Tuesday’s business headlines
INDIANAPOLIS (WISH) – Here’s a look at Tuesday’s business headlines.
FDA cooltone
The U.S. Food and Drug Administration has approved Allegran Cooltone device for use in strengthening, toning and firming the abdominal area, buttocks and thighs.
It uses magnetics to cause involuntary musical contractions. The body responds to the contractions by strenghtening muscle fibers, leading to increased muscle tone.
The drugmaker said Cooltone has 50% more magnetic intensity than the leading competitor but that claim has not been clinically established.
Hostess
Snack company Hostess is making a big push into breakfast.
Hostess bought Cloverhill Bakery last year.
The bakery produces pastries such as danishes, cinnamon rolls, crumb cake, cake doughnuts and honey buns that are often found in vending machines.
Spotify
Last year, the U.S. Copyright Royalty Board mandated that music streaming services like Spotify, Apple Music, Pandora and more would need to payout higher royalties to musicians.
This mean that the major streaming services would need to pay as much as 44 cents more in royalty fees.
Spotify is now set to recoup some of the overpayment throughout the rest of 2019. It says it wishes minimize the impact on publishing companies but needs to account for the is negative balance.
Energy stocks
The energy sector has seen an 8% rally in June.
Geopolitical tensions increased as President Trump imposed new sanctions on Iran, one of the world’s key oil producers has been one thing sending energy higher.
Oil is still hovering at its highest level in almost a month.