Gini Olom

Jumat, 24 Januari 2020

Jeff Bezos has bigger problems than his phone getting hacked - CNN

Jeff Bezos got his phone hacked, perhaps by Saudi Arabia. But that might be the least of his problems.

Amazon (AMZN) is facing a host of calls from both Republicans and Democrats for stricter regulation of the company and perhaps an antitrust investigation.

The company is embroiled in a legal battle against the United States after the Trump administration passed over Amazon Web Services for a $10 billion cloud computing contract called JEDI.

And Amazon's holiday season was shortened by a later-than-usual Thanksgiving. It's expected to post relatively lackluster fourth-quarter earnings growth.

Wall Street analysts expect Amazon's sales to have grown 17% last quarter, according to a survey by Refinitiv. That'd be good for most companies, but far less than the 35% average growth Amazon posted over the past four years in the holiday quarter.

Despite Amazon's strong online sales during the holidays, some analysts remain concerned that the overall quarter might have been lighter than usual (See: Target's considerably worse-than-expected holiday quarter.)

Profit growth from Amazon's enormous cloud operation has also slowed. "Meh" earnings for Amazon would cap off a particularly bad stretch for the company.

Microsoft's victory (for now, anyway, pending a trial) in attaining the JEDI contract puts the company "in the catbird's seat to get more of these complex workloads" in the future, according to Dan Ives, analyst at Wedbush Securities.

Meanwhile, the bad news continues to pile up for Bezos & Co.

"We expect the antitrust rhetoric to reach deafening levels during this Presidential election year, while Amazon's relationship with the White House remains the most precarious within Big Tech," said Brian White, internet and software analyst at Moness Crespi Hardt in a note to investors this week.

Waning optimism about the American labor market

The American labor market is chugging along, adding hundreds of thousands of new jobs each month. Other indicators are positive too: The number of people filing for unemployment benefits remains historically low, as does the unemployment rate.

But economic growth in the United States is expected to slow in 2020 compared to last year, and that somewhat weaker forecast is starting to feed through into hiring expectations.

Just over half — 51% — of companies plan to hire new workers this year, according to a recent survey conducted by Challenger, Gray & Christmas, an outplacement firm. That's down from 55% that said at the end of 2018 they would be adding heads in 2019.

Although that's far from dreadful, it's a sign that companies are less optimistic about the economy this year. More than 18% of companies surveyed reported that economic fears and soft demand would hurt their ability to hire, up from 9% a year earlier.

"We are seeing some indicators, such as slow-growing wages, an increase in job cuts, and an exodus of CEOs, that may portend rough waters ahead," said Andrew Challenger, the firm's vice president.

Economists remain bullish on the US economy, but weakness in American factories because of the trade war has proven detrimental to growth.

"It is not a exaggeration to say this is the strongest labor market in history, however, economic growth continues to slow and let's not forget that manufacturing is in a recession," said Chris Rupkey, chief financial economist at MUFG.

Somewhere, Elizabeth Warren is smiling

Thursday was a good day for proponents of Wall Street reform.

Goldman Sachs CEO David Solomon announced that the firm wouldn't take any companies public unless they had at least one woman on the board. By next year, Goldman will up its requirements to two women. Diversity is a good moral goal, but Solomon offered a business rationale for the decision: Companies with women on their boards have outperformed companies with all-male boards, he said.

Later Thursday, the US Office of the Comptroller of the Currency fined eight former Wells Fargo executives a total of nearly $60 million in connection with the banks accounts and sales scandals. Former CEO John Stumpf agreed to a lifetime ban from the banking industry and a $17.5 million fine for his role in the misconduct.

Advocates for bank reform, most notably Democratic presidential candidate and US Senator Elizabeth Warren, have long sought punishment for Wells Fargo executives and for bank leadership to be more inclusive. On Thursday, they got a double win.

American Express and Ericsson report earnings before US markets open.

Also today: US Purchasing Managers' Index data arrives for January, providing fresh evidence on the health of the US manufacturing and services sectors.

Coming next week: The Federal Reserve is expected to stay on hold, but the Bank of England could cut interest rates ahead of the UK's departure from the European Union.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiTGh0dHBzOi8vd3d3LmNubi5jb20vMjAyMC8wMS8yNC9pbnZlc3RpbmcvcHJlbWFya2V0LXN0b2Nrcy10cmFkaW5nL2luZGV4Lmh0bWzSAVBodHRwczovL2FtcC5jbm4uY29tL2Nubi8yMDIwLzAxLzI0L2ludmVzdGluZy9wcmVtYXJrZXQtc3RvY2tzLXRyYWRpbmcvaW5kZXguaHRtbA?oc=5

2020-01-24 12:00:00Z
52780566934792

Could Boeing Launch The NMA & FSA Together? - Simple Flying

Now that Boeing has decided to do a total rethink of its future aircraft plans, will this mean that a future replacement for the 737 MAX and the next 797 design might come out at the same time? Could Boeing, essentially, design a one fits all aircraft? Let’s explore.

Boeing might have a chance to rebuild their short-haul aircraft line with a fresh design. Photo: Getty Images

What are the details?

Boeing recently put its plans for the New Midsize Airplane (NMA), also dubbed the 797, on ice. The new CEO of Boeing stepped in and paused the design process of the new airframe, a design that was essentially ready for market, and sent it back to the drawing board.

Boeing believes that the market has moved on from its original need for the Boeing 797, and they may be right. The ‘superior’ Airbus A321XLR has been released and has quickly snapped up orders. Now, there may no longer be as many Boeing 797 customers.

A321XLR infographic — The Airbus A321XLR. Photo: Airbus

Additionally, Boeing needs to figure out a replacement aircraft for the Boeing 737 MAX. Without getting into the specifics, the Boeing 737 MAX is the latest iteration of a 1960s aircraft design. Some features that were needed back in the 1960s have become flaws, for example, keeping the aircraft low to allow stairs to be used. Now, they are limiting any further improvements to the design, such as more powerful engines.

Featured Video:

Boeing now has a good excuse and opportunity to go back to the drawing board with both designs and come up with something new.

What could Boeing do?

“We’re going to start with a clean sheet of paper again; I’m looking forward to that,” – Boeing CEO Dave Calhoun said to Reuters.

Interestingly, most of the effort that went into the Boeing 797 design was not for the plane itself, but the production systems to build the next generation of Boeing aircraft. Boeing had originally planned to roll out the 797 and then start to work on the new FSA concept (Future Small Airplane).

Boeing is looking at around 5-7 years to redesign a new aircraft to bring to market, and in this timeframe it can better understand the competition and how to meet it.

Ryanair, Buzz, Boeing 737 MAX — Boeing 737 MAX might be the last version of the Boeing 737. Photo: Boeing

Likely Boeing will be looking at building a new 170-270 seater aircraft, that can fly around 5,000 nautical miles. It can take the best bits of the Airbus A321XLR (its range) and incorporate it with the current market gap (no current replacement for the Boeing 767). At the same time, if it can hit the market on an effective short-haul concept (perhaps a shrink of the 797) they might be able to kill two birds with one stone.

In effect, the Boeing 797 could be scaled to meet both the ‘middle of the market’ gap and replace the Boeing 737, much like the Airbus A320neo airframe. All on one single production line.

What do you think? Is this an effective plan for Boeing? Let us know in the comments.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiKGh0dHBzOi8vc2ltcGxlZmx5aW5nLmNvbS9ib2Vpbmctbm1hLWZzYS_SASxodHRwczovL3NpbXBsZWZseWluZy5jb20vYm9laW5nLW5tYS1mc2EvYW1wLw?oc=5

2020-01-24 11:05:16Z
52780568541653

John Stumpf: Ex-Wells Fargo boss pays $17.5m to settle charges - BBC News

Former Wells Fargo chief executive John Stumpf is to pay $17.5m (£13.3m) to settle charges over the bank's fake accounts scandal.

He was also banned from working in the financial industry "in any manner" for life.

It's a rare example of a top banking executive being personally punished for failing to stop misconduct.

The charges came after it was revealed that millions of fake bank accounts had been set up to meet sales targets.

In August 2017, the lender said up to 3.5 million accounts may have been created for customers without their permission.

The accounts were created over a period of eight years.

Mr Stumpf's lifetime ban is more severe than anything faced by financial industry executives in the wake of the 2008 financial crisis.

The Office of Comptroller of the Currency - the administrator of the federal banking system - also said it had settled with two other former executives, and announced charges against five other former officials.

When Mr Stumpf left the bank after the scandal was first revealed in 2016 he came under attack from Massachusetts senator - and now Democrat presidential hopeful - Elizabeth Warren on Twitter.

At the time it was reported that he had walked away from the bank with $130m.

In response to the ruling, Wells Fargo's chief executive Charlie Scharf wrote to employees saying: "At the time of the sales practices issues, the company did not have in place the appropriate people, structure, processes, controls, or culture to prevent the inappropriate conduct.

"This was inexcusable. Our customers and you all deserved more from the leadership of this company."

It's the latest regulatory blow to the troubled company.

In 2018 Wells Fargo was fined a record $1bn by two US regulators to resolve investigations into car insurance and mortgage lending breaches.

The penalties were imposed by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency.

In addition to the fine, the bank was also ordered to reimburse customers.

Both regulators said Wells Fargo agreed to settle without admitting any wrongdoing.

Let's block ads! (Why?)

https://news.google.com/__i/rss/rd/articles/CBMiKmh0dHBzOi8vd3d3LmJiYy5jb20vbmV3cy9idXNpbmVzcy01MTIzMTAwM9IBLmh0dHBzOi8vd3d3LmJiYy5jb20vbmV3cy9hbXAvYnVzaW5lc3MtNTEyMzEwMDM?oc=5

2020-01-24 09:16:33Z
52780567333539

John Stumpf: Ex-Wells Fargo boss pays $17.5m to settle charges - BBC News

Former Wells Fargo chief executive John Stumpf is to pay $17.5m (£13.3m) to settle charges over the bank's fake accounts scandal.

He was also banned from working in the financial industry "in any manner" for life.

It's a rare example of a top banking executive being personally punished for failing to stop misconduct.

The charges came after it was revealed that millions of fake bank accounts had been set up to meet sales targets.

In August 2017, the lender said up to 3.5 million accounts may have been created for customers without their permission.

The accounts were created over a period of eight years.

Mr Stumpf's lifetime ban is more severe than anything faced by financial industry executives in the wake of the 2008 financial crisis.

When Mr Stumpf left the bank after the scandal was first revealed in 2016 he came under attack from Massachusetts senator - and now Democrat presidential hopeful - Elizabeth Warren on Twitter.

At the time it was reported that he had walked away from the bank with $130m.

"This was inexcusable. Our customers and you all deserved more from the leadership of this company."

It's the latest regulatory blow to the troubled company.

In 2018 Wells Fargo was fined a record $1bn by two US regulators to resolve investigations into car insurance and mortgage lending breaches.

The penalties were imposed by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency.

In addition to the fine, the bank was also ordered to reimburse customers.

Both regulators said Wells Fargo agreed to settle without admitting any wrongdoing.

Let's block ads! (Why?)

John Stumpf: Ex-Wells Fargo boss pays $17.5m to settle charges - BBC News

Former Wells Fargo chief executive John Stumpf is to pay $17.5m (£13.3m) to settle charges over the bank's fake accounts scandal.

He was also banned from working in the financial industry "in any manner" for life.

It's a rare example of a top banking executive being personally punished for failing to stop misconduct.

The charges came after it was revealed that millions of fake bank accounts had been set up to meet sales targets.

In August 2017, the lender said up to 3.5 million accounts may have been created for customers without their permission.

The accounts were created over a period of eight years.

Mr Stumpf's lifetime ban is more severe than anything faced by financial industry executives in the wake of the 2008 financial crisis.

When Mr Stumpf left the bank after the scandal was first revealed in 2016 he came under attack from Massachusetts senator - and now Democrat presidential hopeful - Elizabeth Warren on Twitter.

At the time it was reported that he had walked away from the bank with $130m.

"This was inexcusable. Our customers and you all deserved more from the leadership of this company."

It's the latest regulatory blow to the troubled company.

In 2018 Wells Fargo was fined a record $1bn by two US regulators to resolve investigations into car insurance and mortgage lending breaches.

The penalties were imposed by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency.

In addition to the fine, the bank was also ordered to reimburse customers.

Both regulators said Wells Fargo agreed to settle without admitting any wrongdoing.

Let's block ads! (Why?)

John Stumpf: Ex-Wells Fargo boss pays $17.5m to settle charges - BBC News

Former Wells Fargo chief executive John Stumpf is to pay $17.5m (£13.3m) to settle charges over the bank's fake accounts scandal.

He was also banned from working in the financial industry "in any manner" for life.

It's a rare example of a top banking executive being personally punished for failing to stop misconduct.

The charges came after it was revealed that millions of fake bank accounts had been set up to meet sales targets.

In August 2017, the lender said up to 3.5 million accounts may have been created for customers without their permission.

The accounts were created over a period of eight years.

Mr Stumpf's lifetime ban is more severe than anything faced by financial industry executives in the wake of the 2008 financial crisis.

When Mr Stumpf left the bank after the scandal was first revealed in 2016 he came under attack from Massachusetts senator - and now Democrat presidential hopeful - Elizabeth Warren on Twitter.

At the time it was reported that he had walked away from the bank with $130m.

"This was inexcusable. Our customers and you all deserved more from the leadership of this company."

It's the latest regulatory blow to the troubled company.

In 2018 Wells Fargo was fined a record $1bn by two US regulators to resolve investigations into car insurance and mortgage lending breaches.

The penalties were imposed by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency.

In addition to the fine, the bank was also ordered to reimburse customers.

Both regulators said Wells Fargo agreed to settle without admitting any wrongdoing.

Let's block ads! (Why?)

John Stumpf: Ex-Wells Fargo boss pays $17.5m to settle charges - BBC News

Former Wells Fargo chief executive John Stumpf is to pay $17.5m (£13.3m) to settle charges over the bank's fake accounts scandal.

He was also banned from working in the financial industry "in any manner" for life.

It's a rare example of a top banking executive being personally punished for failing to stop misconduct.

The charges came after it was revealed that millions of fake bank accounts had been set up to meet sales targets.

In August 2017, the lender said up to 3.5 million accounts may have been created for customers without their permission.

The accounts were created over a period of eight years.

Mr Stumpf's lifetime ban is more severe than anything faced by financial industry executives in the wake of the 2008 financial crisis.

When Mr Stumpf left the bank after the scandal was first revealed in 2016 he came under attack from Massachusetts senator - and now Democrat presidential hopeful - Elizabeth Warren on Twitter.

At the time it was reported that he had walked away from the bank with $130m.

"This was inexcusable. Our customers and you all deserved more from the leadership of this company."

It's the latest regulatory blow to the troubled company.

In 2018 Wells Fargo was fined a record $1bn by two US regulators to resolve investigations into car insurance and mortgage lending breaches.

The penalties were imposed by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency.

In addition to the fine, the bank was also ordered to reimburse customers.

Both regulators said Wells Fargo agreed to settle without admitting any wrongdoing.

Let's block ads! (Why?)