• As Uber cruises towards $90bn float, the backlash from drivers intensifies

    As Uber cruises towards $90bn float, the backlash from drivers intensifies

    Business

    Ride-hail drivers head out on strike for better wages and working conditions. "I'm not surprised, but frankly it's absolutely disgusting Uber and Lyft would incentivize both riders and drivers to break the strike today", said Rebecca Stack-Martinez, an Uber driver helping to organize the protest in front of Uber's headquarters in San Francisco on Wednesday.
  • Oil prices gain with record China crude imports

    Oil prices gain with record China crude imports

    Business

    Brent crude gained 36 cents to $70.26 a barrel. Crude inventories fell by 4 million barrels in the week to May 3, compared with analysts' expectations for an increase of 1.2 million barrels. U.S. West Texas Intermediate crude futures settled 13 cents higher, at $61.94 per barrel. Iran had always been a major crude supplier for South Korea, with Asia's fourth biggest oil consumer importing around 12 million barrels/month on average from the Persian Gulf producer over the past decade, ...
  • Trump to raise tariffs on $200bn of Chinese goods

    Trump to raise tariffs on $200bn of Chinese goods

    Business

    Trump has threatened to increase those tariffs before but has pushed back plans to raise them twice. Those duties were set to rise to 25 per cent on March 1, but Trump delayed that as talks continued. The Chinese regime quickly retaliated with tariffs on roughly $34 billion worth of US goods, mostly agricultural products. Some US manufacturers who import Chinese products that are subject to tariffs are already complaining of higher costs.
  • Tesla raises size of share sale, Musk to buy more

    Tesla raises size of share sale, Musk to buy more

    Business

    Tesla said the total proceeds of the offerings could be about $2.3 billion if underwriters fully exercise their option to purchase additional securities. But sales are not the only thing that affects Tesla's cash. That compared to the $2. 2 billion in cash reserves the company held at the end of March.
  • Berkshire Hathaway renews building lease in Omaha for 20 years

    Berkshire Hathaway renews building lease in Omaha for 20 years

    Business

    Buffett hired investment managers Todd Combs and Ted Weschler in 2010 and 2012 to manage stock portfolios of more than $13 billion for Berkshire. Berkshire often buys the stocks of companies that appear as quite expensive. That hasn't just benefitted Buffett, but also Apple shareholders in general. "I have admired Jeff for a long, long time but I did not think he could succeed on the scale that he has".
  • Apple Earnings as Expected

    Apple Earnings as Expected

    Business

    As TechCrunch noted , the maths works out to Apple posting 16.1 per cent of its Q2 2018 revenue from the services category, but almost 20 per cent in the Q2 2019-an affirmation that the company really is slowly but surely pivoting away from its historic reliance on the iPhone line.
  • KSA: Saudi Arabia 'ready to replace Iranian oil after end of waivers'

    KSA: Saudi Arabia 'ready to replace Iranian oil after end of waivers'

    Business

    But prices came under downward pressure late last week after US President Donald Trump openly pressured Opec and its de-facto leader Saudi Arabia to raise output to meet the supply shortfall caused by the tightening Iran sanctions . Saudi oil production until the end of May would be below the level set in the global deal: "significantly less" than 10 million bpd, with exports below 7 million bpd next month, Falih said.
  • Google-parent Alphabet misses first-quarter revenue estimates

    Google-parent Alphabet misses first-quarter revenue estimates

    Business

    Michael Nathanson of analysts MoffettNathanson said that, as was the case with Facebook , Google's slower growth could be a blip rather than "some early flashing red light" that would force "conventional wisdom to be rethought". The Motley Fool owns shares of and recommends Alphabet (A shares) and Alphabet (C shares). Its "other revenues" operations, which includes Google's hardware business (phones, speakers, laptops, etc.) and its cloud services business, delivered $5.45 billion in ...
  • Microsoft breaks $1 trillion value level

    Microsoft breaks $1 trillion value level

    Business

    Amazon is still the market leader when it comes to cloud computing with Amazon Web Services (AWS), but Microsoft Azure has been steadily making gains. The unit rose 8 percent to $10.7 billion in the fiscal third quarter. Microsoft said it also passed 100 million seats for its enterprise mobility products, up 53 percent from a year ago.
  • Tesla +1.1% as Musk has new deal with SEC over tweets

    Tesla +1.1% as Musk has new deal with SEC over tweets

    Business

    The SEC asked U.S. District Judge Alison Nathan to hold Musk in contempt, alleging a February 19 tweet from Musk - which claimed Tesla would deliver half a million vehicles this year - violated the terms of an earlier securities fraud agreement that required Musk's tweets concerning company news to be pre-approved by the agency.
  • US Lifts Sanction Waiver On Iranian Crude Oil Supply

    US Lifts Sanction Waiver On Iranian Crude Oil Supply

    Business

    One of the Trump officials said such a move would hurt both Iran and its allies. His original plan was to reduce Iranian exports to zero but he realized this was nearly impossible, as Iran can export more than one million barrels per day mainly to China, Turkey, and Russian Federation via Iraq.
  • Air Canada extends grounding of 737 MAX until August

    Air Canada extends grounding of 737 MAX until August

    Business

    And it doesn't matter to American that regulators in Canada, Europe and China are expected to take longer than the FAA to review and approve Boeing's fixes. "We're doing a lot of work understanding what our customers perceptions are", said the airline's President Thomas Nealon. The Fort Worth-based airline announced in its first quarter earnings call Friday morning that it expects to lose $350 million because of the grounding of the fleet through August 19.
  • Tesla Model S, Model X updates; longer range, quicker 0-100km/h

    Tesla Model S, Model X updates; longer range, quicker 0-100km/h

    Business

    The video , apparently taken from a surveillance camera, shows a Tesla Model S parked along a line of cars when smoke begins to billow out from underneath, then catching fire immediately after. "In addition to adding range, power and torque increases significantly across all Model S and Model X variants, improving 0-60 miles per hour times for our Long Range and Standard Range models", notes Tesla in its blog post .
  • Facebook sets aside $3 billion to cover expected FTC fine

    Facebook sets aside $3 billion to cover expected FTC fine

    Business

    However, the actual earnings per share ($0.85) fell short of the estimated amount ($1.63). The company also raised the top end of its provision for losses related to Federal Trade Commission privacy concerns from $3 billion to between $3 billion and $5 billion.
  • Trump's Iran oil sanctions risk Asian reprisals

    Trump's Iran oil sanctions risk Asian reprisals

    Business

    The US granted waivers to eight nations to import Iranian oil after the Trump administration pulled out of the 2015 nuclear deal with Iran. Prior to the reimposition of sanctions, Iran was the fourth-largest oil producer among the Organization of the Petroleum Exporting Countries (OPEC) at nearly 3 million barrels per day, but April exports have shrunk to well below 1 million barrels per day, according to ship-tracking and analyst data in Refinitiv.
  • Trump to end waivers on Iran oil imports: W. House

    Business

    If they don't go along with Trump's demands, that could cause tensions in both bilateral relationships and spill over into other issues, like trade, the report said. This photo from March 12, 2017, shows a an Iranian oil facility on Kharg Island, on the shore of the Persian Gulf. China opposes Washingtons unilateral sanctions and long-arm jurisdiction, said a foreign ministry spokesman, Geng Shuang.