Business Stories of the Week: Friday, Jan. 19, 2018

by January 19, 2018

McDonald’s announced that all of its packaging will be produced from sustainable sources by 2025. (Photo via Flickr user theimpulsivebuy)

Amazon narrows search

Amazon announced the shortlist of 20 cities in the running for its second headquarters, pared down from the original 238 candidates. The announcement brought a mixture of excitement and disappointment, as city officials across the country have done their best to attract the company. But what exactly is Amazon looking for in its newest home? The Philadelphia Inquirer examined the list of 20 cities, which includes Philadelphia, and found some interesting patterns, including local efforts to develop lively downtowns with quality public spaces, multimodal transit systems and international airports, among other things.

Uber sells stock

Japanese telecom giant SoftBank completed a deal with Uber which will spur far-reaching changes for the ridesharing company, Bloomberg reported. The Japanese company is now the largest shareholder in Uber and the changes include expanding the board to 17 members. Additionally, the company’s founders and early backers will lose super-voting rights.

BP still paying for Deepwater Horizon

Oil company BP announced it was charging an additional $1.7 billion in its fourth-quarter earnings due to settlement claims from the 2010 Deepwater Horizon oil spill, the Wall Street Journal reported. Although the oil industry has shown improvement since a 2014 crash, BP has had to increase the break-even price per barrel of oil to make up for Gulf of Mexico-related charges.

McDonald’s changing to sustainable packaging

The fast food giant said that all of its packaging will be produced from sustainable sources by 2025, the BBC reported. About half of its bags, straws, wrappers, and cups currently come from renewable sources, and about 10 percent of restaurants have active recycling programs. The company will now work to expand those packaging and recycling programs to all of its 37,000 locations.

CVS to identify retouched beauty photos

The drug store chain announced “CVS Beauty Mark,” a watermark that will identify imagery in beauty advertisements that hasn’t been digitally altered to change the model’s appearance in any way. “This new initiative is being introduced in an effort to lead positive change around transparency in beauty as well as to allow customers to differentiate between authentic and materially altered imagery,” the company said in a press release.

Whole Foods stores suffer shortages

Whole Foods employees told Business Insider that the company’s order-to-shelf system is causing shortages at stores across the country. The order-to-shelf system is meant to cut costs and better manage inventory, as well as reduce waste. Employees said that less food is spoiling in storage rooms but more and more items are out of stock, frustrating workers and shoppers.