‘Canadian Warren Buffet’ makes $237M bid to acquire Toys ‘R’ Us

Billionaires are dueling over Geoffrey the giraffe. Prem Watsa, the “Canadian Warren Buffet,” has filed a stalking-horse bid, to acquire the Canadian Toys ‘R’ Us unit for $237 million. The offer, which will form the opening bid in a possible auction set for next week, is roughly $22 million more…

Harvey asks judge to force Weinstein Co. to hand over files

Harvey Weinstein wants to “exonerate himself.” The pervy producer asked a Bankruptcy Court judge on Friday to order the Weinstein Co. to hand over personal e-mails and files so he can defend himself against civil and criminal investigations in Los Angeles and New York. The bankrupt Weinstein Co. violated the…

Quarterly iPhone sales may dip thanks to weak demand in China

The weather may be getting warmer, but iPhone sales are cooling off. Sales of Apple’s popular smartphone will fall roughly 15 percent in the current quarter — thanks to weaker demand in China, one Wall Street analyst said Friday. Apple iPhone sales in the quarter ending June 30 will fall…

How big-name concerts forced the NFL to juggle its schedule

The NFL is the world’s most powerful entertainment machine, but even it can’t mess with stars like Ed Sheeran, Taylor Swift or Beyoncé. Thirteen superstar concerts at NFL stadiums this fall forced the league to juggle its schedule to make sure teams didn’t play at home the same weekend as…

YouTube ran ads for big firms on Nazi, pedophilia channels

YouTube has been accused of showing ads from multinational companies on channels promoting extremism, Nazis and even pedophilia. The likes of Adidas, Amazon, Facebook, Netflix and Under Armour are among the 300 firms who unwittingly helped these channels, a CNN investigation revealed. Other channels found to be running high-quality commercials…

US taps Lockheed for nearly $1B hypersonic weapon project

The US Air Force has tapped defense giant Lockheed Martin to develop a hypersonic weapon, in a deal reportedly worth $928 million. The contract comes one month after Russia said it successfully tested a nuclear-capable hypersonic missile with no equal. China has similar capabilities, the Washington Post reported. Defense officials…

Wells Fargo will pay $1B fine to end mortgage, auto loan probes

Wells Fargo on Friday agreed to pay a $1 billion fine to end a federal probe into whether it systematically ripped off mortgage and auto loan customers going back to at least 2005. The fine, levied by the Office of the Comptroller of the Currency and the Consumer Financial Protection…

China’s ZTE claims US ban on company jeopardizes its survival

HONG KONG – China’s ZTE Corp  said on Friday that a U.S. ban on the sale of parts and software to the company was unfair and threatens its survival, and vowed to safeguard its interests through all legal means. The United States this week imposed a ban on sales by…

Cryptocurrency exchange owner slams Schneiderman

Take a hike, Eric. The owner of a virtual currency exchange on Thursday hit back at New York Attorney General Eric Schneiderman’s attempt to collect regulatory info from 13 of the largest exchanges doing business in the state. Jesse Powell, the chief executive of Kraken, a San Francisco cryptocurrency exchange,…

Wall Street still nervous about risky pot investments

Big Pot is growing fast, but it’s still just nickels and dimes on Wall Street. While the legal marijuana business has lured high-profile names of late — from Silicon Valley billionaire Peter Thiel to former House Speaker John Boehner, who just last week joined the board of a weed venture…

Nike executive exodus has risen to 9: analyst

The fallout from Nike’s inappropriate workplace-behavior scandal has cost the sneaker maker nine executives, according to one Wall Street analyst. That’s three more than the company has confirmed. Nike declined to comment on the Thursday report from Sam Poser, of Susquehanna International Group, who lowered his price target for Nike…

MoviePass faces angry investors after selling off $150M in stock

Subscribers to the MoviePass $9.95-a-month all-you-can-watch service who wondered how the company can make money got an answer on Thursday. It can’t. At least not yet. The parent company of the popular movie subscription plan was forced to sell $150 million in new stock — with much of the cash…

Philip Morris stock suffers historic plunge

Philip Morris International’s stock was on track for its worst percentage decline in a decade, dragging down other tobacco stocks as cigarette volumes dropped more than expected and the company’s IQOS smokeless tobacco product experienced slower growth. Philip Morris plunged 17 percent in midday trading, a percentage decline that would…

#MeToo crowd not feeling Victoria’s Secret: poll

Victoria’s Secret has a #MeToo problem. The lingerie giant’s sales have been sinking for more than a year as its pricey push-up bras and other fashions fall out of favor — but the #MeToo movement is also taking a toll on its brand, according to a YouGov poll. “Our data…

AT&T CEO takes stand to defend acquisition of Time Warner

AT&T CEO Randall Stephenson said on Thursday his company’s bid to buy Time Warner would allow the two firms to serve customers better by lowering pay TV rates, rejecting government arguments the deal would raise consumer prices. Speaking in US District Court in Washington, Stephenson addressed himself to Judge Richard…

Fed says Trump’s steel tariffs will kill more jobs than they save

President Trump’s 25 percent tariff on some imported steel “is likely to cost more jobs than it saves,” according to the Federal Reserve Bank of New York. The tax, which Trump ordered last month, is likely to hit US workers whose companies buy steel — even if they buy American,…

The world has never been more in debt

It isn’t just America that has a debt crisis, it’s a worldwide affair. Global debt has surged to a record high, and the International Monetary Fund (IMF) warns that countries need to start cutting their spending now to avert a crisis. In their April Fiscal Monitor, the IMF noted that…

Facebook dodges EU privacy law amid pledge to fix broken system

After Facebook founder Mark Zuckerberg told Congress he pledged to protect the privacy of its users, the social media behemoth appears to be making an end run around a European law that would protect people’s online data, according to a report on Thursday. Facebook is changing its terms of service…

China speeding up chip plans amid trade tensions with US

BEIJING – China is looking to accelerate plans to develop its domestic semiconductor market amid a fierce trade standoff with the United States and a US ban on sales to Chinese phone maker ZTE that has underscored the country’s reliance on imported chips. Senior Chinese officials have held meetings this week…

The typical Amazon worker made less than $30K in 2017

The typical Amazon.com Inc. employee was paid less than $30,000 in 2017, the company disclosed Wednesday afternoon. In an annual filing with the Securities and Exchange Commission, Amazon said its median employee brought home $28,446 in total compensation in 2017. That figure is much lower than other tech companies —…

Senior bond traders averaged $1.3M in 2017

Last year was a good one for Wall Street bond traders — just don’t ask them about it. Senior bond traders at major banks made an average of $1.3 million in total compensation last year — up 21 percent from 2016 — but 75 percent thought that they were paid…

Most Americans don’t understand rewards programs: study

Here is something you already knew. A new study says 54 percent of Americans find frequent-flyer programs confusing. And 44 percent say credit card rewards programs are dumbfounding, while 47 percent think hotel loyalty programs are difficult to understand, according to a study by NextAdvisor. “What’s concerning is that many…

Mick Mulvaney has no clue what he’s talking about

What the heck is Mick Mulvaney, director of the Office of Management and Budget, talking about? Mulvaney, who represents the White House, said this week that the US economy is doing better than the Trump administration thought it would. “We didn’t even think we can do it [3 percent annual…

Taylor Swift eliminates ticket fees in desperate bid to boost sales

With no sold-out shows for her “Reputation” tour — to begin in less than three weeks — will Taylor Swift be able to shake it off? Even Ticketmaster, which created “Taylor Swift Tix” expressly for the tour set to kick off on May 8, is signaling concern by offering a…

Amazon reveals there are over 100 million Prime subscribers

Amazon is bigger than ever. The e-commerce giant has more than 100 million Amazon Prime subscribers worldwide, Chief Executive Jeff Bezos divulged on Wednesday in his annual shareholders letter. It is the first time in the 13-year history of Prime that Amazon has released any sort of statistics relating to…

Time Warner CEO blasts government’s case against AT&T merger

Uncle Sam is “ridiculous” if he thinks AT&T will employ its $85 billion acquisition of Time Warner to use its newly gotten valuable programming as a cudgel against rivals, a Washington judge was told on Wednesday. That’s “not how it works,” said Time Warner Chief Executive Jeff Bewkes as he…

Roku shares slammed by Amazon, Best Buy’s smart-TV deal

Roku’s stock plummeted after Amazon and Best Buy said they are teaming up to sell smart TVs. Amazon and Best Buy revealed Wednesday that they have entered an exclusive partnership to sell TVs from Insignia and Toshiba with Amazon’s Fire TV technology and the Alexa virtual assistant built in. That’s…

Steve Cohen is plowing into fintech

Billionaire Steve Cohen is on a fintech buying spree. Point72 Ventures, the venture-capital arm of Cohen’s hedge fund Point72, just invested in Imperative Execution, a New York-based startup with plans to launch a so-called “dark pool” trading platform that will thwart high-frequency traders. The cash infusion, whose terms weren’t disclosed,…

David Hogg calls for boycotts of top investment firms

David Hogg, one of the student leaders to emerge from the school shooting in Parkland, Fla., is calling on investors to boycott BlackRock and The Vanguard Group, the nation’s two largest investment management companies, over their holdings in gun companies. “[BlackRock] and [Vanguard] are two of the biggest investors in…

Target runs are about to become a lazy person’s dream

MIAMI — Target stores in Florida and Texas are now offering drive-up service. The retail chain announced Tuesday customers can buy items without leaving their car. The service began last fall in Minneapolis, where the company is headquartered. Target hopes to expand the service to nearly 1,000 stores across the…