1. THAILAND'S SHRIMP SHORTAGE DRIVES UP GLOBAL PRICES
In 2009, a disease lethal to shrimps began traveling through Asia, from China to Vietnam, and has now struck Thailand, the world's largest shrimp exporter. The disease, which kills shrimps before they can reproduce, has driven Thai shrimp stocks down as much as 40 percent this year. As a result, prices in the U.S. have jumped by as much as 20 percent. Kroger Company, the grocery giant, said the shortage is "affecting all retailers, including us," and that "it will have an economic impact." [The Wall Street Journal]
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2. JPMORGAN CHASE HAD A GREAT SECOND QUARTER
Earnings at JPMorgan Chase rose 30 percent in the second quarter, thanks to big gains in its investment banking and credit card operations. The mortgage lending division, supported by the housing market recovery, also surged. Net earnings reached $6.5 billion, or $1.60 a share, exceeding Wall Street analysts’ expectations of $5.47 billion, or $1.44 a share.[The New York Times]
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3. NEW BOEING DREAMLINER FIRE DRAGS DOWN STOCK
An empty Boeing Dreamliner caught fire at London's Heathrow Airport on Friday, just seven weeks after regulators allowed the model to return to the skies. In January, two Dreamliners' lithium-ion batteries caught fire, causing the company to ground the entire fleet until it could address the problem. Shares for Boeing plunged more than 6 percent. [The New York Times, CNN]
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4. OWNERS TAKE HULU OFF THE MARKET
Hulu's owners — Walt Disney, NBCUniversal, and 21st Century Fox — took the video-sharing site off the market Friday, and announced that they will invest $750 million in developing the business instead of putting it up for sale. Hulu has 30 million monthly unique visitors and more than 4 million paid subscribers, and it's growing fast — revenue more than doubled to $690 million last year. It is the second time that Hulu's owners have put it on the auction block, only to have a change of heart. [Bloomberg]
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5. MAN ALLEGEDLY STEALS IDENTITIES TO PAY FOR TRIPS TO DISNEY
Alexander Pera, the former manager of a steakhouse in Illinois, was charged last week with stealing the identities of 50 customers and coworkers to fund 17 trips to Disney World. The 26-year-old allegedly used fraudulently obtained gift cards, cash, and prepaid credit cards worth $50,000 to pay for the trips, and used fake names, addresses, phone numbers, and email addresses to hide his identity while vacationing in "the happiest place on earth." Pera packed all 17 trips into a five-month period, according to authorities. [CNN]
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