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Jun 26, 2019
Amazon is getting sued by concerned parents about the company's best seller tech device, "Alexa." One of the cases was filed in Los Angeles and the other in Seattle after the parents of an 8-year-old and a 10-year-old noticed the device saved recordings of their children that contained detailed information about their lives. According to Amazon, the smart assistant only stores that information after it's been permitted by the owner. However, the parents denied having agreed for Alexa to record their children's voice. Although the stored data can be deleted, this has raised multiple concerns about children's privacy, and lawyers are currently working on the case.
Jun 26, 2019
Tech stocks have climbed after reports that trade talks between the U.S. and China were going along well. Treasury Secretary Steven Mnuchin said he was confident that the talks would yield positive results, a statement that made shares jump since there was a lot of uncertainty regarding a new set of tariffs that president Trump had threatened to impose. Investors and market participants are hoping for a resolution in the coming weeks as Trump, and Chinese President Xi Jinping are set to meet at the G20 summit in Japan this weekend in the first meeting between the two leaders since trade talks fell through in May.
Jun 26, 2019
FedEx has filed a lawsuit against the U.S. Department of Commerce to stop it from implementing regulations that require the carrier to screen and block packages shipped to the U.S. that might pose a risk to national security. FedEx states that the Export Administration Regulations go against the carriers' rights to due process granted by the Fifth Amendment, adding that it also puts an impossible burden on the company. The lawsuit was filed after Huawei asked FedEx why it had rerouted a shipment from Japan that was supposed to arrive in China, but instead went to the U.S. FedEx said in a statement that the company is in charge of transportation, not enforcing the law.
Jun 26, 2019
Boeing was expecting to return the 737 Max to service late this summer, but that timetable has been pushed after a recent finding. The Federal Aviation Administration said it spotted a potential risk during simulations and, although it didn't specify what kind of issue it was, experts believe this setback might keep the plane grounded until the end of the year. Boeing has been working on upgrading the aircraft's anti-stall system that has been blamed for the two deadly crashes that claimed more than 300 lives. Boeing stated that test pilots took longer than expected to stabilize the plane after the anti-stall system activated.
Jun 26, 2019
Amazon has announced that Prime Day, a special event where customers can find products on the website at great discounts, will run for 48 hours this year, but other retailers are not willing to let Amazon have all the fun. Target will host "deal days" on July 15 and 16, the same days as Prime Day, and customers won't need any membership to enjoy the discounts, unlike Amazon's event. Meanwhile, eBay will also offer crash sales during those days where shoppers will find amazing deals on all kinds of items. Prime Day started in 2015 during Amazon's 20th anniversary, and the event has become one of the most important times of the year for the company.
Jun 26, 2019
Over 500 Wayfair employees have signed a petition and are pushing for a walkout this week to protest against the company's sale of $200,000 of mattresses to a detention camp for migrant children in Texas. According to reports, the company sold the beds to a non-profit organization called Baptist Children's Family Services that is in charge of furnishing the detention centers, the order included 100 bunk beds and 1600 mattresses. The employees, who have decided to stay anonymous for fear of retaliation, have posted a letter that they sent to management on social media where they say that the U.S. government and its contractors were responsible for mistreating thousands of immigrants seeking a better life.
Jun 26, 2019
According to current and former employees, Tesla has been working on developing its own car batteries to cut its reliance on Panasonic. Panasonic and Tesla have been working together since 2014, but the automaker could cut costs and increase production if it didn't have to depend on an outside vendor for batteries since the battery pack is the most expensive component in electric vehicles. CEO Elon Musk has said in the past that the automaker is constrained when it comes to cells, so this plan would bring Tesla much closer to achieving vertical integration, a goal that the company set years ago.
Jun 26, 2019
Brexit has brought a lot of uncertainty to the UK economy, and a new analysis confirms how much investments have dropped. A new study by the Department of International Trade shows that there has been a drop of 24% in jobs created between 2018 and 2019, as well as a drop of 14% in foreign investment. This data is a reflection of other surveys that suggest companies are putting off big spending decisions until after the Brexit due to the uncertainty it would bring. However, there has been an 8% increase in the number of British businesses bought by foreign firms.
Jun 26, 2019
Shares of Cheerios maker General Mills dropped after the company posted quarterly results that fell short of analysts' expectations. Shares dipped more than 8% after General Mills announced that sales in North America had dropped 2% during the fiscal-fourth quarter that ended on May 26th. The company attributed the drop to its snack business with brands like Nature Valley granola bars and Chex Mix, but it added that sales in other segments like yogurt, baking, and cereal remained unchanged. The company also beat earnings estimates with 83 cents per share, while analysts expected 77 cents, executive also said that it had plans to accelerate growth in 2020.
Jun 26, 2019
New reports have revealed that Huawei employees were involved in various projects with the Chinese army to develop artificial intelligence and radio communications. The reports come as Huawei has been under scrutiny from the U.S. And other countries who consider the company's telecoms equipment poses a security risk. Huawei stated that the company has no knowledge of the work its employees have done for the military, adding that the company has no partnerships with institutions affiliated with the army. The reports show that the employees' collaborations were part of a few studies that were disclosed publicly.
Jun 25, 2019
McDonald's has managed to increase its market share for the first time in five years thanks to the introduction of fresh beef patties. The company, as well as most fast-food chains, is in a bitter battle to grow market share and sales as the industry struggles to attract new customers who want to eat healthy food. McDonald's invested $60 and nearly four years to transition from cow to fresh beef, which involved the creation of new refrigerators and utensils to handle fresh beef, but the company reported 40 million more fresh beef quarter pounders sold during the first quarter compared to a year before. McDonald's has also pledged to use 100% cage-free eggs by 2025
Jun 25, 2019
American Airlines is ready to extend cancellations of the popular Boeing aircraft as regulators are not prepared to grant their approval for the return of the plane. However, CEO Doug Parker has stated that there's also a political factor involved in the issue and that it doesn't only come down to a software update. Meanwhile, American Airlines has canceled 737 Max cancellations until after Labor Day, more than two weeks after the date it had previously set. The cancellations would ground around 115 flights every day; the company also said that even if the plane returns to service, it might still be a while before the pilots and crew can be trained.
Jun 25, 2019
The Food and Drug Administration has issued a warning for companies advertising a herbal complex called Kraton as an alternative to fight opioid addiction. Kraton is a natural extract that grows outside the U.S. and acts as a stimulant at low doses, but it can also reduce pain and cause euphoria at high concentrations. Although there are reports that Kraton can help opioid addicts fight their addiction, the FDA warns that the drug works in a similar way to morphine and it shouldn't be advertised as an alternative to opioids. Officials referred explicitly to two companies, Cali Botanicals, and KratomNC, as the ones responsible for promoting this drug and avoiding patients from using opioids.
Jun 25, 2019
Home Depot CEO Craig Menear has stated that the company is working to reduce the impact that the potential tariffs would have on consumers by cutting costs at all levels f the company. Menear noted that, although 70% of the products that Home Depot sells are made in the U.S., there's no way to know which part of the business these new tariffs would affect. However, the CEO also indicated that there are ways to reduce costs when it comes to the supply chain. Home Depot is recovering now that weather is improving across the U.S. and customers are in the mood for house renovations.
Jun 25, 2019
Carriers covering rural areas in the U.S. are scrambling to find suitable replacements for Huawei after U.S. authorities shunned the company for considering it a security threat. According to reports, nearly a dozen rural carriers, including Union Wireless in Wyoming, and Pine Belt in Alabama, have approached companies like Ericsson and Nokia to replace Huawei's telecoms equipment, but the task might not be that easy. According to experts, Huawei equipment was widely used in rural areas due to how inexpensive and efficient it was, which means that the carriers would struggle to replace the equipment without financial aid from the government. It is believed that Huawei sold equipment 30% to 50% cheaper than other manufacturers.
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