Finance


Facebook to spend $10M for Zuckerberg's private jet and security Facebook to spend $10M for Zuckerberg's private jet and security
- July 30, 2018

Stern & Co. Siva Vaidhyanathan, a media studies professor at the University of Virginia and author of the new book, "Antisocial Media: How Facebook Disconnects Us and Undermines Democracy", dismissed the significance of the stock plunge. (more...)
Concerns linger in Europe after US-EU trade truce Concerns linger in Europe after US-EU trade truce
- July 30, 2018

Hours after news outlets reported the administration's pending program, Heitkamp announced she had introduced legislation to extend eligibility for direct financial assistance to farmers hit by retaliatory tariffs imposed on their exports. (more...)
Amazon Profit Surges In Q2 Amazon Profit Surges In Q2
- July 30, 2018

It was the first mover in the business of selling data storage and computing power in the cloud, a bet that continues to reap rewards and give it the leeway to invest in grand projects. The unit's success has helped make Amazon Chief Executive Jeff Bezos the richest person in the world. "The profitability trajectory appears to be accelerating quicker than expected which given the leverage in the Amazon model is a "potential game changer" that could translate into further multiple ... (more...)
Russia's Putin tells Trump: 'Be my guest in Moscow' Russia's Putin tells Trump: 'Be my guest in Moscow'
- July 28, 2018

On the heels of President Donald Trump's Orwellian remark advising supporters that what they read in the news "is not what's happening", the White House released its own statement claiming that it supports a free press-directly after banning a reporter from a news conference. (more...)
Well-meaning Trump advised to get off 'tariff route' Well-meaning Trump advised to get off 'tariff route'
- July 28, 2018

The Trump administration has threatened new tariffs, and the president is reportedly considering up to a 25 percent tariff on automobile imports - one that could spark more retaliation and affect already hard-hit communities in vehicle manufacturing hubs like Michigan, Ohio and Kentucky. (more...)
Trump declares victory for farmers in trade spat Trump declares victory for farmers in trade spat
- July 28, 2018

A pan-European Business Confederation on Thursday applauded the trade relations agreement. Mr. Trump also won a commitment to work together to reform the World Trade Organization to address some of his complaints about China on theft of USA technology, the behavior of state-owned enterprises, and overcapacity in steel . (more...)
Facebook just had its worst week in the company’s history Facebook just had its worst week in the company’s history
- July 28, 2018

The stock was down about 24 percent at one point in after-hours trading shedding about $144 billion in value. Facebook founder Mark Zuckerberg also took a $14.5 billion (£11 billion) hit to his own personal fortune in the process due to owning almost 17% of the company's shares. (more...)
Twitter shares plunge as monthly active users decline Twitter shares plunge as monthly active users decline
- July 28, 2018

Analysts had expected 340 million monthly active users in the third quarter, according to Thomson Reuters I/B/E/S. Dorsey noted that Twitter is investing in "new tools to address problem behaviors that distort and distract from the public conversation". (more...)
Facebook's shares tumble as growth disappoints Facebook's shares tumble as growth disappoints
- July 27, 2018

It's official. Facebook just had the biggest stock market wipeout in American history. The social media giant's dramatic loss is the NASDAQs biggest ever fall by a company in one day, with Facebook losing the equivalent of McDonald's entire value. (more...)
Pepperidge Farm recalls some Goldfish crackers for salmonella risk Pepperidge Farm recalls some Goldfish crackers for salmonella risk
- July 27, 2018

There are about 23,000 hospitalizations, and 450 deaths in the United States every year as a result. The same whey powder is also found in Ritz products. The company wants anyone with questions to call its customer service line at 800-679-1791 or visit this website . About 1.2 million people in the US are sickened with salmonella each year, mostly due to contaminated foods. (more...)
Trump lashes out at Erdogan, threatens sanctions over Brunson Trump lashes out at Erdogan, threatens sanctions over Brunson
- July 27, 2018

Arriaga urged the Trump administration and Congress to "respond strongly and swiftly with targeted sanctions" if Turkey fails to give Brunson his freedom after having "deprived this innocent man of his due process rights and liberty". Pastor Andrew Craig Brunson (R), escorted by Turkish plain clothes police officers as he arrives at his house on July 25, 2018 in Izmir. One day after Congress advanced a bill to ban the sale of new fighter jets to Turkey, the North Atlantic Treaty Organisation ... (more...)
Winning Mega Millions ticket sold in San Jose Winning Mega Millions ticket sold in San Jose
- July 27, 2018

The victor can choose to take an immediate lump-sum payout of $308 million before taxes. Minnesota Lottery officials say the winning $1 million ticket was sold at a Kwik Trip located at 1605 Annapolis Lane in Plymouth. Even the one-time cash option, $308 million, won't go entirely in your pocket. In March, a New Jersey man won $533 million, the fourth-largest pot in the game's history and the second-largest win on a single ticket. (more...)
USDA commits $12B for farmers, ranchers affected by tariffs USDA commits $12B for farmers, ranchers affected by tariffs
- July 26, 2018

Fruit, nuts, rice, beef, pork and dairy products bought from farmers will be redistributed to federal nutrition assistance programs, according to Politico . A "trade promotion program" will work to find new markets for USA agricultural products. USDA officials told reporters they were still working to set up the programs, which they expect to be ready by early September. (more...)
Xi says China firmly supports free trade, opens market with new platforms Xi says China firmly supports free trade, opens market with new platforms
- July 26, 2018

Last week, Trump said he was ready to impose tariffs on all $500 billion of imported goods from China. The BRICS group , comprising more than 40 per cent of the global population, represents some of the biggest emerging economies, but it has struggled to find a unified voice. (more...)
Ferrari in mourning after former chairman Sergio Marchionne dies
- July 26, 2018

Sergio Marchionne , the man credited with saving post-bankruptcy Chrysler by merging the Detroit automaker with Italian-giant Fiat , died Wednesday. When the severity of his condition became known to the company, FCA's board of directors held an emergency meeting to appoint his successor. Despite his other commitments Marchionne had a close involvement with the Formula 1 programme, and was behind the decision to replace team principal Marco Mattiacci with Maurizio Arrivabene just ... (more...)
Facebook plunges as revenue, daily users disappoint Facebook plunges as revenue, daily users disappoint
- July 26, 2018

The new General Data Protection Regulation (GDPR) in the European Union forced several changes to Facebook's privacy terms and sign-up process. It's been a volatile day for the company's stock, which reached a record high Wednesday morning before the earnings report came out. (more...)
Mega Millions jackpot increases just in time for the weekend Mega Millions jackpot increases just in time for the weekend
- July 25, 2018

This is the seventh time the jackpot has exceeded $400 million and it is the sixth-largest prize in the game's history. The odds of winning both jackpots are 1 in 75 quadrillion - that's 15 zeros - according to data scientists at Allstate. (more...)
President Trump on EU Trade Negotiations: Better Late Than Never President Trump on EU Trade Negotiations: Better Late Than Never
- July 25, 2018

Before departing for Kansas City, Trump tweeted that US trade partners need to either negotiate a "fair deal, or it gets hit with Tariffs". The rhetoric came as the president has engaged in hard-line trade negotiations with China , Canada and European nations, seeking to revise trade deals he says have undermined the nation's manufacturing base and led to a wave of job losses in recent decades. (more...)
Mega Millions jackpot climbs to $522 million for Tuesday drawing Mega Millions jackpot climbs to $522 million for Tuesday drawing
- July 25, 2018

The jackpot had been an estimated $512 million before the increase was announced on Tuesday. Tickets can be purchased at any New York Lottery retailer for $2, seven days a week. It's the fifth-largest top prize in the game's history. Mega Millions is played in 44 states , plus the District of Columbia and the Virgin Islands. (more...)
Dollar dips, stocks slip on Trump remarks Dollar dips, stocks slip on Trump remarks
- July 25, 2018

The Bloomberg Dollar Spot Index slid as much as 0.74pc, its biggest intraday decline since March, before paring its loss to around 0.6pc. Asian stocks took Wall Street's cue on Monday, with MSCI's broadest index of Asia-Pacific shares outside Japan falling 0.2%. (more...)
Google's record-breaking fine isn't hurting the company very much Google's record-breaking fine isn't hurting the company very much
- July 24, 2018

Europe's new data-privacy rule, known as the General Data Protection Regulation , also appeared to have had little effect on Google's bottom line. Alphabet is facing regulatory headwinds on both sides of the Atlantic as lawmakers grow increasingly concerned about its dominance of online advertising. (more...)
Alphabet soars as Google rakes in advertising revenue Alphabet soars as Google rakes in advertising revenue
- July 24, 2018

Without the fine, net income would have been $11.75 a share. Alphabet would have hit nearly $7.9 billion in profits this past quarter, up from the $6.9 billion it earned in Q2 2017 and the $4.9 it made in Q2 2016. The penalty is equal to about 40% of Google's $US12.62 billion profit in 2017. Still, that was 23 per cent of ad revenue, down from 24 per cent in the first quarter of 2018. (more...)
Tesla shares plummet after reportedly asking suppliers for cash rebates Tesla shares plummet after reportedly asking suppliers for cash rebates
- July 24, 2018

In a memo sent to several suppliers requesting money back, Tesla said the cash back would be necessary for Tesla's "continued operation" and that it was an investment in "long-term growth". "The second quarter could look ugly because they spent a ton of money ramping up to hit production targets". Tesla has been burning cash at a rate of about $1 billion a quarter and finished the first quarter with $2.7 billion in cash on hand. (more...)
Trump accuses China, EU of currency manipulation, slams Fed Trump accuses China, EU of currency manipulation, slams Fed
- July 23, 2018

The MSCI All Country World Index, which tracks shares in 47 countries, was up a little over 0.1 percent, and set to end the week flat after two consecutive weekly gains. US President Donald Trump said on Friday that he was ready to impose tariffs on every dollar of imports from China, which exceeded $505 billion in 2017. (more...)
No time limit set on N Korea's denuclearisation, says Donald Trump No time limit set on N Korea's denuclearisation, says Donald Trump
- July 23, 2018

According to reports, Pyongyang has agreed to fly the remains out of their country within the next two weeks, following two days of discussions with USA military officials. Trump said that Putin would be involved "in the sense that he is with us". President Trump is apparently saying his agreement with Kim Jong Un doesn't include a deadline for the denuclearization of North Korea. (more...)