1. Fed holds interest rates steady
Federal Reserve policy makers left interest rates unchanged as they ended their two-day meeting on Wednesday. The decision was widely expected in the wake of May's disappointing jobs report. The Fed said it still expected to make two quarter-point increases to its benchmark short-term rate this year, although six of the 17 Fed policy makers — up from one in March — now anticipate just one increase this year. Fed officials said the slower pace of economic growth could slow the pace of hikes in coming years.
2. Disney opens gates of its first China park
Walt Disney Co. opened its first theme park in China on Thursday, with thousands of visitors streaming in as the gates opened. The Shanghai Disney Resort is the company's biggest overseas investment, at $5.5 billion. Disney is betting that the spending power of China's middle class and its tourism boom will make the park a bright spot among its otherwise lackluster international theme park businesses. The Shanghai park features Disney's tallest castle.
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3. Fuel price increases push up wholesale prices
Rising fuel costs pushed U.S. wholesale prices higher in May, according to a federal government report released Wednesday. It was the second straight month of price increases. The May rise of 0.4 percent was more than was forecast. Excluding food, energy, and other volatile factors, prices actually dropped for the first time in seven months, suggesting that it will take time for inflation to reach the level desired by the Federal Reserve.
4. Mossack Fonseca IT employee arrested on suspicion of removing law firm data
A computer technician at Panama Papers law firm Mossack Fonseca's Geneva office was arrested this week on suspicion of removing confidential data from the firm's computer network. One of the reporters behind the publication of the Panama Papers tweeted, however, that the arrested employee was not the "John Doe" who leaked the documents from the Panamanian law firm. The Panama Papers, considered the biggest leak of their kind, revealed how Mossack Fonseca set up tax havens for celebrities, business tycoons, and world leaders.
5. Twitter invests $70 million in SoundCloud
Twitter has invested about $70 million in SoundCloud to help the music streaming business expand its recently launched subscription service and other projects. SoundCloud confirmed the Twitter investment on Wednesday but did not provide specifics. The infusion is part of a financing round that is expected to raise $100 million, valuing the Berlin-based company at $700 million.
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