Daily News Feed 6.17.08

Damon Dash & Rachel Roy Land $4 Billion Deal To Take Roy Collection Global
Damon Dash, the man who helped Jay-Z take Roc-A-Fella Records from the streets to the corporate level, and his wife Rachel Roy announced Monday (June 16) that they’ve has formed a $4 billion dollar joint venture Jones Apparel Group to develop, market and license the New York-based fashion brand named after his wife. “Both Rachel and her clothing appeal to many audiences around the world, making her a widely renowned design talent,” said Dash in a statement. “Through this partnership, we will be able to explore new opportunities for Rachel Roy, the brand.” (Continue Reading…)

Al Gore backs Obama for White House
Former Vice President Al Gore pledged on Monday to do all he could to help Barack Obama win the White House, saying it was crucial the United States has not only a new leader but a new vision for its future. Gore, one of the most prominent figures in the U.S. Democratic party and known around the world for his push to combat climate change, publicly backed Obama for the first time at a huge rally in Detroit. He recalled his own presidential bid in 2000 to urge his party to support the Illinois senator in the November election against Republican John McCain. “Take it from me, elections matter,” said Gore, who lost the election to President George W. Bush eight years ago amid a dispute over the vote in Florida. Gore won the popular vote nationwide but Bush emerged the winner after the Supreme Court ruled in his favour on the disputed Florida balloting. (Continue Reading…)

Levee breaks as U.S. flood damage mounts
Hundreds of volunteers on the surging Mississippi River piled sandbags atop strained levees on Tuesday as the worst Midwest flooding in 15 years delivered a blow to the U.S. economy and world food prices. A levee broke in Gulfport, Illinois, sending muddy waters from the most important U.S. waterway cascading into nearby farmland and a few homes. No one was injured but authorities closed the bridge across the river to Burlington, Iowa. Corn and soybean prices stayed near record levels as millions of acres of cropland have been lost or damaged in the world’s largest grain exporter. Meat prices also soared, in line with the costs for feeding cattle, hogs and chickens. (Continue Reading…)