SAN FRANCISCO (Reuters) – Wall Street pummeled shares of companies including Pinterest (PINS.N), Lyft (LYFT.O), Uber Technologies (UBER.N) and SmileDirectClub (SDC.O) on Thursday as investors grew more sour on money-losing former startups that went public this year. Traders work on the floor at the New York Stock Exchange (NYSE) in New York,…
Month: October 2019
WeWork, former CEO Adam Neumann accused of pregnancy discrimination
NEW YORK (Reuters) – The former chief of staff to ousted WeWork CEO Adam Neumann has accused him and the company of discrimination, saying she feared for the health of her unborn baby because of Neumann’s penchant for smoking marijuana on chartered planes. FILE PHOTO: Adam Neumann, CEO of WeWork, speaks to…
Google urges confidentiality protections in Texas-led antitrust probe
(Reuters) – Google on Thursday petitioned a Texas judge to ensure that the state-led probe into possible antitrust violations by the Internet search and advertising company will not compromise its confidential business information. FILE PHOTO: The logo of Google is seen at the high profile startups and high tech leaders gathering, Viva…
Speaker John Bercow Bows Out, Loved and Loathed. Much Like Brexit.
LONDON — In Britain’s Parliament one day this week, a rising wall of sound echoed around the chamber as lawmakers jeered Prime Minister Boris Johnson. Or cheered him. The prime minister’s hand jabbed the air for emphasis as he tried to be heard above the noise. Then came the inevitable, familiar rebuke.…
‘A Very Dangerous Game’: In Latin America, Embattled Leaders Lean on Generals
An old but far from forgotten sight is returning to Latin America: presidents facing TV cameras, addressing the nation in a moment of crisis — flanked by their generals. In Ecuador, military leaders stood at attention behind President Lenín Moreno as he announced a state of emergency. A few days later, Chile’s…
Jennifer Davis, 85, Dies; Led Divestment Effort Over Apartheid
Jennifer Davis, who came to the United States from South Africa and helped galvanize the divestment and sanctions campaign to undermine apartheid, died on Oct. 15 in Montclair, N.J. She was 85. Ms. Davis, who lived in Washington, suffered a brain hemorrhage while visiting a friend, her daughter, Sandra Davis Horowitz, said.…
U.S. handling of tariffs raises appearance of ‘improper influence’: watchdog
WASHINGTON (Reuters) – Lack of transparency in the Commerce Department’s handling of steel and aluminum tariffs raised the appearance that certain companies may have had “improper influence” in the process, its internal watchdog said in a document made public on Wednesday. FILE PHOTO: Water runs off a steel coil as it is…
Diamond Eagle in talks to buy fantasy sports provider DraftKings: Bloomberg
FILE PHOTO: A DraftKings logo is displayed on a board inside of the DFS Players Conference in New York November 13, 2015. REUTERS/Lucas Jackson (Reuters) – Diamond Eagle Acquisition Corp (DEAC.O), a special purpose acquisition company, is in advanced talks to buy fantasy sports provider DraftKings Inc, Bloomberg reported on Wednesday. Diaomond…
GE still sees $1.4 billion cash cost from Boeing 737 MAX grounding in 2019
FILE PHOTO: The logo of U.S. conglomerate General Electric is seen on the company building in Belfort, France, October 19, 2019. REUTERS/Vincent Kessler/File Photo NEW YORK (Reuters) – General Electric Co (GE.N) still expects the grounding of Boeing Co’s (BA.N) 737 MAX jetliner to reduce its cash flow by $1.4 billion in…
Stock investors see silver lining in Fed’s rate-cut pause
NEW YORK (Reuters) – The U.S. Federal Reserve may be done cutting interest rates but stock investors are not done buying. FILE PHOTO: Traders work, as a screen shows Federal Reserve Chairman Jerome Powell’s news conference after the U.S. Federal Reserve interest rates announcement, on the floor of the New York Stock…
Facebook beats on profit as cost growth slows; shares rise
(Reuters) – Facebook Inc (FB.O) reported better-than-expected quarterly revenue on Wednesday and a rise in profit as growth in expenses slowed from a year earlier and the number of users ticked higher, assuaging investor fears of fallout from fierce scrutiny by regulators and lawmakers. Shares rose nearly 2% after hours to $191.49.…
U.S. lawmakers question Boeing’s $1 mln rebate clause for Southwest 737 MAX orders
(Reuters) – To convince Southwest Airlines Co (LUV.N) to buy the Boeing 737 MAX, the plane maker reassured the airline that pilots would not need expensive simulator training and backed up the promise with a $1 million per plane rebate if training was needed, U.S. lawmakers said on Wednesday. Boeing Chief Executive…
Lyft sees ‘path to profitability’ as riders, revenues increase
(Reuters) – Ride-hailing company Lyft Inc (LYFT.O) on Wednesday said higher-than-expected third-quarter revenues and an improved outlook showed it was well on its way to profitability by the end of 2021. FILE PHOTO: The Lyft Driver Hub is seen in Los Angeles, California, U.S., March 20, 2019. REUTERS/Lucy Nicholson/ As pressure to…
Boeing CEO pummeled on compensation, 737 MAX flaws at U.S. hearing
WASHINGTON (Reuters) – Boeing Co (BA.N) Chief Executive Dennis Muilenburg was repeatedly hammered by U.S. lawmakers at a hearing on Wednesday over his compensation and key mistakes in development of the 737 MAX that he newly acknowledged. Enduring hours of aggressive questions related to 737 MAX crashes in Indonesia and Ethiopia, which…
Apple tunes out trade war as new AirPods, services lift holiday outlook
(Reuters) – Apple Inc (AAPL.O) on Wednesday forecast sales for the crucial holiday shopping quarter ahead of Wall Street expectations, with Chief Executive Tim Cook seeing strong sales of the wearables such as the noise-cancelling AirPods Pro and hoping for a U.S.-China trade deal by year-end. Cook wants to wean Apple off…
U.S. Fed cuts interest rates, signals it is on hold
WASHINGTON (Reuters) – The Federal Reserve on Wednesday cut interest rates for the third time this year to help sustain U.S. growth despite a slowdown in other parts of the world, but signaled there would be no further reductions unless the economy takes a turn for the worse. “We believe that monetary…
ISIS Leader Paid Rival for Protection but Was Betrayed by His Own
The Islamic State leader Abu Bakr al-Baghdadi was able to hide out in an unlikely part of Syria, the base of a rival group, because he was paying protection money to its members, according to receipts for the payments recovered by researchers. The receipts, typical of the Islamic State’s meticulous bookkeeping, showed…