Category: Business

Oil prices at 4-year lows on Saudi discount report

Oil prices sunk to four-year lows following reports Saudi Arabia, OPEC’s largest oil producer, is cutting its prices for customers in the U.S. By late Tuesday morning London time, a barrel of benchmark crude was down $2.07, or 2.6 percent, at $76.79, its lowest level since September 2010. Meanwhile, Brent crude, the international benchmark, was…

Federal Reserve Ends Quantitative Easing (QE) Stimulus

The Federal Reserve ended its historic easing program Wednesday, ceasing the final $15 billion of bond purchases it had made in an effort to keep the economic recovery going. Though it ended the program, the Federal Open Market Committee kept the “considerable period of time language” that investors had considered crucial in the central bank’s…

Japanese casino bill on a knife-edge

The odds on the Japanese parliament passing legislation to legalise casino gambling in time for the 2020 Olympics appear to be lengthening. Prime Minister Shinzo Abe’s is amongst those trying to push through a bill that will legalise casino gambling, but the bill is facing stiff opposition within the Japanese parliament. The likelihood of the…

Walmart Apologizes for ‘Fat Girl’ Costumes

Walmart found itself sending apology tweet after apology tweet Monday after the Twitterverse raked it over the coals for a major goof on its website. For whatever inexplicable reason, the retail giant’s site featured a Halloween category, titled “Fat Girl Costumes.” You won’t find it there now, thank goodness, but it stayed there for a…

Apple CEO Tim Cook says Apple Pay a “success”

Apple CEO Tim Cook said Apple’s new mobile payment system had over 1 million activations in the first three days after it became available, and is now more widely used than any competing payment system. “We’re already No. 1. We’re more than the total of the other guys,” Cook boasted Monday during a tech industry…

Report Reveals Wider Tracking of Mail in U.S.

In a rare public accounting of its mass surveillance program, the United States Postal Service reported that it approved nearly 50,000 requests last year from law enforcement agencies and its own internal inspection unit to secretly monitor the mail of Americans for use in criminal and national security investigations. The number of requests, contained in…

Twitter acquires Twitpic domain and photo archive

Twitpic announced today that it has reached an agreement to be acquired by Twitter, saving millions of photos that were set to go up in smoke later today. In a blog post, founder Noah Everett said “we have reached an agreement with Twitter to give them the Twitpic domain and photo archive, thus keeping the…

Oil-Rich Venezuela Rations Food

Despite its oil riches, Venezuela has joined the ranks of North Korea and Cuba in rationing food for its citizens. The government has rolled out a system using fingerprint scanners to limit purchases of basic goods. Before entering grocery stores, shoppers have to scan their fingerprints to make sure they don’t buy more than their…

Samsung Galaxy Note 4 Latest Phablet Released [VIDEO]

The 5.7-inch Samsung Galaxy Note 4 has a brilliant high-resolution screen and takes excellent outdoor shots on its 16-megapixel camera with optical image stabilization. Using the stylus is more convenient, and the battery charges very quickly. Low light and indoor shots aren’t as good as they should be. The Note 4 costs significantly more than…

Microsoft CEO’s Fails Over Women’s Pay, Just Like BOB [VIDEO]

BOB sucked and so does Microsoft CEO Satya Nadella, and his gaffe about women’s pay. At a women’s tech conference Thursday, Nadella said that women not asking for a raise is “good karma” and that “the system will give you the right raises as you go along.” Afterwards, the software executive apologized and backpedaled. But…

Twitter Sues DOJ for Right to Reveal Surveillance Requests

Twitter Inc. sued the U.S. Department of Justice on Tuesday, intensifying the Internet company’s battle with federal agencies as the self-described champion of free speech seeks the right to publicly reveal more details about the extent of government surveillance. In a lawsuit filed in the U.S. District Court for Northern California, Twitter argued that current…

Jobs Report Beats Expectations UNEMPLOYMENT RATE FALLS TO 5.9%

According to the latest employment report from the BLS, nonfarm payrolls grew by 248,000 in September. The unemployment rate also fell to 5.9% from 6.1%, the first time the unemployment rate has been below 6% in more than six years. Expectations were for a gain of 215,000 with the unemployment rate expected to remain at…

Apple iOS 8, The Latest Version of Their Mobile Operating System

Apple is set to release iOS 8 today. It is the latest version of their mobile operating system and was announced at Apple’s Worldwide Developer Conference on June 2nd, 2014. The exact time the update will be available is uncertain, but International Business Times and Computerworld are both reporting it will be live starting at…

Radisson ends sponsorship with Vikings due to Adrian Peterson Abuse

Anyone who tuned into the Vikings’ press conference announcing their decision to reinstate Adrian Peterson, despite his indictment for allegedly hitting his 4-year-old son repeatedly with a switch, might have noticed that the Radisson hotel logo appeared on the banner that acted as a backdrop. It was hard to miss, considering it appeared all over…

Apple receives record pre-orders for new iPhones

Apple Inc said it received a record four million first-day pre-orders of its new iPhone 6 and iPhone 6 Plus, meaning many customers will have to wait until October for their new phones. Apple said a significant number of orders will be delivered to customers beginning Friday, but many will be shipped in October as…

Microsoft agrees to buy the video game developer behind Minecraft for $2.5 billion

Microsoft Corp. today announced it has reached an agreement to acquire Mojang, the celebrated Stockholm-based game developer, and the company’s iconic “Minecraft” franchise. The Mojang team will join Microsoft Studios, which includes the studios behind global blockbuster franchises “Halo,” “Forza,” “Fable” and more. Microsoft’s investments in cloud and mobile technologies will enable “Minecraft” players to…

Plane believed to be Glazer’s Crashes into Ocean North of Jamaica

A small plane believed to be registered to Rochester developer Larry Glazer was unresponsive for miles and has crashed into the ocean near the island of Jamaica. The Glazer’s son said Larry Glazer and his wife, Jane were onboard. Search and rescue teams on way to site of crashed plane off coast of eastern Jamaica:…

Global stocks lackluster before ECB policy meeting

Global stock markets were lackluster Thursday as investors looked ahead to a European Central Bank meeting and U.S. economic data. Declines were tempered by an easing of tensions over Ukraine. KEEPING SCORE: European trading was cautious. The CAC-40 in Paris edged down 0.4 percent to 4,403.99. Britain’s FTSE 100 was up 0.2 percent at 6,883.85.…

Second-quarter GDP Growth Revised Up To 4.2 Percent [VIDEO]

Second-quarter GDP Growth Revised Up To 4.2 Percent The U.S. economy rebounded more strongly than initially thought in the second quarter, and details of a report on Thursday pointed to sustainable underlying strength. The Commerce Department said gross domestic product expanded at a 4.2 percent annual rate–instead of the previously reported 4.0 percent pace–reflecting upward…

Knee Defender Forced Flight To Land in Chicago [VIDEO]

A flight has been grounded after a customer refused to remove a gadget designed to prevent the seat in front being reclined. The ‘Knee Defender’ is a small, $21.95 piece of plastic which attaches to your tray table, and is intended to stop the passenger in front reclining their seat. The idea is that by…

Apple Launching Biggest 12.9-inch iPad Ever & iPhone 6

Apple is getting ready for 2015 with an oversize iPad. Apple is reportedly preparing to launch its largest-ever iPad, with production beginning in the first quarter of next year. The screen will reportedly measure 12.9 inches diagonally. Currently, Apple’s iPads have 9.7-inch and 7.9-inch diagonal dimensions; alongside Apple is expected launch the iPhone 6 in…

Russia Shuts Down McDonald’s Franchises

In a move that has been widely seen as retaliatory, the Russian government has kicked off a series of random checks at McDonald’s around the country, and has already shut down four prime locations in Moscow. Government officials from Siberia to Sochi have announced they will be launching their own investigations. No information has been…

Bank of America to Pay $16.5B Fine

The long-awaited deal between the Justice Department and Bank of America over mortgage securities could be announced as early as Thursday and is now expected to cost the bank at least $16.5 billion. Part of the deal will be $9 billion in cash to the DOJ, and the rest would go for assistance to homeowners.…

Twitter to Remove Photos of Dead

A week after the daughter of Robin Williams quit Twitter after receiving nasty images of him from online trolls, Twitter announced Tuesday it will remove images and videos of deceased people per the family’s request. “In order to respect the wishes of loved ones, Twitter will remove imagery of deceased individuals in certain circumstances,” Twitter…

US stocks open higher after jobless claims report; S&P 500 and Nasdaq on track

Stocks opened higher on Thursday, shaking off a higher jobless claims number, and rising with world equity markets on comments from Russian President Vladimir Putin. “We seem to be reacting now more to Europe and Russia than anything happening here,” said Peter Boockvar, chief market analyst at The Lindsey Group. “Our economy is better but…

Steve Ballmer officially takes over ownership of the Clippers

Ex-Microsoft CEO Steve Ballmer is now officially the owner of the Los Angeles Clippers, the NBA announced Tuesday. The deal closed after a California court confirmed the authority of former owner Donald Sterling’s estranged wife Shelly Sterling to sell the team on behalf of a family trust. Ballmer bought the team in a $2 billion…

Barneys to Pay $525K in Race Probe

The high-end Barneys New York will pay $525,000 to settle allegations of racial profiling and discrimination at its Madison Avenue shop. The trendy department store was accused of singling out minority customers. New York state launched a probe into the allegations after two black patrons, Trayon Christian, 19, and Kayla Phillips, 21, filed a lawsuit.…

Washington Pot Sales Hit $3.8M [VIDEO]

Pot smokers in Washington propelled the state’s first month of legal marijuana sales to just under $3.8 million, meaning more than $1 million in state taxes, the state reported Friday. Licenses have been issued to about 40 stores, though only 18 sold marijuana in July and 16 have reported August sales. “It’s off to a…