9 things that happened in the business world last week you should know about

Dec 19 2017, 11:30 am

Each week, we bring you a roundup of some of the biggest stories making headlines in the business world.

Here are nine things that happened that you should know about:

1. Nasdaq rejects social network for cannabis users

Nasdaq has rejected a listing application by MassRoots, a social network for cannabis users. MassRoots plans to appeal the decision arguing this decision will cause difficultly for other weed entrepreneurs in raising capital.

2. Golfer Phil Mickelson clear of charges

Pro golfer Phil Mickelson avoided charges of insider trading by the SEC this past week. While he is required to pay back $1.03 million in profits earned on a trade in Dean Foods, he evaded charges thanks to a precedent set in 2014.

3. Bomb, fire, electrical failure? EgyptAir data puzzling experts

Initial evidence has provided little information to determine what brought down Flight804 last week. Until more concrete data from the flight recorders can be analyzed, various theories of terrorism, a fire or an electrical failure persist.

4. Latest round of funding values Snapchat at $20 billion

A new round of fund raising of approximately $200 million is valuating Snapchat at $20 billion. Source TechCrunch said the share price could be as high as $30.72 a share and would bring Snapchat’s total funding to more than $1.5 billion.

5. Young adults more likely to live with a parent than significant other

Young adults in 2014 were more likely to live with their parents than a significant other; a first in more than 130 years. Pew Research census data shows that 32.1% of 18-24 year olds lived in their parents’ home that year.

6. Why are Banana Republic’s sales dropping?

Banana Republic’s sales plunged 11% in the first quarter of fiscal 2016, following years of poor sales for the formerly sought after retailer. The company has resorted to extreme discounting to keep customers, though this continues to exacerbate the problem.

7. Toyota invests in Uber, teams up on auto-leasing program

Toyota has invested in Uber, and will also begin offering leases to its drivers. This comes after Volkswagen AG partnered with Gett Inc., and General Motors Co. with Lyft Inc.

8. Going green might hurt process of finding renewable energy sources

Shareholders looking to go green by divesting from fossil fuel companies may actually be impeding the process of finding renewable energy sources. Divested funds are not necessarily going to renewable energy sources, and companies no longer have shareholders advocating for more environmentally friendly processes.

9. British EU referendum sparks new worries

While earlier fears over China’s slowing economy and oil’s downturn have faded, Britain’s potential exit from the EU has sparked new worries. The uncertainty surrounding the upcoming referendum may contribute to market volatility.

  • Read more on CNN

Missed last week’s inaugural roundup? Read it here.

DH Calgary StaffDH Calgary Staff

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