Afternoon Coffee: Alibaba Has New CEO, Oil Train Derails in North Dakota


Chinese e-commerce company Alibaba has appointed a new CEO: Daniel Zhang, who formerly served as the firm’s chief operating officer. The news helped boost Alibaba’s shares up 10% today.

A train transporting crude oil derailed in North Dakota yesterday morning – marking the sixth time this year (at least) an oil tanker has crashed and exploded in North America. Six tank cars, which were designed to be “more durable” and have more safety features, went up in flames.

Lumber Liquidators will immediately stop selling laminate flooring sourced from China due to allegations the products contain the known carcinogen formaldehyde.

Whole Foods plans to open a new chain of stores offering cheaper prices and geared specifically toward millennial shoppers. The company said the stores will be “hip, cool and tech-oriented.”

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