Mark Zuckerberg’s $16.8-billion loss would have been a wipeout for most billionaires

By Divya Balji Wed., July 25, 2018 For many of the world’s richest people, losing $16.8 billion (U.S.) in a day would be a wipeout. For Mark Zuckerberg, it’s just about one-fifth of his net worth. Losing $16.8 billion (U.S.) would devastate most billionaires. For Mark Zuckerberg, it’s only about one-fifth of his net worth.  (Bloomberg) His fortune tumbled in late trading Wednesday, as shares of the social media giant slid 20 per cent in post-market trading in New York on disappointing results. If that holds through Thursday’s close, he will…

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Facebook lost approximately $150 billion U.S. in two hours

By Sheera FrenkelThe New York Times Wed., July 25, 2018 SAN FRANCISCO—For nearly two years, Facebook has appeared bulletproof despite a series of scandals about the misuse of its giant social network. But the Silicon Valley company’s streak ended Wednesday when it said that the accumulation of issues was starting to hurt its multibillion-dollar business — and that the costs are set to continue playing out for months. Facebook’s stock tumbled more than 23 percent in after-hours trading, erasing more than $120 billion in market value in less than two…

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Loblaw anticipates higher food prices soon due to trade war pressures

By Aleksandra SaganThe Canadian Press Wed., July 25, 2018 Canadians will likely have to pay more for certain food items soon as grocers grapple with the impact of new tariffs in an ongoing trade war and other pressures, said Loblaw Companies Ltd. CEO. “We see a very strong possibility of an accelerating retail price inflation in the market,” said Galen G. Weston during a conference call with analysts Wednesday. “Our base businesses continued to perform well in a very competitive marketplace despite significant cost pressures,” said Galen G. Weston, Loblaw…

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Massachusetts candy company plant abruptly closes

REVERE, MASS.—The owner of a company that makes candies such as Necco wafers and Sweethearts has unexpectedly shut down operations at its Massachusetts plant. The Boston Globe reports Round Hill Investments LLC announced Tuesday it is selling Necco brands to another confection manufacturer and closing down its Revere plant. The company had recently purchased Necco for $17.3 million at a bankruptcy auction in May. Round Hill did not identify Necco’s new owner or say if candy production will resume. The closure came as a shock to the close to 230…

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Stock market boom shows trade war is becoming background noise

LONDON—What trade angst? U.S. stocks are at five-month highs, Australian stocks at decade highs, and equity markets including Canada and India are at or near their highest levels on record. It’s a rally that gives the lie to all the talk that a looming trade war is about to send the global economy into a downturn. Rather, it underscores how the combination of continued central bank largesse, a stronger-than-expected start to the company earnings season and growing indifference to the protectionist rhetoric emanating from Washington and Beijing are buoying risk…

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