Must Read Money Stories for Monday, March 23

by March 23, 2015


Caterpillar on the move. Two Caterpillar production lines will move from Joliet, Ill., to Mexico, the Chicago Sun Times reports. The plan will result in the loss of 230 jobs at the Illinois site. The transition is expected to start in late 2016 and is part of a plan to “remain cost competitive,” the company said. A little more than 750 employees currently work at the site, which is down from 7,000 positions in the late 1970s.

Starbucks ends “Race Together” campaign. After days of ridicule from the internet, Starbucks will end its “Race Together” campaign. The New York Times reports that CEO Howard Schultz announced in a letter that baristas will no longer write “race together” in order to encourage conversations about race. While this part of the initiative is over, the coffee company plans to continue its campaign with several events to raise awareness around issues of race, including special sections co-produced with USA Today.

Stocks soar under Obama. CNN Money examined which investments have performed best during the Obama administration. After tanking during his initial election, stocks are up 154 percent during his time in office, the fourth longest bull market in United States history. The closest investment ranked second under the Obama administration is real estate, which has increased 137 percent since the president was elected.

Diamonds shine on. Da Beers, the world’s largest diamond producer, expects a rebound in gem prices, according to Bloomberg. The market suffered from soft sales over the holiday season and rough diamond prices fell in the fourth quarter last year as lenders to the industry tightened credit. But demand in the U.S., the world’s largest diamond market, rose seven percent to $37 billion last year. Growth in all the main markets reached three percent, a total of $81 billion world-wide.


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