With the rise of the gig economy, many people are turning to ridesharing platforms such as Uber and Lyft to find work. Despite the differences in the platforms, average nationwide earnings for both Uber and Lyft are comparable. A 2015 study by SherpaShare found that an average driver’s gross earnings per trip in New York City was $29.34 for UberX and $28.82 for Lyft, compared with only $11.53 for UberX and $11.36 for Lyft in Los Angeles.
Prominent members of the world’s business community are dropping out of Saudi Arabia’s Future Investment Initiative, a conference that is widely known as the “Davos of the Middle East,” after the disappearance of journalist Jamal Khashoggi, a columnist at the Washington Post. Turkey has accused Saudi Arabia of sending a large task force to murder him and dismember his body. By Sunday evening, JP Morgan CEO Jamie Dimon had pulled out, along with Ford chair Bill Ford.
The company filed for Chapter 11 protection from creditors with the U.S. Bankruptcy Court in White Plains, New York, early Monday and said Eddie Lampert is stepping down immediately as chief executive officer. At the same time, Lampert’s ESL Investments Inc. is negotiating a financing deal while also discussing buying “a large portion of the company’s store base,” Sears said in a statement. The retailer, for years called Sears, Roebuck & Co. and famous for its massive catalog, boomed in the decades after World War II along with a growing middle class.
Retiring in your 60s and 70s can seem a challenge to pull off. A few early retirees break down how they did it. Retiring comfortably in yours 60s or 70s can seem a high-wire act, so how are some people pulling it off without a wrinkle in their face?
Jim Cramer held a boot camp for investors Saturday in New York. "One of the biggest themes that we invest on is network effect," said Naomi Shah, an analyst with Union Square Ventures. "Netflix is only focused on the streaming opportunities," he said.
It was a brutal week for investors. The major indexes rallied on Friday with the Dow gaining about 1% and the Nasdaq rising more than 2%, but this move didn’t quite heal the week’s scars as each index fell more than 3%. “After Thursday’s bloodbath, US
Sears Holdings Corp.’s seemingly imminent liquidation could create some winners and many losers, according to experts. With major lenders now pressing for liquidation versus reorganization, Sears (SHLD) could soon be going out of business. The large players in the appliance category, including Lowe’s Cos. (LOW) , Home Depot Inc. (HD) , and Best Buy Co. Inc. (BBY) , stand to gain shares and scale even if there’s a temporary discounting disruption, according to UBS analysts led by Michael Lasser.
Software engineer Daren Makuck left a high-paying job at Google and took a 50% pay cut to work at a startup called Qwil. An interaction he had with Qwil CEO Johnny Reinsch convinced him it was the right career move. Makuck even refused to increase his salary when the time came, to Reinsch's surprise.
The United States sought to make currency a central part of any solution to a bruising trade fight with China, keeping the pressure on Beijing to speed up economic reforms at a gathering of world policy makers who pledged to do more to safeguard global growth. China's central bank governor Yi Gang on Saturday promised to keep the yuan currency's value "broadly stable" at International Monetary Fund and World Bank annual meetings in Bali where the IMF attempted to prod the world's two largest economies to resolve their disputes. The People's Bank of China governor's statement to the IMF steering committee echoed Fund members' to avoid competitive currency devaluations.
We're expecting reports from Bank of America, American Express, Johnson & Johnson, and Procter & Gamble.
The Center for Auto Safety, a nonprofit auto safety group, is demanding a recall of 2.9 million Hyundai and Kia cars and SUVs due to widespread reports of the vehicles catching fire. The affected vehicles include the 2011-’14 Kia Sorento, Kia Optima, Hyundai Sonata, and Hyundai Santa Fe, and the 2010-’15 Kia Soul models. “Since our call for an investigation into these Kia and Hyundai non-collision fires, we have seen reports of almost one fire every single day across these five models,” Jason Levine, the executive director of the Center for Auto Safety said in a statement.
Netflix Inc. will get the chance next week to prove its disappointing second-quarter results were just a one-off rather than a recurring problem. All eyes will once again be on subscriber growth as investors decide whether the streaming giant’s miss last quarter was really just a blip—or an indication of a more prolonged slowdown. Netflix (NFLX) announces third-quarter earnings results after next Tuesday’s closing bell.
The metal had been stuck in a rut as surging stock markets and the prospect of tighter U.S. monetary policy torpedoed any small rally bulls could muster. Gold prices had held near $1,200 since late August, with a measure of volatility sliding to an eight-month low earlier this month. “Sentiment for gold should improve given the risk rising in the equity market,” said Maxwell Gold, a director of investment strategy at Aberdeen Standard Investments, which oversees about $730 billion.
All but seven of the gauge’s 186 members fell, led by Saudi Telecom Co. and Jabal Omar Development Co. The number of shares exchanged was more than double the 30-day average. President Donald Trump said the U.S. could take “very, very powerful, very strong, strong measures” against the country if its leaders are found responsible for the Saudi citizen’s fate. The kingdom, which denies involvement in Khashoggi’s disappearance, announced it would retaliate against any punitive measures with an even “stronger” response, the Saudi Press Agency reported, citing an official it didn’t identify.
Lampert, who is also the company's largest shareholder and lender, is hoping the deal, combined with a program of divestments, will give Sears a fighting chance to escape liquidation ahead of the key holiday shopping season, the sources said. Big banks, including Bank of America Corp, Wells Fargo & Co and Citigroup Inc, are expected to provide significant portions of the financing, the sources added.
SoftBank Group Corp saw its shares drop on Monday as fallout from the disappearance of a Saudi journalist spread to the Japanese conglomerate, whose nearly $100 billion Vision Fund is almost half financed by Saudi Arabia. SoftBank's Vision Fund is the world's largest technology investment vehicle, and represents one of a number of deals group Chief Executive Masayoshi Son has sealed with the Saudi government.
You should probably circle Tuesday 4:05 p.m. in your calendar for what’s likely to be the most crucial company-specific catalyst of the week, and perhaps for the entire earnings season. That’s when streaming behemoth Netflix, the “N” in FAANG, and
Jamie Dimon of J.P. Morgan Chase will not be attending an investment a conference in Saudi Arabia next week amid concerns about the disappearance and suspected killing of journalist Jamal Khashoggi. Several executives and media outlets — including CNBC, Financial Times, CNN and The New York Times — have withdrawn from the event, citing concerns about the disappearance and suspected killing of Khashoggi. J.P. Morgan Chase JPM CEO Jamie Dimon will not be attending an investment conference in Saudi Arabia later this month, the bank told CNBC's Wilfred Frost on Sunday, amid concerns about the disappearance and suspected killing of journalist Jamal Khashoggi .
Crude oil is about to end this week with the first weekly loss in a while under the combined weight of various bearish factors, but some analysts still believe we could witness Brent at US$100 a barrel before the year’s end. Others are more guarded in their predictions, but one thing is certain: the current price volatility in the oil markets is a rare occurrence. All eyes are on Iran, but the brains behind these eyes don’t agree on the impact that U.S. sanctions will have on OPEC’s number-three producer.
Jack Ma, executive chairman of China's Alibaba Group Holding, said on Saturday he plans to open an institute to train thousands of tech entrepreneurs in Indonesia, where he is already an adviser to the government on e-commerce. Ma did not say when the Jack Ma Institute of Entrepreneurs would launch, but said the aim was to train 1,000 tech leaders a year over the next 10 years. "We're giving a lot of opportunities for young Indonesian people to learn," Ma told reporters after meeting Indonesian ministers on the sidelines of the International Monetary Fund and World Bank meetings being hosted by Indonesia.
The major U.S. stock indexes posted solid gains on Friday, but this was far from enough to offset the steep losses from earlier in the week. Despite the higher close, the indexes still finished the week with sharp losses and increasing concerns over rising interest rates, overvalued technology stocks and a possible economic slowdown. U.S. Treasury yields snapped back on Friday as U.S. stocks rebounded from a steep sell-off earlier in the week.
TheStreet will be live blogging Netflix's earnings after the close on Oct. 16. For Q4 -- Netflix provides quarterly guidance within its shareholder letters -- the consensus is for revenue of $4.23 billion (up 29%) and EPS of $0.50. In July, Reed Hastings's company guided for 5 million Q3 streaming net subscriber adds -- 650,000 in the U.S. and 4.35 million in international markets -- falling short of a pre-earnings consensus of about 6 million.
JP Morgan & Chase Co Chief Executive Jamie Dimon and Ford Motor Co Chairman Bill Ford canceled plans to attend a Saudi investor conference, the companies said on Sunday, the latest such high-profile announcements after the disappearance of Saudi journalist Jamal Khashoggi. The cancellations could add pressure on other U.S. firms like Goldman Sachs Group Inc , Mastercard Inc and Bank of America Corp to reconsider their plans to attend the investor event.
The Financial Select Sector SDPR Fund (XLF) has fallen 5.4% in 2018 to date, while the Invesco KBW Bank ETF (KBWB) has fallen 5.9%. JPMorgan Chase & Co. Chief Financial Officer Marianne Lake attempted to explain the disconnect between bank earnings and their stock price movement on the company’s earnings call, noting the “macro uncertainty noise” and overhang that has battered the markets in the last few days. JPMorgan is expecting the global economy to start to converge with the U.S. going forward, she said.
The latest would-be Netflix competitor will carry a familiar name when it launches next year. On Thursday, (T) (ticker: T) announced plans to launch a streaming service built around Home Box Office, the cable network that disrupted the industry years ago—and inspired the company that’s doing it now. “We aren’t trying to compete with network programming,” a spokesman for HBO said then.