Global Markets: Nestle loses water rights fight in California

By Commodity News Service Canada
WINNIPEG, Dec. 22 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– The CEO for Google’s parent company is stepping down. Eric Schmidt will retire from Alphabet Inc. on January 17. During his time at the company Schmidt oversaw the introduction of the Android mobile operating system and the corporate restructuring of Google.

– A regulatory body in California has ruled Nestle does not have the right to take about three-quarters of the water it is using from the state’s San Bernardino National Forest. Last year, the company siphoned over 30 million gallons of water from the forest. However, the regulator says it should only have taken about 8.5 million gallons. Nestle had argued it has inherent rights to take the water but the body disagreed. It gave Nestle two months to come up with an alternate plan.

– Class-action lawsuits have been filed against Apple, after the company admitted to intentionally slowing down older iPhones. The company claims the move was made to keep the devices from shutting down unexpectedly. However, the lawsuits accuse Apple of acting deceptively and unethically.

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