6 Most Important Things in Business Today

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Long-time American Express Co. (NYSE: AXP) CEO Kenneth Chenault will step down. He leaves a mixed record as the company has been troubled by the success of other credit cards and online payment systems.

Hearst has agreed to buy Rodale, the publisher of Prevention and Men’s Health.

China’s gross domestic product rose at a solid but unspectacular rate of 6.8% in the third quarter. Several observers pointed out that the nation’s reliance on bank loans is still too high.

Goldman Sachs released a report that compares bitcoin with gold. CNBC reports:

Cryptocurrencies like bitcoin are not the “new gold,” Goldman Sachs said in a note, advising investors that precious metals “remain a relevant asset class” in portfolios.

In a note to clients earlier this week, Goldman detailed the benefits of holding gold in a portfolio.

“The use of precious metals is not a historical accident – they are still the best long-term store of value out of the known elements,” the investment bank said.

Hackers have started to hit education organizations and schools. The Department of Education released information:

Schools have long been targets for cyber thieves and criminals. We are writing to let you know of a new threat, where the criminals are seeking to extort money from school districts and other educational institutions on the threat of releasing sensitive data from student records. In some cases, this has included threats of violence, shaming, or bullying the children unless payment is received.

Recent IPO Blue Apron Holdings Inc. (NYSE: APRN) said it would lay off a portion of its workforce as its battles competition from larger companies. Its filing with SEC the company said:

Blue Apron Holdings, Inc. implemented a company-wide realignment of personnel to support its strategic priorities. This realignment resulted in a reduction of approximately 6% of the Company’s total workforce across both the Company’s corporate offices and fulfillment centers.

As a result of the realignment, the Company expects to incur approximately $3.5 million in employee-related expenses, primarily consisting of severance payments, substantially all of which will result in cash expenditures. The Company expects to incur such expenses during the fourth quarter of 2017.