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Does Exxon's ugly quarter call its 149-year operating legacy into question?

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Exxon Mobil (NYSE: XOM ) last announced its quarterly earnings data on Friday, April 26th. How did Exxon Mobil's Q1 earnings compare to other oil companies? Chevron reported earnings of US$2.6 billion, or US$1.39 per share, for Q1 2019-down from US$3.6 billion, or US$1.90 per share in the first quarter of 2018-but still above the analyst estimate of US$1.30 per share. Read More »

U.S. stocks close mixed amid corporate earnings

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The S&P 500 closed almost 0.5% below its record high hit in late September on Wednesday. It was the biggest loss for the company since the market crash of October 1987. U.S. Treasury prices finished higher, sending the two-year yield 4 bps lower to 2.27% and the 10-year yield down 3 bps to 2.51%. Amazon reported that its profit more than doubled in the first quarter, the latest sign that the e-commerce company's push into advertising and cloud computing paid off. Read More »

Bitfinex Crypto Case Shows Smaller Investors Face Greater Risk

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Ooooo Bitfinex is in Troubleeee (again): The New York State Attorney General (NYSAG) filed a lawsuit against the stablecoin Tether's affiliated cryptocurrency exchange Bitfinex on April 24th. According to the announcement Bitfinex has published on its blog today, the NYAG's office released the order is obtained, without notice or hearing, "in an attempt to compel Bitfinex and Tether to provide certain documents and seeking certain injunctive relief". Read More »

Facebook investigated over email contacts

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New York Attorney General Letitia James just announced an investigation into Facebook over its collection of users' email contact data without their permission. Yesterday, Facebook announced in its quarterly earnings that it is anticipating a fine anywhere between $3 and $5 billion from the US Federal Trade Commission as a settlement payment following the agency's investigation into the Cambridge Analytica scandal and the potential privacy violations that followed suit. Read More »

Musk reaches settlement with US SEC over Twitter use

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The late Friday agreement set new parameters for what Musk can not post about on social media without pre-approval from a securities lawyer. By reaching a compromise, Musk would avoid more penalties while the SEC would affirm the Tesla CEO's obligation not to release misleading information on social media. Read More »

Minsk says substantial amount of polluted Russian oil in Belarus

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A major Russian oil pipeline will remain shut for another week as its operators resolve a chemical contamination that forced refiners in Eastern Europe to stop taking crude deliveries. These developments were the first signs that an escalating crisis that choked off one of Europe's main sources of crude and helped lift prices to a six-month high was finally coming under control. Read More »

Musk, SEC Settle Legal Fight Over His Tweets About Tesla

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Musk would have to adhere to Tesla rules regarding potentially significant comments by executives, and have tweets or other social media posts pre-approved by "an experienced securities lawyer employed by the company", according to the proposed settlement. Read More »

Subscribers Swarm Netflix In Record Numbers

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In addition about 20 percent of current Netflix subscribers indicated they plan on initially subscribing to both services. Most notably, the survey found over 14 per cent of Netflix's USA customers are considering ditching their subscription in favour of Disney+ when the new streaming service goes live. Read More »

Alexa team can locate customer addresses, claims new report

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In an April 10 statement Amazon said " employees do not have direct access to information that can identify the person or account as part of this workflow ". While the data connected to these audio snippets, such as device ID and customer identification number, are hard to link to an individual, geographic data (stored in Amazon's system as longitude and latitude co-ordinates) does allow for more precision. Read More »

Belt and Road forum: Xi Jinping promises transparency to ease concerns

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Chinese President Xi Jinping delivers his speech for the opening ceremony of the second Belt and Road Forum for International Cooperation (BRF) on Friday, April 26. China practically humiliated Pakistani premier Imran Khan while the latter landed in Beijing on a four-day visit to participate in the Belt and Road Forum meeting. Read More »

GDP Growth Much Better Than Expected

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In the first quarter, inventory rebuilding added 0.7 percentage point to growth, while a falling trade deficit boosted growth by a full percentage point. "Personal spending though, the biggest component was up just 1.2%, two tenths more than expected as an increase in spending on services and nondurable goods offset a decline in spending on durable goods". Read More »

PayPal to invest $500 million in Uber

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Reuters reported this month that the combined value of Uber shares sold in the IPO could be around $10 billion. Shares of Lyft Inc., which made its market debut in March at a $20.5 billion valuation, have since dropped 22 percent to well below their IPO price. Read More »

LG Elec moves out premium phone line to Vietnam to save cost

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It's unclear if mid-range and low-end smartphones are also made at the plant, but the production output now accounts for between 10% and 20% of LG's total smartphone production. The move, while alleviating LG's balance sheet and losses, doesn't seem too promising in terms of the future of the mobile division, as it continues to struggle with delivering competitive products. Read More »

Key for Garage Available Starting Today

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Sources mentioned that as of today, Amazon Key service covers overall 50 cities across USA including new additions Rochester, Las Vegas, and Fresno. 'Key puts security, convenience, and control in the hands of our customers and we are excited to expand Key and open up more possibilities for them, ' he added. Read More »

Asian shares up after Nasdaq, S&P 500 hit record highs

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It closed just 0.3% below its intra-day record of 2,940.91 hit on September 21. The S&P index recorded 47 new 52-week highs and one new low, while the Nasdaq recorded 84 new highs and 25 new lows. Microsoft Corp and Facebook Inc, set to report after the closing bell on Wednesday, were down slightly. AT&T Inc shares declined 4 per cent after the second-largest U.S. Read More »

Trump backs Harley Davidson on EU trade tariffs

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In addition to staying squarely in the crossfire of Trump's trade disputes, Harley is trying to attract younger riders amid a shift in US consumer tastes away from pricier, heavyweight motorcycles. " Harley Davidson has struggled with tariffs with the European Union , now paying 31 percent". The company blamed lower sales volumes , a negative product mix, currency headwinds, higher raw materials costs, and incremental tariffs for its deteriorating profit margins. Read More »

Walgreens to hike minimum age for store tobacco sales

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Matthew Myers, the president of the Campaign for Tobacco-Free Kids, said Walgreens' move was nothing more than a recognition of the growing trend toward limiting sales. Walgreens will enforce a new policy that will prevent anyone below 21 years old from purchasing tobacco products from their pharmacies. Pharmacy company CVS stopped selling tobacco products altogether in 2014. Read More »

Microsoft crosses $1 trillion market cap after impressive Q3 earnings

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Microsoft shares have gained 23% this year, topping the 17% increase in the S&P 500 Index. The company's shares rose about 4% in extended trading on the results, after closing at $125.01 in NY. As of writing, shares are going for $130.37 in pre-market trading, and it seems likely Microsoft will get back up over $1 trillion in the near future. Read More »

Coli Outbreak from Ground Beef Expands

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A Georgia-based meat manufacturer has recalled 113,000 pounds of ground beef from stores amid fears it could contain E. coli . There's no established link between the product and the ongoing E. The CDC said 20 people have been hospitalized in connection with the E. coli outbreak, but no deaths have been reported. A meat thermometer should reach at least 160 degrees fahrenheit for cooked ground beef. Read More »

Chinese telecom Huawei sees sales skyrocket despite overseas controversies

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The U.S projects Huawei as a national security threat, saying its equipment could be the hidden gateway for the Chinese government to hack and indulge in pilferage. According to Huawei's financial statement, other business segments like PCs, wearables, and smart home also gained traction from global consumers for its leading, innovative products and user experiences. Read More »

China to Ban Poker, Mahjong, Blood, and Imperial Online Games

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Video games that show blood or death; headlines based on China's imperial past and even gambling-related titles like Poker and Mahjong will be specifically censored by the new regulations introduced in China. If an online game has offline content, the application must indicate that and explain the offline content. At least it might cut down on the staggering number of poker games to choose from. Read More »

Facebook stock jumps after Q1 earnings beat

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Investors were apparently not too disturbed by the anticipated fine, and sent Facebook's share price up more than 4% in after-hours trading. Analysts polled by FactSet expected earnings of $1.62 per share and revenue of $14.98 billion. The shares are up by almost 40% in the year to date, far outperforming the broader market, and were up almost 5% in late trading on Wall Street. The first-quarter earnings results paled in importance to the talk of the F.T.C.'s inquiry. Read More »

China tells USA to avoid 'wrong moves' over Iran oil controls

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Iranian authorities accused her of plotting against the government and handed her a five-year jail sentence for sedition, with her daughter in the care of Iranian grandparents. Three other Americans are known to be held in Iran. Washington's enmity will receive an answer and Iran's people will not remain silent, Khamenei said, without elaborating. Read More »

Beyond Meat burgers coming to grocery stores across Canada next month

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The company will have these burgers available to buy at more than 3,000 locations nationwide. Consumers are changing their dietary pattern in order to exclude meat protein and include Plant-Based protein. Owing to a rise in the awareness about the critical health benefits gained by the consumption of plant-based food products, over the past couple of years there has been a rise in the overall vegan population, globally. Read More »

Kohl's to accept Amazon returns for free throughout the US

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In addition to the returns program, Amazon and Kohl's also toyed around with a few Amazon store-in-store concepts within some Kohl's locations. Kohl's began accepting free returns for Amazon customers in 2017 . In March, Kohl's announced that it will expand its product relationship with Amazon by carrying the website's products in more than 200 stores. Kohl's will take Amazon items regardless of reason for the return and regardless of whether the items are packaged or unpackaged for ... Read More »

Ford Motor puts $500 million into electric pickup producer Rivian

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Instead, Ford will use Rivian's skateboard platform for an all-new vehicle. Rivian has so far shown the R1T electric pickup truck and R1S electric SUV , which the automaker hopes to put into production from fall 2020. Ford's said its investment in Rivian is separate from the No. 2 USA automaker's previously announced $11 billion investment in EVs, which include 40 hybrid and fully electric vehicles in its model lineup by 2022. Read More »

Kim Jong Un arrives in Russian Federation with his running bodyguards

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He was given the traditional welcoming gift of bread and salt by three women in folk costumes before visiting a small wooden building erected on the occasion of his grandfather Kim Il-sung's visit to the Soviet Union in 1986. After a meeting of the North's Central Committee this month, the official KCNA news agency said some department directors were replaced. Kim's latest summit diplomacy is part of the diplomatic outreach that he launched previous year to ease global isolation and advance ... Read More »

Kraft Heinz replaces CEO amid SEC probe

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Warren Buffett's Berkshire Hathaway Inc and 3G together own close to 50 percent of Kraft Heinz. Last quarter, it took a $15.4 billion write-down, slashed its dividend and disclosed a subpoena from the U.S. Sales were up about 1% in the fourth quarter of previous year, but higher-than-expected manufacturing and logistics costs plagued Kraft Heinz. Under Hees, Kraft Heinz lost half its market value, as it ceded market share to competitors and failed to snap up Anglo-Dutch consumer giant ... Read More »

Drone company gets OK to start delivering packages in Blacksburg

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Over the coming weeks, Wing will begin reaching out to the communities and businesses in the Blacksburg and Christiansburg areas of Virginia, where it plans to make deliveries from businesses to homes. An Alphabet Inc. Google X Project Wing delivery drone flies during a demonstration at Virginia Tech in Blacksburg, Va ., Aug. 7, 2018. Speaking with Bloomberg , Burgess said the "very rigorous and very thorough" FAA certification process took months and required Wing to create "extensive ... Read More »

Talks resume Sunday between Stop & Shop, striking workers

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Just a few days ago, picket lines were holding strong and Stop & Shop stores across New England were either closed or operating with limited resources. Stop & Shop is a subsidiary of Dutch giant Ahold Delhaize , with 415 stores across the USA north-east. While all workers would see compensation increases under Stop & Shop's proposals, the increases would be in a form of bonuses for some workers. Read More »

Twitter CEO Jack Dorsey Meets With Trump

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According to Trump, who tweeted an image from the meeting this evening, it was a " great meeting ... regarding [Twitter's] platform, and the world of social media in general". " Jack had a constructive meeting with the President of the United States today at the president's invitation", Twitter's statement said. No wonder Congress wants to get involved - and they should. Read More »

Teen sues Apple for $1bn over 'Orwellian' in-store surveillance tech

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A NY man filed a $ 1 billion lawsuit against Apple , claiming the tech giant's facial-recognition software wrongly blamed him for stealing from Apple stores. The lawsuit, citing the detective, says that Apple uses facial recognition technology to identify shoplifters. As Bloomberg explains , the $ 1 billion lawsuit Apple is facing is due to the "severe stress and hardship" Bah faced when dealing with multiple false allegations against him. Read More »