Remember Crocker, Gibraltar, Franklin, Bank One, American Savings, Lincoln Savings, Washington Mutual, Great Western and Security Pacific? They are among 175 major US banks that are no longer in business because of mergers, takeovers or failures -- and here comes the latest merger:
$66 billion BB&T-SunTrust merger would create America's sixth-largest bank
https://www.msn.com/en-us/money/comp...ank/ar-BBThzqI
Los Angeles Mayor Eric Garcetti is already hopeful that "New York's loss will be L.A.'s gain." Hey, Mayor, Amazon's plans for a new headquarters in Queens haven't been canceled and may not be. You should put your energy into repaving roads and getting homeless people off the streets.
Amazon's deal for a new headquarters in New York might be in jeopardy — and it could mean the state and city lose out on $27.5 billion in tax revenue
Some New York lawmakers have complained that HQ2 is not worth the roughly $3 billion in incentives the state and city have promised Amazon.
https://www.businessinsider.com/amaz...ue-loss-2019-2
AT&T launched the first 5G network in December and it is available in only a few small areas right now. Sprint is suing AT&T for deceiving customers with advertising implying the 5G network is nationwide. I bet the majority of Americans probably couldn't tell the difference between 4G and 5G anyway.
Sprint sues AT&T, alleging it falsely brands 4G as 5G
https://www.cnn.com/2019/02/08/tech/...uit/index.html
Twitter launched on July 15, 2006 and has never shown a profit until now. I wonder if the profit is because we now have a President who sends out thousands of tweets per day.
Twitter records its first annual profit but it is losing millions of users
https://www.cnn.com/2019/02/07/tech/...-q4/index.html
In Greek mythology, the phoenix (φοῖνιξ) is a long-lived bird that dies by fire and then is reborn, rising from the ashes. A certain giraffe is also rising from the dead:
Toys Я Us plots a second act with new look, new name
CBS News, Feb 11 2019 6:50 PM
Toys Я Us fans in the US should see the iconic brand re-emerge in some form by this holiday season. Richard Barry, a former Toys Я Us executive and now CEO of the new company called Tru Kids Inc., told The Associated Press he and his team are still working on the details but they're exploring various options including freestanding stores and shops within existing stores. He said e-commerce will play a key role.
Toys Я Us, buckling under competition from Amazon and several billions of dollars of debt, filed for Chapter 11 reorganization in September 2017 and then liquidated its businesses last year in the US as well as several other regions including the UK.
In October, a company called Geoffrey LLC won an auction for Toys Я Us assets to resuscitate the brand, rather than sell it off for parts. It set up Geoffrey's Toy Box in November last year in about 600 Kroger stores in nearly 30 states.
On January 20, Barry and several other former Toys Я Us executives founded Tru Kids and are now managing the Toys Я Us, Babies Я Us and Geoffrey brands. "These brands are beloved by customers," said Barry. He noted that the company will focus on physical stores, which could be about 10,000 square feet. The original Toys Я Us stores were roughly 40,000 square feet.
https://www.cbsnews.com/news/toys-r-...nder-new-name/
The wealthiest Americans now have one more reason to thank Donald Trump for their multi-million-dollar tax cuts:
American household debt just hit a new record high
Business Insider, Feb 12 2019 04:21 PM
Americans faced record levels of debt at the end of 2018, with the amount owed by households rising for an eighteenth consecutive quarter. Overall debt rose by $32 billion to $13.5 trillion in the fourth quarter, the Federal Reserve Bank of New York said in a report today, bringing it to a fresh high. Total household debt was nearly 7% higher than the previous peak of $12.68 trillion seen in the third quarter of 2008. One of the most troubling trends, according to economists, is the number of Americans seriously delinquent on auto and student loans.
https://markets.businessinsider.com/...9-2-1027947029
When it first appeared that Amazon would abandon plans for a new headquarters in New York, Los Angeles Mayor Eric Garcetti expressed hope that "New York's loss will be L.A.'s gain." Amazon now will not build a new headquarters anywhere. Who wants to break the news to Garcetti?
Amazon cancels plans to build New York headquarters
https://www.cnn.com/2019/02/14/tech/...nyc/index.html
Over the past year, Amazon has been shipping an increasing number of orders in lightweight plastic mailers instead of cardboard boxes. The production and recycling of plastic emits fewer greenhouse gases and uses less petroleum than the production and recycling of cardboard. Who knew? But those plastic mailers are causing all kinds of problems for recyclers, and most of them -- the plastic mailers, not the recyclers -- wind up in landfills.
Amazon's streamlined plastic packaging is jamming up recycling centers
https://www.latimes.com/business/la-...213-story.html
Last year, Business Insider senior correspondent Steve Kovach explained how and why Amazon paid almost no federal taxes on a profit of $3 billion. This year, once again, Amazon will be "getting away with murder" (to use the words of a certain President). Happy Valentine's Day, Jeff!
Amazon will pay $0 in federal taxes – here's how the $793 billion company gets away with it
https://www.businessinsider.com/amaz...p-bezos-2018-4
Here is a double dose of dismal, depressing, deeply disturbing developments driving our economy down:
More than 1,500 stores will close this year – here's the full list
https://www.businessinsider.com/stor...is-year-2019-2
Spending's slumping, manufacturing's slowing and delinquencies are rising. Warning signs for the US economy are piling up.
https://markets.businessinsider.com/...9-2-1027957636
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