1. Google to start ride service to rival Uber
Google plans to launch its own ride-sharing service to rival Uber, The Wall Street Journal reported Tuesday, citing a source close to the matter. Google, considered an ally of Uber after investing $258 million in the company in 2013, started a pilot program around its California headquarters in May, enabling thousands of workers at select firms to use the Waze app to carpool at low rates, and plans to open the service to all Waze users in San Francisco this fall. Uber and Lyft, a rival service, let users hail rides like taxis, but navigation app Waze, which Google acquired in 2013, is branching out by helping users connect with fellow commuters.
2. Regulators say Monsanto whistleblower will get $22.5 million
A former Monsanto financial executive will receive nearly $22.5 million as a whistleblower for alerting regulators to misleading accounting moves by the agribusiness giant, the Securities and Exchange Commission said Tuesday. The whistleblower revealed that Monsanto had improperly accounted for millions of dollars paid to distributors as Roundup rebates, distorting earnings reported in 2009, 2010, and 2011. Monsanto did not immediately respond to requests for comment, but agreed in February to pay $80 million without admitting wrongdoing.
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3. JetBlue makes historic flight to Cuba
JetBlue is scheduled to launch its first commercial jet service from the U.S. to Cuba on Wednesday with a flight from Ft. Lauderdale, Florida, to Santa Clara, Cuba. Transportation Secretary Anthony Foxx will be on board for what will be the first scheduled passenger flight between the former Cold War foes in 50 years. A second airline, Silver Airways, starts flying to Santa Clara on Thursday, and American Airlines begins Cuba flights next week. The flight will be the first regular jet flight ever from the U.S. to Cuba — before flights were restricted, airlines used propeller planes, JetBlue Executive Vice President Marty St. George said.
4. Home prices rise at slowest pace in a year
U.S. home prices rose modestly in June at their slowest pace since last August, according to the Standard & Poor's CoreLogic Case-Shiller 20-city home price index, released Tuesday. Prices increased by 5.1 percent in June compared to the same time last year, down from a 5.3 percent annual gain in May. Despite the slowdown, prices still are rising faster than incomes nationwide as the supply of available homes shrinks, a scenario that threatens to discourage sales.
5. Gov. Chris Christie vetoes New Jersey minimum wage hike
Republican Gov. Chris Christie on Tuesday announced that he would veto legislation seeking to raise the state's minimum wage to $15 an hour over the next five years. The bill called for getting started by hiking the wage from $8.38 to $10.10 on Jan. 1, 2017. Christie said the plan, pushed by Democrats, said the plan would have been a burden to small businesses. "All of this sounds great, raising the minimum wage, when you're spending someone else's money," he said. Democrats, who control the statehouse, said the measure would boost the state's economy, and vowed to get around Christie's opposition by raising the minimum wage with a constitutional amendment.
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