WeWork’s $47 billion valuation was always a fiction created by SoftBank

Masayoshi SonAlessandro Di Ciommo | NurPhoto | Getty ImagesWhen business school professors are writing their WeWork case studies years from now, one of the biggest practical lessons may be this: WeWork should have taken far less money from SoftBank’s Masayoshi Son.The plight of WeWork over the past several months has cast SoftBank in the role of mafia boss. SoftBank invested a lot of money — $10.65 billion — in a company that it expected to go public at a valuation higher than $47 billion. As anyone who’s watched a mafia…

Zuckerberg won’t answer for the Libra Association at Wednesday’s congressional hearing

Lawmakers on the House Financial Services Committee are hoping to get answers straight from the top about Facebook’s new cryptocurrency plans at Wednesday’s hearing.Less than satisfied with responses at a July hearing from David Marcus, the executive in charge of Facebook’s libra project, committee members called on Facebook CEO Mark Zuckerberg to testify in front of the committee himself. »I think it is imperative that we get Mr. Zuckerberg before the committee, » Rep. Sylvia Garcia, D-Tex., said at the time. « Obviously this is his brainchild and this is…

Lori Loughlin among those facing new charges in U.S. college admissions scam

BOSTON (Reuters) – Actress Lori Loughlin is facing a new bribery charge after federal prosecutors on Tuesday said they brought additional charges against 18 wealthy parents, university athletic officials and others accused of participating in the largest U.S. college admissions scam ever uncovered. FILE PHOTO: Actor Lori Loughlin, and her husband, fashion designer Mossimo Giannulli, leave the federal courthouse after facing charges in a nationwide college admissions cheating scheme, in Boston, Massachusetts, U.S., April 3, 2019. REUTERS/Brian Snyder/File PhotoThe “Full House” star is one of 11 parents hit with new…

ServiceNow stock drops as CEO leaves for Nike, replaced by former SAP leader McDermott

Bill McDermottAnjali Sundaram | CNBCShares of enterprise software company ServiceNow fell as much as 15% after hours on Tuesday after the company said Bill McDermott, who recently stepped down as CEO of SAP, is joining ServiceNow later this year to become its new CEO. ServiceNow stock is now down about 12%.John Donahoe, the current CEO, is leaving ServiceNow to become the new CEO of Nike, according to a statement.Donahoe, who is set to start as Nike CEO in January 2020, will stay on as CEO through the transition will stay…

Google’s Pixel 4 is already $100 off on Amazon

Google’s Pixel 4 doesn’t come out until Thursday, but it’s already discounted on Amazon, where you can buy a 64GB Pixel 4 in “clearly white” right now for $699.99. That’s $100 cheaper than its usual starting price of $799. The Pixel 4 is a pretty solid phone, so this is a nice way to save a good amount on Google’s latest flagship. It also makes it the same price as Apple’s 64GB iPhone 11 — so if you’ve been trying to decide between which to buy, this deal makes that…

Brexit bill ‘in limbo’ as MPs reject timetable

Media playback is unsupported on your device MPs have rejected plans to examine the PM’s Brexit bill in three days, leaving the legislation « in limbo ». The Commons supported the Withdrawal Agreement Bill earlier, but voted against the short timetable. Earlier, the PM warned he would seek an election if MPs dismissed the plan and the EU granted an extension to 31 October Brexit deadline. After the vote, he told the Commons he would « pause » the legislation until he had spoken to EU leaders. A spokesman from…

Turkey Syria offensive: Erdogan and Putin strike deal over Kurds

Turkey and Russia have agreed what they called a « historic » deal over military action against Kurds in northern Syria after a marathon diplomatic meeting. The two powers had both stationed troops on the Turkey-Syria border after US troops withdrew from the area. Turkey launched an offensive against Syrian Kurdish militias, parts of which it considers a terrorist group. Now, Russia and Turkey will conduct joint patrols on the border, changing the power dynamic in the area. The new deal came just ahead of the expiry of a ceasefire…

Snap to report third-quarter results after the bell

Snap co-founder and CEO Evan Spiegel speaking at the 2018 Code Conference on May 29th, 2018.Asa Mathat | Vox MediaSnap, the maker of Snapchat, is expected to report its third-quarter results after bell on Tuesday.With the stock price up over 150% this year, investors will be looking for signs that the company can maintain momentum from a strong first half of 2019.Here’s what analysts expect:Loss per share: 5 cents expected, according to RefinitivRevenue: $435.1 million expected, according to RefinitivGlobal daily active users (DAUs): 207 million expected, according to FactSetAverage revenue…

Disney is ‘not fixated’ on lower price of Apple’s streaming service, CEO Bob Iger says

Disney is not too concerned about the price of streaming services from Apple and other competitors, CEO Bob Iger told CNBC on Tuesday. »We’re not really worried about competition in terms of pricing because we have such a unique product, » Iger said on « The Exchange. » »We’re very, very different than any other service that is out there, » Iger added, ticking off a litany of the content Disney+ will offer when it launches Nov. 12.Those offerings « in one service, on one app » include new and…

Season of discontent: protests flare around the world

(Reuters) – Another day, another protest. A demonstrator rides a bicycle past an improvised bonfire during a protest against the increase in subway ticket prices in Santiago, October 19. REUTERS/Ivan AlvaradoOn Monday it was Bolivia – angry people clashed with police after the political opposition said it had been cheated in an election won by incumbent President Evo Morales. Last week, the streets of the Chilean capital Santiago descended into chaos, as demonstrators enraged by a hike in public transport fares looted stores, set a bus alight and prompted the…

Loughlin among parents, others facing new charges in U.S. college admissions scandal

FILE PHOTO: Actor Lori Loughlin, and her husband, fashion designer Mossimo Giannulli, leave the federal courthouse after facing charges in a nationwide college admissions cheating scheme, in Boston, Massachusetts, U.S., April 3, 2019. REUTERS/Brian Snyder/File PhotoBOSTON (Reuters) – Federal prosecutors on Tuesday said they had brought additional charges against 18 wealthy parents, former university athletic officials and others accused of participating in the largest U.S. college admissions scam ever uncovered. Among those facing new charges are 11 parents including “Full House” star Lori Loughlin, who federal prosecutors in Boston say…

MPs reject Brexit bill timetable

MPs have rejected a proposal to examine Boris Johnson’s Brexit bill in the Commons in three days. The Commons supported the Withdrawal Agreement Bill earlier, but have now voted against the short timetable. Earlier, the PM warned he would seek an election if MPs dismissed the plan and the EU granted an extension to 31 October Brexit deadline. But a number of members said three days did not give them enough time to scrutinise the 110-page bill. Source: The Guardian

WeWork’s former CEO got paid $185 million to step down — here’s how other CEOs’ salaries compare

Nice job, even if you lose it.As SoftBank takes control of WeWork in a deal that will value the company at between $7.5 billion and $8 billion, former CEO Adam Neumann is getting paid $185 million to walk away from the company, CNBC has reported.That’s more than the top annual compensation last year for CEOs who kept their jobs.In addition to a $185 million consulting fee, Neumann’s parachute includes $1 billion for his shares in the company and a $500 million credit line to help repay his loans to J.P.…

Spotify is giving Premium subscribers a free Google Home Mini

If you’re a Spotify Premium subscriber, Spotify is offering you a Google Home Mini for free now through November 15th, or until supplies run out (via Business Insider). Before you try to jump on this offer, note that the deal is for the previous generation of Google’s smallest smart speaker, not the newly released Nest Mini. And some circumstances will rule you out of the promotion (more on that later). But if you qualify, it’s a great way to get a $50 smart speaker as part of your monthly Spotify…

Boris Johnson’s Brexit bill clears first hurdle

MPs have backed Boris Johnson’s Brexit bill through its first Commons stage. A total of 329 MPs voted for the bill – which would lead to Brexit becoming law – but they are yet to agree to push it through the Commons in three days. If MPs reject the timetable and the EU offers an extension to the Brexit deadline, Mr Johnson has threatened to pull the bill and seek an election. But a number of MPs said three days did not give them enough time to scrutinise the 110-page…

Trump calls impeachment inquiry ‘a lynching’

Media playback is unsupported on your device US President Donald Trump has called the congressional impeachment investigation that may seek to remove him from office « a lynching ». Mr Trump condemned the inquiry in a tweet as « without due process or fairness or any legal rights ». But Democrats were outraged at the president for invoking such a grim and racist chapter from US history. Lynching refers to historic extrajudicial executions by white mobs mainly against black people. White House spokesman Hogan Gidley told reporters on Tuesday that…

Chromebook 101: what’s different about the Chromebook keyboard?

One of the first shocks that you may experience when you buy your first Chromebook probably comes when you look at the keyboard. Where is the Caps Lock key? What (if you have a Pixelbook) is that strange-looking key between the Ctrl and Alt keys? What is that strange key in the top row that looks like a square with two straight lines next to it? Google has tweaked the keyboard of its Chromebooks in ways that emphasize the way in which Chrome OS differs from Microsoft Windows and Apple…

Boris Johnson to pull Brexit bill if timetable not approved

Media playback is unsupported on your device The government will abandon its Brexit bill if MPs reject its three-day timetable to pass through the Commons. Boris Johnson told MPs if the programme was rejected and the EU confirmed a delay to the 31 October exit, he would instead push for a general election. The PM said Parliament had been « caught in a deadlock of its own making », and he would « in no way allow months more of this ». But opposition MPs called the threat to pull…

Turkey Syria offensive: Erdogan threatens to resume assault when ceasefire ends

Turkey’s president has threatened to resume an offensive in north-east Syria unless Kurdish fighters withdraw from the border before a ceasefire ends. Up to 1,300 People’s Protection Units (YPG) militia members still had to pull back before 22:00 (19:00 GMT) on Tuesday, Recep Tayyip Erdogan warned. Turkish troops and allied Syrian rebels attacked on 9 October to set up a 32km (20-mile) deep « safe zone » in Syria. Mr Erdogan agreed to pause the assault last week at the request of the US. A US-led multinational coalition relied on…

Facebook advertising VP Rob Goldman announces his departure

Attendees walk past a Facebook logo during Facebook’s F8 developers conference in San Jose, California, April 30, 2019.Stephen Lam | ReutersFacebook’s vice president of advertising, Rob Goldman, announced on Tuesday that he’s leaving the social media company. »After more than 7 years, today is my last day at Facebook, » Goldman wrote in a tweet. « What I will miss most are the people, who are among the smartest and most talented I’ve ever met. I wish them all the very best in their important work. »Goldman joined Facebook in…

Zuckerberg to tell Congress that Libra crypto project will ‘extend America’s financial leadership’

Facebook founder and CEO Mark Zuckerberg arrives to testify following a break during a Senate Commerce, Science and Transportation Committee and Senate Judiciary Committee joint hearing about Facebook on Capitol Hill in Washington, DC.Saul Loeb | AFP | Getty ImagesMark Zuckerberg will testify before the House Financial Services Committee on Wednesday, telling lawmakers that the Facebook-backed Libra cryptocurrency « will extend America’s financial leadership as well as our democratic values and oversight around the world. » »While we debate these issues, the rest of the world isn’t waiting. China is…

Lyft stock jumps 5% after co-founders tell WSJ they see profitability a year earlier than expected

Lyft President John Zimmer and CEO Logan Green applaud as Lyft lists on the Nasdaq at an IPO event in Los Angeles March 29, 2019.Mike Blake | ReutersShares of Lyft jumped as much as 6.8% after co-founders Logan Green and John Zimmer said the company will be profitable on an adjusted EBITDA basis as soon as next year. If it reaches that target, it will reach profitability one year earlier than it had previously forecast.This is breaking news. Please check back for updates. Source: CNBC

Brexit in the balance: Johnson warns parliament ahead of crunch votes

LONDON (Reuters) – Prime Minister Boris Johnson warned parliament on Tuesday that if it delayed his Brexit legislation he would abandon his attempt to ratify the deal to leave the European Union and push for an election instead. As the clock ticks down to the latest Oct. 31 deadline for Britain’s departure, Brexit is hanging in the balance as a divided parliament debates when, how and even whether it should happen. After he was forced by opponents into the humiliation of asking the EU for a delay that he had…

U.S. diplomat who questioned ‘crazy’ Ukraine policy testifies in Trump probe

WASHINGTON (Reuters) – The top U.S. diplomat in Ukraine, a key witness in the impeachment inquiry against President Donald Trump, arrived on Tuesday to testify to lawmakers eager to hear about concerns he raised about Trump withholding security aid to Ukraine to help with a domestic political campaign. Acting U.S. ambassador to Ukraine Bill Taylor arrives to testify at a closed-door deposition as part of the U.S. House of Representatives impeachment inquiry led by the House Intelligence, House Foreign Affairs and House Oversight and Reform Committees on Capitol Hill in…

Google Fi makes clever use of the Pixel 4’s Dual SIM Dual Standby tech

Google’s MVNO wireless service — Google Fi — has offered certain users a unique benefit: it can piggyback on multiple networks. Depending on which one is stronger, some Android phones on Fi can use either T-Mobile, Sprint, or US Cellular. The feature is mainly used on Pixel phones, and now with the Pixel 4, Fi is taking advantage of that phone’s Dual SIM Dual Standby (DSDS) feature. DSDS does pretty much what it says: two different SIM cards can be on “standby,” aware of the state for their respective networks.…

Elizabeth Warren’s policies could drive oil prices higher and help Exxon

Democratic presidential candidate Elizabeth Warren has sent chills through the oil sector with her comments about banning fracking and off shore drilling, but her policies could drive oil prices higher if she were elected, according to Strategas Research. As the prospects of a Warren nomination have grown, so has fear that the Massachusetts Senator would take action to curb the U.S. oil industry which has turned the U.S. into the world’s largest oil producer over the last decade. The U.S. now produces about 12.6 million barrels a day, more than…

47 attorneys general are investigating Facebook for antitrust violations

New York Attorney General Letitia JamesDrew Angerer | Getty ImagesNew York State Attorney General Letitia James announced Tuesday that 47 attorneys general from states and U.S. territories plan to take part in a New York-led antitrust probe into Facebook. Shares of Facebook fell as much as 2.2% on the news.The multistate investigation was first announced in September with participation from seven other states, but it has since expanded considerably. The probe will zero in on Facebook’s dominance in the social media industry and whether it broke any state or federal laws…

47 US attorneys general are investigating Facebook for antitrust violations

New York Attorney General Letitia JamesDrew Angerer | Getty ImagesAbout 47 state attorneys general plan to take part in a New York-led antitrust probe into Facebook, New York State Attorney General Letitia James announced Tuesday. Shares of Facebook fell as much as 1.5% on the news.The multistate investigation was first announced in September. The probe is centered on Facebook’s dominance in the industry and any anticompetitive conduct related to that dominance. « After continued bipartisan conversations with attorneys general from around the country, today I am announcing that we have vastly expanded…

Disney’s Marvel to create exclusive podcasts for SiriusXM

Visitors sit under a Marvel sign at the China International Cartoon and Game (CCG) Expo in Shanghai, China July 5, 2018. Picture taken July 5, 2018. REUTERS/Stringer/File Photo(Reuters) – Walt Disney Co’s (DIS.N) Marvel Entertainment said on Tuesday it would create exclusive weekly podcasts for satellite radio company SiriusXM Holdings Inc (SIRI.O) and its online music service Pandora starting next year. The slate of programs will include five new series on popular Marvel characters such as Wolverine, Hawkeye, Black Widow and Star-Lord. “Audio is the next natural step to bring…

The Pixel 4 is more like an iPhone than any other Android phone

I’ve never been a big fan of Android, and each time I try to switch from my iPhone, I’m left frustrated. Every Android phone I pick up has a different user interface, with clumsy navigation, substandard animations, and an overall lack of polish. While the Galaxy Note 10 I’ve been testing recently does a slightly better job at some UI elements, its fingerprint reader, bloatware, and forced Bixby integration still left me wanting more. I’ve now been using Google’s Pixel 4 for nearly a week, and it’s given me hope…