Must Read Money Stories for Monday, July 25

by July 25, 2016

Must Read Money Stories

DNC Scandal.

On the eve of the first day of the Democratic National Convention in Philadelphia, the organization’s chairwoman Debbie Wasserman Schultz announced Sunday her plans to resign after the end of this week’s convention. The resignation comes after thousands of leaked internal emails revealed bias for Hillary Clinton. This Associated Press story details the events that erupted late last week–beginning with the email leak and followed by Bernie Sanders supporters’ failed petition to abolish superdelegates at a DNC rules meeting Saturday–and what it means heading into this week’s expected nomination of Hillary Clinton. The New York Times also writes how former New York City Mayor Michael Bloomberg, a former Republican who’s been “dismayed” by Donald Trump, will be endorsing Clinton at the DNC.

Verizon scoops up Yahoo.

Silicon Valley-based Yahoo has agreed to sell its core internet business and land holdings to Verizon Communications for $4.8 billion, the New York Times reported Sunday. The news is according to sources who are not authorized to speak about the deal ahead of the formal announcement planned for Monday. The price tag is just a fraction of what Yahoo was worth during its heyday more than a decade ago. In the day, Yahoo was one of the earliest internet companies of its kind. However, the company has since struggled to keep up with competition and rapidly evolution of search, video and social media. The Times reports that after the sale, Yahoo’s days as an independent company will end as most of its remaining $41 billion in investments are held within China’s Alibaba.

Drug makers’ influence on research.

In this enterprise piece over the weekend, the Washington Post took a look at the increasing financial stake drug makers are taking in the studies and published research articles of their new drugs being brought to market. It gives one instance from 2006, when the New England Journal of Medicine, one of the most prestigious of its kind, published an article praising a new drug by GlaxoSmithKline. All 11 authors had received money from the drug company. Yet, the drug itself virtually disappeared from the U.S. market within a few years and was later linked to 83,000 heart attacks and deaths.

‘Healthy’ booze.

Food companies across the spectrum have had to find ways to adapt to consumers’ increasing demands for healthier, all-natural foods. One industry that’s been able to sidestep this trend is that of booze–until now. The Wall Street Journal wrote Sunday how alcohol makers and brewers are trying to adapt to these otherwise health-conscious drinkers with gluten-free, low sugar, reduced carbs, etc. options, or face potential profit losses down the road if they don’t act now.