News: Business/Economy

Latest News

Mozilla names long-time chairwoman Mitchell Baker as CEO
Mozilla names long-time chairwoman Mitchell Baker as CEO

Mozilla Corporation announced today that it has chosen long-time chairwoman Mitchell Baker to be CEO, replacing Chris Beard who announced he would be stepping down at the end of the year last August. At a time of great turmoil in the world at large, she brings the stability of someone who has been with Mozilla Corporation since 2003. Writing in a company blog post, she certainly recognized the challenges ahead, navigating through the current economic uncertainty and the competitive challenges the company faces with its flagship Firefox browser..

U.S. companies criticized for cutting jobs rather than investor payouts
U.S. companies criticized for cutting jobs rather than investor payouts

U.S. companies laying off workers in response to the coronavirus pandemic but still paying dividends and buying back shares are drawing criticism from labor unions, pension fund advisers, lawmakers and corporate governance experts. While most U.S. companies are scaling back payouts after a decade in

Google Stadia is now free for everyone, with a two-month trial for Pro tier
Google Stadia is now free for everyone, with a two-month trial for Pro tier

Google's game-streaming service Stadia is now free for anyone with a Google account, the company announced today. Until today, Stadia was only available via a $129 "Premiere Edition" that came with a controller, though a free "Base" version has been long promised. Although the post makes no mention of a permanent free Base tier, a Google representative confirmed that it exists and players signing up today will be able to switch to it if they decide not to pay for Pro after two months.

Next year in Jerusalem - but for now, Zoom
Next year in Jerusalem - but for now, Zoom

For Jews across the world, Passover will serve as another attempted return to normalcy. There are few things in the calendar as reliably consistent as Passover, with its customs, prayers and extremely set menu. Here in the States, Passover is the most commonly celebrated holiday among Jews.

Bernie Sanders ends his historic campaign for the presidency
Bernie Sanders ends his historic campaign for the presidency

On Wednesday, two-time Democratic candidate Bernie Sanders announced that he would conclude his bid for the party's nomination, marking an end to a deeply influential political campaign that championed systemic progressive reforms and reframed the nation's political conversation as a whole. "I cannot in good conscience continue to mount a campaign that cannot win and which would interfere with the important work required of all of us in this difficult hour," Sanders said in a livestream Wednesday morning. In states with remaining primaries, the former candidate will stay on the ballot in an effort to exert ongoing influence on the Democratic party as it moves toward nominating former...

Here
Here's How You Can Get Your Stimulus Check Faster

Many Americans will be receiving a $1,200 check as part of the first coronavirus relief bill passed by the federal government. While the bill was passed two weeks ago, it's still unclear when most of us will actually receive this money. Some direct deposits may happen as early as this week, but paper

Instacart adds new features aimed at opening more delivery windows
Instacart adds new features aimed at opening more delivery windows

Instacart today is rolling out new ordering options aimed at unlocking more delivery windows amid a surge of demand for its online grocery service due to the COVID-19 outbreak. The first new feature, "fast & flexible," allows Instacart to control the delivery window assignment. Instacart will then match the order with the first available delivery time, it says.

Builder.ai launches pre-packaged apps for small businesses hit by COVID-19
Builder.ai launches pre-packaged apps for small businesses hit by COVID-19

The company's platform, which allows for the fast-build of software and apps, has been used to create products for BBC, DiditFor, Manscore and ZikTruck. It's now launching 'The Studio Store', a new range of pre-packaged apps - beginning with e-commerce and delivery - aimed specifically at small businesses hit by the COVID-19 pandemic. The first apps will serve e-commerce and delivery - such as flower shops, grocery stores and clothiers - and will be fast-tracked in less than eight weeks.

Morgan Stanley: 2 Stocks to Consider Buying (And 1 to Forget)
Morgan Stanley: 2 Stocks to Consider Buying (And 1 to Forget)

We've had more good news in the stock markets this week, lending credence to the view that recent gains are more than just a 'bear market rally.' Markets are up their recent trough, reached on March 23, and the gains appear to be both substantial and lasting.Investment bank Morgan Stanley has been tracking the markets closely, watching for evidence that the true bottom has been reached. The bank's US chief equity strategist, Mike Wilson, believes that it has. He points out the "unprecedented and unbridled monetary and fiscal intervention led by the U.S." and goes on to add that, with stock valuations at their most attractive since 2011, "we stick to our recent view that the worst is...

Coronavirus and shopping for supplies: Getting to the bottom of the toilet paper shortage
Coronavirus and shopping for supplies: Getting to the bottom of the toilet paper shortage

Empty shelves are caused by a fundamental shift in demand for a certain kind of toilet paper for use at home, as well as kinks in the supply chain.

Move fast, make things - UK fintech
Move fast, make things - UK fintech's response to the coronavirus crisis continues

The U.K.'s fintech's response to the coronavirus pandemic so far might best be described as "move fast, [and] make things," as multiple and sometimes impromptu teams roll out financial technology solutions to help combat the crisis. Since then, a U.K. government grant scheme for self-employed has been announced, prompting employees at Countingup to build a handy "Coronavirus Calculator" that lets you see how much support you could be entitled to and help with financial planning. Meanwhile, SeedLegals, though not technically a fintech, has made legal documentation available to ensure you furlough employees legally.

GM to supply 30,000 ventilators in $500 million U.S. contract
GM to supply 30,000 ventilators in $500 million U.S. contract

The Department of Health and Human Services contract is the first for ventilator production under the Defense Production Act, invoked by President Donald Trump to get companies to produce essential gear needed to fight the pandemic. GM will work with ventilator firm Ventec Life Systems to deliver 30,000

Call for common EU approach to apps and data to fight COVID-19 and protect citizens
Call for common EU approach to apps and data to fight COVID-19 and protect citizens' rights

The European Commission has responded to the regional scramble for apps and data to help tackle the coronavirus crisis by calling for a common EU approach to boost the effectiveness of digital interventions and ensure key rights and freedoms are respected. The European Union's executive body wants to ensure Member States' individual efforts to use data and tech tools to combat COVID-19 are aligned and can interoperate across borders -- and therefore be more effective, given the virus does not respect national borders. Current efforts by governments across the EU to combat the virus are being hampered by the fragmentation of approaches, it warns.

McDonald
McDonald's pulls 2020 outlook as quarterly comparable sales fall 3.4%

Comparable sales fell 3.4% in the quarter, missing analysts' expectations of a 0.91% drop, according to IBES data from Refinitiv. In March alone, global comparable sales fell 22.2% as most of its nearly 14,000 U.S. stores closed dine-in operations.

Amazon (AMZN) to Halt Amazon Shipping to Meet Customer Demand
Amazon (AMZN) to Halt Amazon Shipping to Meet Customer Demand

Amazon (AMZN) suspends the usage of Amazon Shipping to focus on its core delivery services in order to handle flurry of orders due to coronavirus-induced panic shopping.

Zoom hires former Facebook security chief to beef up privacy, safety
Zoom hires former Facebook security chief to beef up privacy, safety

Taiwan and Germany have put restrictions on its use, while Elon Musk's SpaceX has banned the app. To address the concerns, Zoom has formed https://blog.zoom.us/wordpress/2020/04/08/update-on-zoom-90-day-plan-to-bolster-key-privacy-and-security-initiatives a CISO Council, which includes chief information

India
India's Oyo furloughs thousands of employees as revenue drops by over 50%

Oyo has placed thousands of employees on leave and furloughs for up to three months in the U.S. and several other markets as the Indian budget lodging firm contends the coronavirus outbreak that has cut its revenue and demand by over 50%. The startup's teams in the U.S. are most impacted by the furloughs, according to a person familiar with the matter. In a statement, Oyo confirmed the furloughs and added that India, its home market, was not impacted.

Great Depression Is Closest Parallel to Pandemic, Warns Odey

(Bloomberg) -- The global economy is slipping into a "different era" as the devastation in industries from oil to services roils markets, hedge fund manager Crispin Odey cautioned his investors."This is not like 2008-9, nor 2001-2, nor even 1989-92," Odey wrote in a letter to clients seen by Bloomberg. "The fall in global gross national product for this year will echo 1931-2. That was a terrible time when countries and institutions disappeared and characters like Adolf Hitler seized their chance to take over Germany."The warning follows a 21% gain in his flagship Odey European Inc. fund in March, the biggest monthly increase in 11 years, according to the letter. Odey, known for his...

Saudi Crude Oil Armada Heads for U.S.
Saudi Crude Oil Armada Heads for U.S.

(Bloomberg) -- On the final day of March, the supertanker Newton, loaded with crude from Saudi Arabia, did something rarely seen in the world of oil trading: it abruptly diverted from its original destination, Egypt, setting sail for the U.S. Gulf Coast instead.The Newton is just part of a flood of Saudi

OECD says leading indicators flag biggest monthly drop on record
OECD says leading indicators flag biggest monthly drop on record

The OECD said its leading indicators, which are designed to flag turning points in economic activity, suggested all major economies had plunged into a "sharp slowdown" with only India registering as being in a mere "slowdown". The indicators were flagging "the largest drop on

Two Accounting Scandals in China in One Week Burn Investors
Two Accounting Scandals in China in One Week Burn Investors

(Bloomberg) -- China's second accounting scandal in less than a week is underscoring concern over lax corporate governance at some of the country's fastest-growing companies.TAL Education Group, a tutoring business whose success turned founder Zhang Bangxin into one of China's richest people, delivered the latest bombshell on Tuesday after saying a routine internal audit found an employee had inflated sales by forging contracts. The company's American depositary receipts sank as much as 18% in late U.S. trading.The sell-off follows the 83% slump in Nasdaq-listed Luckin Coffee Inc. since the company announced that its chief operating officer and some underlings may have fabricated billions...

MyBuddy.ai, a virtual tutor for kids learning English, raises $1 million seed round
MyBuddy.ai, a virtual tutor for kids learning English, raises $1 million seed round

MyBuddy.ai, a startup that develops virtual tools to help kids learn English, announced today that it has raised $1 million in seed funding from LETA Capital. The San Francisco-based company's app features a AI-based virtual tutor called Buddy who coaches kids through a series of exercises. This has exacerbated the chronic shortage of qualified English language teachers needed for half a billion kids struggling to learn English as a second language.

How far will your $1,200 stimulus check go?
How far will your $1,200 stimulus check go?

Uncle Sam is doling out $1,200 in stimulus relief checks to millions of Americans soon. But many say it won't be enough to cover their bills.

Australian startup SafetyCulture nabs $800 million valuation on $35.5 million round
Australian startup SafetyCulture nabs $800 million valuation on $35.5 million round

SafetyCulture, the Australian enterprise software company that manages security and compliance checks at companies around the world, has raised $35.5 million at an $800 million valuation in its latest round of funding. The round was led by the Australian growth capital investor TDM Growth Partners, with participation from other local Australian investors like Blackbird Ventures, Skip Capital (the firm created by Atlassian co-founder and co-chief executive, Scott Farquhar and helmed by his wife, Kim Jackson) and former Australian prime minister Malcolm Turnbull and his wife. In all the company has raised over $100 million for its compliance software.

Morgan Stanley Among Biggest Lenders to Embattled Luckin Founder
Morgan Stanley Among Biggest Lenders to Embattled Luckin Founder

(Bloomberg) -- Morgan Stanley, Credit Suisse Group AG and Haitong International Securities Group were among the biggest participants in a series of margin loans to Luckin Coffee Inc.'s founder before accounting fraud allegations at the high-flying Chinese company triggered a collapse in the stock and

Trump Says He May Withhold Funding From the World Health Organization
Trump Says He May Withhold Funding From the World Health Organization

President Trump on Tuesday said the administration will look into withholding money from the World Health Organization. The president said the WHO had become "China-centric." Photo: Denis Balibouse/Reuters

This low-flying growth equity firm, with payments and logistics bets, just closed a $257 million fund
This low-flying growth equity firm, with payments and logistics bets, just closed a $257 million fund

Activant Capital, a seven-year-old, Greenwich, Conn.-based growth equity firm that's still making a name for itself, has managed to secure $257 million in fresh capital commitments, despite that the U.S. economy appears to be headed into a recession. It also begs the question: Who is Steve Sarracino, and why are people trusting him and his 10-person firm with their investing dollars? To find out more, we reached him last week at his home, where -- like a lot of us -- his young children whooped and hollered in the background.

Amazon to suspend delivery service competing with UPS, FedEx
Amazon to suspend delivery service competing with UPS, FedEx

The online retailer told customers that the service, Amazon Shipping, will be paused starting in June, according to the Wall Street Journal, which was first to report the change. Amazon is suspending the service because it needs people and capacity to handle a surge in its own customers' orders, the Journal reported, citing sources. "We regularly look at a variety of factors across Amazon to make sure we're set up in the right way to best serve our customers," an Amazon spokesperson told Reuters in an email confirming the halt in service.

Amazon to suspend delivery service competing with UPS, FedEx
Amazon to suspend delivery service competing with UPS, FedEx

The online retailer told customers that the service, Amazon Shipping, will be paused starting in June, according to the Wall Street Journal, which was first to report the change. Amazon is suspending the service because it needs people and capacity to handle a surge in its own customers' orders, the

Wall Street volatility raises fears of another selloff
Wall Street volatility raises fears of another selloff

Fueled by early signs of the outbreak plateauing in some U.S. hot spots, including New York State, the S&P 500 traded up as much as 3.5% during the session, only to lose ground sharply late in the day to finish down 0.16%. Much of Wall Street's recent recovery has been thanks to a $2 trillion package

NASA puts $7M toward long-shot research, from moon mining to solar lenses
NASA puts $7M toward long-shot research, from moon mining to solar lenses

NASA's Innovative Advanced Concepts program is all about making high-risk, high-reward bets on unique - and sometimes eyebrow-raising - ideas for space exploration and observation. NIAC awards are split into three tiers: Phase I, II and III. Roughly speaking, the first are given $125,000 and nine months basically to show their concept isn't bunk. It speaks to the, shall we say, open-mindedness of the NIAC program that until this year there have only been two total recipients of Phase III awards, the rest having fallen by the wayside as impractical or theoretically unsound.

Jack Dorsey creates $1B COVID-19 relief fund using Square equity
Jack Dorsey creates $1B COVID-19 relief fund using Square equity

Jack Dorsey announced in a series of tweets today that he is shifting $1 billion in his Square equity to create a fund dedicated to COVID-19 relief. The Twitter and Square CEO is calling the fund Start Small and posting a tally of disbursements and recipients in a public spreadsheet. The first Start Small contribution listed is $100,000 to America's Food Fund - an effort led by Leonardo DiCaprio and Laurene Powell Jobs dedicated to providing meals to vulnerable populations disrupted by the COVID-19 pandemic.

Jack Dorsey pledges $1 billion of his Square stake for COVID-19 relief efforts
Jack Dorsey pledges $1 billion of his Square stake for COVID-19 relief efforts

In a series of tweets, Dorsey said the amount, representing about 28% of his wealth, will be donated to his charity fund, Start Small LLC, which would later focus its attention to universal basic income and girls' health and education. Dorsey, who for years has kept details of his charitable efforts

Amazon testing disinfectant fog at New York warehouse after coronavirus protests
Amazon testing disinfectant fog at New York warehouse after coronavirus protests

Amazon said it is trying out disinfectant fog as used by airlines and hospitals to further sanitize its facilities. "We continue to explore even more preventative measures to support the health and safety of employees, who are providing a critical service in our communities," Amazon said in

The Stock Market Has Become One Big Value Trap
The Stock Market Has Become One Big Value Trap

(Bloomberg Opinion) -- Watching equities rally strongly for a second consecutive day, pushing the S&P 500 Index at one point to its highest level since March 11, it was hard not to be reminded of one of the most famous lines in movie history, or at least among fans of the Star Wars franchise. In 1983's "Return of the Jedi," the rebel alliance mobilizes its forces to destroy the Death Star during the Battle of Endor. But the rebels get ambushed, prompting Admiral Gial Ackbar to shout "It's a trap!" And, just like that, equities gave up all their gains on Tuesday to post a slight decline.At its highest point on Tuesday, the S&P 500 was up 23% to 2,757 compared with last month's closing low...

PlayStation 5
PlayStation 5's new DualSense controller is a sleek and futuristic gaming accessory

It's still recognizably a product of the DualShock legacy, however, and has the same familiar button layout as previous PlayStation controllers. The DualSense incorporates haptic feedback, however, for what Sony says will be a heightened sense of immersion in gaming. Haptic feedback should be an improvement over the relatively general and non-specific rumble vibration of current generation controllers, and Sony has also added more tactile response thanks to new L2 and R2 "adaptive triggers" that provide different kinds of tensions response when performing in-game actions, like "drawing a bow to shoot an arrow," the company says.

Away, the high-flying travel brand, just furloughed half its employees and laid off 10%
Away, the high-flying travel brand, just furloughed half its employees and laid off 10%

With travel down nearly 100 percent as the coronavirus makes its way across the U.S. and world, the company has seen sales of its product fall off a cliff, say company founders Steph Korey and Jen Rubio in a new Medium post. Whether to two continue to share this role is another question and one that presumably depends on how long the current downturn lasts.

Netflix now lets you lock your personal profile with a PIN to keep kids (and roommates) out
Netflix now lets you lock your personal profile with a PIN to keep kids (and roommates) out

Want to let your kids poke around Netflix without them wandering their way beyond the kids section? Netflix is now letting users set a PIN to keep individual profiles locked down. The new feature comes as part of a wider update this morning focusing on improved parental controls.

Nuro gets OK to test its driverless delivery vehicles on California public roads
Nuro gets OK to test its driverless delivery vehicles on California public roads

Autonomous delivery startup Nuro has been granted a permit to begin driverless testing on California's public roads, paving the way for the company to roll out commercial operations throughout the state. Nuro, which raised $940 million from SoftBank Vision Fund last year, is allowed to put two of its low-speed electric R2 delivery vehicles on public roads in parts of Santa Clara and San Mateo counties, according to the California Department of Motor Vehicles, the agency that regulates autonomous vehicle testing in the state. The driverless permit allows the vehicles to operate at a maximum speed of 25 mph and only in fair weather conditions on streets with a speed limit of no more than...

New York just recorded its biggest single-day jump in coronavirus deaths
New York just recorded its biggest single-day jump in coronavirus deaths

"Behind every one of those numbers is an individual, is a family, is a mother, is a father, is a brother, is a sister," Gov. Andrew Cuomo said.

SpaceX and NASA test the system Crew Dragon staff would use to exit the launch area in an emergency
SpaceX and NASA test the system Crew Dragon staff would use to exit the launch area in an emergency

On Friday, April 3, 2020, NASA and SpaceX completed an end-to-end demonstration of the teams' ability to safely evacuate crew members from the Fixed Service Structure during an emergency situation at Launch Complex 39A at NASA's Kennedy Space Center in Florida. SpaceX and NASA are in the process of final preparations prior to launching their first crewed spaceflight mission - Demo-2, which is technically still a demonstration mission needed to validate SpaceX's Crew Dragon for transporting humans during regular flight.

Facebook ships an experimental app for couples
Facebook ships an experimental app for couples

Today, Facebook quietly released a new app for couples called Tuned. The new release is a multimedia messaging app designed to help significant others communicate. Tuned was developed and released by Facebook's New Product Experimentation (NPE) team.

Senate Democrats propose $25k coronavirus hazard pay for essential workers
Senate Democrats propose $25k coronavirus hazard pay for essential workers

The Democrats' proposal, the so-called Pandemic Premium Pay, would offer up to $25,000 for workers earning less than $200,000 per year

8 Dividends In Danger Of Being Cut
8 Dividends In Danger Of Being Cut

With interest rates at all-time lows, income investors have few places to turn for solid yields. To make things even more difficult, the (coronavirus) COVID-19 stock market sell-off has already triggered a handful of companies to cut or suspend their dividends.Red Flags Not only do dividend cuts drive away income investors, they're also a sign of potential liquidity issues at the underlying company. The sell-off has driven dividend yields of a number of S&P 500 stocks to their highest levels in years. But as attractive as a double-digit dividend may seem on the surface, a dividend is only as good as the company paying it.The quickest way to assess the reliability of a dividend is to look...

SpaceX
SpaceX's first operational version of Dragon successfully ends its 20th and final mission

SpaceX has been resupplying the International Space Station (ISS) since it began flying cargo missions on behalf of NASA in 2012. Now, the version of the Dragon capsule that SpaceX first employed to fly those missions is retiring, after one of the spacecraft based on that design splashed down in the Atlantic Ocean on Tuesday afternoon, having returned from the ISS. This marks the completion of CRS-20, the 20th Commercial Resupply Services mission that SpaceX has flown for NASA.

'No Man's Sky' update adds giant mechs with jetpacks

Following the major Beyond update back in August, Hello Games has added features to No Man's Sky on a more frequent basis. Following the latest update, there's a new way to traverse the game's massive number of planets: inside a giant mech. You'll be able to hop inside the customizable Minotaur Exocraft and explore in relative safety, as environmental hazards like radioactivity and extreme heat or cold don't affect it.

Why Is Warren Buffett Ignoring the Coronavirus Market Dip?
Why Is Warren Buffett Ignoring the Coronavirus Market Dip?

The short-term coronavirus market dip doesn't seem to interest the Berkshire Hathaway CEO. So, what will he buy next?The post Why Is Warren Buffett Ignoring the Coronavirus Market Dip? appeared first on Worth.

Mobile website builder Universe raises $10M from GV as it ventures into commerce
Mobile website builder Universe raises $10M from GV as it ventures into commerce

A startup that has framed itself as an Instagram for websites is now squaring up against Shopify as it nabs new funding from Google's venture capital arm. Brooklyn-based Universe has just closed a $10 million Series A from GV. The funding round was well in the works before the COVID-19 pandemic took hold stateside, nevertheless, CEO Joseph Cohen definitely sounded relieved to have everything signed.

Scientists visualize a black hole plasma jet in unprecedented detail
Scientists visualize a black hole plasma jet in unprecedented detail

Scientists visualize a black hole plasma jet in unprecedented detail

Steam
Steam's direct publishing changes only helped two thirds of developers

Valve has published a "data deep dive" for sales of paid games, revealing that the first full year of Steam Direct led to a 24 percent increase in initial earnings (the first two weeks) for the median game in 2019 versus 2018. Titles in the 75th percentile (that is, making more than 75 percent of new releases) earned a whopping 56 percent more in 2019 than in 2018. Many game studios thrived under Steam Direct, in other words, but those that didn't tended to struggle.

Top News: Economy

© Copyright Daily Magazine