It's the economy, stupid! (Finance-related news)

[kuronosan]

Listen Kuro J. Trump, part production happens primarily in China. This affects the world's economy. This is a bigger deal than just China.

Go hug a koala.

It literally is the smallest deal compared to other things, and I don't know how else to explain the reasons behind why because you just keep on posting things in this thread wholly inconsistent with what the medical community is discussing.

I don't have the patience or energy to continue addressing it.

[6souls]

Okay, remember this is the economy thread and I am posting news about effects on the economy. The medical community is the other thread. The "ruins everything" was a joke. I'm aware humor is not in your playbook and that's okay.

[kuronosan]

Humor is in my playbook, but sometimes reading the title of the thread is not.

I'm sorry. It was wrong of me to push at you like that.

[6souls]

https://www.cnbc.com/2020/02/11/spri...-t-mobile.html

Judge Victor Marrero has approved the merger of of Sprint and TMobile in a case brought upon by New York, California, Connecticut, Hawaii, Illinois, Maryland, Michigan, Minnesota, Oregon, Wisconsin, Massachusetts, Pennsylvania, Virginia, and D.C. who complained it would limit competition and increase prices for consumers.

“The resulting stalemate leaves the Court lacking sufficiently impartial and objective ground on which to rely in basing a sound forecast of the likely competitive effects of a merger.”

The judge laid out three points on which the court rejected the states’ objections to the merger. First, he said, they failed to convince the court that the merged party “would pursue anticompetitive behavior that, soon after the merger, directly or indirectly, will yield higher prices or lower quality for wireless telecommunications services.”

Second, the court rejected that Sprint would be able to continue operating effectively as a wireless services competitor without the merger.

“The Court is thus substantially persuaded that Sprint does not have a sustainable long-term competitive strategy and will in fact cease to be a truly national [mobile network operator],” the ruling said.

And finally, the court rejected the states’ argument that Dish Network “would not enter the wireless services market as a viable competitor nor live up to its commitments to build a national wireless network.”

[Jaybar]

Can we just make telecommunications a basic utility like electricity and water, now?

[synistar]

https://www.latimes.com/business/sto...ration-blunder

Doordash, Postmates and others have arbitration agreements with employees. Act in bad faith by not ponying up millions in arbitration fees it agreed to pay as part of the process forcing the American Arbitration agency to drop thousands of cases. Judge orders Doordash to arbitrate costing the company anywhere between $12-20 million.

U.S. District Judge William Alsup plainly suspected that DoorDash wielded the arbitration agreements signed by its workers as weapons to discourage the workers from filing claims.

His suspicions were aroused when the company, facing thousands of arbitration claims, refused to pay its share of the filing fees. That prompted the arbitration agency, the American Arbitration Assn., to cancel all the arbitration cases.

...


Instead, Doordash is trying to force the workers to sue it in court, a much more costly and burdensome process. “Irony upon irony,” Alsup wrote, in ordering the arbitrations to proceed. “This hypocrisy will not be blessed, at least by this order.”

Travis Lenkner, an attorney for the workers, called Alsup’s ruling “a significant ruling for individuals who are forced to sign arbitration clauses as a condition of performing work. Companies can’t prohibit class actions and require workers to engage in individual arbitration, only to refuse to arbitrate with workers who demand it.”

...

According to the contract, both parties — company and worker — were barred from bringing their dispute to court or resorting to class action filings. The pact required workers to pay a filing fee of $300 to bring an arbitration case, and DoorDash to pay $1,900.

...

In time, some 6,000 arbitration claims were filed against the company.

[6souls]

https://www.bbc.com/news/business-51475379

BP CEO Bernard Looney announced that he is pushing for a "green initiative" by "reinventing" itself as an alternative energy company.

Mr Looney said in a statement: "The world's carbon budget is finite and running out fast; we need a rapid transition to net zero.

"Trillions of dollars will need to be invested in replumbing and rewiring the world's energy system. It will require nothing short of reimagining energy as we know it.

"This will certainly be a challenge, but also a tremendous opportunity. It is clear to me, and to our stakeholders, that for BP to play our part and serve our purpose, we have to change. And we want to change - this is the right thing for the world and for BP."

The company said it wanted to be "net zero" by 2050 - that is, it wants the greenhouse gas emissions from its operations, and from the oil and gas it produces, to make no addition to the amount of greenhouse gases in the world's atmosphere by that date.

It also wants to halve the amount of carbon in its products by 2050.

[Yabby]

The world is saved, it is now more profit in green energy for these companies to transfer over finally.

[6souls]

https://www.npr.org/sections/health-...for-bankruptcy
https://filestore.scouting.org/files...m-990-2018.pdf
https://www.wsj.com/articles/boy-sco...ts-11578949206

The Boy Scouts have filed for bankruptcy. Too many sexual abuse claims is draining their accounts.

"For years, organizations like the Boy Scouts counted on these laws protecting them," says Paul Mones, an attorney in Los Angeles who is representing many men who are suing the Boy Scouts. "Now those laws are not there, and the Boy Scouts have fallen under their own weight of these abuse allegations and the potential cases that will be filed."

In a statement to NPR prior to filing for bankruptcy, the Boy Scouts of America said it was "exploring all options available so we can live up to our social and moral responsibility to equitably compensate victims who suffered abuse during their time in Scouting, while also ensuring that we carry out our mission to serve youth, families and local communities through our programs. No decisions have been made and we continue to fully meet our financial obligations to our vendors, creditors and other stakeholders."

For many years, the Boy Scouts had insurance that would cover them against sexual abuse claims. But in recent years these carriers have been withdrawing coverage, arguing that the Boy Scouts knew about the abuse and didn't tell their insurance companies. That has left the Boy Scouts with the prospect of having to fund any litigation and settlements themselves.

The Boy Scout's most recent tax filing shows total revenue of more than $285 million. With significant land holdings across the U.S., the organization's assets in 2018 totaled $1.4 billion.

Local Boy Scout councils and other affiliated nonprofits separately hold $3.3 billion in assets, The Wall Street Journal reported last month.

[6souls]

https://www.bbc.com/news/business-51499776

HSBC to cut 35k jobs after profits for 2019 were a third short. The job cuts will be in Europe & the U.S.

That has spurred the bank to target $4.5bn (£3.5bn) of cost cuts by 2022 as part of a major restructuring.

The bank's interim chief executive, Noel Quinn, said HSBC would scale back its headcount from 235,000 to about 200,000 over the next three years.

https://www.bbc.com/news/business-51539322

The coronavirus will affect iPhone supplies Apple has announced. The factories have reopened, but production isn't at the same rate as before the outbreak.

[6souls]

https://www.mprnews.org/story/2020/0...ales-practices
https://www.justice.gov/opa/pr/wells...ales-practices

Wells Fargo to pay $3B to settle the case over them making fake accounts for their customers.

https://www.bbc.com/news/business-51499779

Airline industry set to lose $29.3B from the lack of flights to and from China due to the coronavirus.

https://www.bbc.com/news/business-51591070
https://www.markiteconomics.com/Publ...ec2b19d337?s=1

U.S. service industry is reporting a drop in business from the fear of the coronavirus/

https://www.wcvb.com/article/boston-...wcase/31057117

Mayor of Boston Marty Walsh has sent a letter to Sony Entertainment asking them to reconsider pulling out of PAX East. He says that them pulling out will increase the stereotypes against Asians and will hurt the local economy.

https://www.dualshockers.com/kojima-...ath-stranding/

Kojima Productions has pulled out of GDC 2020 from concerns pertaining to the coronavirus.

https://www.bbc.com/news/business-51612520

The U.S. stock market has seen it's biggest drop in two years because of the economic slowdown caused by the coronavirus.

In the US, the Dow Jones and S&P 500 posted their sharpest daily declines since 2018, with the Dow falling 3.5% or more than 1,000 points.

The S&P 500 ended the day 3.3% lower, while the Nasdaq sank 3.7%.

https://www.bbc.com/news/business-51609260

China is on the brink of a industrial collapse due to the coronavirus quarantine.

The government has asked banks to offer more credit for an economy stunned as the virus spreads rapidly.

But a survey of small and medium Chinese firms found millions on the verge of collapse.

The Chinese Association of Small and Medium Enterprises said around 60% could cover regular payments for only one to two months before running out of cash.

Only 10% said they could hold out six months or longer.

Small- and medium-sized companies in China are a particular focus because they account for 60% of the economy and 80% of jobs, according to the People's Bank of China.

[6souls]

https://www.marketwatch.com/story/ex...ort-2020-02-24
https://www.geekwire.com/2020/expedi...ail-employees/

Expedia to cut 3000 jobs (12% of it's workforce) in an effort to save the company ~$500M.

[Yabby]

[url]

https://www.bbc.com/news/business-51612520

The U.S. stock market has seen it's biggest drop in two years because of the economic slowdown caused by the coronavirus.

Yea this shit hurt yesterday.

Two days ago on the 1st dip I thought, "Well fuck that was a hit"

Day 2," O FUCK YOU!"

I know it will all come back over time, but once it hits that 5 figure loss... it hurts man.

[6souls]

Bob Chapek to replace Bob Iger as Disney CEO.

https://www.bloomberg.com/news/artic...rnd=markets-vp

Walt Disney Co. named Bob Chapek as its new chief executive officer, succeeding Bob Iger, who will remain chairman of the world’s largest entertainment company, Bloomberg News reports.

Chapek, who led the company’s theme parks and consumer products businesses, takes over immediately, according a statement Tuesday. Iger will stay continue to direct the company’s creative endeavors through 2021.

[Jefe]

Yea this shit hurt yesterday.

Two days ago on the 1st dip I thought, "Well fuck that was a hit"

Day 2," O FUCK YOU!"

I know it will all come back over time, but once it hits that 5 figure loss... it hurts man.

Stop loss where? Anyway, rn keeping my cash till things sort out.

[6souls]

https://www.mprnews.org/story/2020/0...-virus-spreads

Delta Airlines is suspending and/or reducing flights to South Korea because of the coronavirus outbreak.

Delta said it will suspend flights between Seoul and Minneapolis after Saturday and running through April 30. Delta also said it will reduce flights from Seoul to Atlanta, Detroit and Seattle to five times a week. The airline said last fall that it was operating about 28 flights per week on those routes.

The Atlanta-based airline, the world’s largest by revenue, will also delay the start of new flights between Seoul’s Incheon Airport and Manila. Instead of beginning March 29, the launch has been pushed back to May 1.

Delta, United Airlines and American Airlines have already suspended all flights to and from mainland China and Hong Kong. United said this week that demand for service to China had disappeared, and that March bookings for flights elsewhere in the Asia-Pacific region had plummeted 75 percent since the outbreak.

Several airlines in Asia and the Middle East have suspended flights to other Asian countries besides China. The list includes Korean Air, Japan Airlines and Philippine Airlines. Singapore Airlines, hurt by weak demand, has suspended flights to several destinations in the U.S. and Europe.

https://www.bbc.com/news/business-51654691

Microsoft is having supply issues of their Surface tablet due to factories that have closed in China.

https://www.bbc.com/news/business-51643621

The London branches of Chevron (oil), Crossrail (transit), & Omnicom Media Group (marketing) are asking their employees to work from home to limit their risk of spreading the coronavirus.

[Cail]

Dow dropped 1100+ today

[6souls]

Dow dropped 1100+ today

[archibaldcrane]

Down almost 12% in the past week.

[Zealot]

Down over 3000 points this week total.

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