Economy / 85

Amazon scraps plan to build a headquarters in New York City

February 14, 2019

One state lawmaker - New York Democrat Alexandria Ocasio-Cortez - cheered local opposition to Amazon's New York HQ2, when she recently touted the ability of "everyday people" to "come together and effectively organize against creeping overreach of one of the world's biggest corporations" on Twitter .

Bezos probe concludes mistress’s brother leaked intimate text messages

February 14, 2019

He has admitted to participating in a "catch and kill" scheme during the 2016 presidential campaign to purchase and bury stories of women who had claimed to have had affairs with Donald Trump . Trump has been highly critical of Bezos over his ownership of The Washington Post and Amazon, and the Post's coverage of the White House. Napolitano then declared that the scandal could be "very troublesome" not only for AMI but also the president if federal investigators find that Pecker did ...

GM, Amazon discuss backing upstart electric truck maker Rivian

February 14, 2019

Rivian is far from a household name at this time, but the company caught public attention after showing off its electric pickup truck at the LA Auto Show a year ago. Unlike rival automakers, Rivian is not trying to develop its own self-driving technology. GM said last November it was doubling resources allocated to developing electric and self-driving vehicles, as part of a significant restructuring that included ending production at five North American plants.

Amazon acquires Eero to drive smart home devices strategy

February 14, 2019

Amazon has unveiled that it has acquired Eero, a San Francisco-based company that makes mesh-networked routers. . Amazon is strengthening its Smart home business round-the-Echo-speaker with the purchase of a specialist for Wi-Fi networks.

Tesla pushes Sentry Mode, Dog Mode updates to its EVs

February 14, 2019

Here are Tesla's instructions on how to enable "dog mode", as per its release notes . When drivers leave their pets in the auto for a short period of time during bouts of extreme weather, it can be hard for passers by to tell if the vehicle is actually keeping the animals at a comfortable temperature with no noise to indicate that a vehicle is actively heating or cooling the cabin.

Stocks diverge as US-China trade talks begin

February 14, 2019

Trade Representative Robert Lighthizer, and Treasury Secretary Steven Mnuchin . The US government would escalate tariffs on Chinese goods if the deadline is missed, the White House has said, adding only a meeting between Mr Trump and China President Xi Jinping will solve the trade deadlock.

Airbus to cease production of A380 in 2021

February 14, 2019

The A380, whose wings are made at Airbus UK, was a bold challenger to USA rival Boeing's dominance of the large aircraft market. Guillaume Faury, president of Airbus Commercial Aircraft and future Airbus CEO, said, "The A380 is Emirates' flagship and has contributed to the airline's success for more than 10 years".

Trump could let March 1 deadline for trade deal slide

February 14, 2019

Mid-level officials began discussions Monday in preparation for two days of talks starting Thursday involving Lighthizer, Mnuchin and Chinese Vice Premier Liu He. "Hopefully they are going to be meeting and will be able conclude a deal", Censky told a renewable fuels conference in Orlando, Florida. One main topic in this round involves how China treats American companies' intellectual property.

Global oil supply to swamp demand in 2019 despite output cuts - IEA

February 14, 2019

U.S. West Texas Intermediate ( WTI ) crude futures were at $54.16 per barrel at 0413 GMT, up 26 cents, or 0.5 percent, from their last settlement. United States prices were also supported by a report from the American Petroleum Institute (API) on Tuesday showing that crude inventories fell by 998,000 barrels in the week to 8 February to 447.2 million, compared with analyst expectations for an increase of 2.7 million barrels.

World Business Report, Why Lufthansa sued a passenger for missing a flight

February 14, 2019

For example, someone who wants to travel to Chicago may book a flight from NY to Los Angeles with a layover in Chicago, if that flight is less expensive than direct flights to Chicago. In November a Spanish court ruled that Iberia passengers could not be punished for hidden city ticketing. By contrast, the court said, the airline's method of calculating its initial price is "completely intransparent".

IPhone Sales in China Plunged 20 Percent Last Quarter: IDC

February 14, 2019

In the final three months of 2018, shipments of Apple's iPhone dropped 19.9 percent year-over-year while Xiaomi saw its shipments slashed by more than a third compared to the same period a year earlier. In response, the company has announced that it will be introducing price cuts to markets which have been affected by a stronger U.S. dollar with China likely being one of these markets given that third-party retailers such as JD.com are already selling iPhones at 20% lower prices.

Tencent to Make investments $150M in Dialogue Platform Reddit

February 14, 2019

Reddit , which calls itself "the front page of the Internet ", has estimated 330 million monthly users and was the third-most-visited website in the U.S.as of February 2018, according to Alexa Internet. The push appears to be achieving results, with the company's ad revenue reportedly exceeding $100 million for the first time a year ago. Images of the storybook bear were reportedly banned online in China after bloggers used them to represent President Xi Jinping in posts.

Theresa May to ask MPs for more time on Brexit talks

February 13, 2019

Parliament's Parliamentary Recording Unit shows British Prime Minister Theresa May in the House of Commons, in London, on February 12, 2019. Mr Robbins suggested the strategy would be to tell the Commons in the final week of March that if an amended version of the government's deal wasn't passed, talks would have to be extended, potentially for a long time, ITV reported on Tuesday.

Oil rises after Saudi output pledge, declining USA inventories

February 13, 2019

US West Texas Intermediate ( WTI) crude oil futures were at $53.66 per barrel, up 56 cents, or 1.1 percent, from their last close. Saudi Arabia will reduce oil production to nearly 9.8 million barrels per day in March, Minister of Energy, Industry and Mineral Resources and Chairman of Saudi Aramco Khalid Al-Falih told the Financial Times .

CPI Inflation Eases Further To 2% On Falling Food Prices

February 13, 2019

Retail inflation in January is the lowest since June 2017 when it had touched 1.46 per cent. Consumer Food Price Index (CFPI) inflation stood at (-) 2.17 per cent in January as against (-) 2.65 per cent in December. India's economy is slowing, hit by reduced growth in consumer spending and in the farm sector. Inflation (blue line) plunged to 1.8 per cent in January the lowest rate for two years, official statistics revealed today.

Tesla is introducing a pet friendly 'Dog Mode'

February 13, 2019

After seeing the tweet, Musk replied "Tesla Sentry Mode coming soon for all cars with Enhanced Autopilot". Tesla CEO Elon Musk is confident about the success of the auto company's upcoming SUV, Model Y. Currently, the 2018 Toyota RAV4 costs around $25,500, and Tesla will have to have either a lower price or a slightly pricier SUV but with better features than its competitors.

Allegiant Airlines announces flights from Wichita to Destin, Florida

February 13, 2019

To inaugurate the new flights, the company is offering fares as low as $49 each way. Eastern Iowa Airport Director Marty Lenss said Allegiant first started offering flights out of that airport in 2004, with nonstop flights to Las Vegas. Flight days, times and booking information can be found on Allegiant's website. To get the low fare, travelers must purchase tickets between February 13 and August 13.

Million Dollar Lottery Winner Shows Up In 'Scream' Mask To Hide Identity

February 12, 2019

Campbell , the man or woman picked up the cheque in Kingston for $158,400,000 (which equals almost $1.2 million USD) without revealing their identity. Previous lottery winners in Jamaica have worn animal masks or emoji masks. "In other markets, they don't necessarily do it, but here I think they opt to do it to keep themselves safe", she said, adding that officials "are not going to tell them not to do that because their safety is of paramount importance to us as well".

Donut Sticks Are McDonald’s Latest Attempt To Win Back Breakfast

February 12, 2019

McDonald's confirms the sweet breakfast rumors as the company announces the upcoming launch of new McCafé Donut Sticks at participating locations on February 20, 2019. Donut Sticks were tested in select IL locations in early 2018 and October 2018. " Donut Sticks are the ideal complement to our existing breakfast lineup, and pair deliciously with our fresh brewed premium roast McCafe coffee", said Linda VanGosen, the chain's vice president of menu innovation, in a news release.

Tesla's delivery team gutted in recent job cuts

February 12, 2019

A user Tweeted to Elon Musk about how pets inside the cars need a comfortable temperature to be maintained. "6 Feb 2019" Musk did not elaborate on what was involved in the "unexpected challenges". Delivery of the Model 3 was the company's key priority in the latter half of 2018, as Tesla tried to supply all buyers wanting the full benefit of the $7,500 US tax credit before it was cut in half at year's end.

Activision Blizzard Reportedly Cutting Hundreds of Jobs on Tuesday

February 12, 2019

Two sources familiar with the matter tell Yahoo Finance that Activision Blizzard initiated employee layoffs in its Santa Monica headquarters on Monday, although it's unclear how widespread the layoffs are at this time. On a downside, the stock is likely to find some support, which begins at $42.88. However, Kotaku reports that job-cuts have been in the offing for Activision-Blizzard for a while: "There's been no official news from the publisher yet, but we first heard word of upcoming ...

PM Justin Trudeau welcomes ethics probe into SNC-Lavalin case

February 12, 2019

In recent days, Liberal operatives have attempted to smear Wilson-Raybould's performance even though she was widely seen as a credible and competent Minister throughout her tenure. Wilson-Raybould and to commit to fully cooperate with the Ethic Commissioner's investigation". Conservative Leader Albert Scheer has led the charge to haul Trudeau's aides and top members of his party in front of an emergency meeting of the justice committee for what he calls " unprecedented " attempts at ...

National Pizza Day: Where To Find Deals

February 11, 2019

Visit Papa Murphy's and place an order in store and you can get $4 off a regular price family sized pizza. While it's not a deal cooked up (get it?) for National Pizza Day 2019 itself, Blaze Pizza has a great promotion right now when you order online : two pepperoni pizzas for $10.

Germany Says Facebook Cannot Combine Data From WhatsApp, Instagram

February 09, 2019

The regulator's order explicitly said that Facebook cannot block users from using its services if they disagree with the data merger from different sources. Google Inc. was fined a record 50 million euros by the French privacy authority in January. The decision is not about Facebook's processing of data generated by its own site, which the Cartel Office acknowledged is the business model for data-based social networks like Facebook.

Romania's central bank maintains monetary policy rate at 2.5%

February 09, 2019

The Bank revised down the 1.7 per cent growth forecast it made in November to 1.2 per cent, making this the slowest rate of expansion since the recession of 2009. The cut in borrowing costs in Asia's third-biggest economy comes as the economy stutters and other central banks, most notably the Federal Reserve, have sounded increasingly cautious about the global outlook.

Ocasio-Cortez cheers as Amazon reportedly reconsiders NY HQ after fierce opposition

February 09, 2019

Amazon may be second-guessing its plan to build a new campus in New York City. "It is irresponsible to allow political opposition to overcome sound government policy". Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union - which has worked to help unionize Amazon warehouse workers in Staten Island - pointed the blame at Amazon .

Volunteers ready U.S. aid set for Venezuela as Maduro digs in

February 09, 2019

A few trucks of food and medicines are now blocked on the Colombian border. The items were being packed by volunteers into individual bags for Venezuelan families. Venezuela's socialist economic system has been severely hit following the collapse of world oil prices in 2014. The Maduro government, responsible for an economic collapse that has reportedly forced some three million Venezuelans to flee the country, lashed out at the European Union nations, saying their move would damage ...

General Motors Posts Net Profit Of $8.1 Billion For 2018

February 08, 2019

NuWave Investment Management LLC lifted its holdings in shares of General Motors by 198.6% during the fourth quarter. The firm now has a hold rating on the auto manufacturer's stock. The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 22nd. Shareholders of record on Friday, March 8th will be given a $0.38 dividend.

Trump Expected to Ban Chinese Telecom Equipment From US Networks

February 08, 2019

Huawei, the world's biggest producer of telecoms equipment, faces intense scrutiny in the West over its relationship with the Chinese government and USA -led allegations that its equipment could be used by Beijing for spying. It states that Chinese organisations are obliged to "support, cooperate with, and collaborate in, national intelligence work". Huawei is also willing to accept European government supervision , Reuters said.

Amazon moves into driverless cars with investment in U.S. start-up Aurora

February 08, 2019

Co-founder Sterling Anderson was the head of Tesla's Autopilot program and was back in 2017 for allegedly taking information and engineers with him to his new company. Yet it's Amazon's new financial interest in this company that's likely to spark the most interest: There have been murmurs that the e-commerce giant is interested in everything from self-driving delivery vehicles to new-car retailing, but the company has thus far remained low-profile in its movements.

Twitter says abuse reports have fallen by 16 percent

February 08, 2019

It expects capital expenditure of between $550 million and $600 million, well above analysts' average estimate of $415 million for 2019. The higher expenses could eat into eats earnings, some analysts said. Twitter dropped once again in monthly active users, from 326 million in Q3 to 321 million in Q4. The company expected a total revenue of between $715 million and $775 million for the first quarter of 2019; according to IBES data from Refinitiv, the midpoint of that figure range was below ...

Tata Motors stocks plunge most in 26 years after Q3 results

February 08, 2019

In the corresponding quarter a year ago, the company posted a net profit of Rs 1,215 crore. The impairment charges have been arrived at after taking into consideration the current assets on JLR's books, future investment, and "stress testing" it for low growth environment, coming particularly out of China , rising interest rates, and technological disruptions, he added.

Amazon's Jeff Bezos accuses National Enquirer publisher of blackmail

February 08, 2019

Last month, the Enquirer reported on Bezos divorce and published text messages between him and Lauren Sanchez , whom he was said to be dating. President Ronald Reagan. What it comes down to is that Bezos , who owns The Washington Post , has claimed their investigation was "politically motivated".

Tesla cuts Model 3 price for the second time this year

February 07, 2019

In a reply to a Twitter user asking about when Tesla would drop the Model 3 base price to $35,000, without credits, Musk said, "We're doing everything we can to get there. Elon Musk promoted the new price cut on Twitter by pointing out that it brings the effective cost of ownership below that mark after federal tax credits and fuel savings over a similar gas-powered auto.

BB&T will buy SunTrust in deal worth $66 billion

February 07, 2019

SunTrust shareholders will gain just under 1.3 shares of BB&T for each share SunTrust share they own. A new name is yet to be determined. The Trump administration is taking a much softer stance on bank regulations, and has appointed dozens of new business-friendly policymakers into critical positions at the nation's bank regulators.

Royal commission report: Big bank stocks surge at ASX open

February 07, 2019

Commissioner Hayne says Mr Thorburn didn't take his findings seriously enough but the NAB boss says that's not the case. The government says it will adopt all 76 recommendations made by Mr Hayne. "The Royal Commission is just a sideshow for the events unfolding in the real economy", said Eleanor Creagh, Saxo Capital Markets' Australia strategist.

Oil falls as U.S. maintains record output, inventories climb

February 07, 2019

U.S. crude oil inventories increased in the week ending February 1, the U.S. Energy Information Administration (EIA) said in a report on Wednesday. On Tuesday, The Wall Street Journal reported that OPEC officials said Saudi Arabia and its Persian Gulf allies were looking to create a formal partnership with a 10-nation group led by Russian Federation to manage the world's oil market.

At first MPC meet, Shaktikanta Das votes in favour of rate cut

February 07, 2019

The RBI's monetary policy xommittee (MPC) began its three-day meet on Tuesday to decide on key rates amid expectations that it may change its policy stance to "neutral" from "calibrated tightening" on low inflation footprint, even as a rate cut was ruled out by many experts.

Oil Falls on US Factory Data

February 07, 2019

At 447.2 million barrels, the EIA said , us crude oil inventories are still above the seasonal average but not by much. Taking control of oil revenues - the basis of Venezuela's economy - from Maduro and giving it to Guaido, and the decision to sanction oil companies, is the boldest USA move so far to raise pressure on Maduro.

Trump's China tariffs seen delivering on effort to curb targeted imports

February 06, 2019

The study also said that positive effect for some countries will likely be outweighed by the negative global effects . The higher cost of US-China trade would prompt companies to shift away from current east Asian supply chains, but the impact of the tariffs would not primarily benefit US firms.

Abrams calls for voting rights in response to Trump's speech

February 06, 2019

But reports suggest he will stop short of declaring a national emergency to obtain funds to build the wall, one of his signature campaign promises. "I am asking you to defend our very unsafe southern border out of love and devotion to our fellow citizens and to our country", he said .

U.S. corporations want Venezuela's resources - Maduro

February 06, 2019

Pope Francis on Tuesday expressed willingness for the Vatican to mediate Venezuela's mounting crisis if both sides seek it. Russia , which along with China has backed Maduro in the crisis, underscored its view that the crisis can be resolved only with negotiations between the government and opposition.

General Motors begins notifying 4,000 salaried employees who will be laid off

February 05, 2019

The cuts are part of an overall strategy to save the company roughly $3 billion by the end of 2019 and as much as $6 billion by the end of 2020. General Motors is expected to start a new round of layoffs on Monday, cutting over 4,000 white-collar jobs, according to a report.

Hmv Saved From Administration; 100 Stores To Stay Open

February 05, 2019

A further 122 employees at warehouses will be retained to assist in winding-down operations. Sunrise Records owner Doug Putman said: "We are delighted to acquire the most iconic music and entertainment business in the United Kingdom and add almost 1,500 employees to our growing team".

Tesla Inks Deal To Acquire Maxwell Technologies In Stock Deal

February 05, 2019

Jumping in with a commitment to purchase Maxwell is an indicator that Tesla sees massive potential with the technology and hints at the future of solid-state batteries that so many have held out as the holy grail of energy storage for so many years.

Alphabet Earnings: Google Cost Per Click Declined 29% 02/05/2019

February 05, 2019

On a conference call with stock analysts, Google cited YouTube's web video programs, the operation of its computer network, and its own line of hardware as reasons for the jump in operating costs. Baird analyst Colin Sebastian, quoted by CNBC , said he expects a "meaningful acquisition" to "enhance enterprise sales/support functions and SaaS capabilities", given that Alphabet's $109 billion cash hoard allows Google Cloud to "go elephant hunting".

Millions in cryptocurrencies frozen after Canadian founder's death

February 05, 2019

The exchange's founder, Gerald Cotten, died a year ago, taking his encrypted access to the money with him and leaving a big problem for investors. As reported by NewsBTC previous year, the Canadian Imperial Bank of Commerce (CIBC) froze five accounts that were linked to Costodian Inc., Quadriga's payment processor, and Jose Reyes, its owner.

Pizza Hut Delivers To MetroWest Medical Center; Super Bowl Baby Born

February 04, 2019

Expecting to get one of the discounts. Pizza Hut , Domino's and other pizza chain's are offering deals and specials for Super Bowl LIII . Pilot Flying J: The pizza chain is offering a free slice of pizza from February 3 to February 10 if customers order through the Pilot J app.

Watch SpaceX Test Fire the Raptor Engine

February 04, 2019

A prototype version of the Starship, dubbed the Starship Hopper, is under construction at another SpaceX facility on South Texas' Gulf Coast . While SpaceX plans to develop optimized versions of the Raptor for both the Starship upper stage and the lower booster stage, now called Super Heavy, SpaceX is, for now, working on only a single version of the engine for both.

May claims she is 'armed with fresh' Brexit mandate

February 04, 2019

The leaders are to discuss preparations for a no-deal Brexit in the event that the withdrawal agreement is not ratified. Auto giant Nissan announced Sunday it was cancelling plans to build its X-Trail SUV at its plant in northeast England, saying that "the UK's future relationship with the European Union is not helping".