WASHINGTON—Amazon.com Inc.’s cloud services division said Friday it plans to invest another $35 billion by 2040 to expand data centers in Virginia. Amazon Web Services (AWS) said the new investment will create 1,000 jobs. Virginia Republican Governor Glenn Youngkin said AWS will establish multiple data center campuses across Virginia. In 2021, AWS said from 2011…
Wayfair to Cut More Than 1,700 Jobs as Part of Cost-Saving Plan
Wayfair Inc., a Boston-based e-commerce company that sells furniture internationally, announced on Friday that as part of a cost-saving plan it will cut 1,750 jobs, representing 10 percent of its entire global workforce. In a statement on Jan. 20, the furniture retailer said the layoffs will include approximately 1,200 employees on the corporate team, which the…
T-Mobile Says Hacker Stole Data From 37 Million Accounts
T-Mobile confirmed Thursday that an unidentified malicious intruder breached its network in late November and stole data on 37 million customers, according to a regulatory filing. In a filing with the U.S. Securities and Exchange Commission, T-Mobile said that the data breach was found on Jan. 5, adding that data exposed to the theft did not include…
Netflix Says Password Sharing ‘Undermines’ Business, Warns Crackdown Will Expand
Netflix issued a notice saying it will expand its crackdown on Netflix accounts that are sharing passwords between several households as it rolls out paid sharing “more broadly” during the first quarter of 2023. In a letter (pdf) dated Thursday, the Los Gatos, California-based streaming service said that widespread account sharing is undermining its business and ability…
Google Parent Alphabet to Cut 12,000 Jobs Amid Wave of Tech Layoffs
Google parent Alphabet Inc.’s CEO sent a note to employees Friday announcing the elimination of 12,000 jobs, as a response to economic changes over the past two years. The move—coming two days after a similar number of job cuts from Microsoft—will affect both U.S. and overseas employees. “Over the past two years we’ve seen periods…
HIV Vaccine Trial Halted Over Shot’s Inability to Prevent Infection
Companies have halted an advanced trial of an HIV vaccine because the shot was found to not prevent infection. Results from the stage 3 trial led to the determination that the vaccine “was not effective in preventing HIV infection compared to placebo among study participants,” Johnson & Johnson and its partners said in a statement. The…
Netflix Co-Founder Steps Down as CEO: ‘The Board and I Believe It’s the Right Time’
Netflix co-founder Reed Hastings stepped down as CEO this week, stating: “The board and I believe it’s the right time.” Hastings stepped down as chief of the online streaming service, handing control over to his longtime colleague and co-CEO, Ted Sarandos, and his COO, Greg Peters, Reuters reported. The co-founder decided to step down as Netflix…
Big Tech Unites, Urges Supreme Court to Keep Laws Protecting Social Media Companies in Place
A slew of big tech giants, including Meta, Microsoft, and Twitter, have joined Google in filing legal briefs in the U.S. Supreme Court, arguing that amending a statute pertaining to social media companies’ liability for content posted on their platforms could strip the companies of protections from lawsuits. Section 230 of the Communications Decency Act generally…
American Defense Contractors Keep Making Billions From Russia–Ukraine War
January 20, 2023
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Business & MarketsCompaniesdefense contractorsEuropeHIMARSLockheed MartinRaytheon Technologies CorpRussia ukraine conflictRussia-Ukraine WarUSUS NewsWorld
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Major American defense companies such as Raytheon and Lockheed Martin have benefited from Russia’s ongoing war in Ukraine, raking in billions of dollars’ worth of contracts to supply weapons as the United States continues to spend money in Ukraine and replenish its army. Lockheed manufactures high-tech defense systems that have played a major role in…
Ark’s Wood Remains Bullish on Tesla, Says Oil Stock Rally ‘Defying Logic’
NEW YORK—Star stock picker Cathie Wood of Ark Invest suggested the rally in energy stocks will soon end and reiterated her bullish view on electric vehicle maker Tesla Inc. in a webinar on Thursday. Wood, whose $6.8 billion ARK Innovation Fund is up 15 percent for the year to date, was badly bruised last year…
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