Amazon.com Inc. launched Buy with Prime, allowing third-party merchants to use Amazon’s vast shipping and logistics network to fulfill orders on their sites while appealing to Amazon’s Prime customers. Experts see the move firing up rivalry with United Parcel Service Inc., FedEx Corp., and the U.S. Postal Service as being the fastest in the online delivery race, CNBC reports. The…
Why This Data Point From Tesla’s Q1 Earnings Spells Trouble for Legacy Automakers
Tesla Inc. posted strong quarterly results on Wednesday, with positive commentary from the management on the earnings call. But one particular data from its report signaled legacy automakers could be struggling with their transition away from internal combustion engine (ICE) vehicles. What Happened Tesla reported regulatory credits of $679 million for the first quarter, more than double from…
Delta to Restore Flight Privileges to Passengers Barred Over Mask Violations
WASHINGTON—Delta Air Lines said on Wednesday it plans to restore flight privileges to about 2,000 customers who were barred from flights after failing to comply with mask rules. The Biden administration on Monday said it would no longer enforce a U.S. mask mandate on public transportation and airlines after a federal judge struck down the…
Musk’s Boring Company Valued at $5.6 Billion After Latest Funding Round
April 22, 2022
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Business & EconomyCompanieseconomyElon MuskfundingLocal NewsRegional-Local NewsTexasThe Boring CompanyUSUS News
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Elon Musk’s The Boring Company has raised $675 million in Series C funding round, which now values the tunneling enterprise at $5.675 billion, the company said on Wednesday, adding that the proceeds will be used to ramp up its hiring across sectors. The Austin, Texas-based company, which plans to expand its workforce in engineering, operations,…
Judge Rejects ‘Gag Order’ for Elon Musk
Elon Musk will not be subjected to a “gag order” preventing him from discussing a lawsuit claiming he defrauded Tesla Inc. shareholders by tweeting in 2018 about taking his electric car company private, a federal judge ruled on Wednesday. U.S. District Judge Edward Chen in San Francisco agreed with Musk and Tesla that the proposed…
Elon Musk Scores Hat Trick of Tesla Compensation Goals Worth $23 Billion
With Tesla’s strong quarterly report on Wednesday, Chief Executive Elon Musk has scored a hat trick of performance goals worth a combined $23 billion in new compensation. The world’s most valuable carmaker posted March quarter revenue and profit that surged past Wall Street estimates as it raised prices in response to inflation, offsetting the impact…
IMF Says Yen Falls Driven by Fundamentals, Urges BOJ to Keep Easy Policy
April 22, 2022
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Asia & PacificBank of JapanBusiness & EconomyeconomyIMF - International Monetary FundInternationalMarketsUSUS NewsWorldYen policy
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TOKYO—The yen’s recent declines have been driven by fundamentals and would be no reason for Japan to change its economic policy, including the central bank’s ultra-low interest rates, a senior International Monetary Fund (IMF) official said. The remarks highlight the difficulty Tokyo may face if it sought international consent to intervene in the currency market…
Amazon, SpaceX Snag NASA Space Communications Contracts
WASHINGTON—Amazon’s satellite venture, SpaceX’s Starlink network, and other satellite firms on Wednesday won a combined $278.5 million in contracts from NASA to demonstrate communications in space as the U.S. space agency moves to replace its current satellite network in orbit with privately-built systems. NASA is increasingly looking to rely on private space companies for its…
Starbucks Accuses US Union of Intimidating Workers
Starbucks Inc. on Wednesday filed complaints with a U.S. labor board accusing a union organizing cafe workers across the country of bullying and intimidating workers and customers in violation of federal law. Starbucks in two complaints filed with the National Labor Relations Board said the union, Workers United, engaged in unlawful conduct during demonstrations at…
United Airlines Loses $1.4 Billion in 1Q, but Expects Profit in 2Q
CHICAGO—United Airlines reported Wednesday that it lost $1.38 billion in the first quarter of 2022 but said it expects to return to profitability in the current three-month period as post-pandemic travel ramps back up. The Chicago-based airline posted revenue of $7.67 billion in the quarter that ended March 31. That was down 21 percent from…
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