Bulletin Business Briefs

Published 8:02 pm Wednesday, June 5, 2024

Wall Street barreled to all-time highs as its frenzy around artificial-intelligence tech keeps sending stocks higher. The S&P 500 jumped 1.2% Wednesday to beat its record set two weeks ago. The Nasdaq composite rallied even more, 2%, to set its own all-time high. The Dow Jones Industrial Average, which has less of an emphasis on tech, lagged the market with a gain of 0.2%.

Discount retailer Dollar Tree says it’s looking at strategic options for the Family Dollar stores that it owns, including a possible sale of the segment. Dollar Tree said Wednesday that alternatives also include a spinoff or other disposition of the business. Dollar Tree acquired Family Dollar nearly a decade ago for more than $8 billion.

Online marketplace behemoth eBay said it plans to no longer accept American Express, citing what the company says are “unacceptably high fees” and that customers have other payment options to shop online. It’s a notable blow to American Express, whose customers are often the most attractive among merchants and spend the most money per month on their cards. But it’s not the first time merchants have voiced opposition to AmEx’s business practices by walking away, most notably warehouse chain Costco nearly a decade ago.

The Amazon Labor Union, a grassroots labor group that won a major victory at an Amazon warehouse two years ago, has agreed to affiliate with the Teamsters union. The Teamsters union announced that its General President Sean M. O’Brien made the agreement public during the union’s general executive board meeting in Washington on Tuesday. If ratified, the agreement said members of the ALU will join the Teamsters as an “autonomous” local union that has the same rights and duties as a standard Teamsters chapter.

Federal prosecutors this week arrested the chief financial officer of The Epoch Times and said he directed millions of dollars gained through criminal schemes to the company and himself. The arrest cast a spotlight on a little-known news organization that has largely lived in the shadows between its founding in 2020 and a transformation during the Trump administration. Started by adherents to Falun Gong and fiercely opposed to the Chinese government, experts say the Epoch Times saw Trump as someone who could advance their cause and also make it financially more successful. Going from $4 million in revenue in 2016 to nearly $128 million five years later likely caught the eye of authorities.

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