The News In Brief
Cannabis Stocks Surge After Trump Endorses Cannabidiol for Seniors
Shares of pot companies rose on Monday after US president Donald Trump advocated the potential benefits from the use of cannabidiol in senior healthcare in a social media post.
Nike Marketing Plans in Focus Ahead of Crucial Year for Sports Events
Investors are poised to home in on the company’s marketing plans for the coming year, especially during the World Cup, when it reports results on Tuesday.
Half of Claire’s Stores in UK and Ireland to Be Rescued by Private Equity Firm
Modella Capital said it had bought 156 Claire’s stores in the UK and Ireland from administrators, securing the immediate future of 1,000 employees.
Harrods Warns Customers of Data Theft in Latest IT Breach
Data including names and contact details for some Harrods customers were taken from the systems of a “third-party provider,” a spokesperson for the store said in an emailed statement.
Horace Opens Pop-up at MOMA Design Store
The partnership marks the men’s line first retail experiment in the US.
Trump Plans New Tariff Push With 100 Percent Rate on Patented Drugs
President Donald Trump announced a fresh round of tariffs on pharmaceuticals, heavy trucks and furniture, including a 100% duty on patented drugs unless the producer is building a manufacturing plant in the US.
Valentino in Talks With Banks as Luxury Drop Prompts Debt Breach
The Italian company is seeking relief on its covenants after its debt-to-earnings ratio surpassed the threshold set in its credit agreement, Bloomberg reported.
US Consumer Spending Increases Solidly in August
Consumer spending, which accounts for more than two-thirds of economic activity, rose 0.6 percent last month.
Jean-Pierre Blanc Steps Down From Hyères Festival
Jean-Pierre Blanc, who founded and directed the Hyères International Festival of Fashion, Photography and Accessories for 40 years, is leaving the organisation.
Google, Flo Health to Pay $56 Million in Privacy Violation Suit
Google and period-tracking app Flo Health will pay $56 million to settle a class action claiming they violated the privacy of millions of Flo app users by collecting information about their menstrual health cycles and using it for targeted advertising.
Meta Set to Face EU Finding It Failed to Police Illegal Posts
The European Commission is preparing to issue preliminary findings saying that Meta’s Facebook and Instagram lack an adequate ‘notice and action mechanism’ that would let users flag illegal posts for removal, Bloomberg reported.
Natalie Massenet, Erik Torstensson Withdraw Lawsuits Against One Another
The Net-a-Porter founder on Wednesday filed a dismissal of the bombshell lawsuit she filed against her former partner, and Frame denim co-founder, in August.