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Khorri Atkinson 6 hours ago
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3M settles with Minnesota for $850M over contaminated water
3M headquarters in Woodbury, Minnesota. Photo: KAREN BLEIER / AFP / Getty Images

Industrial group 3M has agreed to pay Minnesota $850 million to settle a lawsuit alleging that its disposed chemicals have contaminated groundwater in the state, Bloomberg reports.

The details: Settlement funds will be used to finance drinking water and sustainability projects, per Bloomberg. The suit, reportedly filed in 2010, sought punitive damages of $5 billion after the state linked the contaminated water to cancer and premature births. The company had denied the state's claims and said the chemicals posed no health risk to its employees who were exposed to higher levels, per Bloomberg.

Bob Herman 11 hours ago
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Mayo Clinic CEO is retiring
Mayo Clinic CEO John Noseworthy speaks at an event.
Mayo Clinic CEO John Noseworthy speaks at an event in 2013. Photo: Karen Bleier / AFP via Getty Images

Mayo Clinic CEO John Noseworthy will retire from his position at the end of 2018.

Why it matters: This opens up one of the most prestigious executive positions in health care, given Mayo Clinic's clinical reputation. Mayo Clinic's board — which includes big names such as former Google CEO Eric Schmidt, former Ford CEO Alan Mulally and President Obama's former Interior Secretary Ken Salazar — hopes to pick Noseworthy's successor by the fall.

Go deeper: Noseworthy raised eyebrows last year after he said the medical center would prioritize patients who have private health insurance over those who have Medicare and Medicaid.

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Judge rules against AT&T in White House records dispute
AT&T CEO Randall Stephenson grimaces
AT&T CEO Randall Stephenson. Photo: Amir Levy/Getty Images

The federal judge hearing the Justice Department's lawsuit to block AT&T's proposed $85 billion purchase of Time Warner on Tuesday denied a request by the telecom giant to disclose communications between Justice Department officials, including Attorney General Jeff Sessions, and the White House about the deal.

Why it matters: Tuesday's ruling is a blow to AT&T's attempt to show that the lawsuit to block the deal is politically motivated by President Trump's antipathy for CNN, which Time Warner owns. AT&T says it wasn't asked to offload any assets as part of the deal until after Trump took office.

Ina Fried 12 hours ago
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More cars were added to US cell networks in 2017 than phones
A woman uses a tablet in a 4G-equipped connected car
A woman uses a tablet in a 4G-equipped connected car. Photo: GM

When we think of wireless networks, we now think of smartphones. But in 2017, for the first time, more cars than phones were added to US cellular networks, according to a new report from industry consultant Chetan Sharma.

Why it matters: While there were more cars added, the money is still in smartphones, which have a higher monthly service fee and generate the bulk of carrier revenue and profits. Nonetheless, as smartphone sales level off, other types of devices will become increasingly significant in the wireless network market.

Bob Herman 14 hours ago
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MiMedx stock craters on internal probe
Data: Money.net; Chart: Axios Visuals

The stock price of MiMedx plummeted 35% Tuesday morning after the company, which sells products for burns and wound care, said it was postponing the release of its 2017 financial results due to an internal investigation of its sales practices.

Why it matters: Short sellers like Marc Cohodes have long alleged MiMedx fraudulently inflated its sales numbers. Delaying the financials, at a minimum, is a public-relations disaster and could indicate deeper trouble from government auditors.

Go deeper: MiMedx CEO Pete Petit is a big backer of President Trump and former health secretary Tom Price, and Petit's feud with short sellers reached a boiling point this past January.

Ina Fried 14 hours ago
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Broadcom re-evaluating bid after Qualcomm ups NXP offer
Paul Jacobs Qualcomm
Paul Jacobs speaks during a keynote address. Photo: David Becker / Getty Images

Qualcomm raised its offer for Dutch chipmaker NXP Semiconductors on Tuesday, possibly making that deal more likely to happen and a hostile takeover from Broadcom less likely.

The bottom line: This is the highest-stakes poker game in town and Qualcomm just significantly increased the pot.

Ben Geman 17 hours ago
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BP boosts electric car outlook but says oil isn't going away

BP has increased its long-term forecast for the rise of electric vehicles and sees a potential peak in global oil demand within two decades, but is nonetheless warning that even the more bullish scenarios they modeled will not lead to a collapse in oil consumption.

The forecast is in its just-published 2018 Energy Outlook, a big collection of scenarios for global fuels, power and emissions trends through 2040.

Reproduced from BP Energy Outlook 2018; Chart: Axios Visuals

Bottom line: The "evolving transition" scenario sees growth in global demand for liquid fuels (largely a proxy for oil) ending in around 2035. More aggressive scenarios, including one that models global ban on sales of internal combustion (ICE) vehicles starting in 2040, show a more aggressive move away from oil, as the chart above shows.

Zachary Basu 17 hours ago
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Gap brand CEO stepping down
Jeff Kirwan
Photo by Eugene Gologursky/Getty Images for The Door

Gap Inc. said Tuesday that the president and CEO of its clothing brand, Jeff Kirwan, will be stepping down. Current executive vice president and head of global talent and sustainabiliy, Brent Hyder, will replace Kirwan while the retailer looks for a new president.

Why it matters: In a press release, Gap Inc. CEO Art Peck said "we have not achieved the operational excellence and accelerated profit growth that we know is possible at Gap brand."

Full statement.

Shane Savitsky 18 hours ago
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Albertsons to purchase what's left of Rite Aid
Photo: Smith Collection / Gado / Getty Images

Albertsons Cos., the owner of Safeway and other supermarket chains, is set to purchase the remainder of drugstore chain Rite Aid Corp. that won't be sold to Walgreens, per the WSJ. The deal would create a company with a combined value of $24 billion and allow the privately-held Albertsons to go public.

Why it matters: Both companies cited Amazon as a key reason for their merger, noting the need for retailers to offer expanded offerings in the face of the tech giant's purchase of Whole Foods last year. The Albertsons-Rite Aid merger would combine the former's strengths in e-commerce and fresh food with the latter's expansive pharmacy benefits.

David McCabe 19 hours ago
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George Soros may invest more in fighting Big Tech
George Soros in front of the flag of the European Union
Billionaire George Soros. Photo: OLIVIER HOSLET/AFP/Getty Images

Billionaire investor George Soros launched a brutal attack on big online platform companies at this year’s World Economic Forum meeting in Davos. Now, his influential organization is "certainly examining new ways" to tackle the growing power of tech giants, according to an official at his influential philanthropy.

Why it matters: Soros may put his money where his mouth is. With a global reach and an annual budget of more than a billion dollars, the Open Society Foundations has the ability to significantly shape the growing debate over the power of Big Tech.