PepsiCo’s Indra Nooyi latest high-profile female CEO to exit
PURCHASE, N.Y. (AP) — Longtime PepsiCo CEO Indra Nooyi will step down as the top executive and the world’s second-largest food and beverage company. Nooyi, who was born in India, is a rarity on Wall Street as a woman and a minority leading a Fortune 100 company. She oversaw the company during a turbulent time in the industry. The company said Monday that Ramon Laguarta, who has been with the company for more than two decades, will take over as CEO in October.
Tariff fallout: Reports show trade dispute affects companies
NEW YORK (AP) — Reports last week showed that companies including small businesses are feeling the impact of the trade dispute that began with Trump administration tariffs on imports. While the Institute for Supply Management said manufacturing was strong in July, the industry group noted that its member companies are paying higher prices for raw materials. Big manufacturers’ second-quarter earnings reports said they’re feeling the impact of the tariffs, a problem their smaller counterparts are likely to face.
Eurozone rescue fund pays final bailout loan to Greece
BRUSSELS (AP) — A rescue fund set up to help euro-using countries has paid its final 15 billion-euro bailout loan to Greece on Monday after objections by Germany delayed the payment by several weeks. The European Stability Mechanism said 9.5 billion euros (nearly $11 billion) of the loan would go toward a cash buffer Greece could use to meet its financial needs for almost two years. The Greek government hailed the payment as “the last act of the bailout drama.”
Facebook removes Alex Jones pages for hate, bullying
NEW YORK (AP) — Facebook says it has taken down four pages belonging to rightwing conspiracy theorist Alex Jones for violating its hate speech and bullying policies. The social media giant said Monday it also suspended the “Infowars” host’s account for 30 days because he repeatedly posted content that broke its rules.
Pentagon restricts use of fitness trackers, other devices
WASHINGTON (AP) — A new Pentagon order says military troops and other defense personnel on certain sensitive bases and warzone areas won’t be allowed to use fitness tracker or cellphone applications that can reveal their location. The memo stops short of banning the fitness trackers or other electronic devices, which are often linked to cellphone applications and can provide the users’ GPS details to social media. It says GPS technologies present significant risk to personnel.
Genetics technology could lead to more crops, fresher food
BOISE, Idaho (AP) — A multinational agricultural company based in Idaho has acquired gene editing licensing rights that could one day be used to help farmers produce more crops and make grocery store offerings such as strawberries, potatoes and avocados stay fresher longer. J.R. Simplot Company on Monday announced the agreement with DowDuPont Inc. and the Broad Institute of MIT and Harvard, developers of the nascent gene editing technology.
China tightens controls to slow currency’s fall
BEIJING (AP) — China has tightened controls on trading in its yuan following a decline against the dollar that raised the risk of a damaging outflow of capital from the world’s second-largest economy. Traders must post a 20 percent deposit for contracts to buy and sell yuan, which might help to discourage speculators. The yuan has fallen by 8 percent against the dollar since February. That helps exporters that face U.S. tariff hikes but might encourage investors to move money out of China.
No price hike, but new caps on MoviePass discount tix plan
NEW YORK (AP) — MoviePass, a discount service for movie tickets at theaters, is rescinding a planned 50 percent price increase following a subscriber backlash. But it will soon impose a cap of three movies per month, instead of one every day. MoviePass has grown to 3 million subscribers, from about 20,000, since it slashed monthly rates nearly a year ago to $10, from as high as $50. Because MoviePass typically pays theaters the full cost of tickets, a single movie can put the service in the red.
US stocks get a lift from earnings; Berkshire boosts banks
NEW YORK (AP) — U.S. stocks rose following solid second-quarter results from companies including Berkshire Hathaway and Tyson Foods. Technology, media and retailers also climb. Newell Brands sinks after it said the closure of Toys R Us hurt its business.
The S&P 500 index rose 10.05 points, or 0.4 percent, to 2,850.40. The Dow Jones Industrial Average gained 39.60 points, or 0.2 percent, to 25,502.18. The Nasdaq composite added 47.66 points, or 0.6 percent, to 7,859.68. The Russell 2000 index of smaller-company stocks picked up 10.94 points, or 0.7 percent, to 1,684.31.
Benchmark U.S. crude gained 0.8 percent to $69.01 a barrel in New York. Brent crude, used to price international oils, rose 0.7 percent to $73.75 a barrel in London. Wholesale gasoline remained at $2.13 a gallon. Heating oil climbed 0.6 percent to $2.14 a gallon. Natural gas added 0.2 percent to $2.86 per 1,000 cubic feet.