Category Archives: Business News

Business news as it pertains to the average person.

4 Reasons Why Your Banking Relationship Is About to Significantly Change


4 Reasons Why Your Banking Relationship Is About to Significantly Change

U.S. Financial Companies As Russia Sanctions Loom

Will Google be your business banker? Think about it: Does your business really need a bank? Or maybe, you should just let Google handle it all.

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CNBC Reports: Pennsylvania Chipotle reopens after walkout


chipotle

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A Chipotle restaurant in State College, Pennsylvania, reopened after it was closed for several hours Wednesday. A few employees had quit, locking out a majority of the other workers who were “enthusiastic” to return, a Chipotle spokesman told CNBC.com Thursday.

According to website Consumerist, a sign in the window of the Pennsylvania location Wednesday claimed managers and crew membersquit in protest of “borderline sweatshop conditions.”

A sign taped to a window read, “Ask our corporate offices why their employees are forced to work in borderline sweatshop conditions,” according to the sign. (see the sign below)

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Yahoo Faced $250,000-Day Fine for Not Giving U.S. Its User Data


yahoo inspiring entertaining logo

Image credit: Yahoo’s Google Plus Page

Yahoo! Inc. said the U.S. government threatened to fine the company $250,000 a day if it refused to comply with requests for its Internet user data in national security investigations.

The disclosure came as Yahoo today released more than 1,500 pages of “once-secret” documents stemming from its legal challenge in 2007-2008 to U.S. surveillance laws.

The U.S. Foreign Intelligence Surveillance Court, the “secret” courts that oversee government surveillance requests, decided to declassify the documents, Yahoo said in a blog post.

“We refused to comply with what we viewed as unconstitutional and overbroad surveillance and challenged the U.S. government’s authority,” Ron Bell, Yahoo’s general counsel said in the blog.

By Chris Strohm at Bloomberg Source

Charlie Shrem to plead guilty to federal charges related to Bitcoin transactions


shremOne of the most prominent names in Bitcoin will plead guilty to multiple federal charges in a New York court next Thursday, September 4th. According to Reuters, Charlie Shrem, an entrepreneur who’s made millions off of Bitcoin, has made a plea deal with authorities regarding charges that he illicitly transacted Bitcoin with users of the underground marketplace Silk Road. Shrem’s lawyer tells Reuters that he will plead guilty to the charge of unlicensed money transmission, which carries a maximum prison sentence of five years. He was also charged with one count of conspiracy to commit money laundering, and one count of willful failure to file a suspicious activity report with banking authorities. Combined, those charges carry an additional maximum sentence of 25 years in prison. It is not yet know if Shrem’s co-defendant, Robert Faiella (who allegedly purchased Bitcoins from Shrem before marking them up for sale on Silk Road), will also plead guilty. Shrem was arrested at JFK International Airport late this past January.

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Burger King & Tim Hortons Merge for $11 Billion & BK Moves to Canada


Burger King has announced that it will move its headquarters to Canada in an $11B merger with the Tim Hortons donut chain.

BK

The new global company will be headquartered in Canada, however each brand will be managed independently, with Burger King retaining its U.S. offices in Miami Florida, the two companies said in a joint statement. The new base in Canada could allow Burger King to reduce its U.S. tax bill — a recent report by KPMG found that total tax costs in Canada are about 46% lower than in the U.S. These so-called inversions allow companies to transfer money earned outside the U.S. to the parent company without paying additional U.S. taxes. As more companies have used inversions, President Obama and Congress have publicly criticized the moves because it cuts into U.S. tax revenue.

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Forbes Reports: Best Buy Sales Fall As Customers Keep Shopping Online


Best Buy Sales Fall As Customers Keep Shopping Online

Amazon purchases Twitch (video game broadcasting) for $970 million


Twitch is getting bought, but it’s not YouTube and Google that are doing the buying. Amazon has agreed to buy the massively popular video game streaming website in an all-cash deal totaling approximately $970 million. The announcement is surprising in light of recent reports that suggested YouTube and Twitch had already reached a $1 billion buyout agreement to bring Twitch’s platform and massive community under the Google umbrella.

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Amazon’s purchase of Twitch pushes games M&A to $9.2B so far in 2014


Above: Amazon's entire Fire TV gadget lineup Image Credit: Devindra Hardawar/VentureBeat

Above: Amazon’s entire Fire TV gadget lineup
Image Credit: Devindra Hardawar/VentureBeat

Game mergers and acquisitions are now at $9.2 billion so far this year, according to game investment bank Digi-Capital.

“Twitch is a great deal for Amazon beyond a competitive win, as it accelerates both its video and games initiatives. The $970 million deal pushes games M&A to double 2013’s full year record of $5.6 billion,” said Tim Merel, the managing director at Digi-Capital.

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Business Insider & I agree: Amazon is trying be Google


Amazon Please be True to Who You Are.  You are NOT Google.

am-googLess than a week ago, I put down the Wall Street Journal after seeing an article about Amazon’s losses this quarter and all the projects they have going.  I looked at my business partner and said “Do you they know they are aren’t Google?”  Mind you, with all the projects and the desire to be more, coupled with the understanding that our world is becoming increasingly interconnected, I am partially impressed.  I understand having the problem shared by the late Sam Walton of “divine discontentment”.  I am always expanding my horizons, trying a new project, learning something new, etc. I personally love being an entrepreneur.

However, one of the first lessons I learned while studying business was: “Understand what your business is and be true to that.”  In other words if you’re an office supply store, don’t get confused and start selling car parts.

Amazon became famous as an online retailer.  Billions of dollars were made (as well as several millionaires) thanks to the genius behind Amazon.  So, Amazon: Don’t forget who you are and what people loved you for.

Even further Amazon, you don’t need to be Google.  Why? Because we already have a hugely successful one.  Don’t think that just because Google says “don’t be evil” doesn’t mean they won’t steam roll you in a heartbeat. – James Weaver

Read the Business Insider Article:

Amazon Is Turning Into Google

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JC Penney Rebound Gains Traction


jcp jc penney logoJ.C. Penney Co. took another step away from the brink Thursday, when it reported higher sales, wider margins and a smaller quarterly loss.

Penney, which had lost more than $2.7 billion since early 2012, reported another loss of $172 million. But that result, for the quarter ended Aug. 2, was better than the $586 million loss a year earlier, and the company said its cash flow has improved faster than expected.

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