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Capital One to buy Discover for $35 billion in deal that combines major US credit card companies

NEW YORK (AP) — Capital One Financial is buying Discover Financial Services for $35 billion, in a deal that would bring together two of the nation’s biggest lenders and credit card issuers. Discover Financial shareholders will receive Capital One shares valued at nearly $140, according to a news release issued by the companies Monday. Discover shares closed Friday trading at $110.49. Virginia-based Capital One was the 12th largest U.S. bank as of the third quarter, with $471.4 billion in total assets and $346 billion in deposits, according to S&P Global. Illinois-based Discover was the...

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Fruit Stripe Gum to bite the dust after a half century of highly abbreviated rainbow flavors

SAN FRANCISCO (AP) — Fruit Stripe Gum, something of a childhood icon for many gum chewers over the past five decades, will soon head over the rainbow with its multicolored zebra mascot Yipes — seemingly for good. The manufacturer of Fruit Stripe Gum, the Chicago company Ferrara Candy Co., gave the magazine Food & Wine a statement Tuesday that it is discontinuing the product; on Wednesday, an unidentified company spokesperson did the same for CNN. Ferrara did not respond to multiple requests from The Associated Press on Thursday seeking confirmation of its decision. Fruit Stripe may have...

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UAW strikes at General Motors plant in Texas as union goes after automakers’ cash cows

By TOM KRISHER (AP Auto Writer) DETROIT (AP) — First it was Ford, then Stellantis, and now a General Motors factory has been added to the growing list of highly profitable plants where the United Auto Workers union is on strike. On Tuesday, about 5,000 workers walked out at GM’s factory in Arlington, Texas, that makes big, high margin SUVs such as the Chevrolet Tahoe and Cadillac Escalade. The strikes in Texas, as well as at the largest Ford factory in the world in Louisville, Kentucky, and a Stellantis plant that makes lucrative Ram pickups in Michigan, are aimed at getting the companies to...

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DeSantis’ move to pull Sagemont scholarships: Concern about Communist China ties or a political stunt?

Florida’s move to cut off a high-end private school in Weston from state subsidies to parents has raised political and policy questions: Were the schools really an “imminent threat to the health, safety, and welfare” of the students and the public? Or was the state’s move a political stunt to bolster Gov. Ron DeSantis’ struggling presidential campaign? At least 229 students were receiving taxpayer-funded scholarships at the two Sagemont Preparatory School campuses in Weston that were targeted late Friday by DeSantis for alleged ties to the Chinese Communist Party. His office on Monday referred...

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UPS workers approve 5-year contract, capping contentious negotiations that threatened deliveries

By HALELUYA HADERO and MATT OTT (AP Business Writers) The union representing 340,000 UPS workers said Tuesday that its members voted to approve the tentative contract agreement reached last month, putting a final seal on contentious labor negotiations that threatened to disrupt package deliveries for millions of businesses and households nationwide. The Teamsters said in a statement that 86% of the votes casts were in favor of ratifying the national contract. They also said it was passed by the highest vote for a contract in the history of the Teamsters at UPS. The union said more than 40...

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Disney park revenue slumps in Orlando but grows globally

Revenue is up for Walt Disney Co.’s theme parks globally, but down at Walt Disney World, according to third-quarter financial results released by the company Wednesday. CEO Robert Iger pointed to a flattening of attendance after the end of Disney World’s 50th anniversary celebration and other contributors for the dip. “Also, as post-COVID pent-up demand continues to level off in Florida, local tax data shows evidence of some softening in several major Florida tourism markets, and the strong dollar is expected to continue tamping down international visitation to the state,” Iger said. The company...

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Musk says Twitter to change logo to “X” from the bird. Changes could come as early as Monday.

By ANNE D’INNOCENZIO (AP Retail Writer) NEW YORK (AP) — Elon Musk said Sunday that he plans to change the logo of Twitter to an “X” from the famous blue bird, marking what would be the latest big change since he bought the social media platform for $44 billion last year. In a series of posts on his Twitter account starting just after 12 a.m. ET, Twitter’s owner said that he’s looking to make the change worldwide as soon as Monday. “And soon we shall bid adieu to the twitter brand and, gradually, all the birds,” Musk wrote on his account. The change isn’t surprising given Musk’s long history...

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Bank of America hit with $250M in fines and refunds for ‘double-dipping’ fees and fake accounts

By KEN SWEET and MICHELLE CHAPMAN (Associated Press) NEW YORK (AP) — Bank of America will reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent. Combined, it is one of the highest financial penalties in years against Bank of America, which has largely spent the last 15 years trying to clean up its reputation and market itself to the public as a bank focused on financial health and not on overdraft fee income and financial trickery. BofA must refund...

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