Boeing Chief Acknowledges ‘Mistake’ Over 737 Max Warning Light
* Stories are summarised by an A.I.
Boeing Chief Acknowledges ‘Mistake’ Over 737 Max Warning Light
BA (The Boeing Company) | The New York Times
Boeing’s chief executive said on Sunday that the company made a “mistake” in how it handled a cockpit warning light on the 737 Max. Dennis Muilenburg, the executive, made the comments while addressing reporters on the eve of the Paris Air Show, one of the most important sales events for aircraft manufacturers around the world.When Boeing began delivering the Max to airlines in 2017, the company believed that the light was operational on all the jets.
Genius.com accuses Google of copying its song lyrics
GOOG (Alphabet Inc.) | The Verge
In the last couple of years, if you type a song title into Google, you’ll get a box that includes the its lyrics, alongside the usual search results. It’s a useful tool, but one company that specializes in song lyrics, Genius Media, says that Google has been copying their lyrics for years for its search results. The site says that it’s brought up its complaint with the search giant for years. In a statement to The Verge, Genius Chief Strategy Officer Ben Gross said that the company has “shown Google irrefutable evidence again and again that they are displaying lyrics copied from Genius in their Lyrics OneBox.
Chewy Surges in IPO, Showing Demand for E-Commerce and Pet Industry Stocks
CHWY (Chewy Inc) | The Motley Fool
The retailer sold about $800 million worth of its Chewy stock in the offering and now owns 70% of a company worth about $14 billion after today's surge. Pet products, meanwhile, have proven to be one of the most resilient industries. Furthermore, the pet products industry is expected to outgrow the overall economy, increasing by a compound annual rate of 4.2% through 2022 as more Americans become pet owners and current pet owners spend more on their furry friends. Chewy brought in $3.5 billion in revenue last year and is targeting a $70 billion pet market, giving the company plenty of room for growth. At a market cap of about $14 billion, Chewy shares look pricey following today's surge.
Apple CEO Tim Cook: Technology companies need to take responsibility for chaos they create
AAPL (Apple Inc.) | CNBC
Apple CEO Tim Cook warned that Silicon Valley companies needed to take responsibility for the "chaos" they create in a speech Sunday at Stanford University. Although Cook did not mention companies by name, his commencement speech in Silicon Valley's backyard mentioned data breaches, privacy violations, and even made reference to Theranos, a disgraced startup. "Lately it seems this industry is becoming better known for a less noble innovation – the belief you can claim credit without accepting responsibility," Cook said. Cook told the new Stanford graduates that digital surveillance threatened innovation and would have "stopped Silicon Valley before it got started." In January, Cook called for a Federal Trade Commission "clearinghouse" that would enable people to track and delete the personal data held by companies.
Deutsche Bank to shrink or shut U.S. equity and trading businesses - FT
DB (Deutsche Bank AG) | Reuters
June 16 (Reuters) - Deutsche Bank is planning to overhaul its trading operations, including the creation of a “bad bank” to hold tens of billions of euros of assets and shrinking or shutting its U.S. equity and trading businesses, the Financial Times reported on Sunday.
Facebook, Inc. (FB) Wants to Be More than a Place to Humblebrag About Your Life
FB (Facebook Inc) | Insider Monkey
The demand for existing cryptocurrencies comes primarily from investors and traders, not consumers.” Facebook wants to become your bank Last week, the BBC reported that Facebook (NASDAQ:FB) is creating GlobalCoin, a blockchain-powered stablecoin that will be pegged to a basket of currencies. Final words Alex Sovpel has predicted that Facebook’s GlobalCoin has the potential to become a reserve currency in developing countries, much like the US dollar is today.
Race to Public Markets Continues Despite Uber, Lyft Flops
FVRR (Fiverr International Ltd) | The Wall Street Journal
The IPO market faced its first major test since the disappointing debuts of Uber Technologies Inc. and Lyft Inc. and passed with flying colors. Investors eagerly snapped up shares of three companies that went public last week—cybersecurity firm CrowdStrike Holdings Inc., online pet-supply retailer Chewy Inc. and freelance-services marketplace Fiverr International Ltd.—and pushed them all up 50% or more.
LAPD investigating officer's actions in Costco shooting
COST (Costco Wholesale Corporation ) | AOI
Two others were critically injured in the shooting in Corona, which is about 40 miles (64 kilometers) east of Los Angeles. The department's policies allow off-duty officers to carry concealed weapons as long as they are authorized for on-duty use, according to the LAPD manual. The LAPD will continue its internal probe as Corona police and the Riverside County district attorney's office conduct a separate investigation into the shooting. The shooting prompted a stampede of frightened shoppers, some who fled the store as others sought cover inside. Witnesses reported seeing an argument between two people near a freezer section when shots rang out at least six times.
Goldman Sachs to Combine Private-Investing Arms
GS (Goldman Sachs Group Inc. (The)) | The Wall Street Journal
Goldman Sachs Group Inc. is building a mini-Blackstone Group LP in a bid to boost a flagging stock price. The Wall Street firm is pulling together four separate units that invest in private companies, real estate and other hard-to-access deals, creating a new unit and planning a fundraising blitz, according to people familiar with the matter. Goldman is trying to grow the kind of steady, income-generating business that investors like.
Ripple Finds a New Home in Brazil
Ripple Labs | Live Bitcoin News
Ripple is opening a new office in Brazil, bringing the country closer to becoming a major blockchain and cryptocurrency haven. Brazil And Ripple: The Perfect Combo? To be fair, Brazil has long stood as one of the biggest cryptocurrency hubs in South America. It will be Sacco’s job to “drive strategy” and “build the Ripple ecosystem in the region.”Eric van Miltenburg, SVP of global operations, comments:In January, Ripple surpassed 200 customers on Ripple Net. The company is experiencing rapid customer growth across all markets and is launching in Brazil in response to high customer demand in South America.
Boeing Chief Acknowledges ‘Mistake’ Over 737 Max Warning Light
BA (The Boeing Company) | The New York Times
Boeing’s chief executive said on Sunday that the company made a “mistake” in how it handled a cockpit warning light on the 737 Max. Dennis Muilenburg, the executive, made the comments while addressing reporters on the eve of the Paris Air Show, one of the most important sales events for aircraft manufacturers around the world.When Boeing began delivering the Max to airlines in 2017, the company believed that the light was operational on all the jets.
Genius.com accuses Google of copying its song lyrics
GOOG (Alphabet Inc.) | The Verge
In the last couple of years, if you type a song title into Google, you’ll get a box that includes the its lyrics, alongside the usual search results. It’s a useful tool, but one company that specializes in song lyrics, Genius Media, says that Google has been copying their lyrics for years for its search results. The site says that it’s brought up its complaint with the search giant for years. In a statement to The Verge, Genius Chief Strategy Officer Ben Gross said that the company has “shown Google irrefutable evidence again and again that they are displaying lyrics copied from Genius in their Lyrics OneBox.
Chewy Surges in IPO, Showing Demand for E-Commerce and Pet Industry Stocks
CHWY (Chewy Inc) | The Motley Fool
The retailer sold about $800 million worth of its Chewy stock in the offering and now owns 70% of a company worth about $14 billion after today's surge. Pet products, meanwhile, have proven to be one of the most resilient industries. Furthermore, the pet products industry is expected to outgrow the overall economy, increasing by a compound annual rate of 4.2% through 2022 as more Americans become pet owners and current pet owners spend more on their furry friends. Chewy brought in $3.5 billion in revenue last year and is targeting a $70 billion pet market, giving the company plenty of room for growth. At a market cap of about $14 billion, Chewy shares look pricey following today's surge.
Apple CEO Tim Cook: Technology companies need to take responsibility for chaos they create
AAPL (Apple Inc.) | CNBC
Apple CEO Tim Cook warned that Silicon Valley companies needed to take responsibility for the "chaos" they create in a speech Sunday at Stanford University. Although Cook did not mention companies by name, his commencement speech in Silicon Valley's backyard mentioned data breaches, privacy violations, and even made reference to Theranos, a disgraced startup. "Lately it seems this industry is becoming better known for a less noble innovation – the belief you can claim credit without accepting responsibility," Cook said. Cook told the new Stanford graduates that digital surveillance threatened innovation and would have "stopped Silicon Valley before it got started." In January, Cook called for a Federal Trade Commission "clearinghouse" that would enable people to track and delete the personal data held by companies.
Deutsche Bank to shrink or shut U.S. equity and trading businesses - FT
DB (Deutsche Bank AG) | Reuters
June 16 (Reuters) - Deutsche Bank is planning to overhaul its trading operations, including the creation of a “bad bank” to hold tens of billions of euros of assets and shrinking or shutting its U.S. equity and trading businesses, the Financial Times reported on Sunday.
Facebook, Inc. (FB) Wants to Be More than a Place to Humblebrag About Your Life
FB (Facebook Inc) | Insider Monkey
The demand for existing cryptocurrencies comes primarily from investors and traders, not consumers.” Facebook wants to become your bank Last week, the BBC reported that Facebook (NASDAQ:FB) is creating GlobalCoin, a blockchain-powered stablecoin that will be pegged to a basket of currencies. Final words Alex Sovpel has predicted that Facebook’s GlobalCoin has the potential to become a reserve currency in developing countries, much like the US dollar is today.
Race to Public Markets Continues Despite Uber, Lyft Flops
FVRR (Fiverr International Ltd) | The Wall Street Journal
The IPO market faced its first major test since the disappointing debuts of Uber Technologies Inc. and Lyft Inc. and passed with flying colors. Investors eagerly snapped up shares of three companies that went public last week—cybersecurity firm CrowdStrike Holdings Inc., online pet-supply retailer Chewy Inc. and freelance-services marketplace Fiverr International Ltd.—and pushed them all up 50% or more.
LAPD investigating officer's actions in Costco shooting
COST (Costco Wholesale Corporation ) | AOI
Two others were critically injured in the shooting in Corona, which is about 40 miles (64 kilometers) east of Los Angeles. The department's policies allow off-duty officers to carry concealed weapons as long as they are authorized for on-duty use, according to the LAPD manual. The LAPD will continue its internal probe as Corona police and the Riverside County district attorney's office conduct a separate investigation into the shooting. The shooting prompted a stampede of frightened shoppers, some who fled the store as others sought cover inside. Witnesses reported seeing an argument between two people near a freezer section when shots rang out at least six times.
Goldman Sachs to Combine Private-Investing Arms
GS (Goldman Sachs Group Inc. (The)) | The Wall Street Journal
Goldman Sachs Group Inc. is building a mini-Blackstone Group LP in a bid to boost a flagging stock price. The Wall Street firm is pulling together four separate units that invest in private companies, real estate and other hard-to-access deals, creating a new unit and planning a fundraising blitz, according to people familiar with the matter. Goldman is trying to grow the kind of steady, income-generating business that investors like.
Ripple Finds a New Home in Brazil
Ripple Labs | Live Bitcoin News
Ripple is opening a new office in Brazil, bringing the country closer to becoming a major blockchain and cryptocurrency haven. Brazil And Ripple: The Perfect Combo? To be fair, Brazil has long stood as one of the biggest cryptocurrency hubs in South America. It will be Sacco’s job to “drive strategy” and “build the Ripple ecosystem in the region.”Eric van Miltenburg, SVP of global operations, comments:In January, Ripple surpassed 200 customers on Ripple Net. The company is experiencing rapid customer growth across all markets and is launching in Brazil in response to high customer demand in South America.
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