The Five Things You Need To Know Today (July 9)

1. Kroger Buys Harris Teeter- The US supermarket chain Kroger is hoping to gain more influence in the southeast as it has decided to by Harris Teeter for $2.5 billion. Kroger will add all of Harris Teeter’s 212 stores. Harris Teeter generated an estimated revenue of $4.5 billion.

2. Yahoo Shuts Down AltaVista- The Internet search engine competition has gotten somewhat smaller today as Yahoo has shut down AltaVista. AltaVista was introduced in 2003, three years before Google.

3. Apple Slows Production Of iPhones- According to Wedge Partners, Apple has cut the production of iPhone by 20 percent to combat slower global sales of the product. Apple will now  produce 90 million to 100 million iPhones in the second half of the year, down from earlier estimates of 115 million to 120 million.

4. Lauryn Hills Begins Jail Sentence- Lauryn Hill, legendary hip-hop star started her term in a Connecticut prison yesterday for failing to pay her taxes. She will spend three years in prison.

5. Cruz Signs With The Giants- Restricted free agent wide receiver, Victor Cruz singed a five year $46 million deal with the New York Giants yesterday.

Happy Birthday: Jack White, turns 38.

RIP: President Zachary Taylor died 163 years ago today.

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