Business Highlights

January 8, 2018


Retail workers feel disruption from shifting shopper habits

NEW YORK (AP) — The retail industry is being radically reshaped by technology and nobody feels that disruption more starkly than the 16 million Americans working as shelf stockers, salespeople and cashiers. The shifts are driven, like much in retail, by the Amazon effect — the explosion of online shopping and the related changes in consumer behavior and preferences. With the options and convenience available to them, there’s never been a better time for shoppers. For the workers, well, not always.


AP Exclusive: Should police sell guns? Some chiefs say no

SEATTLE (AP) — Many police departments sell confiscated guns to raise money to buy gear, but critics say law enforcement shouldn’t be putting weapons back on the street. An Associated Press look at nearly 6,000 guns resold in Washington state found more than a dozen instances in which the weapons figured in new criminal cases. The guns were used to threaten people, seized at gang hangouts and discovered in drug houses. The International Association of Chiefs of Police says confiscated guns should be destroyed.


Apple investors urge action to curb child gadget addiction

NEW YORK (AP) — Two major Apple investors are urging the iPhone maker to take action to curb growing smartphone addiction among children. Jana Partners LLC and the California State Teachers’ Retirement System, or CalSTRS, said in open letter to Apple that the company must offer more choices and tools to help youngsters fight addiction to its gadgets.


The Weeknd dumps H&M after monkey sweatshirt ad

NEW YORK (AP) — Singer The Weeknd said Monday that he will no longer work with H&M after the clothing company posted an ad of a black child in a sweatshirt with the words “Coolest monkey in the jungle” on the front. Many people criticized the image on social media, calling it racist. H&M removed the image Monday and apologized to anyone it “may have offended.”


Fired Google engineer’s suit claims reverse discrimination

NEW YORK (AP) — The Google engineer who was fired for writing a memo criticizing Google for pushing diversity is suing the company, saying it discriminates against white men and conservatives. James Damore’s lawsuit says he was discriminated for his perceived conservative political views and for being white and male. He is joined in the lawsuit by another former Google engineer, David Gudeman.


GoPro expects revenue slump, slashes workforce

NEW YORK (AP) — GoPro expects 4Q revenue slump on weak sales as it slashes workforce and drones. The company expects a 37 percent drop in 4Q revenue and will cut more than 20 percent of its staff. It is also exiting the drone market, citing tough competition and regulations.


Emory University gets $400 million gift, its largest ever

ATLANTA (AP) — Georgia’s Emory University is receiving a $400 million gift — the largest in the history of the institution — to find new cures for disease and improve lives. The private school in Atlanta on Monday announced that the Robert W. Woodruff Foundation has pledged the money for medical advances and to enhance people’s health. The Woodruff Foundation says its giving was inspired by the legacy of Robert Winship Woodruff, longtime leader of the Atlanta-based Coca-Cola Co.


Americans borrowed more in November amid solid holiday sales

WASHINGTON (AP) — U.S. consumers ran up nearly $28 billion in new debt on their credit cards and in the form of new auto and student loans, a sign of growing confidence in the economy. The Federal Reserve says that consumer borrowing grew 8.8 percent, the most in more than two years, to $3.83 trillion.


BBC’s China editor resigns over gender pay gap dispute

BEIJING (AP) — The BBC’s China editor has resigned her position in Beijing in protest over what she called a failure to sufficiently address a gap in compensation between men and women at the public broadcaster. Carrie Gracie’s departure is the latest aftershock from the public corporation’s forced publication last year of pay levels for its top earners that showed two-thirds of those in the top bracket were men.


Stocks erase morning losses, continuing strong start to year

NEW YORK (AP) — U.S. stock indexes ticked higher Monday and added to their record run after erasing a short-lived bout of weakness. The Standard & Poor’s 500 index dipped at the start of trading and had appeared to be on pace for its first down day of the year. But strengthening gains for utilities and other dividend-paying stocks helped to offset losses in the health care industry, and put the S&P 500 on pace for its fifth straight up day.


The Standard & Poor’s 500 rose 4.56 points, or 0.2 percent, to 2,747.71. The Dow Jones industrial average slipped 12.87, or 0.1 percent, to 25,283.00. The Nasdaq composite rose 20.83, or 0.3 percent, to 7,157.39 and the Russell 2000 index of small-cap stocks gained 1.80, or 0.1 percent, to 1,561.81.

Benchmark U.S. crude rose 29 cents to settle at $61.73 per barrel. Brent crude, the international standard, gained 16 cents to settle at $67.78 per barrel. Natural gas rose 4 cents to $2.84 per 1,000 cubic feet, heating oil fell 1 cent to $2.05 per gallon and wholesale gasoline added 1 cent to $1.79 per gallon.

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