The long-time cost advantage of manufacturing in China has slowly declined.Read More »
On Thursday, Amazon CEO Jeff Bezos became the richest man in the world. When Amazon's earnings missed expectations and its stock fell later that day, Bezos was dethroned by Bill Gates. As of Friday, Bezos holds the not-too-shabby title of second-wealthiest man in the world, with a net worth of $85.9 billion.
In the casino business, it’s a cliche that the house always wins. But at Wynn Resorts Ltd. last quarter, the tables turned. On Tuesday, casino billionaire Steve Wynn revealed that a junket operator in his Macau casinos -- essentially a subcontractor -- brought in clients whose winnings cost the casino more than $10 million in April, an astonishing swing for a business that can generate profit of as much as $50 million. “We had probably the most unique statistical anomaly in my 50 years of doing this,” the founder and chief executive officer of Wynn Resorts told analysts on a conference call. “And that is with enormous volume, one of our leading outlets lost money for the entire month.” The contractor
Boeing has warned Washington state economic development officials of up to 220 permanent layoffs starting Sept. 22, public records show. Boeing notified affected employees on July 11, spokesman Doug Alder said. They include Boeing Commercial Airplanes workers, Defense employees and corporate staff. The Washington state Employment Security Department received Boeing's mass layoff warning Friday. ESD spokesman Bill Tarrow said the cuts include 211 employees represented by labor unions, but that Boeing did not list specific locations in the Puget Sound region. He declined to provide more information. JOBS: Boeing CEO praises new airplanes boss Kevin McAllister for cost-cutting Boeing makes wide-body