among Guns N' Roses, Rammstein, Megadeth, Def Leppard & Mötley Crüe, Rage Against The Machine are now leading the parade for rock tour of the year.
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SoundCloud Gets $75 Million Investment From Sirius

Wall Street Journal - 11 Feb 2020 14:30
SoundCloud Gets $75 Million Investment From Sirius SoundCloud will take a $75 million shot in the arm from satellite-radio giant Sirius XM Holdings in exchange for a minority stake and two board seats at the audio-sharing platform, the companies said.
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Fed Opens Door To More Interest Rates Cuts On Coronavirus Effects The Fed could cut rates again if the economic hit from the coronavirus proves more prolonged.
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Wells Fargo escalates the API race

American Banker - 11 Feb 2020 21:44
When it comes to customers using application programming interfaces, the bank appears to be outpacing its rivals.
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The Navy says it wants to shrink the Marine Corps by more than 2,000 Marines U.S. Marine Corps photo by Lance Cpl. Dalton S. Swanbeck The Department of the Navy wants to reduce the size of the Marine Corps by 2,300 troops, it revealed on Monday in its fiscal year 2021 budget request. The departme...
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A federal judge on Tuesday approved wireless carrier T-Mobile US Inc's takeover of Sprint Corp, rejecting a claim by a group of states that said the deal would violate antitrust laws and raise prices.
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IKEA named insider Jon Abrahamsson Ring to succeed Torbjorn Loof as chief executive of the world's biggest furniture brand on Tuesday as it adapts to seismic shifts in shopping.
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Outdoor Retailer REI Building the Most Outdoorsy HQ Ever

Wall Street Journal - 11 Feb 2020 12:30
Outdoor Retailer REI Building the Most Outdoorsy HQ Ever REI is blurring the boundaries between office and nature as the retailer builds a new headquarters in a Seattle suburb. Once it opens in the summer, workers will be able to walk from one room to the next through outdoor ...
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A crash in the stock market would be Democrats last-ditch effort to topple Trump The Democrats have failed at everything they've tried to get to Donald Trump. What might their next failure be? Impeachment didn't work. And neither did spying on the president, which got them to impeachment but not to r...
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Carla DiBello has a close relationship with its chief and little formal finance training. She has been helping foreign companies gain access to top Saudi officials, and her role is frustrating some within the fund, which...
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Clorox's Rebrand Plays It Safe With an Eye Toward a More Sustainable Future Founded 107 years ago as the Electro-Alkaline Co. with an initial investment of $500 in Oakland, Calif., the firm launched with just one product: Clorox liquid bleach. Horse-drawn wagons delivered the returnable five-gal...
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Vice Raised Money at a Sky-High Valuation. The Bill Is Coming Due. TPG invested $450 million in the new-media company, valuing it at $5.7 billion, in 2017. But the deal required Vice to pay the firm up to nearly $400 million in cash and stock starting last month.
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The German challenger bank said that its "several hundred thousand" customers in the U.K. have until April 15 to withdraw money or transfer it to another account.
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Fed Monitoring Coronavirus Outbreak and Risks for Broader Disruptions Fed Chairman Jerome Powell told lawmakers Tuesday the Fed is monitoring the coronavirus outbreak, 'which could lead to disruptions in China that spill over to the rest of the global economy.'
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Saks Fifth Avenue owner Hudson's Bay Co on Monday named a president to lead its off-price business, known as Saks Off 5th, the latest example of a department store chain trying to bolster its outlet stores.
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Airbnb Swings to a Loss as Costs Climb Ahead of IPO

Wall Street Journal - 11 Feb 2020 19:45
Airbnb Swings to a Loss as Costs Climb Ahead of IPO Airbnb racked up a $322 million net loss for the first nine months of 2019, raising questions about the valuation and timing of its much-anticipated public-markets debut.
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A new kind of British invasion: Regtech hackathons

American Banker - 11 Feb 2020 18:15
Tech sprints that bring regulators together with bank officials, data scientists and software companies originated in the U.K. and have crossed the pond into the U.S.
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Tailored Brands Appoints Consulting Veteran As Chief Marketing Officer Tailored Brands has named Carolyn Pollock as Chief Marketing Officer, reporting to Chief Customer Officer Carrie Ask and overseeing marketing for all of the company's retail brands, including Men's Wearhouse, Jos. A. Ban...
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