Business news 24 Feb, 2021
Fry’s Electronics permanently closing all stores nationwide - KRON4KRON4
It is unclear at this time why the company is closing.
Hong Kong announces over $15 billion budget to lift economy out of recession - CNBCCNBC
Financial Secretary Paul Chan said the spending is expected to contribute to a budget deficit of 101.6 billion Hong Kong dollars ($13.1 billion).
After Explosion, FAA Orders Engine Checks On Boeing's Pratt & Whitney Powered Planes - NPRNPR
Days after the explosion of an airplane engine over Colorado, the FAA is requiring all aircraft equipped with the same components to undergo fresh inspections, effective immediately.
Musk no longer world’s richest man after Tesla and Bitcoin slump - CointelegraphCointelegraph
Tesla shares are down 21% while Bitcoin has corrected 17%, are the two correlated?
California Wins Court Victory for Its Net Neutrality Law - The New York TimesNew York Times
A federal judge’s ruling can allow the state to go ahead with its law while a lawsuit works its way through the courts.
Square puts 'skin in the game' with $170 million more in bitcoin buy - Fox BusinessFox Business
Square Inc raised the bets on bitcoin by investing $170 million more and Chief Executive Jack Dorsey promised on Tuesday to “double down” on the payment firm’s commitment to the world’s biggest cryptocurrency.
Pfizer, Moderna, J&J pledge 240 million total Covid-19 vaccine doses by the end of March - CNNCNN
The United States can expect to see a total of 240 million doses of coronavirus vaccine by the end of March, drug companies told a House subcommittee Tuesday.
GameStop CFO resigns following Reddit stock trading mania - Fox BusinessFox Business
The company has launched a search for Bell's permanent replacement, noting that they are seeking a CFO with "the capabilities and qualifications to help accelerate GameStop’s transformation." The search, which will evaluated both internal and external candida…
The future of USPS trucks is electric: The new fleet will replace, expand more than 230K vehicles - USA TODAYUSA Today
The USPS awarded a 10-year multi-billion dollar contract to Wisconsin-based Oshkosh Defense to replace it's aging fleet of vehicles.
ARK Invest buys more Tesla (TSLA) stock - Seeking AlphaSeeking Alpha
ARK Invest bought more shares of Tesla (TSLA) today, adding shares to the ARK Autonomous Technology & Robotics ETF (ARKQ) and ARK Next Generation Internet ETF. See details on the funds.
Jim Cramer on how to approach growth stocks after inflation worries shake up market - CNBCCNBC
CNBC's Jim Cramer said investors have two choices to make on growth stocks after Federal Reserve Chair Jerome Powell reaffirmed his monetary policy plans.
L.A. County approves 'hero pay' for grocery workers - Los Angeles TimesLos Angeles Times
The $5 an hour pay boost for grocery workers in unincorporated L.A. County begins Friday. The L.A. City Council is to pass a similar measure Wednesday.
SolarWinds hack was work of 'at least 1,000 engineers', tech executives tell Senate - The GuardianThe Guardian
True scope of the breach, which affected 100 companies and several federal agencies, is still unknown
Minnesotans' heating bills could be $400 higher because of Southern storm - Minneapolis Star TribuneMinneapolis Star Tribune
The amount will spread over months by the state's utilities.
Dow Jones Futures: What's Next For Market Rally After Growth Stocks' Wild Ride? Tesla, Square, Upwork, Workhorse Lead Key Movers Late - Investor's Business DailyInvestor's Business Daily
Dow Jones futures: After the Nasdaq slashed huge losses, here's how to handle the shaky stock market rally. Tesla stock and Square were key movers late.
Alaska Airlines ordered to pay $3.2M after woman falls at PDX, later dies - KATUKATU
PORTLAND, Ore. (AP) — A jury has ordered Alaska Airlines to pay $3. 2 million to the family of a 75-year-old disabled woman who died four months after falling down a Portland International Airport escalator. The jury returned its verdict Monday. KATU Ne…
AT&T is Nearing a Deal to Sell Minority Stake in Pay TV Business - Cord Cutters NewsCord Cutters News, LLC
AT&T is reportedly close to finalizing a deal with a private equity firm to buy a minority stake in its satellite TV business, according to a report from CNBC. The deal would include DirecTV, AT&T TV Now, and U-Verse. A source for CNBC says that the deal with…
UPDATE 2-Lucid Motors CEO aims to launch Tesla Model 3 rival in 2024 or 2025 - Yahoo FinanceYahoo Entertainment
Lucid Motors ChiefExecutive Officer Peter Rawlinson told Reuters on Tuesday thatthe luxury electric car maker plans to launch a rival to TeslaInc's Model 3...
What Home Depot tells us about the country's housing boom - AxiosAxios
The company rode the coattails of the pandemic building boom — and gave us a hint that it hasn't slowed down.
Altcoins nurse double-digit losses as Bitcoin bulls fight to retake $49K - CointelegraphCointelegraph
A renewed wave of selling briefly pushed Bitcoin price below $45,000 and the majority of altcoins saw their double-digit losses increase.
Some Nashville private schools took millions in PPP loans while others paid it back - NewsChannel5.comNewsChannel5.com
Several Nashville private schools received millions in forgivable loans through the federal Paycheck Protection Program (PPP).
Oregon OSHA fines Florence restaurant $17,800 - KEZI TVKEZI TV
The restaurant inspection was carried out despite several people – including one carrying a firearm – who blocked the business’ entrance and threatened compliance officers.
Market Wrap: Bitcoin Settles Around $47K After Biggest 2-Day Rout in 11 Months - CoindeskCoinDesk
Bitcoin's price has declined 20% since Sunday.
Bitcoin falls after concerns expressed by Musk, Gates and Yellen - CNETCNET
The crypto coin takes a bit of a stumble after a long rally.
Four ERCOT members resigning in aftermath of Texas power failure - The Texas TribuneThe Texas Tribune
Four unaffiliated board members, including the chair, who do not live in Texas will resign. A candidate for an unaffiliated position on the board has withdrawn his application. The vacancies will not immediately be filled.
Crocs became a pandemic staple, but CEO Andrew Rees optimistic its new fans will stick around - CNBCCNBC
Some have called Crocs the "it" shoe of the pandemic, as the clog became a closet staple for consumers seeking comfort.
Square, Inc. Announces Fourth Quarter and Full Year 2020 Results - Business WireBusiness Wire
Square, Inc. (NYSE: SQ) has posted its results for the fourth quarter and full year of 2020 on the Financials section of its Investor Relations websit
Snap Forecasts Multiple Years of 50%-Plus Sales Growth - Yahoo FinanceYahoo Entertainment
(Bloomberg) -- Snap Inc. shares jumped to a record, reversing an earlier decline, after the social-media company forecast revenue growth of 50% or more for...
Why are gas prices jumping dramatically in Charlotte area? - WSOC CharlotteWSOC Charlotte
Drivers have probably noticed that they’re paying more at the pump than they were just a few days ago. Across the country, the average gas prices have jumped the most in one week since Hurricane Harvey in 2017.
McDonald’s Joins the Fierce Fight for Chicken Sandwich Supremacy - The New York TimesNew York Times
Fast-food chains like Chick-fil-A and Popeyes have been vying for chicken supremacy, capitalizing on the sandwich’s popularity with customers.
Texas woman sues over $9,300 electric bill from Griddy - The Texas TribuneThe Texas Tribune
A Chambers County resident filed a class-action lawsuit against electricity retailer Griddy on Monday, accusing the provider of price gouging customers during last week’s freeze. She is seeking $1 billion in relief for affected customers.
Former WeWork CEO in talks to get nearly $500 million in SoftBank settlement - CNNCNN
Adam Neumann, the disgraced former CEO and cofounder of WeWork, may soon have a massive payday as part of a possible settlement with SoftBank, the company's largest investor, but the amount under discussion is far less than the golden parachute originally off…
Kia unveils 2022 Carnival as new SUV-inspired minivan with VIP lounge seating - CNBCCNBC
Kia Motors is replacing its Sedona minivan with a new SUV-inspired model called the Carnival beginning in the second quarter of this year.
Internal memo: Key Amazon exec Jeff Blackburn officially leaving, hinting at new role elsewhere - GeekWireGeekWire
Another Jeff is moving on from his longtime Amazon executive role, filling out the picture of what has become a massive leadership transition at the tech giant. Jeff Blackburn…
This Pittsburgh restaurant is one of the top 100 places to eat in 2021, new Yelp list says - WPXI PittsburghWPXI Pittsburgh
A Strip District restaurant is getting national recognition.
Apple shareholders approve executive compensation; dividend increase coming - CNBCCNBC
Apple shareholders on Tuesday voted to approve compensation for Apple executives.
Tech Stocks Likely to Be in Focus Over the Weeks Ahead - InvestopediaInvestopedia
Price action near major levels of support across the tech sector suggest that this group could be well-positioned to move higher.
SpaceX blames failed Falcon 9 booster landing on heat damage - SpaceNewsSpaceNews
A Falcon 9 booster failed to land after a launch Feb. 15 because of “heat damage” it sustained, but SpaceX thinks boosters can be reused 10 or more times.
JPMorgan Chase announces latest efforts in its $30 billion commitment to address racial inequality - CNBCCNBC
Historically, banks have contributed to inequality through now-banned practices including redlining.
Hyundai IONIQ 5 Outcompetes Tesla Model Y On Price And Charging Speed, But Not Ease-of-Charging Nor Production Volume - CleanTechnicaCleanTechnica
Hyundai has upped the ante in the battery electric technology stakes with the new IONIQ 5 midsized cross over, giving range up to ~500 km WLTP, 18 minute recharging, and prices starting in the low €40,000 range. The IONIQ 5 offers a similar size, similar rang…
After a devastating milestone, Covid-19 vaccine makers pledge hundreds of millions of doses through July - CNNCNN
The staggering half-million death toll from Covid-19 could have been prevented if all Americans took the pandemic more seriously, Dr. Anthony Fauci said. "That's the proof of what actually has been going on. You can't deny that."
Jeep asked to change name of its SUV by the Cherokee Nation - Ars TechnicaArs Technica
The Jeep Cherokee name "does not honor us," says Cherokee Nation Chief Hoskin.
Macy's plans to close more stores despite seeing online sales growth. Will your store shutter? - USA TODAYUSA Today
Macy’s plans to close more stores despite holiday sales outperforming projections and online sales continuing to grow amid the COVID-19 pandemic.
Guy Fieri brings Flavortown Kitchen to Roseville - KCRA SacramentoKCRA Sacramento
Guy Fieri's Flavortown Kitchen is a new delivery-only restaurant chain that uses the "ghost kitchen" concept, operating out of existing brick-and-mortar restaurants.
Marriott International names new CEO following death of Arne Sorenson - Fox BusinessFox Business
Anthony “Tony” Capuano, who previously served as Marriot’s group president of global development, design and operations, will join the board of directors and immediately assume the title of CEO, the company announced Tuesday.
Royal Caribbean CEO says new COVID-19 protocol will make cruising 'safer than a walk down Main Street' - Fox NewsFox News
The CEO of Royal Caribbean Cruises has wagered that the cruise line’s new coronavirus protocol will make sailing “safer than a walk down Main Street” when cruising resumes at an undetermined date amid the global pandemic.
UPDATE 1-South Africa says J&J, Pfizer, Moderna vaccines considered for "immediate use" - Yahoo FinanceYahoo Entertainment
South Africa's healthminister said on Tuesday that government advisers had organisedCOVID-19 vaccines into three groups and those considered for"immediate...
Brazil's Petrobras rebounds as board meets on succession - ReutersReuters
Brazilian state-run oil group Petrobras recovered some of its recent share price losses on Tuesday as the board met to consider Brazil President Jair Bolsonaro's nomination of a retired general to replace the company's market-friendly CEO.
New York Attorney General Shuts Down Bitfinex And Tether Trading in State; Groups Agree $18.5 Million Fine - TheStreetTheStreet
“Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie," New York Attorney General Letitia James said as she shut down its trading in the state.
States couldn't afford to wait for the FCC's broadband maps to improve. So they didn't - CNETCNET
Georgia, Maine, Pennsylvania and others took mapping into their own hands, building their own granular data to pinpoint gaps in internet coverage and apply for federal funding.
The 2022 Mercedes-Benz C 300 is the brand's new 'baby' - Fox NewsFox News
The 2022 Mercedes-Benz has been unveiled with new style, tech and a hybrid four-cylinder power.
Will you get your own third stimulus check? How the rules for qualifying as an adult could change - CNETCNET
Will you get your own stimulus check, contribute to your family's payment or get no money at all? Here's what we know about eligibility rules for the third stimulus payment so far.
Wells Fargo Enters Agreement with GTCR and Reverence Capital Partners to Sell Wells Fargo Asset Management - Business WireBusiness Wire
Wells Fargo & Company (NYSE: WFC) today announced that it has entered into a definitive agreement to sell Wells Fargo Asset Management (WFAM) to G
Goodyear is going big in China with $2.8 billion takeover of Cooper - CNNCNN
Goodyear has agreed to buy rival Cooper for $2.8 billion. The deal will give America's largest tire producer a much bigger footprint around the world, including in China, the world's top car market.
Cordish, Bally's, Urban One and Pamunkey tribe vie to build casino - RichmondBizSenseRichmondbizsense.com
Three of the four proposed sites are on the city’s Southside, while another would be built atop the Movieland complex on Arthur Ashe Boulevard.
Some in France, Germany, UK, avoid AstraZeneca jab for Pfizer: Reports - Business InsiderBusiness Insider
Officials in Europe have described public resistance to the AstraZeneca vaccine. In the UK, some are avoiding the shot, while others are seeking it.
ODOT and PGE say road closures are still possible in the days ahead - KATUKATU
The Oregon Department of Transportation closed major highways four times in the last week as Portland General Electric made repairs to downed power lines. Staff with PGE said that included Interstate 84, twice on Interstate 5, and Highway 43 in West Linn. "In…
State Cuts Vaccine Allotment to Zero at Dallas, Tarrant County-Run Hubs - NBC 5 Dallas-Fort WorthNBC 5 Dallas-Fort Worth
After winter weather forced the major COVID-19 vaccine hubs to shut down last week, Dallas and Tarrant counties faced another setback as the state announced it…
Oil prices jump by more than a dollar as US output slow to return after winter storms - Fox BusinessFox Business
Oil prices jumped by more than $1 on Tuesday, as U.S. output was slow to return after a deep freeze in Texas shut in crude production last week.
HSBC pays dividends again after beating estimates on 2020 profit - CNBCCNBC
HSBC said its reported profit before tax for 2020 fell 34% from a year ago to $8.78 billion.
After blackout crisis, Commissioner Adrian Garcia says Harris County should explore leaving ERCOT - Houston ChronicleHouston Chronicle
Harris County should consider leaving the state’s main power grid after it failed to...
Florida's vaccine website draws millions to sign up - Sun SentinelSun Sentinel
As demand for the vaccine remains incredibly high, myvaccine.fl.gov allows people to be notified when appointments are available at Florida-run COVID-19 vaccine sites near them.
Vaccines Adapted for Variants Will Not Need Lengthy Testing, F.D.A. Says - The New York TimesNew York Times
The agency’s new guidance will speed the development of vaccines that protect against more contagious variants of the coronavirus.
JAY-Z sells 50 percent stake of Ace of Spades to LVMH - REVOLT TVREVOLT TV
The hip hop mogul said the partnership will take his champagne brand to “the next level of taste and distribution.”
Why Some Texans Are Getting Sky-High Energy Bills - Snopes.comSnopes.com
After unusual icy weather left millions of Texans without power, some are facing another crisis: Sky-high electricity bills.