Category: Business

February Jobs Report Better Than Expected [VIDEO]

U.S. companies added 242,000 new jobs last month, far exceeding expectations and possibly helping to ease widespread fears of an economic slowdown. The unemployment rate remained at 4.9 percent. The Bureau of Labor Statistics report amounts to 72 months of uninterrupted job gains, the longest streak on record. However, wages fell 0.1 percent for February,…

China Stocks Tank 7%, Trading Suspended [VIDEO]

Global markets continued a rocky start to 2016 on Thursday when China’s key stock benchmark, the CSI300, nosedived 7.2 percent after just 30 minutes of trading, triggering a halt for the remainder of the day. It was the shortest trading day in the market’s 25-year history, according to The Wall Street Journal, and the second…

Chinese Markets Halt Trading After Shares Plunge

Trading was halted on China’s stock markets Monday after shares plunged 7 percent and triggered a new system in place to limit volatility. The Shanghai Composite Index dropped 6.9 percent while China’s benchmark CSI 300 Index fell 7 percent. The Shenzhen Composite tumbled by more than 8 percent. Trading was suspended earlier in the day…

Zuckerberg Plans to Build A.I. Assistant [VIDEO]

Mark Zuckerberg is trumping all New Year resolutions with his own goal this year: building an artificial-intelligence assistant. The Facebook CEO shared his 2016 goal in an online post Sunday. “You can think of it kind of like Jarvis in Iron Man,” Zuckerberg said, referring to assistant who aids the Marvel Comics hero who serves…

Fed Raises Rates For First Time Since 2006, Markets Climb

The Federal Reserve raised interest rates Wednesday for the first time in nearly a decade. The central banking committee unanimously voted to move the target range for the federal funds rate to a 0.25-0.5 percent range, up from a 0-0.25 range. “The committee judges that there has been considerable improvement in labor market conditions this…

Amazon Pulls Hoverboards After Fires [VIDEO]

Amazon has pulled hover boards from its virtual shelves after reports the popular gadgets’ batteries might cause fires. The online retailer says “for the time being, we are not recommending any hoverboards until they are proven to be safe.” The site has removed the models featured on BestReviews.com. There have been several media reports of…

Gun Sales Record Broken on Black Friday [VIDEO]

The FBI processed 185,345 gun background checks on Black Friday, setting a new record. The 2015 number was about 5 percent higher than the number performed on Black Friday in 2014. The checks are required for permits and purchases from federally licensed dealers. On the same day, three people were murdered by a gunman at…

Americans Are Expected To Spend $3 Billion On Cyber Monday [VIDEO]

Americans could spend more than ever on Cyber Monday this year. In fact, sales could be up as much as 12% from last year to $3 billion, according to Adobe’s Digital Index. While sales on the day are forecasted to top $3 billion, online Black Friday sales may not be much less. The day after…

Pfizer Reaches $150B Deal With Botox Maker Allergan [VIDEO]

Big pharma Pfizer sealed the deal in a blockbuster $150 billion merger with Irish-based drug maker Allergan. In one of the largest transactions in industry history, Botox maker Allergan will acquire Pfizer in a maneuver known as a reverse merger, which will allow the U.S. company to legally move abroad and lower its tax bill.…

E! Cancels ‘The Soup’ After 12 Years [VIDEO]

Comedian Joel McHale’s long-running show, The Soup, is ending after 12 years, E! announced Wednesday. “We’ve had a weird ride and watched over 11,000,000 hours of terrible reality television but all good things must end,” said a post on the show’s Twitter account following the announcment. McHale, 43, relaunched the show in 2004, after it…

Australian Gambling Faces a New Tax Clampdown

The Australian economy is amongst many in the global marketplace that have enjoyed a relatively smooth transition from primary industries to the information sector. However, some recent government initiatives that have aimed to increase regulation around the booming online gambling industry have led many to question the logic behind such moves. The plans were unveiled…

Batshit Ben Carson Profits From Ties With Convicted Felon

Ben Carson has maintained a business relationship with a close friend convicted of defrauding insurance companies and testified on his behalf, even as the candidate has called for such crimes to be punished harshly. Pittsburgh dentist Alfonso A. Costa pleaded guilty to a felony count of health care fraud after an FBI probe into his…

Fast Food Workers Strike, Seeking $15 Wage [VIDEO]

Fast-food workers demanding a $15 an hour wage walked out in dozens of cities early Tuesday morning, kicking off a year-long campaign to muster the political power of 64 million low-wage workers in next year’s presidential election. The protests, which will take place in 270 cities, mark the workers’ largest show of force in the…

Obama Releases Full Details of TPP Deal [VIDEO]

The Obama admin. released on Thursday the full text of its Trans-Pacific Partnership trade deal, in advance of a 90-day congressional review expected to be rife with debate. The TPP deal would slash tariffs and import quotas, making it cheaper to import and export, and open new Asia-Pacific markets.

San Francisco Votes Down Anti-Airbnb Measure [VIDEO]

San Francisco voters on Tuesday rejected a measure aimed at restricting companies like Airbnb and short-term rentals. Proposition F would have curbed renting out rooms, houses, or apartments for short periods of time, from 90 days per year to 75 days. The measure would have also required Airbnb hosts to submit quarterly reports to the…

Activision To Buy Candy Crush For 5.9 Billion [VIDEO]

Activision Blizzard is purchasing King Digital, maker of the popular mobile game Candy Crush, for a total equity value of $5.9 billion. The deal is all cash. Activision Blizzard will pay $18 per share, nearly a 20% premium over King’s recent price.

FBI Investigating Fantasy Sports [VIDEO]

The Justice Department and FBI are looking into the structure of fantasy sports to determine if the business model violates federal law. The move comes after recent controversies involving fantasy sports sites FanDuel and DraftKings, which were accused of rigging their systems to help employees earn big winnings. FBI agents have begun talking to DraftKings…

Playboy to Stop Nudity Publishing [VIDEO]

The magazine that helped pioneer the sexual revolution in the United States is ending its practice of publishing nude photos of women, The New York Times reported Monday. Hugh Hefner, the founder and editor in chief of Playboy, agreed to the radical change as a part of a redesign slated to be unveiled next March.…

Volkswagen Recall to Begin in January [VIDEO]

Volkswagen is expected to begin recalling cars affected by its emissions scandal in January, the newly-appointed CEO Matthias Mueller said in an interview Tuesday. The company is aiming to complete the recall by the end of 2016, Mueller told German newspaper Frankfurter Allgemeine Zeitung (FAZ). The automaker has said emissions test-cheating software was implemented in…

LinkedIn to Pay $13M in ‘Spam’ Lawsuit [VIDEO]

LinkedIn has agreed to pay $13 million in a settlement for a class-action lawsuit alleging the social network sent emails to members’ contacts without their consent. The settlement applies to LinkedIn members who used the “Add Connections” feature between Sept. 17, 2011 and Oct. 31, 2014, which allowed people to import their email contacts and…

American Apparel files for bankruptcy in the US

American Apparel files for bankruptcy in the US American Apparel filed for chapter 11 bankruptcy in the US. Watch the LIVE EVENT ON CNBC LIVE The brand said it had the support of 95 per cent of its secured lenders for restructuring. However the company said that stores should stay open as usual and that…

Oregon Begins Selling Recreational Pot [VIDEO]

Oregon marijuana shops opened their doors Thursday to recreational users for the first time. Some of the more than 300 marijuana dispensaries across the state stayed open until midnight to mark the occasion, selling to adults 21 and older. The sales will be tax-free until January, when a 25 percent state tariff goes into effect.…

Trump Tax Plan – Tax Cuts For Everyone Especially The Really Rich

Donald’s tax plan is great for rich people. Getting rid of the Estate Tax is massive. He also gives tax reductions to almost everyone, something for everyone as they say. His amazing economy will make up for the shortfalls in revenues and the deficit, don’t worry says The Donald it will be great. Income Tax…

Volkswagen to Name Porsche Chief as CEO [VIDEO]

Volkswagen is expected to appoint Porsche chief Matthias Müller as its new CEO on Friday as well as demand resignations from several of the embattled company’s top engineers, The Wall Street Journal reports. The move comes just a day after CEO Martin Winterkorn announced his resignation over revelations the German automaker had allegedly cheated diesel…

Volkswagen Recall Scandal Update [VIDEO]

Volkswagen of America sent recall letters in April to customers in California stating that their vehicles’ emissions software needed upgrading, raising questions about how long the carmaker has been aware of the issue. Reuters reported Thursday that recall letters told California owners of diesel-powered Audis and Volkswagens to take their cars to a dealer for…

Trump Buys NBC’s Miss Universe [VIDEO]

Donald Trump boasted Friday he has purchased NBCUniversal’s share of their joint venture, the Miss Universe Organization, and settled legal claims he had threatened against the media giant after it cut their business ties following the Republican presidential candidate’s infamously disparaging comments about Mexican immigrants. Just purchased NBC’s half of The Miss Universe Organization and…

Apple Boost Apple TV, Unveils New iPad, Stylus And IOS 9 [VIDEO]

A jumbo-sized 12.9-inch iPad Pro, and a stylus called the Apple Pencil were among the new products demonstrated at Apple’s annual event held today in San Francisco. A new version of the Apple TV comes with a touch remote and Siri connectivity to search for programs, and CEO Tim Cook said in revealing the product,…

Rupert Murdoch’s Fox Buys National Geographic

Rupert Murdoch’s Twenty-First Century Fox Inc said it will expand its 18-year partnership of operating National Geographic TV channels to include the latter’s magazines and digital platforms, in a deal valued at $725 million. Fox will own 73 per cent of the joint venture and the National Geographic Society the rest. The deal will increase…

Wal-Mart to Stop Selling Assault Rifles [VIDEO]

Wal-Mart said it will stop selling assault rifles, semi-automatic guns, and other high-capacity weapons. A spokesman confirmed Tuesday to the pro-gun website BearingArms.com that the retail giant would stop selling high-capacity weapons. The move was not politically motivated, but instead sparked by dwindling sales, said Wal-Mart spokesperson Kory Lundberg. The company had previously come under…

Jeff Bezos Defends Amazon After NYT Report [VIDEO]

Amazon founder and CEO Jeff Bezos defended his company culture on Monday following a New York Times report painting a tough, backstabbing work environment at the online retailer. The Times interviewed current and former Amazon employees who claimed they were pushed to show little empathy to colleagues despite illness or bereavement. Bezos told employees in…