A weekend drone attack on Saudi Arabia that cut into global energy supplies and halved the kingdom's oil production threatened Sunday to fuel a regional crisis, as the U.S. released new evidence to back up its allegation that Iran was responsible for the assault amid heightened tensions over Tehran's collapsing nuclear deal. The tweets followed a National Security Council meeting at the White House that included Vice President Mike Pence, Secretary of State Mike Pompeo and Defense Secretary Mark Esper.
When India's Finance Minister Nirmala Sitharaman claimed that a preference by millennials for ride-hailing apps was contributing to a painful slump in car sales, it sparked an online backlash from furious youngsters. With a population of 1.3 billion people, India is the world's fourth-largest car market and one where owning a vehicle is as much a status symbol as a means of transport.
President Donald Trump said Sunday the US is "locked and loaded" to respond to an attack on Saudi oil infrastructure that Washington has blamed on Iran, as Riyadh raced to restart operations at plants hit by drone attacks. It is the first time the president has hinted at a potential American military response to the attack, which slashed Saudi oil production by half and led both the kingdom and the United States to announce they may tap their strategic reserves. "Saudi Arabia oil supply was attacked.
Oil prices surged to six-month highs on Monday while Wall Street futures turned lower and safe haven bets returned after weekend attacks on Saudi Arabia's crude facilities knocked out more than 5% of global oil supply. "Saturday's news of multiple drone attacks on Saudi Arabia Abqaiq petroleum processing facility is set to reverberate through global markets this week," said Ray Attrill, head of forex strategy at National Australia Bank. U.S. President Donald Trump said late on Sunday the United States was "locked and loaded" for a potential response to the attack on Saudi Arabia's oil facilities.
Oil prices surged to six-month highs on Monday while Wall Street futures turned lower and safe haven bets returned after weekend attacks on Saudi Arabia's crude facilities knocked out more than 5% of global oil supply. "Saturday's news of multiple drone attacks on Saudi Arabia Abqaiq petroleum processing facility is set to reverberate through global markets this week," said Ray Attrill, head of forex strategy at National Australia Bank. U.S. President Donald Trump said late on Sunday the United States was "locked and loaded" for a potential response to the attack on Saudi Arabia's oil facilities.
United Auto Workers says contract talks with General Motors will resume Monday morning, but the threat of a strike remains. Union spokesman Brian Rothenberg says the negotiations are slated to begin at 10 a.m. Monday. GM's 49,200 UAW members still plan to go on strike nationwide at midnight.
President Donald Trump says the U.S. has reason to believe it knows who was behind the attack on Saudi Arabian energy facilities and is "locked and loaded" depending on verification and other issues. Yemen's Iran-backed Houthi rebels claimed responsibility for the attack, but U.S. officials say Iran is responsible.
Two anti-establishment candidates in Tunisia's divisive election claimed Sunday to have won through to a runoff, hours after polling closed in the country's second free presidential poll since the 2011 Arab Spring. In a sign of voter apathy, especially among the young, turnout was reported by the elections commission (ISIE) to be 45 percent, down from 64 percent recorded in a first round in 2014. Kais Saied, a 61-year-old law professor and expert on constitutional affairs who ran as an independent, claimed to be in pole position.
Australian intelligence determined China was responsible for a cyber-attack on its national parliament and three largest political parties before the general election in May, five people with direct knowledge of the matter told Reuters. Australia’s cyber intelligence agency - the Australian Signals Directorate (ASD) - concluded in March that China’s Ministry of State Security was responsible for the attack, the five people with direct knowledge of the findings of the investigation told Reuters. In response to questions posed by Reuters, Prime Minister Scott Morrison’s office declined to comment on the attack, the report’s findings or whether Australia had privately raised the hack with China.
(Bloomberg) -- The Trump administration sought to offer new evidence to back its claim that Iran conducted the attack on major Saudi Arabian oil facilities, saying the munitions used in the strikes were well beyond the capabilities of the Houthi rebels who claimed responsibility.The evidence put forward by several administration officials on Sunday -- a day after Secretary of State Michael Pompeo said unequivocally in a tweet that Iran was to blame -- suggested that the administration was sensitive to skepticism about its assertions as well as concern that it may be trying to provoke a conflict with the regime in Tehran.Two administration officials who asked not to be identified discussing internal deliberations told reporters that cruise missiles may have been used in the attacks on a Saudi oil field and the world’s biggest crude-processing facility in Abqaiq. The range from Yemen was also far beyond anything the Iranian-backed Houthi rebels there have ever done before, the officials said.A third administration official, who also asked not to be identified discussing non-public findings, said precision-guided munitions had been used. The U.S. officials didn’t rule out that armed drones were used as well, even as they rejected the Houthi claims that they mounted the attacks using such pilotless aircraft.Now, the challenge that President Donald Trump and his advisers face is balancing a tough response to what it says is a clear act of of Iranian aggression, against concern that it is rushing headlong into a conflict that could spiral out of control. Analysts also warn that doing nothing could send a message to Iran or its proxy militias across the Middle East that they can strike their enemies with impunity.“There’s no great response here,” said Aaron David Miller, senior fellow at the Carnegie Endowment for International Peace. “The question becomes how does the U.S. navigate between not allowing this precedent to stand on one hand, and avoiding a punitive escalation or one designed to deter future attacks without an escalation. And the answer is there is no answer.”Trump tweeted on Sunday “there is reason to believe that we know the culprit, are locked and loaded depending on verification” and that he’s awaiting word from Saudi Arabia about who it believed caused the attack and “under what terms we would proceed!”Still, a direct U.S. military response may be unlikely, according to the experts who said they doubt Trump will be willing to use force against Tehran or risk escalating violence in the Middle East ahead of the 2020 presidential election. They also said the attacks may do little to deter the president from seeking a meeting with Iranian President Hassan Rouhani in an effort to broker a new nuclear agreement.Trump hasn’t ruled out a possible meeting with Rouhani when both are in New York in a week for the annual United Nations General Assembly.‘Maximum Pressure’The administration’s “maximum pressure” stance against Iran is focused on imposing sanctions and isolating the country over its nuclear ambitions and malign activities in the region. That approach has come under renewed scrutiny at a time the president’s foreign policy team is in flux, after Trump’s firing of hawkish National Security Adviser John Bolton last week.U.S. and Saudi officials say they’re gathering more evidence that Iran was behind the attacks -- some of it on the ground in Saudi Arabia -- that will be released in due time. Iran’s Foreign Ministry described Pompeo’s comments blaming the Islamic Republic as “blind and fruitless accusations.”According to U.S. government information, there were 19 points of attack at state-owned Saudi Aramco’s crude-processing facility at Abqaiq and the Khurais oil field, all on the north or northwest-facing sides -- suggesting that the weaponry used came from that direction. Iraq lies to the north, and the U.S. in the past has accused Iran of stashing explosives with affiliated militias in the country. Yemen, by contrast, is hundreds of miles to the south.Saudi Aramco lost roughly 5.7 million barrels per day of output after the attacks, although officials cited progress in restoring production.Pompeo’s TweetPompeo tweeted Saturday that there is “no evidence the attacks came from Yemen” and accused Iran of being behind “an unprecedented attack on the world’s energy supply.”“The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression,” he added.Paul Pillar, a former U.S. Central Intelligence Agency officer, said the one “policy option left is de-escalation -- of the Saudi air war against Yemen, and of the Trump administration’s economic war against Iran.”Pillar, who’s now a non-resident senior fellow at Georgetown University in Washington, said “further attempts to escalate on either of those war fronts offers no reason to believe that they would be any more successful than the wars have been up to this point.”Rouhani RisksTrump risks criticism from many of his Republican allies if he chooses to meet with Iran’s leader barely a week after accusing the country of being responsible for a strike that caused a significant disruption to the world’s oil markets. Republican Senator Lindsay Graham of South Carolina has said the U.S. shouldn’t rule out a military strike on Iranian oil facilities in response.“Iran will not stop their misbehavior until the consequences become more real, like attacking their refineries, which will break the regime’s back,” Graham tweeted Saturday.One Western diplomat, who asked not to be identified, said Trump sees what he wants to see in world events, so if he wants to push for a meeting with Iran’s president, the strikes won’t necessarily deter him. Trump has repeatedly brushed aside short-range missile tests by North Korea as he seeks to broker a historic nuclear pact with leader Kim Jong Un.White House Counselor Kellyanne Conway said on “Fox News Sunday” that the administration will continue its “maximum pressure campaign” against Iran, but she added that “the president will always consider his options,” including a meeting with Rouhani.That assumes the Iranian leader would be willing to take such a meeting -- even an informal chat on the sidelines of the UN gathering -- without the U.S. making some gesture to ease its sanctions on his country. The strikes in Saudi Arabia may all but rule out such a move anytime soon despite pleas by Western leaders led by French President Emmanuel Macron.The attacks also pose a major test for Pompeo, who has an opportunity to consolidate power after Bolton’s departure.Pompeo and Brian Hook, the State Department’s special representative for Iran, have argued the U.S. could afford to ramp up sanctions and diplomatic pressure on Iran because there’s plenty of global oil supply. But there’s now little cushion in the market with the major disruption caused by the drone attacks, which could force the president and his team to look for ways to relieve the pressure.Strategic ReserveWhile analysts estimate Saudi Arabia may be able to restore half of the lost production as early as Monday, Trump said on Twitter Sunday he’s authorized the release of oil from the Strategic Petroleum Reserve if needed based on the attacks “in a to-be-determined amount sufficient to keep the markets well-supplied.” The stock of around 645 million barrels of crude and petroleum products could help meet demand during the time it would take for the Saudis to repair the facilities. Trump also told U.S. agencies to expedite approvals of oil pipelines in the permitting process.There’s also the question of the administration’s credibility. Some foreign policy analysts said it’s hard to take at face value the claim that Tehran is responsible, given the hard line against Iran advocated by Pompeo, Bolton and others.“The Trump administration appears to have evidence of Iranian responsibility but will face skepticism from others, both because of policy disagreements between the US and its allies, and because declining to attribute an attack provides an excuse not to respond,” tweeted Michael Singh, managing director for the Washington Institute for Near East Policy.(Updates with Trump tweet on cause in 7th paragraph and authorizing release of oil from SPR in 25th.)To contact the reporters on this story: Jordan Fabian in Washington at email@example.com;Nick Wadhams in Washington at firstname.lastname@example.org;David Wainer in New York at email@example.com;Glen Carey in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Alex Wayne at email@example.com, ;Bill Faries at firstname.lastname@example.org, Larry Liebert, Mark NiquetteFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Oil surged and the yen climbed after a strike on the heart of Saudi Arabia’s oil production increased geopolitical risk concern. U.S. equity futures declined and Treasury futures rose.Brent crude soared 13% and West Texas Intermediate added 11%. News of the devastating attack on the world’s largest crude exporter also sent currencies of commodity-linked nations higher, including the Norwegian krone and the Canadian dollar. U.S. President Donald Trump said he has authorized the release of supplies from the country’s emergency fuel storage, known as the Strategic Petroleum Reserve, if that is needed.“There does seem to be a response from the U.S. with its Strategic Pertroleum Reserve,” Edward Keon, chief investment strategist at Quantitative Management Associates LLC, told Bloomberg TV. “That will calm things a bit.”Sentiment for risk that’s gathered steam in recent week is being tested after the weekend’s developments in the Middle East. Treasury yields jumped to six-week highs at the end of last week and global equities are coming off the back of a three-week advance thanks to easing trade fears and a new round of central bank stimulus. Next up comes a slew of data on China’s economy Monday from retail sales to industrial production.Saudi Arabia stocks declined, with the Tadawul All Share Index falling as much as 3.1% after the attacks. Markets in Japan are closed Monday for a holiday.Here are the main moves in markets:StocksFutures on the S&P 500 Index fell 0.3% as of 8:50 a.m. in Sydney. The underlying gauge declined 0.1% on Friday.Hang Seng futures ended Friday up 0.2%.CurrenciesThe yen rose 0.3% to 107.82 per dollar.The Canadian dollar gained 0.5% to 1.3221 per dollar.BondsFutures on 10-year Treasuries rose about 0.2%. The yield on 10-year notes climbed 13 basis points to 1.90% on Friday, reaching the highest in more than six weeks.Australian 10-year yields added five basis points to 1.21%.CommoditiesWest Texas Intermediate crude climbed 11% to $60.99 a barrel.Gold added 0.9% to $1,502.57 an ounce.To contact the reporter on this story: Adam Haigh in Sydney at email@example.comTo contact the editors responsible for this story: Christopher Anstey at firstname.lastname@example.org, Andreea PapucFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The weekend drone attack on one of the world's largest crude oil processing plants that dramatically cut into global oil supplies is the most visible sign yet of how Aramco's stability and security is directly linked to that of its owner — the Saudi government and its ruling family. The strikes, which U.S. Secretary of State Mike Pompeo blamed on Iran despite staunch denials by Tehran, led to suspension of more than 5% of the world's daily crude oil production, bringing into focus just how vulnerable the company is to Saudi Arabia's conflicts outside the country's borders, particularly with regional rival Iran. To prepare for an initial public offering, the company has recently taken steps to distance itself from the Saudi government, which is controlled by the Al Saud ruling family.
(Bloomberg) -- Saudi Arabia will probably restore almost half the oil production lost after this weekend’s devastating drone strike as early as tomorrow, though a full resumption from the world’s biggest crude exporter may take weeks.That’s according to industry consultant Energy Aspects in a note sent to clients on Sunday. Saudi Arabia will meet obligations to suppliers by running down reserves as state oil company Saudi Aramco works toward bringing back all the 5.7 million barrels a day lost after the giant Abqaiq processing plan was set ablaze.Following the strike, Brent crude futures jumped 19% on resuming trade Monday, the market’s biggest move in 28 years and traded back above $70 a barrel for the first time since May. West Texas Intermediate crude surged as much as 15.5% to a high of $63.34 a barrel.Although supply into the global market won’t be disrupted in the short term, prices are likely to jump when they open for the week as traders digest the attack. Claimed by rebels in Yemen, but blamed on Iran by the U.S., the assault shows the vulnerability of the very heart of the Saudi economy and how Crown Prince Mohammed bin Salman’s more aggressive foreign policy could threaten his push for economic modernization.Before the attack, Saudi Arabia was pumping about 9.8 million barrels a day, almost 10% of global production. Aramco could consider declaring itself unable to fulfill contracts on some international shipments -- know as force majeure -- if the resumption of full capacity at Abqaiq takes weeks, people familiar with the matter said, asking not be identified before a public statement.If the disruption is “protracted it could be a big challenge for the oil markets,” Mele Kyari, chief executive officer of state producer Nigerian National Petroleum Corp., told Bloomberg Television on Sunday.Iran-backed Houthi rebels in Yemen claimed responsibility for the attacks, but U.S. Secretary of State Michael Pompeo blamed Iran directly, without offering evidence for that conclusion. Iran’s Foreign Ministry described Pompeo’s remarks as “blind and fruitless accusations.”The attack, said by the Houthis to have been carried out by a swarm of 10 drones, is the most serious on Saudi Arabia’s oil infrastructure since Iraq’s Saddam Hussein fired Scud missiles into the kingdom during the first Gulf War. The kingdom’s benchmark stock index tumbled as much as 3.1% on Sunday in Riyadh.The Houthis, who are fighting Saudi-backed forces in Yemen, have claimed responsibility for most of the strikes against Aramco installations.“Work is under way to restore production and a progress update will be provided in around 48 hours,” Amin Nasser, Aramco’s president and chief executive officer, said in a statement on Sunday.Crude ReservesAramco will be able to keep customers supplied for several weeks by drawing on a global storage network. The Saudis hold millions of barrels in tanks in the kingdom itself, plus three strategic locations around the world: Rotterdam in the Netherlands, Okinawa in Japan, and Sidi Kerir on the Mediterranean coast of Egypt.Instead of supplying some customers with the usual crude oil grades of Arab Light or Arab Extra Light, the company may offer them Arab Heavy and Arab Medium as a replacement, according to a person familiar with the matter.A satellite picture from a NASA near real-time imaging system published early on Sunday, more than 24 hours after the attack, showed the huge smoke plume over Abqaiq had dissipated completely. But four additional plumes to the south-west, over the Ghawar oilfield, the world’s largest, were still clearly visible.While that field wasn’t attacked, its crude and gas is sent to Abqaiq for processing. The smoke most likely indicated flaring, the industry term for what happens when a facility stops suddenly and excess oil and natural gas is safely burned off.For the global oil market, the 5.7 million barrels a day Saudi halt is the single worst sudden disruption ever, surpassing the loss of Kuwaiti and Iraqi petroleum supply in August 1990, when Saddam Hussein invaded his neighbor. It also exceeds the loss of Iranian oil output in 1979 during the Islamic Revolution, according to data from the U.S. Department of Energy.Government ActionThe U.S. government said it’s prepared to dip into the Strategic Petroleum Reserve if necessary to offset any market disruption. The International Energy Agency, which helps coordinate industrialized countries’ emergency fuel stockpiles, said it was monitoring the situation.The key question for governments, oil traders and the Organization of Petroleum Exporting Countries, in which Saudi Arabia is the largest producer, is how long the disruption lasts.“The global economy can ill afford higher oil prices at a time of economic slowdown,” Ole Hansen, head of commodities strategy at Saxo Bank A/S in Copenhagen, said by email.(Updates with oil market reaction in par 3.)\--With assistance from Mahmoud Habboush, Verity Ratcliffe, Manus Cranny, Giovanni Prati, Anthony DiPaola and James Thornhill.To contact the reporters on this story: Nayla Razzouk in Dubai at email@example.com;Javier Blas in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Nayla Razzouk at email@example.com, James Herron, Keith GosmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
BERLIN (AP) — Germany faces a decisive week in its efforts to combat climate change, with Chancellor Angela Merkel pledging Saturday that Europe's biggest economy will find good solutions but her governing coalition still haggling over a long-promised policy package.
Merkel's government has said for months that it will unveil a package of measures on Friday to ensure that Germany cuts its greenhouse gas emissions by 55% by 2030 compared with 1990. It is under pressure to deliver a result that offers convincing measures without overly burdening the economy and voters, but parties in the coalition have argued about how to do so.
The package is a test of credibility both for the fractious coalition of Merkel's center-right Union bloc and the center-left Social Democrats and for the chancellor herself. It offers her the chance to reclaim the mantle of "climate chancellor," a title often used in her early days in office that has faded over the years, especially in her final term as German leader.
In her weekly video message, Merkel said "climate protection is a challenge for humanity" and that "we need a real feat" to deal with it.
"It is not enough for us to act internationally," she said. "Of course we must do that too, but we must do our homework here, at home ... unfortunately, we are not yet as good as we should be."
Germany is set to miss its own emissions goals for 2020 and the country has seen frequent protests, especially by young people, demanding faster action to fight climate change and reduce coal use.
On Saturday, thousands demonstrated in Frankfurt to speed up moves in the auto industry to fight climate change as the world-famous Frankfurt Motor Show opened to the public and another climate change protest took place in the northern city of Hamburg.
HELSINKI (AP) — Estonia, which is among Europe's most wired and technologically advanced nations, is set to restrict the use of equipment and technology from Chinese telecom giant Huawei in its government sector, citing security concerns and recommendations by the U.S., a key NATO ally.
The Estonian news site Delfi reported Friday that Foreign Trade and Technology Minister Kert Kingo began an expert group in June with the aim of setting policies and standards this year for the use of technology in Estonian government institutions.
Its leader, Raul Rikk, said the group had already taken a clear position that Huawei should not be allowed to provide technology for 5G networks in Estonia.
Rikk said the issue isn't the quality of Huawei's software and hardware "but whether these devices can be used for political purposes in the future."
FRANKFURT, Germany (AP) — Thousands of people are demonstrating in Frankfurt to demand more action against climate change as the German city's auto show opens to the public, with some cycling into the city along highways that were temporarily closed for the occasion.
Demands raised by the organizers of Saturday's protests include an end to the combustion engine, climate-neutral transport by 2035, a speed limit on the autobahn and a strong German climate policy package.
Environmental groups say the trend toward bigger and more powerful cars, particularly SUVs, is eating into the fuel efficiency gains of recent decades.
On Thursday, when the Frankfurt Motor Show officially opened, Greenpeace activists unfurled large banners branding the models on display "climate killers."
Despite business owners’ efforts to set up the best offsite meetings, many employees dread attending them. As a business owner, you might want to host one of the few great offsite meetings. After all, your company’s success could depend on it.
These meetings are a great opportunity to build relationships. However, if you fail to plan a fun and exciting yet educational meeting with your team, you will improve your company’s productivity levels.
Read this post to learn about the best offsite meeting ideas to inspire your team.
One of the best ways to inspire your team is to revisit your company values.…
The post 5 Best Offsite Meeting Ideas To Inspire Your Employees appeared first on SMALL BUSINESS CEO.
DETROIT (AP) — Leaders of the United Auto Workers union have extended contracts with Ford and Fiat Chrysler indefinitely, but the pact with General Motors is still set to expire Saturday night.
The move, plus a widening corruption investigation of union leadership, puts added pressure on bargainers for both sides as they approach the contract deadline and the union starts to make preparations for a strike.
The union has picked GM as the target company, meaning it is the focus of bargaining and would be the first company to face a walkout. GM's contract with the union is scheduled to expire at 11:59 p.m. Saturday.
It's possible that the four-year GM contract also could be extended or a deal could be reached, but it's more likely that 49,200 UAW members could walk out of GM plants as early as Sunday because union and company demands are so far apart.
Picket line schedules already have been posted near the entrance to one local UAW office in Detroit.
Art Wheaton, an auto industry expert at the Worker Institute at Cornell University, expects the GM contract to be extended for a time, but he says the gulf between both sides is wide.
"GM is looking through the windshield ahead, and it looks like nothing but land mines," he said, citing a possible recession, trade disputes and the expense of developing electric and autonomous vehicles. "I think there's really going to be a big problem down the road in matching the expectations of the union and the willingness of General Motors to be able to give the membership what it wants."
Plant-level union leaders from all over the country will be in Detroit on Sunday to talk about the next steps, and after that, the union likely will make an announcement.
But leaders are likely to face questions about an expanding federal corruption...
DETROIT (AP) — The Latest on the possibility of a United Auto Workers strike against General Motors (all times local):
United Auto Workers President Gary Jones remains in power after a meeting of union officials held to discuss UAW business.
Spokesman Brian Rothenberg says nothing changed after the meeting and that Jones and Vance Pearson are still in office. Pearson is a district director from the St. Louis area.
The executives met at a Detroit Metropolitan Airport hotel on Friday, a day after federal authorities unveiled charges against Person in a widening union corruption probe.
After the meeting, Jones' driver and others physically blocked an Associated Press reporter from trying to approach him to ask questions. Jones has not been charged in the case.
The corruption scandal is complicating contract talks with General Motors. The union's contract with the company expires Saturday night.
The United Auto Workers union has extended its national contracts with Ford and Fiat Chrysler, but the pact with General Motors is still set to expire on Saturday night.
GM has been picked as the union's target company, meaning it's the focus of bargaining and will be the first company to face a strike. The four-year contract with GM will expire at 11:59 p.m. Saturday.
Experts say a strike against GM is likely given the wide gulf between the union and company on wages, plant closures and other issues.
One Detroit local union hall already has posted picket line schedules with no dates attached.
A strike against General Motors looms large as contracts with the United Auto Workers and Detroit's three automakers is about to expire.
The union's national agreements with GM, Ford and Fiat Chrysler...
WASHINGTON (AP) — The U.S. government is fining Japan Airlines $300,000 for delays that trapped passengers on two grounded planes for hours.
Under an agreement with the Transportation Department, the airline gets credit for $60,000 spent compensating passengers, and $120,000 will be waived if the airline avoids similar incidents for one year.
The department says that after bad weather forced a Jan. 4 flight from Tokyo to New York to land in Chicago, airline staff needed to help passengers off the plane didn't show up for more than four hours.
On May 15, a Tokyo-New York flight diverted to Dulles Airport near Washington, where passengers were stuck on board for five hours because of refueling and crew members reaching the end of their shift.
The airline blamed the delays on weather-related airport congestion.
SAN FRANCISCO (AP) — Walt Disney Co. CEO Robert Iger has stepped down from Apple's board of directors as the two companies prepare to launch competing video streaming services aimed at market leader Netflix.
Apple disclosed Iger's departure in a regulatory filing Friday, but his resignation became effective Tuesday. That's the same day that Apple announced its long-awaited video streaming service will debut Nov. 1 and cost only $5 per month, less than half the price of Netflix's most popular plan.
Disney is gearing up to launch a video streaming service for $7 per month later in November.
The dueling services raised potential conflicts of interest that apparently prompted Iger to step down after spending nearly eight years on Apple's board.
Apple praised Iger as an "exemplary" board member and one of its "most trusted business partners" in a statement.
Iger responded in kind. "Apple is one of the world's most admired companies, known for the quality and integrity of its products and its people, and I am forever grateful to have served as a member of the company's board," he said in a statement.
Iger, 68, became intertwined with Apple in 2006 when he negotiated a $7.4 billion deal to buy computer animation studio Pixar, a company run by Steve Jobs. That made the Apple co-founder Disney's largest shareholder, and Jobs took a seat on Disney's board, which he held until his death in 2011.
Now both companies are taking aim at the rapidly growing video streaming market — a field that Netflix pioneered along the way to amassing more than 150 million subscribers worldwide. But the intensifying competition could slow Netflix's growth, a threat that came into sharper focus earlier this summer when the company disclosed its first quarterly decline in U.S. subscribers since...
NEW YORK (AP) — Madewell, the fast-growing brand owned by J.Crew, has filed to become its own separate public company.
Known for its jeans, Madewell has thrived as J.Crew has fallen out of fashion. In the most recent quarter, sales at established J.Crew stores fell 4%, while they rose 10% at Madewell.
Other fashion companies are also looking to break out their more popular brands. Gap Inc. plans to split into two independent publicly traded companies, with the low-priced Old Navy spun out on its own.
Madewell, which has 132 stores, didn't say how much money it planned to raise in its initial public offering or which stock market its shares would trade on.
WASHINGTON (AP) — Lawmakers investigating the market dominance of Big Tech on Friday asked Google, Facebook, Amazon and Apple for a broad range of documents, marking a step forward in Congress' bipartisan probe of the companies.
Letters went out to the four companies from the leaders of the House Judiciary Committee and its subcommittee on antitrust, which has been conducting a sweeping investigation of the companies and their impact on competition and consumers. The lawmakers are seeking a detailed and broad range of documents related to the companies' sprawling operations, including top executives' internal communications.
The move comes as scrutiny of the big tech companies deepens and widens across the federal government and U.S. states and abroad. The Justice Department and the Federal Trade Commission are conducting competition investigations of the companies, and state attorneys general from both major political parties have opened antitrust investigations of Google and Facebook. The probe of Google has drawn participation by 50 states and territories.
"We have to act if we see that they're breaking the law," Rohit Chopra, one of the FTC commissioners, said Friday in an interview on CNBC. Chopra, a Democrat, wouldn't confirm specifically names of companies that could be under investigation, but he said the agency is consulting closely with the Justice Department and the state attorneys general as their work proceeds.
Also Friday, the European Union's powerful competition chief indicated that she's looking at expanding regulations on personal data, dropping an initial hint about how she plans to use new powers against tech companies. Margrethe Vestager said that while Europeans have control over their own data through the EU's world-leading data privacy rules, they don't address problems stemming from the...
Lawmakers ask 4 big tech companies for documents in probe
WASHINGTON (AP) — Lawmakers investigating the market dominance of Big Tech are asking Google, Facebook, Amazon and Apple for a broad range of documents including internal communications. Letters went out to the four companies on Friday from the leaders of the House Judiciary Committee and its subcommittee on antitrust, which has been conducting a sweeping antitrust investigation of the companies and their impact on competition and consumers. The companies have said they'll cooperate fully with the probe.
China to lift punitive tariffs on US soybeans, pork
BEIJING (AP) — Washington wants Beijing to roll back plans for state-led development of leaders in robotics and other technologies. The United States, Europe and other trading partners argue that those plans violate China's free-trade commitments. Some American officials worry that they will erode U.S. industrial leadership.
US Treasury sanctions 3 North Korean hacking groups
WASHINGTON (AP) — Three North Korean hacking groups suspected of perpetrating cyberattacks around the world have been placed on a U.S. sanctions list. The Treasury Department's action draws attention to the isolated nation's illegal efforts to fund its nuclear and ballistic missile programs. The U.S. says the three groups are controlled by the North Korean government. One was behind the WannaCry ransomware, which froze 300,000 computers across 150 countries in 2017.
PG&E reaches $11B deal with California wildfire insurers
SAN FRANCISCO (AP) — Pacific Gas & Electric has agreed to pay $11 billion to a group of insurance companies representing claims from deadly 2017 and 2018 Northern California wildfires as the company tries to emerge from bankruptcy. The...
U.S. stock indexes closed mostly lower Friday as a decline in technology stocks offset a strong performance by Wall Street banks.
The S&P 500 notched its third straight weekly gain. Bond yields rose sharply after the government reported that Americans kept spending money in August. Investors were looking ahead to next week, when the Federal Reserve is expected to announce another interest rate cut.
The S&P 500 index slipped 2.18 points, or 0.1%, to 3,007.39.
The Dow Jones Industrial Average rose 37.07 points, or 0.1%, to 27,219.52.
The Nasdaq fell 17.75 points, or 0.2%, to 8,176.71.
The Russell 2000 index of smaller-company stocks gained 3.07 points, or 0.2%, to 1,578.14.
For the week:
The S&P 500 rose 28.68 points, or 1%.
The Dow gained 422.06 points, or 1.6%.
The Nasdaq added 73.64 points, or 0.9%.
The Russell 2000 picked up 72.97 points, or 4.9%.
For the year:
The S&P 500 is up 500.54 points, or 20%.
The Dow is up 3,892.06 points, or 16.7%.
The Nasdaq is up 1,541.44 points, or 23.2%.
The Russell 2000 is up 229.58 points, or 17%.
The S&P 500 notched its third straight weekly gain Friday, even as the major U.S. stock indexes ended the day mostly lower.
A slide in technology stocks, along with losses in consumer-focused and real estate companies, offset solid gains elsewhere in the market, including big Wall Street banks and industrial stocks.
Bond yields rose sharply after the government reported that Americans kept spending money in August, particularly on cars.
An easing of tensions in the costly trade war between the U.S. and China bolstered the market this week, renewing hope among investors that a new round of negotiations slated to begin next month may yield some progress.
Investors are now looking ahead to next week, when the Federal Reserve is expected to announce another interest rate cut. The central bank lowered its benchmark interest rate in July by a quarter point, its first cut in a decade, in a bid to help maintain U.S. economic growth.
"When you have a run like we had, the market tends to pull back," said Quincy Krosby, chief market strategist at Prudential Financial. "Going into the Fed meeting next week, there may be a little bit of caution."
The S&P 500 index slipped 2.18 points, or 0.1%, to 3,007.39. With a gain of about 1% this week, the benchmark S&P 500 moved closer to its all-time high of 3,025.86 set on July 26.
The Dow Jones Industrial Average posted its eighth straight gain, rising 37.07 points, or 0.1%, to 27,219.52.
The technology heavy Nasdaq fell 17.75 points, or 0.2%, to 8,176.71. The Russell 2000 index of smaller-company stocks gained 3.07 points, or 0.2%, to 1,578.14.
Smaller-company stocks were the big winners for the week as the Russell 2000 climbed 4.9%. The smaller, U.S.-focused companies in the Russell are seen as more insulated from the...
NEW YORK (AP) — Stocks that moved substantially or traded heavily on Friday.
Broadcom Inc., down $10.26 to $290.32
The chipmaker maintained a weak revenue forecast for the year and warned that demand remains low.
PG&E Corp., up $1.08 to $11.18
The utility and a group of insurers reached an $11 billion settlement to cover most of the claims from wildfires in California in 2017 and 2018.
The Progressive Corp., down $4.30 to $72.68
The insurance company reported a decline in net income during August.
Apple Inc., down $4.33 to $218.75
The technology company and several of its peers are being asked for internal documents as part of a congressional antitrust investigation.
UnitedHealth Group Inc., up $4.59 to $233.61
The health insurance company and several of its peers were among the day's strongest gainers.
Bank of America Corp., up 50 cents to $30.17
The bank and its peers are benefiting from a weeklong rise in bond yields, which help them set more lucrative interest rates for loans.
Freeport-McMoRan Inc., up 39 cents to $10.76
The mining company benefited from a spike in copper prices amid easing trade tensions between the U.S. and China.
Tyson Foods Inc., up $1.70 to $85.17
The food producer was seen as a beneficiary as China moved to lift tariffs on certain products, including pork.
NEW YORK (AP) — WeWork's parent company announced major changes in its corporate governance practices Friday as it revealed plans to list shares on the Nasdaq.
The office-sharing company is pressing on with its highly anticipated stock market debut — expected later this month — despite doubts about its ability to make money and decisions that have raised commitment and conflict of interest concerns about CEO Adam Neumann.
WeWork's parent company, The We Company, said it was cutting by half — to 10 per share from 20 — the voting power of highest-class shares that Neumann and others would have after the IPO.
The company's full board of directors also will have the power to remove the Neumann as CEO and appoint a successor, instead of relying on a three-member board committee that would have included his wife, Rebekah Neumann. Adam Neumann would still control a majority of its outstanding voting power, giving him the ability to dictate the outcome of major decisions.
The We Company, announced the changes in a regulatory filing Friday in response to market feedback
Investors have shown lukewarm interest since WeWork outlined its IPO plans last month, painting a picture of breakneck expansion on the back of massive losses, with no clear path to profitability.
The New York-based company is considering pricing its shares in the IPO at valuation of between $15 billion and $20 billion, considerably less the estimated $47 billion that private investors have assigned to it, according to news reports and a source familiar with the discussions.
Neumann, a 40-year-old charismatic CEO who has been the face of the company, has created a stir by using some of his WeWork stock to secure a $500 million personal loan, and selling some of his shares. He has raised conflict of...
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are closing mostly lower Friday as a decline in technology stocks offsets a strong performance by Wall Street banks.
Apple dropped 1.9% and Broadcom fell 3.4% after the chipmaker warned that demand remains weak.
JPMorgan rose 2% and Citigroup gained 1.6%. Banks were bolstered by the action in the bond market, where the yield on the 10-year Treasury jumped to 1.90% from 1.79% a day earlier.
The S&P 500 fell 2 points, or 0.1%, to 3,007, but finished with a weekly gain of 1%. The Nasdaq, which has a heavy weighting of tech stocks, slipped 17 points, or 0.2%, to 8,176.
The Dow Jones industrials posted its eighth straight gain, rising 37 points, or 0.1%, to 27,219.
Stocks are having a mixed performance so far on Wall Street Friday as gains in banks and health care companies are offset somewhat by a drop in technology stocks.
The Dow Jones industrials rose 59 points, or 0.2%, to 27,241. The index has risen for seven consecutive days.
Tech stocks are lower after leading the market's gains the past two days. Apple fell 2%.
The S&P 500 is up 3 points, or 0.1%, to 3,012, and is about 13 points below its all-time high. But the Nasdaq, which has a heavy weighting of tech stocks, slipped 5 points, or 0.1%, to 8,188.
Bonds continued their recent sell-off. The yield on the 10-year Treasury, which moves inversely to the price, rose to 1.87%. That helped bank stocks, with JPMorgan rising 1.7%.
Stocks are having a mixed performance early on Wall Street Friday as gains in banks and energy companies are offset somewhat by a drop in technology stocks.
The Dow Jones industrials rose 45 points, or 0.1%,...
BEIJING (AP) — China will lift punitive tariffs imposed on U.S. soybeans and pork in a trade war with Washington, a state news agency said Friday, adding to conciliatory gestures by the two sides ahead of negotiations.
China will suspend tariff hikes on soybeans, pork and some other farm goods, the Xinhua News Agency said, citing the Cabinet planning agency and the Commerce Ministry. Beijing "supports domestic companies in purchasing a certain amount of U.S. farm produce," it said, but it gave no details.
The move follows President Donald Trump's decision Wednesday to postpone a planned Oct. 1 tariff hike on Chinese imports to Oct. 15.
Hopes are growing that the two sides might defuse the prolonged dispute that is threatening global economic growth. But there has been no sign of progress on the main issues in their sprawling conflict over trade and technology.
Beijing's decision to restore access to low-cost U.S. soybeans also would help Chinese pig farmers who use soy as animal feed. They are reeling from an epidemic of African swine fever that has caused pork prices to soar.
Phone calls to the commerce and finance ministries weren't answered on Friday, a national holiday in China.
"China has a huge market, and the prospects for importing high-quality U.S. farm produce are broad," Xinhua said. "China hopes the United States will be true to its word, make progress on its commitments and create favorable conditions for bilateral agricultural cooperation."
Beijing imposed 25% tariffs on American farm goods last year in response to Trump's tariff hikes on Chinese goods. Importers were ordered to stop buying soybeans, the biggest U.S. export to China.
China targeted farm goods, hurting rural areas that supported Trump in the 2016 presidential election.
NEW YORK (AP) — Whole Foods, the grocery chain owned by Amazon, is cutting health care benefits for its part-time workers, a move that could leave about 1,900 of its employees without medical coverage.
Starting next year, Whole Foods employees have to work at least 30 hours a week to qualify for its health care benefits, up from the 20 hours a week it currently requires.
The grocer, which has about 95,000 workers, said it is making the change "to better meet the needs of" its business. Whole Foods said it is helping worker explore full-time jobs at its stores or find other ways to get health care coverage.
Online shopping giant Amazon.com Inc. bought Whole Foods two years ago for nearly $14 billion, cutting prices on some items and adding its smile logo in its aisles.
News of the benefits change was first reported by Business Insider.
WASHINGTON (AP) — Three North Korean hacking groups suspected of perpetrating cyberattacks around the world were placed on a U.S. sanctions list on Friday, drawing attention to the isolated nation's illegal efforts to fund its nuclear and ballistic missile programs.
The Treasury Department said the so-called Lazarus Group, Bluenoroff and Andariel are controlled by the North Korean government. It said Lazarus Group was behind the devastating WannaCry ransomware, which froze 300,000 computers across 150 countries in 2017, and the destructive cyberattack against Sony Pictures Entertainment in 2014.
The U.S. government's action makes it easier to seize any assets the hacking groups may have within the jurisdiction of American financial institutions, though they are likely to be limited if they exist at all.
It may also have been intended to send a message and bring North Korea's behavior into the light, said John Hultquist, director of intelligence analysis at cybersecurity firm FireEye.
"(T)hat's important because this isn't about two governments, this is about North Korea and the private financial sectors of countries all around the world," Hultquist said. "It's important to put a flag on it and get this information out there, even if it will come to no avail."
U.N. experts have recently delved into North Korean use of cyberattacks to illegally raise money for weapons of mass destruction programs, investigating at least 35 instances in 17 countries. They have called for sanctions against ships providing gasoline and diesel to the country.
A summary of a U.N. experts report found that North Korea illegally acquired as much as $2 billion from its increasingly sophisticated cyber activities against financial institutions and cryptocurrency exchanges.
WASHINGTON (AP) — U.S. retail sales rose moderately in August, driven higher by a jump in auto buying and healthy online sales, evidence that consumers are still spending enough to support growth.
The Commerce Department said Friday that retail sales increased 0.4% last month, down from a strong 0.8% in July.
There were also signs that consumers have become more cautious. Excluding autos, sales were unchanged for the first time since February.
The data follows signs that consumer confidence, while still strong, has slipped a bit as the U.S.-China trade war has intensified. U.S. businesses have cut back on their investment and expansion plans amid the trade war's uncertainty and exports have declined. That has left consumers as a key source of growth.
The economy is still creating jobs, though at a slower pace than last year, and wages are rising at a decent rate. That should continue to underpin Americans' ability to spend.
Retail sales have been strong for most of this year, and most economists have expected sales to slow from that healthy pace.
Ian Shepherdson, chief economist at Pantheon Macroeconomics, said that consumer spending will likely be healthy through the July-September quarter, but then weaken in the final three months of the year.
"For now, the consumer looks strong, but the outlook is deteriorating as confidence falters in the face of the tariffs and, over the next few months, slowing job gains," Shepherdson said.
Sales at restaurants and bars, an indicator of Americans' discretionary spending, fell 1.2%, the steepest drop in nearly a year. Sales at grocery stores, clothing shops, and furniture stores also fell. General merchandise stores, which include chain retailers such as Walmart and Target, reported a 0.3% drop.
Online sales continued to soar,...
Ford is recalling more than 300,000 of its 2017 Ford Explorer vehicles because of a sharp seat frame edge.
The automaker said Friday that there have been 31 reports of hand injuries.
Ford Motor Co. said users could come in contact with the sharp edges when reaching between the power front seat and center console. The vehicles were made at a Chicago plant from Feb. 13, 2016 to Oct. 25, 2017.
It is recalling 311,907 vehicles in the United States and federal territories, 23,380 in Canada and 3,045 in Mexico.
Dealers will install flocked tape to the exposed edge and tab on the inboard side of the power seat frames. Users are advised to use caution and avoid contact with the seat frame edge until the repair is completed.
Whether you are launching a startup or have spent several years establishing your business, growth is essential for success. Every small business, regardless of which industry it is in, benefits from generating new clients as well as encouraging repeat customers to purchase products or services again.
Implementing these five strategies is an excellent way to grow your business quickly to help it reach its full potential.
Before you even launched your business, you determined who your target audience was. However, it is not enough simply to know who your products or services appeal to.…
By Andrew Kirk A proposed housing development could increase West Richland’s population by about 15 percent. The Heights at Red Mountain Ranch will add 563 single-family residential lots on 148 acres with the option of later adding 226 multi-family homes on 36 more acres. The first phase of the 10-phase project—expected to begin this fall—includes 105…
The post West Richland approves massive housing development on 148 acres appeared first on Tri-Cities Area Journal of Business.
By Andrew Kirk Plans for a public market at the Port of Pasco wharf next to the cable bridge hit a snag, but the idea is not dead in the water, said Gary Ballew, the port’s director of economic development and marketing. The port recently completed a detailed inspection of the wharf, which included professional…
The Port of Kennewick’s three commissioners have been outspoken as costs pile up for an independent investigation involving two of them that was prompted by the third. Commissioner Skip Novakovich filed an anonymous complaint as a citizen alleging unprofessional behavior during a testy closed-door meeting about the sale of land near Vista Field. It ultimately…
The post Kennewick port commissioners face sanctions, appeal following complaint appeared first on Tri-Cities Area Journal of Business.
By Andrew Kirk A major milestone has been reached at the massive radioactive waste treatment plant under construction at the Hanford nuclear reservation. Treatment of low-level waste—which makes up 90 percent of what’s in the aging tanks at the Hanford site—is scheduled to begin in 2023. That was the message during the U.S. Department of…
The post Officials celebrate vit plant milestone with control room opening appeared first on Tri-Cities Area Journal of Business.
Marcus Aranda, Project coordinator for Veolia Nuclear Solutions Federal Services Age and hometown: 32, Pasco How long have you worked at Veolia? 4 years Describe your company: Veolia Nuclear Solutions Federal Services specializes in the facility clean up and treatment of radioactive waste. Specifically at the 222-S Laboratory, VNSFS performs the analytical services production functions.…
Dee Boyle, Brand strategist at BrandCraft Marketing in Kennewick Age and hometown: 25, Pasco How long have you worked at BrandCraft Marketing? 2 years Describe your company: BrandCraft Marketing is a growth marketing firm driven by performance. We believe in well-thought strategy and execute with unrivaled marketing services through our team that contains vast and…
Meaghan Brooks, Mobile branch financial service specialist at HAPO Community Credit Union Age and hometown: 37, Richland How long have you worked at HAPO? 1 year, 3 months Describe your company: HAPO is definitely not a bank. We are a proud credit union that puts our members first. Our primary focus is to offer products…
Ellicia Elliott, Artistic director and co-founder of The Rude Mechanicals Age and hometown: 39, Kennewick How long have you worked for The Rude Mechanicals? 6 years Job title: Artistic director, co-founder of The Rude Mechanicals, as well as an adjunct professor at Walla Walla University teaching theater classes and directing the fall play, “Ada and…
Brandon Lange, Recreation, facility and marketing supervisor for the City of Kennewick Age and hometown: 34, Moses Lake How long have you worked for the City of Kennewick? 9 years Describe your company: The largest of the Tri-Cities is Kennewick. It stretches 29 square miles and features a variety of sporting and recreational activities, entertainment,…
Dr. Antonio Lopez-Ibarra, President and founder of Tri-City Dental Care in Kennewick Age and hometown: 34, Yakima How long have you worked at Tri-City Dental Care? 2 years Describe your company: Our mission includes two parts: ultimate dental comfort and edifying our community. We are a dental spa that prides itself in offering the most…
Managing employees situated in different locations around the globe isn’t easy. Hiring remote workers has a number of challenges. Reviewing their work and providing timely feedback is can be difficult since you can’t physically monitor them.
But most businesses (especially startups and small companies) find hiring remote employees to be very beneficial. Here are some of the benefits:
If your company has multiple remote workers, it will be a challenge to keep all of them coordinated and productive.…
The post 5 Tips to Help You Manage Remote Employees Effectively appeared first on SMALL BUSINESS CEO.
Botnets, a collection of Internet-connected devices compromised by malware and under the control of a botnet “herder”, pose a significant threat to the cybersecurity of both the owners of the devices and the rest of the Internet at large.
photo credit: Obsydistone / Wikia
The security impacts of botnets for the Internet arise from the fact that they are designed to be used to amplify the botnet herder’s ability to perform large-scale cyberattacks. A common example of this is a Distributed Denial of Service (DDoS) attack, where many devices work together to overwhelm and take down an organization’s website. As botnets grow larger and easier to create, organizations increasingly need to deploy robust DDoS protection solutions to help protect their Internet presence.…
Property is one of the largest expenses for any business, whether that means renting a storefront or purchasing a warehouse, but expense isn’t the only challenge facing business owners.
When it comes to investing in real estate, business owners need to project well into the future, determining whether a property will still meet their needs a few years down the line. Companies don’t want to be trapped with a too-small property because they already took out a loan on it, but they also don’t want to overpay on a rental they plan to remain in for years to come. So how should a business owner decide?…
The post Buy Or Lease? Exploring Property Options For Your Business appeared first on SMALL BUSINESS CEO.
One of the most critical parts of running a business is hiring the right people. It doesn’t matter if you’re looking for permanent employees or part-time, per-project workers, you’ll always need the most competent people to get the job done. This is one of the primary purposes of an HR department: finding the best human resources that will help your organisation achieve its goals.
However, there are also plenty of reasons you should consider getting the help of a staffing solutions firm to hire talent. In fact, it may even be the best course of action you can take. Below, we identify just a few of the myriad ways a professional staffing firm can benefit your business.…
The post 6 Reasons Your Business Needs the Help of a Staffing Firm appeared first on SMALL BUSINESS CEO.
Not every leader has the foresight or faith of Norm Miller, which is perhaps why Gallup’s research indicates that only 14% of workers feel inspired to grow after receiving performance reviews. Yet Miller’s not exactly radical; he just takes a fresh approach to managing a workforce.
As Interstate Batteries’ board chairman and former CEO, Miller leads from a humble, centered place. Not only does he shower his employees with resources and investment, but he carries his religious beliefs wherever he goes. It’s a beautiful blend of fiscal and people stewardship that’s resulted in a $2 billion company fueled by his creativity, risk tolerance, and spirituality.…
If you are a business manager or leader, it is important to stay ahead of the game in your niche. It can be all too easy to become stuck in a set way of thinking and carrying out business processes, yet being flexible and adaptable to change is essential if a business is to thrive in a changing market.
Here are some quick tips to sharpen and improve your skills as a business leader.
Being open-minded means that, as a business leader, you are available to new opportunities and ways of doing things. Even if some of your business processes are already successful, it doesn’t mean they can’t be improved upon.…
The post 5 Ways to Improve your Skills as a Business Leader appeared first on SMALL BUSINESS CEO.
There is a growing number of Australian establishments that require the services of professional cleaning companies. This has become one of the fastest-growing service-related sectors in the Australian market. Starting your very own cleaning service business can be tricky if you do not know where to start.
Here is how you can have your very own commercial cleaning company.
The first thing you would want to establish is the type of clients that you wish to serve. There are cleaning services that cater to commercial establishments like offices, malls, and the like. There are also companies that focus more on medical and healthcare cleaning.…
Big Data has taken over the mainstream headlines for the last decade or so, and continues to be one of the most featured technologies in the headlines today.
Forget the attention-catching headlines and talk of a new dot com collapse for businesses that don’t adopt Big Data for a while. Think of the other implications of adopting Big Data for your business. Surely, a massive undertaking such as a whole network of servers dedicated to crunching your data isn’t going to be cheap, right?
Like most questions related to technology, it’s not very simple to answer that question. After all, both enterprises and SMEs have gotten onto the Big Data train, and if the researchers are to be believed, the ramifications are going to be massive.…