Google’s project to fill local news void announces first city: Youngstown, Ohio

Google has pledged to create a new digital news outlet in Youngstown, Ohio, as part of a multi-million dollar project with McClatchy to fill some of the void left by the closure of local newspapers. The company announced Thursday that Youngstown has been selected as the inaugural city for its joint news initiative, called the Compass Experiment. The Compass Experiment is part of the Google News Initiative, an effort launched by Google in March 2018. As part of the initiative, Google committed to


Google has pledged to create a new digital news outlet in Youngstown, Ohio, as part of a multi-million dollar project with McClatchy to fill some of the void left by the closure of local newspapers. The company announced Thursday that Youngstown has been selected as the inaugural city for its joint news initiative, called the Compass Experiment. The Compass Experiment is part of the Google News Initiative, an effort launched by Google in March 2018. As part of the initiative, Google committed to
Google’s project to fill local news void announces first city: Youngstown, Ohio Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: annie palmer
Keywords: news, cnbc, companies, city, youngstown, local, initiative, project, million, void, experiment, google, weeks, compass, sites, ohio, googles, announces


Google's project to fill local news void announces first city: Youngstown, Ohio

Google has pledged to create a new digital news outlet in Youngstown, Ohio, as part of a multi-million dollar project with McClatchy to fill some of the void left by the closure of local newspapers.

The company announced Thursday that Youngstown has been selected as the inaugural city for its joint news initiative, called the Compass Experiment. The program was rolled out in March with the goal of providing local news coverage to three small to mid-sized U.S. communities that are underserved.

The announced plan for Youngstown comes just a few weeks after the city’s daily newspaper, The Vindicator, said it would close its doors on Aug. 31. It’s just the latest paper to cease operations. The estimated circulation of U.S. daily newspapers plunged to 28.6 million in 2018 from 48.6 million a decade earlier, according to data from Pew Research Center.

Google said it expects to launch the new local news operation in Youngstown later this year.

“There has been much impassioned commentary around the closure of The Vindy after 150 years and we are pleased to play our part alongside McClatchy in helping local journalism develop new approaches for the future,” Richard Gingras, Google’s vice president of news, said in a statement to CNBC. “We want to explore evolving business models in local news that can benefit not only the people of Youngstown, but communities across the country.”

Mandy Jenkins, general manager of the Compass Experiment, said the team has been on the ground in Youngstown for the past several weeks meeting with local leaders and residents to discuss the “area’s news needs” following the Vindicator’s closure.

“We have found many allies eager to help bring this to life,” Jenkins added.

The Compass Experiment is part of the Google News Initiative, an effort launched by Google in March 2018. As part of the initiative, Google committed to spend $300 million over three years on a variety of local journalism projects.

Google said it’s spending millions on the Local Experiments Project, which will ultimately include the Youngstown site and two other local news sites as part of the Compass Experiment.

McClatchy said Thursday that it will select two additional cities in need of digital news sites “over the next several months.”

WATCH: Google’s Philipp Schindler talks about the shift to breaking news


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: annie palmer
Keywords: news, cnbc, companies, city, youngstown, local, initiative, project, million, void, experiment, google, weeks, compass, sites, ohio, googles, announces


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

N26, the online bank backed by Peter Thiel, is now worth $3.5 billion

Valentin Stalf, founder and CEO of N26, speaks on stage at the Digital Life Design innovation conference. German online bank N26 said Thursday that it raised a huge $170 million in additional funding, valuing the six-year-old fintech start-up at $3.5 billion. N26 said existing investors, including Peter Thiel’s Valar Ventures, Chinese tech giant Tencent and Singaporean sovereign wealth fund GIC, backed this latest round. “I think investors around the world see the disappointment customers face i


Valentin Stalf, founder and CEO of N26, speaks on stage at the Digital Life Design innovation conference. German online bank N26 said Thursday that it raised a huge $170 million in additional funding, valuing the six-year-old fintech start-up at $3.5 billion. N26 said existing investors, including Peter Thiel’s Valar Ventures, Chinese tech giant Tencent and Singaporean sovereign wealth fund GIC, backed this latest round. “I think investors around the world see the disappointment customers face i
N26, the online bank backed by Peter Thiel, is now worth $3.5 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: ryan browne
Keywords: news, cnbc, companies, valentin, investors, thiel, billion, think, million, bank, worth, stalf, peter, online, latest, company, valued, 35, recently, backed, n26


N26, the online bank backed by Peter Thiel, is now worth $3.5 billion

Valentin Stalf, founder and CEO of N26, speaks on stage at the Digital Life Design innovation conference.

German online bank N26 said Thursday that it raised a huge $170 million in additional funding, valuing the six-year-old fintech start-up at $3.5 billion.

Based in Berlin, N26 has made waves in Europe with its app-based checking account and debit card. The firm doesn’t operate any brick-and-mortar branches, and yet has managed to lure in over 3.5 million customers across 24 countries in the continent.

The latest capital injection is a top-up to the firm’s $300 million fundraising, announced back in January, which saw it valued at $2.7 billion. N26 said existing investors, including Peter Thiel’s Valar Ventures, Chinese tech giant Tencent and Singaporean sovereign wealth fund GIC, backed this latest round.

“I think investors around the world see the disappointment customers face in retail banking,” N26 CEO Valentin Stalf told CNBC in an interview. “At the same time they see it’s a huge market.”

He added that the firm’s eye-watering valuation is “decent and actually low” for a company of its kind. “I think the company has the opportunity to be worth much more in the future,” Stalf said. For comparison, British competitor Monzo was recently valued by investors at $2.5 billion in its latest round of funding.

The fresh cash will help N26 ramp up hiring and fuel its global expansion strategy. The company currently has 1,300 employees globally. Having recently launched in the U.S., the German fintech firm now has its sights set on Brazil, and is due to launch their next year.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: ryan browne
Keywords: news, cnbc, companies, valentin, investors, thiel, billion, think, million, bank, worth, stalf, peter, online, latest, company, valued, 35, recently, backed, n26


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Stocks making the biggest moves after hours: Microsoft, Chewy and more

The technology company reported adjusted earnings per share of $1.37 on revenues of $33.72 billion. Analysts had expected earnings per share of $1.21 on revenues of $32.77 billion, according to Refinitiv. Skechers reported earnings per share of 49 cents on revenues of $1.26 billion. Analysts polled by Refinitiv had expected earnings per share of 34 cents on revenues of $1.22 billion. The company reported revenue earnings of $685 million versus the $751 million estimated by analysts surveyed by R


The technology company reported adjusted earnings per share of $1.37 on revenues of $33.72 billion. Analysts had expected earnings per share of $1.21 on revenues of $32.77 billion, according to Refinitiv. Skechers reported earnings per share of 49 cents on revenues of $1.26 billion. Analysts polled by Refinitiv had expected earnings per share of 34 cents on revenues of $1.22 billion. The company reported revenue earnings of $685 million versus the $751 million estimated by analysts surveyed by R
Stocks making the biggest moves after hours: Microsoft, Chewy and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: mallika mitra, patti domm
Keywords: news, cnbc, companies, reported, hours, making, billion, cents, earnings, ticked, chewy, stocks, analysts, moves, revenues, company, share, biggest, microsoft, million


Stocks making the biggest moves after hours: Microsoft, Chewy and more

Check out the companies making headlines after the bell:

Microsoft ticked up 1% in after-hours trading after the company’s fourth-quarter earnings beat estimates. The technology company reported adjusted earnings per share of $1.37 on revenues of $33.72 billion. Analysts had expected earnings per share of $1.21 on revenues of $32.77 billion, according to Refinitiv. Microsoft’s Intelligent Cloud business segment produced $11.39 billion in revenue in the quarter — analysts had been expecting the business segment to generate $11.02 billion, according to FactSet.

Skechers climbed 10% after the shoemaker’s second-quarter earnings surpassed Wall Street’s expectations. Skechers reported earnings per share of 49 cents on revenues of $1.26 billion. Analysts polled by Refinitiv had expected earnings per share of 34 cents on revenues of $1.22 billion. The company’s COO David Weinberg said Skechers experienced growth in every region, with the most in India, the Middle East, China and Mexico.

Shares of Chewy ticked up about 1% after the pet food and supplies company released its first earnings report since its IPO. Chewy said it made $1.1 billion in sales in its first quarter, recording a net loss of $29.6 million, which is in line with the guidance it set forth in its prospectus for its IPO earlier this year.

Shares of Gannett climbed 9% after the Wall Street Journal reported the USA Today owner is in advanced talks to merge with GateHouse Media.

Crowdstrike rose 8% following the release of its first earnings since its IPO. The cybersecurity company reported a loss per share of 47 cents in line with the 47 cents estimated, and revenues of $96.1 million versus $95.6 million estimated, according to Refinitiv.

ETrade ticked down after the financial services company’s second-quarter revenue missed estimates. The company reported revenue earnings of $685 million versus the $751 million estimated by analysts surveyed by Refinitiv.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: mallika mitra, patti domm
Keywords: news, cnbc, companies, reported, hours, making, billion, cents, earnings, ticked, chewy, stocks, analysts, moves, revenues, company, share, biggest, microsoft, million


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Chewy stock rises after release of its first results since IPO, loss narrows in line with forecast

A dog sits in front of the New York Stock Exchange (NYSE) during Chewy Inc.’s initial public offering (IPO) in New York, U.S., on Friday, June 14, 2019. Chewy shares rose Thursday after the pet e-tailer reported first-quarter sales climbed 45% as its loss narrowed, in line with the forecast it issued at the time of its recent IPO. For the quarter ended May 5, Chewy said its loss narrowed to $29.6 million from a loss of $59.8 million in the year-ago period. Chewy’s growth initiatives include expa


A dog sits in front of the New York Stock Exchange (NYSE) during Chewy Inc.’s initial public offering (IPO) in New York, U.S., on Friday, June 14, 2019. Chewy shares rose Thursday after the pet e-tailer reported first-quarter sales climbed 45% as its loss narrowed, in line with the forecast it issued at the time of its recent IPO. For the quarter ended May 5, Chewy said its loss narrowed to $29.6 million from a loss of $59.8 million in the year-ago period. Chewy’s growth initiatives include expa
Chewy stock rises after release of its first results since IPO, loss narrows in line with forecast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren hirsch
Keywords: news, cnbc, companies, loss, forecast, release, york, ipo, quarter, stock, pet, rises, shares, chewy, sales, narrows, pharmacy, company, line, million, results


Chewy stock rises after release of its first results since IPO, loss narrows in line with forecast

A dog sits in front of the New York Stock Exchange (NYSE) during Chewy Inc.’s initial public offering (IPO) in New York, U.S., on Friday, June 14, 2019.

Chewy shares rose Thursday after the pet e-tailer reported first-quarter sales climbed 45% as its loss narrowed, in line with the forecast it issued at the time of its recent IPO.

For the quarter ended May 5, Chewy said its loss narrowed to $29.6 million from a loss of $59.8 million in the year-ago period. Chewy’s profitability has been a concern for some. Dog food is heavy, and therefore expensive to ship.

Sales rose to $1.1 billion from $763.5 million a year ago, continuing Chewy’s strong momentum with pet owners. The company reported roughly 11.3 million active customers for the quarter and $343 in net sales per active customer.

Chewy’s growth initiatives include expansion of its private label business and the launch of Chewy Pharmacy, an online pet pharmacy. In the first quarter, Chewy opened a pharmacy in its Phoenix, Arizona, fulfillment center. It also rolled out improvements to its mobile app.

The retailer recorded auto-ship sales of $743.9 million, up nearly 56% from the quarter prior.

The first-quarter results, which are in line with previous guidance set forth in the company’s prospectus for its June initial public offering, sent shares of Chewy up about 1% in aftermarket trading. Shares of the company are down 9.5% since its debut, which had valued the company at more than $14 billion.

Chewy, founded in 2011 by Ryan Cohen and Michael Day, calls itself the “largest pure-play pet e-tailer in the United States.” It has distinguished itself from many of its competitors with customer service that includes 24/7 access and two-day shipping of online orders.

PetSmart, which is backed by private equity firm BC Partners, acquired Chewy in 2017 for $3 billion.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren hirsch
Keywords: news, cnbc, companies, loss, forecast, release, york, ipo, quarter, stock, pet, rises, shares, chewy, sales, narrows, pharmacy, company, line, million, results


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Lotus ups the ante on the electric hypercar with the Evija: 2,000 hp, 200 mph at $2 million

The Lotus Evija electric hypercar, manufactured by Group Lotus Plc, a unit of Zhejiang Geely Holding Group Co Ltd., sits on display following its unveiling at the Royal Horticultural Halls in London, U.K., on Tuesday, July 16, 2019. “The Lotus Evija is a car like no other,” Lotus CEO Phil Popham in a statement announcing the new model. The rear of a Lotus Evija electric hypercar. Known internally as the Type 130 — which represents the number of different models Lotus has designed over the years


The Lotus Evija electric hypercar, manufactured by Group Lotus Plc, a unit of Zhejiang Geely Holding Group Co Ltd., sits on display following its unveiling at the Royal Horticultural Halls in London, U.K., on Tuesday, July 16, 2019. “The Lotus Evija is a car like no other,” Lotus CEO Phil Popham in a statement announcing the new model. The rear of a Lotus Evija electric hypercar. Known internally as the Type 130 — which represents the number of different models Lotus has designed over the years
Lotus ups the ante on the electric hypercar with the Evija: 2,000 hp, 200 mph at $2 million Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: paul a eisenstein
Keywords: news, cnbc, companies, latest, electric, model, horsepower, lotus, million, ante, hp, 2000, mph, models, seconds, evija, ups, hypercar


Lotus ups the ante on the electric hypercar with the Evija: 2,000 hp, 200 mph at $2 million

The Lotus Evija electric hypercar, manufactured by Group Lotus Plc, a unit of Zhejiang Geely Holding Group Co Ltd., sits on display following its unveiling at the Royal Horticultural Halls in London, U.K., on Tuesday, July 16, 2019. Bloomberg | Bloomberg | Getty Images

It’s been 11 year since Lotus Cars introduced a new model, so it’s making sure the first car out of that drought won’t get lost in the crowd. The new Evija — pronounced “e-VY-a” – is an all-electric hypercar that can zap out nearly 2,000 horsepower, enough to launch it from 0 to 60 in less than three seconds, with a top speed of more than 200 mph. Since it won’t come out until next year, potential buyers will have time to start counting pennies. Lots of them, as the Evija, will go for just over $2 million at current exchange rates. The Evija is the latest in a growing list of all-electric exotics coming to market, a list that already includes the Rimac C Two and Pininfarina Battista, with Tesla promising similar performance numbers out of the second-generation Roadster currently under development. Meanwhile, a number of automakers are using various hybrid technologies to give their own high-performance models a boost, including Alfa Romeo and even Ferrari. “The Lotus Evija is a car like no other,” Lotus CEO Phil Popham in a statement announcing the new model. “It will reestablish our brand in the hearts and minds of sports car fans and on the global automotive stage. It will also pave the way for further visionary models.”

The rear of a Lotus Evija electric hypercar. Chris Ratcliffe | Bloomberg | Getty Images

Lotus clearly needed to make a statement with this car. The British brand has faced some major problems in recent years. Plans to roll out five new models fell apart when its Malaysian parent, Proton, fired CEO Dany Bahar in 2012, and some questioned whether Lotus would survive. Five years later, however, it was taken over by China’s Geely, which had already acquired Sweden’s Volvo. The Evija is the first in an assortment of new models that the deep-pocketed Geely, which bought a 51% stake in Lotus in 2017, promises to bring to market. Known internally as the Type 130 — which represents the number of different models Lotus has designed over the years — only 130 copies are planned. Under founder Colin Chapman, a legendary racer who died in 1982 at just 54, Lotus adopted the mantra, “simplify, then add lightness,” something clearly visible in its aging lineup of models like the little Elise. The Evija doesn’t quite live up to that, weighing in 3,703 pounds. But a disproportionate share of that is for the battery pack. Lotus engineers have offset some of the mass by adopting an ultra-light carbon fiber chassis for the hypercar. At peak, the pack can punch out a whopping 2,000 kilowatts, or more than ten times what a typical U.S. home can handle. That’s directed to four motor-generators, one per wheel, each producing a peak 493 horsepower, 1,971 overall. Torque is rated at a combined 1,245 pound-feet. That will get you from 0 to 100 kmh, or 62 mph, in less than three seconds, according to Lotus, and 300 kmh, or 186 mph, in under nine. The Lotus Evija will top out at around 217 mph.

The Lotus Evija electric hypercar, manufactured by Group Lotus Plc. Chris Ratcliffe | Bloomberg | Getty Images

The British marque also claims to have the world’s fastest charging battery pack, capable of going from completely depleted to 80% of 70 kilowatt-hour capacity in 18 minutes. That will require one of the brand new 800-volt, 350-kilowatt Level 3 fast chargers that are just beginning to be rolled out in Europe and the U.S. Evija is expected to deliver 250 miles per charge, according to Lotus, but that’s using the European WLTP test cycle. Expect something just north of 200-miles range if the electric hypercar ever makes it to the U.S. — something that Lotus has not yet confirmed. If it does, however, it may have to make some changes to the hypercar. Among other things, U.S. regulators have not yet approved the use of the fender-mounted cameras that Evija replaces traditional mirrors with in order to improve its aerodynamics. While electric vehicles initially earned a reputation for being slow and stodgy and offering limited range, that is no longer the case. The latest batteries can carry significantly more energy and new motors can greedily make use of all that power. A key advantage is that they deliver maximum tire-spinning torque all but instantaneously.

The Pininfarina Battista hypercar H/O: Automobili Pininfarina

As a result, there are a flood of exotic manufacturers hoping to appeal to well-heeled performance fans. Croatia’s Rimac also claims to make about 2,000 horsepower in its latest model, the C Two, with an estimated 0 to 60 time of under two seconds. Italy’s Pininfarina says the Battista hypercar will make 1,900 horsepower and match the Rimac’s 0 to 60 run. Tesla expects to bring similarly lofty numbers to the street with the upcoming Roadster redux. Some manufacturers prefer to use electric boost on their highest-performance models. That includes Alfa Romeo, Maserati and Ferrari. The latter of the three Italian marques recently introduced its new SF90 Stradale which pairs three electric motors with a 4.0-liter V-8, the combined output coming to 986 horsepower. That might seem modest in comparison with the Evija, C Two and Battista, but it’s enough to launch the latest model from the prancing pony brand to 60 in 2.5 seconds with a top speed also rated at 217 mph.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: paul a eisenstein
Keywords: news, cnbc, companies, latest, electric, model, horsepower, lotus, million, ante, hp, 2000, mph, models, seconds, evija, ups, hypercar


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Netflix loses $16 billion in market value following surprise subscriber miss

Shares of Netflix fell more than 10% Thursday after the company reported a loss in domestic paid subscribers for the first time in eight years. Netflix lost more than $16 billion from its market cap following the report, bringing it just below $142 billion. But its paid subscriber net additions fell far from even Netflix’s own expectations. Netflix reported international paid subscriber net adds of 2.83 million compared with estimates of 4.81 million, forecast by FactSet. The company forecast 7


Shares of Netflix fell more than 10% Thursday after the company reported a loss in domestic paid subscribers for the first time in eight years. Netflix lost more than $16 billion from its market cap following the report, bringing it just below $142 billion. But its paid subscriber net additions fell far from even Netflix’s own expectations. Netflix reported international paid subscriber net adds of 2.83 million compared with estimates of 4.81 million, forecast by FactSet. The company forecast 7
Netflix loses $16 billion in market value following surprise subscriber miss Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren feiner
Keywords: news, cnbc, companies, loses, 16, net, value, subscribers, reported, miss, paid, surprise, million, market, following, billion, quarter, netflix, company, subscriber


Netflix loses $16 billion in market value following surprise subscriber miss

Shares of Netflix fell more than 10% Thursday after the company reported a loss in domestic paid subscribers for the first time in eight years.

Netflix lost more than $16 billion from its market cap following the report, bringing it just below $142 billion. The stock is still up 20% so far this year.

The streaming giant reported a second-quarter earnings beat of 60 cents per share compared with the Refinitiv consensus estimate of 56 cents and narrowly missed revenue estimates of $4.93 billion, reporting $4.92 billion for the quarter. But its paid subscriber net additions fell far from even Netflix’s own expectations. The company forecast 5 million global net adds for the quarter, but only saw 2.7 million.

Netflix lost paid subscribers in the U.S. for the first time since 2011, when its price increases alongside a new plan to split its DVD shipping service from streaming caused customer backlash. Netflix blamed regional price increases, a relatively weak content slate and a “pull-forward effect” of its strong first-quarter subscriber growth.

While international paid subscribers still grew, the company widely missed estimates. Netflix reported international paid subscriber net adds of 2.83 million compared with estimates of 4.81 million, forecast by FactSet. The miss is significant for Netflix, which has pinned much of its growth opportunity on international expansion in highly populated regions.

Still, Netflix is hopeful about the upcoming quarter. The company forecast 7 million paid net adds and revenue of $5.25 billion. Netflix predicts strong viewership of its new seasons of “Stranger Things,” “The Crown” and “Orange is the New Black,” among other hits that will help buoy its subscriber growth.

Subscribe to CNBC on YouTube.

WATCH: Netflix’s DVD business is still alive and profitable — here’s what it looks like


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren feiner
Keywords: news, cnbc, companies, loses, 16, net, value, subscribers, reported, miss, paid, surprise, million, market, following, billion, quarter, netflix, company, subscriber


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

The House just voted to give 33 million workers a raise—here’s what has to happen to make it a reality

On Thursday, the U.S. House of Representatives voted to pass legislation that would raise the federal minimum wage from $7.25 to $15 over the next six years. The Raise the Wage Act, introduced Rep. Bobby Scott (D-Va.) in January, would effectively raise wages for 33 million workers, according to an analysis by the Economic Policy Institute. The Raise the Wage Act would also create an equal minimum wage for Americans with disabilities. What needs to happen to make $15 minimum a realityWhile the H


On Thursday, the U.S. House of Representatives voted to pass legislation that would raise the federal minimum wage from $7.25 to $15 over the next six years. The Raise the Wage Act, introduced Rep. Bobby Scott (D-Va.) in January, would effectively raise wages for 33 million workers, according to an analysis by the Economic Policy Institute. The Raise the Wage Act would also create an equal minimum wage for Americans with disabilities. What needs to happen to make $15 minimum a realityWhile the H
The House just voted to give 33 million workers a raise—here’s what has to happen to make it a reality Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: megan leonhardt
Keywords: news, cnbc, companies, legislation, voted, workers, minimum, reality, pass, wage, million, 15, act, happen, 33, house, raise, federal, raiseheres


The House just voted to give 33 million workers a raise—here's what has to happen to make it a reality

U.S. Speaker of the House Rep. Nancy Pelosi (D-CA) holds up seven-year-old Kassidy Durham of Durham, North Carolina, during a news conference prior to a vote on the Raise the Wage Act July 18, 2019 at the U.S. Capitol in Washington, DC.

On Thursday, the U.S. House of Representatives voted to pass legislation that would raise the federal minimum wage from $7.25 to $15 over the next six years. Yet the new standard has a long way to go before it could affect your wallet. The Raise the Wage Act, introduced Rep. Bobby Scott (D-Va.) in January, would effectively raise wages for 33 million workers, according to an analysis by the Economic Policy Institute. Nine in 10 of those workers potentially affected by the wage hike are over the age of 20 and 58% of them are women. A report from the Congressional Budget Office released last week predicted a slightly smaller impact, reporting the bill could increase wages for as many as 27 million Americans and potentially lift 1.3 million families out of poverty. Under the Raise the Wage Act, the federal minimum wage increases would roll out on a gradual schedule: $8.40 in 2019

$9.50 in 2020

$10.60 in 2021

$11.70 in 2022

$12.80 in 2023

$13.90 in 2024

$15.00 in 2025 In addition to raising the minimum wage, the legislation would also eliminate the separate minimum wage standard for tipped employees. Currently, employers can pay tipped employees a minimum of $2.13 an hour, as long as their tips push them beyond the $7.25 hourly federal minimum. The Raise the Wage Act would also create an equal minimum wage for Americans with disabilities.

What needs to happen to make $15 minimum a reality

While the House passed the legislation, its implementation is far from a sure thing. Predictive intelligence firm Skopos Labs estimates the Raise the Wage Act has a 24% chance of being enacted. That’s because identical legislation would have to pass the Senate and then be signed into law by President Trump. Mitch McConnell (R-Ky.), the majority leader, said Thursday he will not be taking up the legislation in the Senate. And Thursday’s House vote was far from bipartisan, with only three Republicans voting to pass it. Many Republicans cited concerns that a $15 federal minimum wage may cause significant job loss. A report from the Congressional Budget Office released last week found that a mandatory $15 minimum wage may eliminate as many as 3.7 million jobs across the U.S. because companies will look to cut costs.

Why advocates say minimum wage needs to increase


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: megan leonhardt
Keywords: news, cnbc, companies, legislation, voted, workers, minimum, reality, pass, wage, million, 15, act, happen, 33, house, raise, federal, raiseheres


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Amazon says this year’s Prime Day surpassed Black Friday and Cyber Monday combined

Amazon said it sold more than 175 million items during this year’s Prime Day shopping event, more than its sales for the past Black Friday and Cyber Monday combined. Last year’s Prime Day only ran for 36 hours. It said it added more new Prime members on July 15 than it ever has before on a single day. “We want to thank Prime members all around the world,” Amazon CEO Jeff Bezos said in a statement. Amazon has recently started rolling out a one-day shipping option across the country for Prime memb


Amazon said it sold more than 175 million items during this year’s Prime Day shopping event, more than its sales for the past Black Friday and Cyber Monday combined. Last year’s Prime Day only ran for 36 hours. It said it added more new Prime members on July 15 than it ever has before on a single day. “We want to thank Prime members all around the world,” Amazon CEO Jeff Bezos said in a statement. Amazon has recently started rolling out a one-day shipping option across the country for Prime memb
Amazon says this year’s Prime Day surpassed Black Friday and Cyber Monday combined Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: lauren thomas
Keywords: news, cnbc, companies, twoday, million, day, combined, amazon, sold, shipping, shopping, prime, event, black, members, cyber, surpassed


Amazon says this year's Prime Day surpassed Black Friday and Cyber Monday combined

Amazon said it sold more than 175 million items during this year’s Prime Day shopping event, more than its sales for the past Black Friday and Cyber Monday combined.

The online retailer, which didn’t disclose an actual sales figure in the press release, called the two-day sale across 18 countries the “largest shopping event in Amazon history.” Last year’s Prime Day only ran for 36 hours.

It also said that on Monday and Tuesday it sold more Amazon devices — like the Echo Dot, the Fire TV Stick and Alexa Voice Remote — over a two-day period than it ever has before.

A “record number” of Prime members in the U.S., which pay an annual fee of $119 to get perks like free shipping and access to Prime Day, shopped the event this year, Amazon said. It said it added more new Prime members on July 15 than it ever has before on a single day. And it said almost as many people signed up again on July 16.

Amazon disclosed for the first time last April that it had more than 100 million paying Prime members worldwide. It hasn’t provided an update to that figure since then.

“We want to thank Prime members all around the world,” Amazon CEO Jeff Bezos said in a statement. “Members purchased millions of Alexa-enabled devices, received tens of millions of dollars in savings by shopping from Whole Foods Market and bought more than $2 billion of products from independent small and medium-sized businesses. Huge thank you to Amazonians everywhere who made this day possible for customers.”

Amazon has recently started rolling out a one-day shipping option across the country for Prime members, and it called this year’s Prime Day “the fastest ever.” Previously, the default shipping option for Prime members was for two days.

Amazon said it sold over 100,000 laptops, 200,000 televisions, 300,000 headphones, 350,000 luxury beauty products and more than 1 million toys on Prime Day this year.

In the U.S., it said top-selling items were the LifeStraw Personal Water Filter, the Instant Pot DUO60 and 23andMe health and ancestry kits.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: lauren thomas
Keywords: news, cnbc, companies, twoday, million, day, combined, amazon, sold, shipping, shopping, prime, event, black, members, cyber, surpassed


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Oil falls 1.5% after US fuel inventories build

Oil futures fell on Wednesday, extending a more than 3% drop in prices the previous session, after U.S. government data showed large builds in refined product stockpiles. U.S West Texas Intermediate (WTI) crude futures fell 84 cents to $56.78 a barrel. U.S. crude inventories fell 3.1 million barrels, EIA data showed, more than analysts’ forecasts for a decrease of 2.7 million barrels. Gasoline stocks rose 3.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 925,000-b


Oil futures fell on Wednesday, extending a more than 3% drop in prices the previous session, after U.S. government data showed large builds in refined product stockpiles. U.S West Texas Intermediate (WTI) crude futures fell 84 cents to $56.78 a barrel. U.S. crude inventories fell 3.1 million barrels, EIA data showed, more than analysts’ forecasts for a decrease of 2.7 million barrels. Gasoline stocks rose 3.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 925,000-b
Oil falls 1.5% after US fuel inventories build Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17
Keywords: news, cnbc, companies, futures, crude, barrels, million, showed, prices, iranian, inventories, 15, data, oil, fuel, fell, falls, build


Oil falls 1.5% after US fuel inventories build

Stacked rigs are seen along with other idled oil drilling equipment in Dickinson, North Dakota, June 26, 2015.

Oil futures fell on Wednesday, extending a more than 3% drop in prices the previous session, after U.S. government data showed large builds in refined product stockpiles.

Brent crude futures slipped 74 cents to $63.61 a barrel. U.S West Texas Intermediate (WTI) crude futures fell 84 cents to $56.78 a barrel. Both benchmarks shed more than 3% on Tuesday.

While data on Wednesday from the U.S. Energy Information Administration showed a larger-than-expected drawdown in crude stockpiles last week, large builds in refined product inventories kept prices lower.

U.S. crude inventories fell 3.1 million barrels, EIA data showed, more than analysts’ forecasts for a decrease of 2.7 million barrels.

Gasoline stocks rose 3.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 925,000-barrel drop. Distillate stockpiles grew by 5.7 million barrels, much more than expectations for a 613,000-barrel increase, the EIA data showed.

“The focus this time of year is gasoline, and that data point was squarely bearish,” said John Kilduff, a partner at Again Capital Management in New York.

Some of the EIA data was affected by Storm Barry, which came ashore on Saturday in central Louisiana as a Category 1 hurricane. More than half of daily crude production in the Gulf of Mexico remained offline on Tuesday, the Bureau of Safety and Environmental Enforcement (BSEE) said, as most oil companies were re-staffing facilities to resume production.

The U.S. drilling regulator said 1.1 million barrels per day of oil, or 58% of the region’s total, remained shut.

Oil prices slumped on Tuesday on increased hopes for a return of Iranian crude to the global oil market after U.S. President Donald Trump said progress had been made with Tehran, signaling tensions could ease in the Middle East.

However, Iran later denied it was willing to negotiate over its ballistic missile program, contradicting a claim by U.S. Secretary of State Mike Pompeo, and appearing to undercut Trump’s statement.

“It is hard to believe that either the United States or the Iranian stance would change drastically, therefore yesterday’s sell-off might turn out to be an excellent buying opportunity,” PVM analysts wrote.

U.S. officials say they are unsure whether an oil tanker towed into Iranian waters was seized by Iran or rescued after facing mechanical faults as Tehran asserts, creating a mystery at sea at a time of high tension in the Gulf.


Company: cnbc, Activity: cnbc, Date: 2019-07-17
Keywords: news, cnbc, companies, futures, crude, barrels, million, showed, prices, iranian, inventories, 15, data, oil, fuel, fell, falls, build


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Netflix says it can spend more on its own shows now that it’s not paying for ‘The Office’ and ‘Friends’

Yes, Netflix is losing “The Office” and “Friends” in the next two years. On Wednesday, Netflix released its second quarter earnings report, noting that losing these costly programs will free up the company’s budget and allow it to spend more on its own original content. According to Streaming Observer, Netflix users watch about 164 million hours of content on the streaming service each day, or about 5 billion each month. To put that into context, that’s about 60 billion hours of content in a yea


Yes, Netflix is losing “The Office” and “Friends” in the next two years. On Wednesday, Netflix released its second quarter earnings report, noting that losing these costly programs will free up the company’s budget and allow it to spend more on its own original content. According to Streaming Observer, Netflix users watch about 164 million hours of content on the streaming service each day, or about 5 billion each month. To put that into context, that’s about 60 billion hours of content in a yea
Netflix says it can spend more on its own shows now that it’s not paying for ‘The Office’ and ‘Friends’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: sarah whitten
Keywords: news, cnbc, companies, shows, office, content, million, service, netflix, paying, friends, hours, billion, spend, original, streaming, watched


Netflix says it can spend more on its own shows now that it's not paying for 'The Office' and 'Friends'

Yes, Netflix is losing “The Office” and “Friends” in the next two years. But that may not be a bad thing for the streaming company.

On Wednesday, Netflix released its second quarter earnings report, noting that losing these costly programs will free up the company’s budget and allow it to spend more on its own original content.

“Much of our domestic, and eventually global, Disney catalog, as well as ‘Friends,’ ‘The Office,’ and some other licensed content will wind down over the coming years, freeing up budget for more original content, ” the company wrote in a statement Wednesday.

As Netflix’s competitors gear up to launch their own streaming services, Netflix could feel the pressure. The loss of content and rising competition are major factors in Netflix’s decision to bolster its lineup of shows that can’t be seen on any other platform.

The company paid $100 million to stream “Friends” and was willing to pay up to $90 million to hold onto the rights for “The Office.” Not to mention, it was spending about $150 million for content from Disney.

“We don’t have material viewing concentration as even our largest titles (that are watched by millions of members) account for only a low single digit percentage of streaming hours,” the company said. “From what we’ve seen in the past when we drop strong catalog content (Starz and Epix with Sony, Disney, and Paramount films, or 2nd run series from Fox, for example) our members shift over to enjoying our other great content. ”

“The Office” has been a staple on Netflix, and was far and away the most streamed show on the service in 2018, according to data from Nielsen. Viewers streamed more than 52 million minutes of the show that year – 20 million more than the second-most watched show, “Friends.”

According to Streaming Observer, Netflix users watch about 164 million hours of content on the streaming service each day, or about 5 billion each month. To put that into context, that’s about 60 billion hours of content in a year.

So, even though “The Office” was the most watched show, it accounted for far less than a percent of the total hours customers spent watching Netflix in 2018.

Netflix has been prolific in adding new original content to its streaming service, it far and away exceeds what its competitors release each year. In 2019, Netflix was rewarded with 117 Emmy Award nominations for its original content including “When They See Us,” “Nailed It,” “Dead to Me” and “Russian Doll.”

Netflix has been burning through cash over the last decade to add more. Guillermo del Toro ( “Shape of Water”), Ryan Murphy (“Glee”) and Shonda Rhimes (“Grey’s Anatomy”), among others, have been hired to create unique content only available on the streaming service. In some cases, these contracts span several years and are said to be worth hundreds of millions of dollars.

Last year, Netflix shelled out more than $12 billion to purchase, license and produce content. This year, that figure will rise to $15 billion. It will spend $2.9 billion more on marketing.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: sarah whitten
Keywords: news, cnbc, companies, shows, office, content, million, service, netflix, paying, friends, hours, billion, spend, original, streaming, watched


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post