Move over Jack Ma. China’s new richest man is a bottled water billionaire

Meet China’s new richest man. Zhong Shanshan, the founder of the popular Chinese bottled water brand Nongfu Spring, has overtaken Alibaba founder Jack Ma to become the country’s wealthiest person, according to the Bloomberg Billionaires index. Zhong was already China’s third richest person after his company went public earlier this month with a blockbuster listing…MORE

What would a contested US election mean for investors?

With fewer than six weeks to go before the US election, investors are starting to get antsy. Recent comments from President Donald Trump aren’t helping. What’s happening: Trump failed to commit on Wednesday to a peaceful transition of power after Election Day, fueling concerns he may not relinquish his office should he lose in November.…MORE

Costco is missing out on an exploding grocery trend

Curbside pickup is exploding in the pandemic as more people choose to order online and scoop up their groceries outside the store without leaving their car. But you won’t find that option at a Costco store anytime soon. The warehouse chain has long held that curbside pickup doesn’t make sense to offer, mainly because it…MORE

New York Times chairman retires after 23 years leading the board

Arthur Ochs Sulzberger, Jr., is retiring as chairman of the New York Times Co. as of the end of this year, turning control of the family-controlled company that publishes the paper over to his son. AG Sulzberger, 40, has been publisher of the Times since 2018, the sixth member of the Sulzberger and Ochs family…MORE

Legendary journalist Sir Harold Evans dies at 92

Sir Harold Evans, the legendary British-American newspaper editor and publisher, has died at the age of 92, his employer Reuters confirmed Thursday. Reuters reported that Evans’ wife, the magazine editor Tina Brown, said he died of congestive heart failure in New York. CNN Business has not spoken with Brown. Evans rose to prominence as the…MORE

Westpac, one of Australia’s largest banks, hit with record $920 million penalty over money laundering scandal

Westpac, one of Australia’s largest banks, has agreed to pay a record-breaking penalty of nearly $1 billion for systematically allowing money laundering on its watch. The company announced Thursday that it has agreed to the 1.3 billion Australian dollar ($920 million) fine with AUSTRAC, a regulator in Australia that fights financial crime. Westpac also admitted…MORE

Citi is spending $1.15 billion to help close America’s racial wealth gap

Citi plans to spend more than $1 billion to help close America’s racial wealth gap. The move announced Wednesday is part of the bank’s new Action for Racial Equity program, which was developed in the aftermath of the death of George Floyd earlier this year. Of the total $1.15 billion in funds, Citi will spend…MORE

Amazon says the $500 Peloton knock-off isn’t from Amazon after all

Amazon is distancing itself from the $499 stationary bike that the manufacturer said was “developed in collaboration with Amazon.” Fitness startup Echelon said in a press release Tuesday that it built a Prime-branded bike and Amazon partnered with the startup to build Amazon’s “first-ever connected fitness product.” The press release has now been deleted and…MORE

Wells Fargo CEO apologizes for saying the Black talent pool is limited

Wells Fargo CEO Charlie Scharf has apologized after he blamed the lack of diversity at the bank on “a very limited pool of Black talent to recruit from.” In a memo to employees released by the bank, Scharf apologized for what he was was “an insensitive comment reflecting my own unconscious bias.” “There are many…MORE

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