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Corporate America, not banks, could cause the next recession

1. The next debt crisis: There’s a $6.3 trillion elephant in the room. And it just might cause the next recession. The last downturn was triggered by Wall Street and Americans accumulating too much debt — particularly in the sizzling housing market. A decade later, it’s Corporate America borrowing with gusto. Egged on by extremely low rates, US companies have piled on a record-setting $6.3 trillion of debt, according to S&P Global Ratings. All that debt is easy to ignore…

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Amazon’s popular streaming service is blocked in China

The world’s most popular service for live-streaming video games may have just lost a big potential market. Twitch, which is owned by Amazon (AMZN), is no longer accessible to users inside China. It has also disappeared from Apple’s (AAPL) iOS App Store in China. A spokesman for Twitch confirmed Friday that the service, which lets users watch and broadcast video-game playing, had been blocked in China but wouldn’t comment further. The country’s internet regulator, the Cyberspace Administration of China, didn’t…

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Walmart discriminated against pregnant workers, federal agency says

A federal agency is suing Walmart for discriminating against pregnant employees. The US Equal Employment Opportunity Commission (EEOC) said on Friday that it had filed a class action lawsuit alleging that Walmart violated the law when it refused to accommodate pregnant employees’ requests for a lighter work load. According to the EEOC, Alyssa Gilliam and other pregnant employees at a Walmart warehouse in Menomonie, Wisconsin, were not allowed to take part in a company program that allowed some workers to…

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After a rough year, GoPro gets back to basics

Driving full speed into a turn at the Sonoma Raceway, GoPro VP Rick Loughery flipped his go kart and crashed spectacularly, grinding to an upside-down halt on the side of the track. His co-workers let out a chorus of “ooohs!” before one quietly said what they all seemed to be thinking: “I hope he’s OK — and I hope he was filming.” The video, shot on a brand new GoPro Hero7 Black camera with a new image stabilization feature, was…

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The trade war reaches Procter & Gamble — and into the medicine cabinet

Procter & Gamble, the maker of familiar brands like Tide, Pampers, Gillette and Bounty, has been knocked around the past few years by lackluster sales and new competitors. Its latest headache is President Donald Trump’s trade war with China. For P&G, the Trump administration’s latest round of tariffs on Chinese imports will raise the cost of making many of its household staples. Two weeks ago, the company lobbied to have more than a dozen imported goods left off the list…

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Rana Kapoor, Yes Bank CEO, is being forced out by the Reserve Bank of India.

One of India’s most prominent bankers is being forced out of his job after more than 14 years. Yes Bank announced Friday that India’s central bank had ordered its founder and CEO Rana Kapoor to step down in January 2019. Its shares crashed nearly 30%, wiping around $3 billion off the bank’s market value. Kapoor’s term as CEO was due to run until September 2021. Yes Bank’s statement did not say why the central bank had ordered Kapoor out, and…

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Canopy Growth CEO expects US pot market to open up eventually

The head of a big publicly traded pot company said he’s preparing for potential changes that will make his products available in America. Cannabis is still illegal in the United States under federal law, even though a number of states have legalized marijuana. But Bruce Linton, the co-founder and CEO of Canopy Growth (CGC), told CNN’s Julia Chatterley on the First Move show Friday that he thinks some of the laws prohibiting marijuana could soon be relaxed. “Republicans have had…

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Google discussed promoting pro-immigration groups in search results to counter travel ban

Google employees last year considered displaying pro-immigration information when people searched terms related to the Trump administration’s controversial travel ban. In emails obtained by The Wall Street Journal, employees suggested ways to show different results for “Islam,” “Muslim,” terms related to “Mexico,” “HIspanic” and “Latino,” and terms that the search algorithm deemed prejudiced or Islamophobic. Employees wanted to respond to the Trump administration’s January 27, 2017, executive order banning entry for 90 days by citizens from Iraq, Syria, Iran, Libya,…

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European banking still has a massive money laundering problem

First it was HSBC. Then ING. Now Danske Bank. European banks are still uncovering money laundering on a vast scale. Danske Bank (DNKEY), Denmark’s largest bank, admitted Wednesday that an internal investigation had uncovered a large number of suspicious accounts and transactions at its branch in Estonia. The bank said the branch handled about €200 billion ($235 billion) for around 15,000 foreign clients, some from Russia, between 2007 and 2015. It said that the “vast majority” of the 6,200 customers…

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Gap challenges Lululemon with a men’s athleisure line

Gap is stretching into athleisure for men. Hill City, a line of men’s athletic wear to go along with the company’s Athleta brand for women, will go on sale in October. The line consists of lightweight stretch pants, puffer jackets and premium shorts meant to be worn from “working out to work to weekend.” Hill City will be more expensive than the men’s workout gear already sold in Gap stores. For example, a pair of pants will cost $128 and…

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