Economy

It's bad, but not unprecedented, reports the Los Angeles Times , noting Facebook stock fell 10% and Twitter stock fell 22% following the first quarterly earnings report after an IPO. Cramer's comment came a day after Spiegel laughed when asked by an analyst during an earnings conference call whether he was afraid of Facebook . In early March, Snap CEO Evan Spiegel received a hefty stock bonus worth about $750 million on completion of the company's initial public offering.
  • United Nations panel calls for revising Japan-S. Korea 'comfort women' deal

    United Nations panel calls for revising Japan-S. Korea 'comfort women' deal

    Economy

    Moon had a phone call with US President Donald Trump focusing [ KBS report] on the threat of nuclear attack from North Korea. But he said Friday's protest was also notable in that it was sent by the recently revived parliamentary foreign affairs committee, which was discontinued by Kim Jong Un's father, Kim Jong Il, in 1998.
  • Wall St mixed after Trump fires FBI head; Nasdaq hits record high

    Wall St mixed after Trump fires FBI head; Nasdaq hits record high

    Economy

    Analysts say the development could distract Trump from pursuing his promises, including the highly anticipated reform of the US tax code. With first-quarter earnings season almost over, investors were looking toward April retail sales data, due out on Friday, for new clues about the economy's health.
  • Workers at US Nuclear Site Take Cover after Tunnel Collapse

    Economy

    Hanford, a 500-square-mile (1,300-square-kilometer) expanse in remote interior Washington about 200 miles from Seattle, was created during World War II as part of the Manhattan Project to build the atomic bomb. An emergency was declared Tuesday after the partial collapse of the tunnel that contains rail cars full of radioactive waste. The Department of Energy said "Secretary [Rick] Perry has been briefed on the incident [and] the Department will continue to monitor this closely".
  • LA produces compelling Olympic transport plan: IOC

    Economy

    A crucial presentation is scheduled for mid-July at International Olympic Committee headquarters in Switzerland. Bid chiefs are adamant however that there will be no attempt to ease the passage of the International Olympic Committee delegation by rigging traffic lights as officials move around the city.
  • Nexus, Snapdeal, SoftBank agree on sale to Flipkart

    Nexus, Snapdeal, SoftBank agree on sale to Flipkart

    Economy

    Rumors are also heard regarding SoftBank bringing about a Flipkart-Snapdeal merger, which would be the biggest one of its kind in the history of Indian e-commerce sector. Nexus owns about 10 percent stake in Snapdeal and has invested around $45 million over the years. As per the merger, Nexus Venture Partners is speculated to receive $100 Mn along with a stake in the new entity.
  • Banks to fight 'smash and grab' $6.2bn tax

    Economy

    Announced in the Commonwealth's 2017-18 Budget by the Federal Treasurer, the funding boost will be directed towards the National Gallery of Australia, the National Museum of Australia, the National Portrait Gallery, the Australian National Maritime Museum, the National Film and Sound Archive and the Museum of Australian Democracy at Old Parliament House.
  • Boeing Mechanics Made Dangerous, $4M Error on Air Force One

    Boeing Mechanics Made Dangerous, $4M Error on Air Force One

    Economy

    According to a Defense Department report made public this week, the mistake occurred last April when the plane, technically known as a Boeing VC-25A, was in Port San Antonio, Texas for routine maintenance. "We took swift action to self-report the incident to the US Air Force". Aircraft built on the basis of long-haul double-deck wide-body Boeing 747. Air Force One is operated by the Presidential Airlift Squadron from Maryland's Andrews Air Force Base.
  • C-919: China's first passenger plane completes maiden flight

    C-919: China's first passenger plane completes maiden flight

    Economy

    Boeing forecasts that an annual 6 percent growth in China's air passenger traffic over the next two decades will create demand for 6,810 new planes worth a total of $1 trillion - the first trillion-dollar aviation market in its forecast. Beijing's aim is to take market share from the big two in the profitable narrow-body airliner market. which accounts for more than half of the passenger jets now in service worldwide.
  • Oil spikes as USA inventories tumble by more than expected

    Economy

    The IEA now sees global oil demand growth of 1.3 million barrels a day, lower than the growth of 1.6 million seen in 2016 and the 2 million recorded in 2015. In 2018 average output is expected to reach 1.94 million barrels per day in Q1, 1.91 million barrels per day in Q2, 1.94 million barrels per day in Q3 and 1.99 million barrels per day in Q4.
  • Snapchat shares tumble as results miss Wall Street targets

    Economy

    Losses this quarter amount to $2.2 billion after the company issued stock bonus compensations following its successful IPO , out of which CEO Evan Spiegel himself got $750 million. Its Instagram Stories, with 200 million daily actives, remains larger than Snap's entire app. Shares in Snapchat's owner have sunk after it reported disappointing growth in the first three months of the year.