Economy


Baidu stock falls 8% as company swings to quarterly loss Baidu stock falls 8% as company swings to quarterly loss
- May 20, 2019

Analysts polled by FactSet had expected adjusted earnings of 40 cents a share on sales $3.53 billion for the company. Given the current macro conditions, tighter government scrutiny on content, cutbacks from the (venture capital) community, and so forth, we are taking a cautious view that online marketing in the near term will face a more challenging environment. (more...)
Luckin, a Starbucks rival in China, rises in US stock debut Luckin, a Starbucks rival in China, rises in US stock debut
- May 20, 2019

In the biggest USA float by a Chinese company this year, Luckin Coffee sold 33 million American depository shares (ADS), more than the 30 million it originally said it would sell, at US$17 each, the report said. Luckin's caffeine-fuelled expansion has been funded by investors including Centurium Capital, a private equity fund founded by the former China head of Warburg Pincus, and Joy Capital. (more...)
Trump executive order enables ban on Huawei telecom gear Trump executive order enables ban on Huawei telecom gear
- May 16, 2019

The US is also pushing other countries not to use Huawei's equipment in 5G networks. According to a White House statement, Mr Trump's order aims to "protect America from foreign adversaries who are actively and increasingly creating and exploiting vulnerabilities in information and communications technology infrastructure and services". (more...)
Dow Plummets 617 points after China Hits U.S Dow Plummets 617 points after China Hits U.S
- May 16, 2019

At the S&P 500 , only a few dozen companies moved higher, but majority were in the utility sector that tends to not react to big broad market moves. On Tuesday, Hong Kong's Hang Seng index fell 1.6%. Gold prices added $13.30 to $1,300.70 U.S.an ounce. But "an accompanying "reinversion" of the Treasury yield curve suggests that the best days for US equities may be over even if the two economies eventually resolve their dispute". (more...)
Couple who claimed Roundup weedkiller caused their cancer awarded $2bn Couple who claimed Roundup weedkiller caused their cancer awarded $2bn
- May 16, 2019

The cases have uncovered internal Monsanto documents that plaintiffs' lawyers say reveal the ways in which the company has " bullied " scientists over the years and helped "ghostwrite" research defending the safety of glyphosate , the main ingredient in Roundup. (more...)
Saudi pumping stations struck by drones carrying explosives, says minister Saudi pumping stations struck by drones carrying explosives, says minister
- May 15, 2019

Brent crude futures were at $71.02 a barrel at 1335 GMT, up 79 cents or 1.12 per cent. Authorities have yet to reveal the extent of the damage to the Saudi tankers, although initial reports suggested Al Marzoqah's main engine caught fire. (more...)
Uber shares continue slide Uber shares continue slide
- May 14, 2019

Dara Khosrowshahi, Uber's chief executive officer, said in an interview on the floor of the New York Stock Exchange that trade tensions between the USA and China played a role in the weak performance. Uber CEO Dara Khosrowshahi arrives at the New York Stock Exchange for his company's initial public offering, Friday, May 10, 2019. Moreover, he compared Uber's IPO to those of Amazon and Facebook. (more...)
Supreme Court rules against Apple, allowing lawsuit targeting App Store to proceed Supreme Court rules against Apple, allowing lawsuit targeting App Store to proceed
- May 14, 2019

With Monday's ruling, it will kick the case back to a lower court, where iPhone owners and Apple will continue what is likely to be a lengthy legal battle. Four conservative justices dissented. During oral arguments past year, conservative Justice Samuel Alito questioned if the precedent that Apple cited now "stands up" in the digital ecosystem. (more...)
One of Facebook’s Founders Warns of Zuckerberg's ‘Near-Unilateral Power' One of Facebook’s Founders Warns of Zuckerberg's ‘Near-Unilateral Power'
- May 13, 2019

Facebook bought Instagram in 2012 and WhatsApp in 2014. The founders of Instagram and WhatsApp have left, as has the executive who took over WhatsApp previous year. "It's time to #BreakUpBigTech", Warren said on Twitter on Thursday. "The way forward is to heavily scrutinize future mergers and to ensure no company has anti-competitive platform privileges", Khanna said. (more...)
Saudi Aramco offers to increase oil supply to India Saudi Aramco offers to increase oil supply to India
- May 10, 2019

The latest US EIA data showed an unexpected drop in the US crude inventories by 4 million barrels in the week to May 3. "We should increase production and raise our (non-oil) exports and resist America's plots against the sale of our oil". (more...)
Bitcoin THEFT: Hackers steal more than $40MILLION in BTC from cryptocurrency exchange Bitcoin THEFT: Hackers steal more than $40MILLION in BTC from cryptocurrency exchange
- May 10, 2019

Second, such an action could result in another bitcoin fork which would only serve to dilute the digital currency further. This site claims there are 105 bitcoin forks so far, with 74 still active and relevant to bitcoin holders while the other 34 are historic and meaningless. (more...)
New York Times reveals Donald Trump tax returns New York Times reveals Donald Trump tax returns
- May 09, 2019

For example, in 1985 Mr. Trump reported losses of $46.1 million from what the Times called his core businesses of casinos, hotels and retail space in apartment buildings. During the period described, Trump said he was allowed massive tax write-offs for depreciation and many "non monetary" losses, adding the report contained "very old information". (more...)
Uber drivers strike on May 8 before IPO to protest low pay Uber drivers strike on May 8 before IPO to protest low pay
- May 08, 2019

The New York City Taxi Workers Alliance says its members voted not to drive for Uber or Lyft between 7 and 9 a.m. Wednesday. The drivers intend to send a message to Uber , which is slated to begin trading as a public company on Friday. (more...)
Buffett's Berkshire Posts Big Profit as Stocks Gain Buffett's Berkshire Posts Big Profit as Stocks Gain
- May 06, 2019

A young shareholder, brought to Berkshire Hathaway's annual meeting by her father, asked Warren Buffett what his favourite investment was outside of the conglomerate. "It benefits from changing tastes because it's an intermediary". "I don't think the country will go into socialism in 2020, or in 2040, or 2060", Buffett told investors in Omaha , Nebraska during Berkshire's annual meeting on Saturday. (more...)
Facebook's settlement with US regulators likely to include WhatsApp Facebook's settlement with US regulators likely to include WhatsApp
- May 06, 2019

If it goes through, the settlement would resolve an investigation into whether violated a 2012 consent decree by allowing political consultancy Cambridge Analytica to harvest data from up to 87 million users. " Facebook's refusal to behave responsibly is deeply troubling given that the vast amount of sensitive information individuals have entrusted to this company", Therrien said . (more...)
Activision Announces Better-Than-Expected Results for First Quarter of 2019 Activision Announces Better-Than-Expected Results for First Quarter of 2019
- May 05, 2019

TRADEMARK VIOLATION WARNING: " Activision Blizzard ( ATVI ) Releases FY 2019 Earnings Guidance" was first published by Tech Know Bits and is owned by of Tech Know Bits. The new franchises won't see any Call of Duty action until next year because the current World League is already underway. Esports organizations such as OverActive Media's Splyce, OpTic Gaming, and 100 Thieves compete in league play. (more...)
Microsoft launches Azure for AI and blockchain Microsoft launches Azure for AI and blockchain
- May 05, 2019

Microsoft has announced a series of new Azure services and developer technologies ahead of its Build conference next week that will make it easier for developers to to create new AI, mixed reality, IoT and blockchain projects. Another new product will be IoT Plug and Play, an IoT modeling language to "seamlessly connect IoT devices to the cloud". " Azure will bring unique strengths to enterprise clients using Quorum ", said Farooq. (more...)
Bank of England hints at slow rate hikes as growth outlook raised Bank of England hints at slow rate hikes as growth outlook raised
- May 05, 2019

The U.K. economy grew at the slowest pace in six years during 2018, and in February the BOE projected an even weaker 2019, with growth of just 1.2%. During the first quarter of 2019 the United Kingdom economy probably grew by 0.5% due to businesses building up stocks ahead of Brexit , the Bank of England said - a faster rate than the 0.2% growth it forecast in February. (more...)
Berkshire Hathaway has been buying Amazon shares Berkshire Hathaway has been buying Amazon shares
- May 04, 2019

Instead, it was one of his younger deputies who opted to invest in the ecommerce behemoth. "One of the fellows in the office that manage money. bought some Amazon ", Buffett was quoted as saying. Berkshire Shareholders were also seen at the Kiewit Building and taking selfies with the company headquarters building. "It speaks to what we're seeing at Berkshire, the beginning of the changing of the guard, as Warren and Charlie Munger are getting on in years". (more...)
Facebook Announces A Messenger Desktop App • Featured Facebook Announces A Messenger Desktop App • Featured
- May 03, 2019

But saying it is one thing, doing is another; and Facebook has been saying a lot lately. The company has been plagued by public data breaches that have captured the attention of regulators worldwide. The mobile app takes up less space, making it faster to load and respond. Since Facebook attempts to recuperate from a string of privacy lapses that have rocked the business within the past 15 months zuckerberg established this new accent. (more...)
Oil prices dip after US crude stocks rise Oil prices dip after US crude stocks rise
- May 02, 2019

Late Tuesday, the API reported a surprise build in crude oil inventory of 6.81 million barrels for the week ending April 26. US crude inventories climbed last week 9.9 million barrels to 470.6 million barrels as imports grew to their highest since January and refining rates dropped below 90 percent of total capacity, the Energy Information Administration said . (more...)
Burger King's meatless Impossible Whopper will soon be available nationwide Burger King's meatless Impossible Whopper will soon be available nationwide
- April 30, 2019

Burger King's Impossible Whopper - made from wheat and potato proteins - is going on the permanent menu after just a month-long pilot program in St. On April 1, Burger King began testing the new burger at 59 locations in the St. Louis area. Burger King says it will start expanding the Impossible Whopper to more markets soon, with the goal of making it national by the end of this year. (more...)
Apple recalls plug adapters over safety fears Apple recalls plug adapters over safety fears
- April 29, 2019

Apple has announced a voluntary recall of certain AC wall plug adapters after confirming they can break and risk giving an electric shock when touched. The design is notable for being bulkier than its apparently safer replacement, and by using an all-white casing with no external markings; the safe, thinner, replacement has a grey inner with safety and regulatory information plus dimples to the sides. (more...)
Ford Is Under Criminal Investigation for Emissions Issue Ford Is Under Criminal Investigation for Emissions Issue
- April 29, 2019

The automaker announced the criminal investigation in its quarter earnings filing. Ford said it is fully cooperating with the federal investigation but that it couldn't provide guidance on its outcome or how it will affect the company. Ford in the Friday regulatory filing with the U.S. Securities and Exchange Commission wrote that the "potential concern does not involve the use of defeat devices," like those used in the Volkswagen AG emissions scandal. (more...)
Amazon vows to make 1-day shipping standard for Prime members Amazon vows to make 1-day shipping standard for Prime members
- April 27, 2019

Amazon says it will start to offer one-day shipping to its U.S. Prime members . "We do expect this growth rate to be higher for all of 2019, so most of that will happen in the next three quarters". In response to our inquiry about closures of some fulfillment centers, an Amazon spokesperson provided no details. Amazon's "advertising flywheel now appears to be in full effect and will only be a bigger part of the growth story", Andrew Lipsman, an analyst for eMarketer, said in an email. (more...)
Ford invests $500 million in EV company Rivian Ford invests $500 million in EV company Rivian
- April 25, 2019

This press release features multimedia. In February, Rivian announced a $700 million investment round led by Amazon, in addition to $450 million raised from investors in previous funding. As part of that multi-billion investment, the company has confirmed it would roll out two key fully electric vehicles: a crossover inspired by the Mustang in 2020 and a zero-emissions version of the best-selling F-150 pickup. (more...)
Warren Wants Student Debt Erased Through $640 Billion Plan Warren Wants Student Debt Erased Through $640 Billion Plan
- April 23, 2019

And while it may be hard to feel much sympathy for anyone making over $250,000 a year, individuals in high-earning professions can carry massive, life-altering student debt loads. Warren, who said she dropped out of college initially at 19 to get married, said she was able to re-enroll on her waitressing salary when tuition was just $50 a semester. (more...)
Pinterest prices IPO at $19 to begin trading Thursday Pinterest prices IPO at $19 to begin trading Thursday
- April 21, 2019

The company headed by Ben Silbermann had its virtual pinboard rise 25 per cent in its NYSE debut, where it opened at $23.75 per share. Yuan, Zoom's CEO, said that he thinks that the San Jose, California-based company can live up to the hype. (more...)
Easter Egg Hunts Hatch This Weekend Easter Egg Hunts Hatch This Weekend
- April 20, 2019

Do not forget to bring a basket for the eggs, and dress for the weather. You can also check out " Old Fashioned Easter " at the Historic Stewart Farm on Crescent Road from 11 - 3pm. Drop by the BWG Leisure Centre at 471 West Park Ave.in Bradford for free family activities that include face-painting, crafts, balloon twisting, colouring, cupcake decorating, activities in the gym, and a photobooth. (more...)
Bitcoin SV Continues to Plummet Amidst Delisting Trend: Bitcoin Cash Hodlers Celebrate Bitcoin SV Continues to Plummet Amidst Delisting Trend: Bitcoin Cash Hodlers Celebrate
- April 20, 2019

Bitcoin Cash, which will potentially benefit from Bitcoin SV's demise, was the complete opposite with an 11% rally in price. The announcement comes after some drama involving Bitcoin SV's backer Craig Wright , who claims to be Satoshi Nakamoto , the inventor of the original Bitcoin (BTC ). (more...)
Car2go suspends all service in Chicago due to ‘fraud issue’ Car2go suspends all service in Chicago due to ‘fraud issue’
- April 19, 2019

On Wednesday, April 17, Daimler announced some of the vehicles in its Chicago Car2Go fleet were rented fraudulently. The software biz, auto 2 Go, confirmed on Wednesday it is working with the cops after some of its cars went missing and, in some cases, were used in connection with other crimes. (more...)
North Korean leader Kim to meet Russia's Putin this month North Korean leader Kim to meet Russia's Putin this month
- April 19, 2019

But they said it does not close the door on diplomacy or negotiations about North Korea's nuclear program. In an interview with Bloomberg, national security adviser John Bolton said that while Trump is open to a third summit with Kim, North Korea needs to prove its commitment. (more...)
‘No evidence’ Trump tax cuts are trickling down to workers ‘No evidence’ Trump tax cuts are trickling down to workers
- April 17, 2019

The tax cuts were lambasted on Sunday by Minnesota Sen. "We're getting historic tax relief", Trump said April 15 at Nuss Truck and Equipment. "It's a tremendous tax cut for people", Trump said. The state's Democrats saw a huge overall resurgence during the anti-Trump backlash of 2018, notably in traditionally Republican suburbs of Minneapolis and St. (more...)
World's largest aircraft successfully completes maiden test flight in California World's largest aircraft successfully completes maiden test flight in California
- April 16, 2019

Stratolaunch Chief Executive Officer Jean Floyd said it was a fantastic first flight. The goal for Stratolaunch is to provide an alternative launch platform for satellites other than rockets like SpaceX's Falcon 9 or SpaceX's Falcon Heavy rocket-which had its first successful test flight this week as well. (more...)
Jet Blue to Offer Flights to London in 2021 Jet Blue to Offer Flights to London in 2021
- April 14, 2019

JetBlue leaders have been talking about the possibility of flights to Europe since mid-2016, around the time they announced plans to tweak their Airbus orders to get a longer-range plane. American Airlines Group and IAG's British Airways form one alliance, while Delta Air Lines and Air France-KLM are joined in another and a third includes United Continental Holdings Inc. (more...)
Tesla Model 3 Standard Range dropped from online configurator Tesla Model 3 Standard Range dropped from online configurator
- April 14, 2019

The electric vehicle maker plans to keep taking online orders for the Standard Plus Model 3, which starts at $39,500 and is now the lowest-price option available to digital consumers, along with higher-end models. The company pitched the change as an added value since, for example, the $37,500 Model 3 Standard Plus required an extra $3,000 to add Autopilot. It now costs $39 500 with Autopilot included. (more...)
The Latest Renault-Nissan-Mitsubishi eyes post-Ghosn plan The Latest Renault-Nissan-Mitsubishi eyes post-Ghosn plan
- April 14, 2019

Ghosn's initial detention period was set to expire on Sunday, and had been widely expected to be extended by the maximum 10 days. A Japanese Court decided on Friday to allow prosecutors to hold ousted Nissan Motor Chairman, Carlos Ghosn, for an additional eight days. (more...)
Fisher-Price recalls sleepers after more than 30 babies died Fisher-Price recalls sleepers after more than 30 babies died
- April 13, 2019

Those who have previously purchased the product should reach out to Fisher-Price for a refund of a voucher. The deaths are believed to have occurred when the infants rolled from their back to their stomach or side, while unrestrained, according to the release. (more...)
French Sec. of State Would Consider Asylum for Julian Assange French Sec. of State Would Consider Asylum for Julian Assange
- April 13, 2019

On Friday, Russian Foreign Ministry spokesperson Maria Zakharova said Assange's arrest was evidently carried out on US orders, state news agency Tass reported. Though prosecutors dropped this investigation, Assange still faced British charges of failing to appear in front of a court when ordered to. Assange and his supporters say he's a journalist who deserves legal protections for publishing stolen material. (more...)
Nissan shareholders kick ex-chairman Carlos Ghosn off board Nissan shareholders kick ex-chairman Carlos Ghosn off board
- April 10, 2019

Ghosn, who famously rescued Nissan from the brink of bankruptcy two decades ago and forged a partnership with France's Renault that has become one of the world's biggest car-making alliances, was arrested again by Tokyo prosecutors last week on suspicion he tried to enrich himself to the tune of $5 million at the company's expense. (more...)