Business

Jay Z Launches Venture Capital Firm "Arrive"

According to TechCrunch.com, Jay Z’s new venture capital firm Arrive, is here! The rap and business mogul has been planning the launch for a while, according to reports that surfaced in February, but a press release from parent company Roc Nation made it official on Monday. 

The investment platform will work with early-stage startups, and offer investment of capital as well as assistance with business development, branding and more to help those select companies flourish, per the official announcement.

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Macy's Dumps Trump: Retailer Cuts Business Ties With Donald Trump

Macy's has reportedly cut ties with real-estate mogul and Republican presidential candidate Donald Trump after 700,000 people have signed a petition.

CNN's MJ Lee reports that the company will remove Trump's merchandise from its stores.

"We are disappointed and distressed by recent remarks about immigrants from Mexico. We do not believe the disparaging characterizations portray an accurate picture of the many Mexicans, Mexican Americans and Latinos who have made so many valuable contributions to the success of our nation," the company said in a statement.

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Taco Bell To Begin Serving Alcohol In Chicago

Taco Bell says it will serve beer, wine and "mixed alcohol freezes" at a new location set to open in Chicago this summer.

The chain, owned by Yum Brands Inc., says the restaurant will have a new design it's testing in urban markets. It says the layout has already been launched in South Korea, Japan and the United Kingdom.

A rendering of the design shows a row of lime-green stools along a bar that peers into an open kitchen, flanked by an exposed brick wall. The chain says the location "will highlight the work of local artists" to give it a neighborhood feel.

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Amazon Plans To Hire 6,000 Full Time Warehouse Attendants

Tech giant Amazon is looking to put you to work.  The company is hiring 6,000 full-time workers across its more than 50 distribution centers in the U.S.

The workers will pick, pack and ship products to fulfill customer orders. Currently Amazon has about 50,000 full-time workers at the centers.

Amazon has been opening distribution centers across the country to speed up delivery times. Its $99 annual Prime membership service comes with free two-day delivery on many items.

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4 big banks fined $2.5 billion and will plead guilty to rigging global currency markets

WASHINGTON (AP) -- Four big banks will pay $2.5 billion in fines and plead guilty to criminally manipulating global currency market going back to 2007.

JPMorgan Chase, Citigroup, Barclays and The Royal Bank of Scotland conspired with one another to fix rates on U.S. dollars and euros traded in the huge global market for currencies, according to a settlement announced Wednesday between the banks and U.S. Justice Department. Currency traders allegedly shared customer orders through chat rooms and used that information to profit ahead of their clients.

FTC Sues Cancer Charities Over $187 Million Donation Scam - Largest Charity Fraud In History

WASHINGTON (CNN) -- In a rare joint action with attorneys general for each of the 50 states, the Federal Trade Commission says four cancer charities run by extended members of the same family conned donors out of $187 million from 2008 through 2012 and spent almost nothing to help actual cancer patients.

Apple Inc. Buys Chinedu Echeruo’s Hopstop.com For $1 Billion

Apple has acquired Chinedu Echeruo’s HopStop.com, The Wall Street Journal’s publication, AllThingsDigital reports. Founded in 2005, HopStop.com makes mobile applications for both iOS and Android that covers over 300 cities and that helps people get directions or find nearby subway stations and bus stops. Terms of the deal have not been disclosed as at the time of this publication.

Chinedu Echeruo, formerly an analyst at investment banks and hedge funds founded HopStop in 2005. Echeruo is now Chairman of the Board for HopStop.

Facebook Pushes For Higher Wages: Requires Janitors and Cooks To Be Paid $15 an Hour

Facebook announced this week that it has begun pushing minimum wage and benefits for many of its U.S. contractors and vendors — janitors and cooks — who may not have glamorous roles coding and building drones, but nonetheless help keep the company running.

The changes, which Facebook's vendors started implementing on May 1, include a $15 minimum wage, 15 paid days off and a $4,000 payout to new parents who don't receive paid maternity or paternity leave.

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Verizon Buys AOL for $4.4 Billion

Verizon agreed to buy AOL Inc. in a $4.4 billion deal aimed at advancing the telecom giant’s growth ambitions in mobile video and advertising.

The all-cash deal values AOL at $50 a share, a 23% premium over the company’s three-month volume-weighted average price. AOL shares rose 18% in morning trading to $50.18. Verizon shares fell 1.7% to $48.98.

The acquisition would give Verizon, which has set its sights on entering the crowded online video marketplace, access to advanced technology AOL has developed for selling ads and delivering high-quality Web video.

Wegmans To Open First NYC Store In Brooklyn

Brooklyn, NY - Wegmans is building its first store in New York City. The 74,000 square foot store is going up in Admiral's Row at the Brooklyn Navy Yard. The city-owned Navy Yard is currently undergoing its largest expansion since WWII. "This is a tremendous win for this community and for the people of New York City, " said Mayor Bill de Blasio. "We're going to see hundreds of good jobs, modern manufacturing, a new community center, and a supermarket that's responsive to the needs of our families.

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