EBay CEO Devin Wenig steps down

(Reuters) – EBay Inc (EBAY.O) said on Wednesday Chief Executive Officer Devin Wenig has stepped down and the e-commerce company named its finance head Scott Schenkel as interim CEO.

The company said its board will undertake a search for the next CEO.

US sanctions Chinese companies for Iran oil imports: Pompeo

UNITED NATIONS (AFP) – The United States on Wednesday (Sept 25) announced sanctions on Chinese companies for buying Iranian oil, stepping up pressure despite European attempts to arrange talks between Washington and Teheran.

“Today we’re imposing sanctions on certain Chinese entities for knowingly transporting oil from Iran contrary to United States sanctions,” US Secretary of State Mike Pompeo told an anti-Teheran pressure group on the sidelines of the United Nations.

This story is developing.

Australia's capital city legalizes marijuana

Australian lawmakers have voted to legalize marijuana in the country's capital city Canberra and its surrounding jurisdiction.

Laws passed in the Australian Capital Territory (ACT) Legislative Assembly on Wednesday will permit the possession, use and cultivation of small amounts of cannabis in the ACT, where the city of Canberra is located.

The ACT is the first state or territory in Australia to legalize the drug.

Under the new legislation, adults over the age of 18 will be allowed to possess of up to 50 grams of marijuana, with every household permitted to cultivate up to four cannabis plants.

Marijuana will be banned from being used near children, with the legislation also barring it from being grown in communal gardens.

The laws will come into effect on January 31, 2020.

However, the bill conflicts with Commonwealth law — Australian federal law — under which the drug is still illegal. Lawmakers pointed out that because of this, prosecution for cannabis use or possession may still be possible.

ACT Attorney General Gordon Ramsay said Wednesday that the new legislation did not entirely remove the risk of arrests, according to Australia's public broadcaster the ABC.

"Unfortunately (this law) cannot stop someone being arrested and charged if the Commonwealth officials were minded to do so, or prosecuted if the Commonwealth Director of Public Prosecutions thought it were appropriate to do so," he reportedly told lawmakers.

UK will seek an election shortly, Attorney General says

LONDON, Sept 25 (Reuters) – Attorney General Geoffrey Cox said on Wednesday the British government would be asking parliament to agree to an election shortly, urging lawmakers to back the move.

Asked by lawmaker Patricia Gibson if he thought Prime Minister Boris Johnson should resign, Cox said: “Can I encourage her then to ensure that we vote for the election motion that will be coming before the House shortly.” (Reporting by William James; editing by Guy Faulconbridge)

‘The stripper pole in the living room should’ve raised more red flags,’ says FT columnist of Boris Johnson friend

That’s a provocative way to open a column about Jennifer Arcuri, the American to whom Boris Johnson has been accused of funneling grant money while mayor of London.

Johnson has said all financial dealings occurred “entirely in the proper way,” and Arcuri has said the payments she’s received were in her role as a legitimate businesswoman. London Mayor Sadiq Khan, who succeeded Johnson in that role, has ordered an investigation.

Bradshaw, in his Financial Times column, explains that he stayed in Arcuri’s East London flat, offered on Airbnb, covering the city’s nascent startup scene in 2014. While many of those companies failed, London now has a thriving startup sector with its share of unicorns, particularly in the financial sector.

Altria, Philip Morris End Merger Talks – Quick Facts

Altria Group, Inc. (MO) and Philip Morris International Inc. (PM) have separately announced their decision to end merger talks as they failed to reach an agreement. The companies have agreed to focus on launching IQOS in the U.S. as part of their mutual interest. IQOS is the only heated tobacco product with premarket authorization from the U.S. FDA.

Howard Willard, Altria’s CEO, said: “We look forward to continuing our commercialization of IQOS in the U.S. under our existing arrangement.”

Altria tightened its guidance for 2019 adjusted EPS to a range of $4.19 to $4.27 from a range of $4.15 to $4.27. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.18. Analysts’ estimates typically exclude special items. Altria also reaffirmed its 2019 domestic cigarette industry volume decline rate estimate.

Shares of Altria Group were up more than 3 percent in pre-market trade on Wednesday. Shares of Philip Morris were up more than 7 percent.

Teladoc’s stock sinks but analyst says buy, as Amazon Care seen as a ‘major long-term tailwind’

Shares of Teladoc Health Inc. TDOC, -1.66% sank 7.0% in premarket trading Wednesday, in the wake of Amazon.com Inc. AMZN, -2.45% launching a pilot health care program that includes virtual and in-home care options. SVB Leerink analyst Daniel Grosslight said that while Amazon’s new program may be perceived as a negative, he believes it is actually a "major [long-term] tailwind" for Teladoc. He reiterated his outperform rating and $90 stock price target, and recommends "buying any weakness." Grosslight said while Amazon Care is just a pilot program for its employees, he could see Amazon rolling out a direct-to-consumer telehealth option to its 100 million Prime members. "If they do, we think (like CVS) [Amazon] is more likely to partner with telehealth vendors such as [Teladoc] rather than manage a virtual provider network itself," Grosslight wrote in a note to clients. "This would be a major new source of revenue for telehealth vendors, in our view." Teladoc’s stock has soared 43.2% year to date through Tuesday, while the SPDR Health Care Select Sector ETF XLV, -0.92% has gained 4.8% and the S&P 500 SPX, -0.84% has advanced 18.3%.