The online commerce company Etsy announced on Tuesday that its current chief executive would be replaced. The handmade and eclectic goods website reported lower first quarter profits than expected and it’s facing pressure from investors. Once the leader in handmade items, Etsy must now compete with Amazon.com Inc.’s newly release marketplace. Despite a recent lower rating from Pacific Crest, Amazon’s success as a leader in e-commerce is not easily fought against. Etsy claims to combat Amazon’s mega-success with a wider range of products. Josh Silverman, a former executive of eBay Inc. and current Etsy board member, will take over as…
Author: Gray Phillips
In an effort to finally pull Greece out of its financial slump, a deal made Tuesday requires the country to make domestic economic changes in return for much-needed bailout payments. Greece’s international creditors agree to financially help Greece on the condition that they raise taxes and lower social spending and pensions. The over €7 billion of payments attempt to decrease Greece’s current debt of approximately €300 billion. Further discussions will be held on the extent to which other countries can continue to help Greece. This deal, which took months to solidify, is only the beginning. The International Monetary Fund is…
Pacific Crest lowered the stock rating of Amazon from overweight to weight after this week of trading. They believe the well-performing internet company has reached a peak and they are expecting a slow in gains. In the past 12 months, Amazon’s stock raised 53 percent with 22.5 percent in 2017. The S&P 500 only had a 7 percent return. Amazon was more successful than expected in the first quarter and Friday premarket trading saw shares up by 4 percent. Signs Against Amazon However, Pacific Crest says that competitors are growing as well. Walmart and Microsoft will increasingly cut into Amazon’s…
Among hopes that the Trump administration would improve economic activity, the U.S. economy in the first quarter grew more slowly than it has in three years. It is too soon to tell how effective Trump’s promise to improve economics, however, recent levels of activity do not paint a positive picture. In the worst performance since 2014’s first quarter GDP raised only 0.7 percent. The Commerce Department stated Friday that this is due to a decrease in spending on defense. This comes as a major change after the fourth quarter’s 2.1 percent growth pace. Many economists altered their first-quarter growth estimates…
Another airline scandal has erupted after a YouTube video of a man being kicked off of a Delta Airlines Flight for using the restroom went viral. On April 18th Kima Hamilton of Milwaukee boarded a plane home and soon realized that he needed to use the bathroom. The Unlikely Disturbance Hamilton was initially told that he must remain in his seat. However, the flight was delayed and after 30 minutes Hamilton found himself unable to wait any longer. He rushed to the restroom while plane remained motionless on the tarmac. Once he returned to his seat a Delta employee approached…
This week has pitted Democrats and Republicans in the U.S. House and Senate against each other over a Republican bill to dismantle the Dodd-Frank Act. The legislation is a major part of enacting Republicans’ plans to overhaul the financial rules put in place during the recent economic crisis. Jeb Hensarling, the House Financial Services Committee Chairman, drafted the bill to lessen the regulations on banks and money lenders. These efforts include a decrease in the exams which decide whether or not a bank can pay a shareholder’s dividends as well as an elimination of the Volcker Rule. The latter would…
The future for Uber is all about looking up as the company announced its plan Tuesday at its Elevate Summit in Dallas, Texas to introduce series of aerial taxis to be tested for use. The project will be a collaboration with Aurora Flight Sciences to create the initial vehicles by 2020. The two companies are planning to build on the idea to create the “Uber Elevate Network” which is their larger plan of extending Uber’s services to air travel. The use of a flying taxi service is a major step into the future of urban living. Air taxis aim to…
Several changes in the classic McDonald’s menu benefited the company’s business by a surprising amount. Earnings this past quarter were higher than predicted with a global rise in same-store sales of 1.3 percent and an increase of growth of 4 percent. The menu changes and promotions made by CEO Steve Easterbrook put McDonald’s ahead of competitors including IHOP and Sonic Corp. The fast food industry as a whole experienced a recent decrease in sales which McDonald’s is now overcoming. U.S. markets have become increasingly difficult to succeed in for both McDonald’s and competitors as traffic diminished in the first quarter.…
Qatar Airways announced Monday that it plans to add San Francisco as its twelfth U.S. destination. Additionally, another 11 tentative destinations were announced to be added in the future. The San Francisco service was said to begin sometime in 2018 although specific details were not revealed. The lack of details leaves many doubtful that the plan will be put into effect around the predicted time. The company’s CEO Akbar Al Baker is known for making ambiguous plans which are then pushed back. In 2016 Baker announced the inclusion of Las Vegas as the 11th U.S. destination. Since then the starting…
Monday marked the groundbreaking of Flex-N-Gate Corp’s $95 million manufacturing facility in Detroit, Michigan. The facility will bring approximately 400 to 700 jobs to the city by mid-2018 and is widely considered the largest investment in Detroit by an auto supplier in 20 years. The Illinois-based company, which produces headlamps, bumpers, and other front-end parts for vehicles, is expanding in response to a long-term contract with Ford Motor Co. Flex-N-Gate has not yet revealed for which Ford vehicle it will be producing parts. Although Flex-N-Gate’s owner Shahid Khan has not shared whether city residents will be assured a percentage of…
A major turning point for energy resources occurred Friday when Britain’s National Grid announced 24 hours had passed without the use of coal energy. This is the first time in the 135 years since the world’s first coal-power plant, Thomas Edison’s Holborn Viaduct station, was built in London that the island has spent a full day coal-free. Britain historically has much to owe to the resource, however, efforts to curb pollution are now gaining importance. Natural gas and renewable energy are becoming less expensive and countries across the world are implementing environmentally friendly policies. Both Britain and the U.S., formerly…
What is small town charm worth? In western Oregon, it is about $3.5 million, or the asking price for most of Tiller, a former logging town in the Umpqua National Forest. The price for this quaint settlement includes more than 256 acres of land in 29 parcels with a range of zonings, as well as water and timber rights, six houses, the general store and gas station, and the land under the post office. Buyers can purchase the closed six-room elementary school separately for $350,000. The purchase of an entire town may seem to take a zeal for country living…
