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Rio 2016

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Business Watch: Rumblings at Ford

In an abrupt move, Ford announced big changes at its helm. The carmaker giant replaced CEO Mark Fields with James Hackett, an executive known for successfully overhauling other businesses such as furniture maker Steelcase and the University of Michigan football program.

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Business Watch: J. Crew gets a lifeline

Struggling fashion retailer J. Crew, once a staple of American middle-class wardrobes, might have bought itself some more time to stave off bankruptcy after GSO Capital Partners acquired more of its debts, Reuters exclusively reported. But the restructuring gambit carries cons as well as pros. Read more http://www.reuters.com/article/us-jcrew-debtrestructuring-blackstone-idUSKBN17X1KD.

Business Watch: Wall Street betrays doubts over Trump tax plan

Wall Street opened higher, but closed in the red after the White House unveiled President Trump's proposal for a tax code overhaul. The gains triggered by upbeat corporate earnings were offset by uncertainty over the feasibility of the 15 percent cut to business tax advanced by the administration.

Business Watch: Wells Fargo brass gets scorecards

Wells Fargo shareholders showed their dissatisfaction at the banks' board members during an annual meeting that lasted over three hours and was interrupted multiple times due to angry shareholders. Only three directors received more than 90 percent support while, at most S&P 500 companies, director support averages around 95 percent of votes cast.