Financial

Republicans in Congress said they lacked the votes needed for passage of their U.S. healthcare system overhaul and a key committee chairman came out in opposition after Donald Trump demanded a vote on Friday in a gamble that could hobble his presidency. Amid a chaotic scramble for votes, House of Representatives Speaker Paul Ryan, who has championed the bill, met with Trump at the White House. Ryan told the president there were not enough votes to pass the plan, U.S. media reported. The showdown...
Fax machines are nearly extinct, but fax spam is turning them into money making machines. The number of fax-related lawsuits has grown significantly in recent years as plaintiffs increasingly use consumer protection laws that allow them to receive $500 each time they get an unsolicited ad via fax. Just 44 lawsuits related to fax spamming were filed in 2009, but that number swelled to nearly 5,000 last year, according The Wall Street Journal. One attorney who spoke to the Journal has filed more t...
The Google-funded startup Calico, as with many of the tech-originating firms foraying into the life sciences, has a lofty goal: to tackle the spectrum of “aging-related” diseases, which encompasses everything from Parkinson’s to Alzheimer’s to cancer. While the outfit is notoriously cagey about its work, it’s certainly not shy about striking up partnerships. The latest one came on Thursday afternoon, when the biotech C4 Therapeutics announced a five-year research co...
Given the rampant chatter in Silicon Valley about companies moving software and data from their data centers to a shared public cloud, you might expect they considered what that would mean for their critical business software applications. But you would be wrong, according to one expert who helps corporations and government agencies make this journey. “When companies move to the cloud, they’re often not doing a basic engineering task which is to look at all their applications and fig...
Tonight, in one of the most anticipated matchups in the March Madness Sweet 16, UCLA's star point guard Lonzo Ball will go head-to-head against Kentucky's De'Aaron Fox. Both Ball and Fox are considered stellar players and are projected to be top-10 picks in the NBA draft. Current predictions seem to favor UCLA’s Bruins in Friday’s NCAA game against the Kentucky Wildcats, with Fortune’s sister publication Sports Illustrated forecasting the Bruins will win, 98 points to 90. After...
French far-right leader Marine Le Pen dropped in on Russia’s Vladimir Putin for a chat Friday, in a move that once again stoked the argument over Russian influence in Western politics. According to her Twitter account, the two “discussed at length the international situation and Islamist terror,” as well as “the fate of eastern Christians, who are threatened every day by Islamist fundamentalists.” Avec le Pr?sident russe V. Poutine nous avons, entre autres, longue...
eBay issued its 2016 Diversity and Inclusion Report yesterday, their first since the company spun off PayPal in 2015. The numbers are consistent with what we’ve seen from other large, global tech companies. Disappointing. Their total workforce is 52% white, 40% Asian, 4% Hispanic/Latinx, 2% black and 1% other or mixed race respectively. And they've clearly got work to do. Fortune recently obtained eBay’s 2004, 2009, 2012 and 2013 diversity stats through a Freedom of Information Act r...
The next frontier for drones could involve using them to watch over your pet while you're at work. IBM ibm filed a patent that was published Thursday for a drone that can function as a sort of mechanized dog-sitter and trainer. The goal is to create a drone that can properly feed, train, and prevent dogs, cats, and other domesticated pets from tearing up the house while owners are away. Unlike traditional drones that may come with an extra accessory like a...
Many investors are so caught up in picking which companies are set for big capital gains in the future that they forget the monthly, quarterly, or annual payouts offered by dividend stocks. Dividends are a great strategy that benefits from compounding growth offered by long-term investing. Today, we examine the small cap space and have identified five stocks with yields of up to 9.2%. See the stocks here >> Related: 5 TSX Dividend Stocks That Recently Raised Its Dividend Payout This story...
AMC Networks, whose shows include The Walking Dead, is planning to launch a commercial-free online video streaming service aimed at millennial TV subscribers, two sources familiar with the situation told Reuters this week. Unlike standalone streaming options from Time Warner's HBO and from CBS, AMC’s would be exclusively available to consumers who subscribe to a cable TV package. AMC is doing this, the sources said, as a way to support the traditional cable television industry at a time wh...
The dispute between the two ranking members of the House Intelligence Community intensified on Friday, after a week in which the Republican chairman received information and bypassed the committee before sharing it with the the White House. Republican Rep. Devin Nunes, the chairman of the committee, announced on Friday that the scheduled March 28 open intelligence hearing with former Director of National Intelligence James Clapper, former U.S. Deputy Attorney General Sally Yates and former CIA D...
Tucked into the middle of the Queen’s University Smith School of Business facility at the top of Simcoe Place in downtown Toronto is the 500-square-foot home of the IBM Canada | Smith Cognitive Computing Centre (ISCCC), dubbed the Cube. Unveiled earlier this week, it is part of a five-year partnership between Smith and IBM that will give Smith students and faculty access to IBM’s cloud, its cognitive computing engine, Watson, its expertise, and assistance with curriculum. IBM will al...
This week’s highlights also include a GoDaddy acquisition and Rogers launching Social Media Security. Microsoft ceases updates for pre-Windows 10 on new chipsets Users running Windows 7 or 8.x on seventh generation Intel chipsets, or “Bristol Ridge” AMD processors, may no longer be able to scan for or download Windows updates, according to Microsoft. It says that these processors are only supported by Windows 10, and advises customers using them to upgrade to the OS. Computerworld ...
The House of Representatives is expected to vote Friday on a bill to repeal chunks of the Affordable Care Act and replace it with the Republican alternative, the American Health Care Act. The vote comes a year and a day after President Barack Obama signed the prior law -- often called Obamacare -- into law. The two bills tackle the same subject, but their path to the House floor has been very different. Here's a side-by-side comparison of how the votes compare. The Affordable Care Act was debate...
GameStop is set to close between at least 150 stores following fourth quarter sales declines in almost all of its segments. The Texas-based company said Thursday that hardware sales declined 29.1%, and new software sales fell by 19.3% for the quarter, CNBC reports. Shares of GameStop then dropped more than 10% in early trading Friday. GameStop said it expects to close 2-3% of its stores, however it will be opening 65 new Technology Brand stores and 35 Collectibles stores, according to USA Today....
U.S. President Donald Trump on Friday touted Charter Communications‘s decision to invest $25 billion in the United States and its previously disclosed plan to hire 20,000 workers over four years. At a White House event with the second-largest U.S. cable company’s Chief Executive Thomas Rutledge and Texas Governor Greg Abbott, Trump praised Charter for planning to close its offshore call centers and move them to the United States. On a number of occasions, Trump has touted job announc...
A senior member of the U.K. Independence Party (UKIP), which was instrumental in the British vote to leave the EU last year, now says that it’s vital to keep access to Europe’s common market, farm subsidies and cheap migrant labor. Mark Reckless, who chairs the committee for Climate Change, Environment and Rural Affairs in the devolved legislature for Wales, said in a report on the effects of Brexit on the farming industry published Friday, that “we have heard clear evidence th...
Treasury Secretary Steve Mnuchin, an appointee of President Donald Trump, appeared to violate ethics rules on Friday when he recommended that audience members “send your kids to Lego Batman” -- a movie he produced shortly before joining the Trump Administration -- during a broadcasted event with media outlet Axios. Moments before making the remark, he admitted that should not use his political publicity to promote the film. “Well, I’m not allowed to promote anything that ...
On this week’s episode of Broad Strokes, Fortune‘s weekly show on the news that matters to women, editors Kristen Bellstrom and Anne VanderMey discuss the implications of Judge Neil Gorsuch being appointed the next Supreme Court justice, the sexual harassment scandal at period underwear company Thinx, and a new study about female ambition. Subscribe to the Broadsheet, Fortune's daily newsletter on the world's most powerful women. Read more about the Gorsuch hearings here, the Thinx c...
In Hungary, Heineken’s red-star logo may have to go under a proposed bill that would ban branding with symbols of totalitarianism. The legislation was introduced earlier this week by the country’s ruling Fidesz party, led by Prime Minister Viktor Orban, following the result of a recent patent case in neighboring Romania that saw the green-bottle beer producer win out over a competitor with Hungarian ties, the Independent reports. "If the bill goes through it will be forbidden to use ...
It is a universal element of the human condition that we seek out individuals who are similar to ourselves. People who share our values, traditions, culture, religious beliefs, political leanings, and even entertainment preferences. The upside of this type of behaviour is that we tend to lead more enjoyable lives and feel more fulfilled because we are surrounded by others who validate our existence. The downside is that we lead more sheltered lives with little adventure since we don’t feel the...
The U.S. State Department’s approval of the Keystone XL pipeline on Friday concludes a bitter political battle that stretched on for more than eight years. Calgary-based TransCanada Corp. first filed its application to build the project in 2008. Since then, the proposal was met with a slew of lawsuits, regulatory snags, protests and political jockeying. The project still has several hurdles to clear before the company can actually move ahead with construction. It will need to secure several st...
A new prank has surfaced that tries to take advantage of Apple’s virtual personal assistant Siri--and could land you in some hot water. For a laugh, some social media users are telling their friends and others to say, “Hey Siri, 108” into their iPhones. While some pranksters say doing so will allow users to quickly start a three-way FaceTime call, it actually activates the iPhone’s emergency response and calls 911. As soon as Siri hears the call for 108, the virtual assis...
Uber CEO Travis Kalanick met with Rev. Jesse Jackson on Thursday to discuss diversity and inclusion. Kalanick said it was a privilege to meet Jackson, adding that he wants to set firm goals for making progress on diversity at Uber. The CEO did not specify as to what those goals may be. “Creating a more diverse and inclusive company is a top priority and it starts with releasing our demographic data, which we will do very soon,” Kalanick said in a statement emailed to Fortune followin...
Paul Manafort, who briefly managed the presidential campaign of Donald Trump last year, has been accused of money laundering by a Ukrainian official and is the focus of a federal probe over his banking in the region, according to the Associated Press. The AP reported that the Financial Crimes Enforcement Network, which was set up after the 9/11 attacks to crack down on the financing terrorism and and incorporated into the Treasury Department soon afterwards, recently asked Cyprus for information...
Contrary to what much of the media would have you believe, not every startup has to be a unicorn, and not every startup needs venture capital funding. A panel of female small business owners spoke about what it’s really like to start and run a small business during an event marking the launch of New York City’s new Contract Financing Loan Fund on Thursday. The new $10 million fund allows minority- and women-owned businesses (M/WBEs) to apply for loans of up to half a million dollars ...
Blackstone agreed to sell its majority stake in SeaWorld for a 33% premium from its most recent close early Friday, sending shares of the beleaguered entertainment company up as much as 9% in trading. Zhonghong Group, a Chinese leisure, real estate, and travel company, is expected to pay $448.5 million for the 21% stake in SeaWorld based on the SEC filings. It may seem like a discount compared to the $2.3 billion Blackstone paid for SeaWorld back in 2009, but the financial giant has been gradual...
Treasury Secretary Steve Mnuchin said Friday that he was “optimistic” the Republican health care bill would pass the House on Friday, and that he and President Donald Trump planned to quickly turn to tax reform as soon as it does. He also said that Trump has quit eating fast food since he moved to the White House. “He’s got perfect genes,” Mnuchin told Axios’ Mike Allen in an interview Friday. “He’s got incredible energy, and he’s unbelievabl...
The staff of Fortune and a panel of experts recently assembled our annual list of the World's Greatest Leaders. Here's a profile of one of them. Visionary, ideologue, risk-taker: None of these shorthand labels quite capture who Elon Musk is. The billionaire entrepreneur is running two companies he cofounded that together employ 35,000 people. His aims are stratospheric. Tesla tsla , the automaker and sustainable-energy company that acquired SolarCity in 201...
Mark Twain referred to golf as “a good walk spoiled,” and if you’ve ever had a bad day on the links, it’s not hard to understand what he was talking about. Sometimes you miss the easy putt. Other times you shank the ball so hard, you need NORAD’s help finding it. But it’s all worth it for those rare perfect shots. One way to get more of those feel-good swings is to play regularly--as in, all the time. Another is to be Tiger Woods. If neither of these is an opt...
Tesla CEO Elon Musk gave investors and customers a glimpse of the hotly anticipated Model 3 via a video on Twitter on Friday. Just don’t blink. The video of a “release candidate version” of the Model 3 is over in six seconds. It could be enough to satiate fans and shareholders --at least temporarily--as pre-production of the Model 3 ramps up. A “release candidate” is a critical step on the road to a production-ready vehicle. This typically indicates an automaker is ...
Nearly 40% of U.S. jobs could soon be given to robots. That’s according to a new report from consultancy firm PwC. Researchers suggested that automated bots could take nearly four in 10 (38%) jobs in the U.S., and take 30% of jobs in the United Kingdom, 35% in Germany, and 21% Japan. While the U.S. and U.K. in particular have similar economies, the wider financial services sector in the States is reportedly more vulnerable to automation. “The jobs of these U.S. retail financial worke...
Kanye West has settled a lawsuit by a Hungarian rock singer who accused the hip-hop star of sampling one of his best-known works without permission for the 2013 song “New Slaves.” The accord resolves claims that 85 seconds, or one-third, of “New Slaves,” which appeared on the No. 1 album Yeezus, was a copy of the plaintiff Gabor Presser’s 1969 song “Gyongyhaju Lany,” which translates roughly as “Pearls in Her Hair.” “I am very glad it i...
I know that Ted Rechtshaffen is a smart fellow. That is why it pains me to refute his recent Counterpoint in which he explained why it makes sense to start CPP at 60. The actuarial math clearly shows that CPP at 70 is worth a lot more, at least if one is using a discount rate of 1 per cent. To be clear, when I say I used a 1 per cent discount rate, I mean 1 per cent after inflation. If inflation averages 2 per cent, then a 1 per cent real discount rate translates into a nominal discount rate of ...
The House of Representatives will vote on the GOP’s Obamacare replacement plan on Friday, one day later than initially planned. The bill, officially known as the American Health Care Act, has been a source of controversy since it was unveiled. The most conservative members of the House were opposed due to concerns it didn’t do enough to completely repeal Obamacare. Although President Trump met with several of these members at the White House on Thursday, it is unclear if they will ba...
It's that time of year when winning college basketball teams cut down the nets--and men, apparently eager to ditch work and watch the games, elect to have something else snipped. Perhaps you saw the recent report from athenahealth: Researchers have found that there was a 30% surge in vasectomies during the first round of last year's NCAA Tournament compared with an average week. Since it typically takes a couple of days to recover from the surgery, that means plenty of idle hours to sit in front...
  The original health care plan that House Speaker Paul Ryan (R-Wisc.) introduced to repeal and replace parts of the Affordable Care Act already stripped away some aspects of women’s health care coverage. It sought to defund Planned Parenthood, restrict access to abortion by limiting the use of tax credits, and sunset Obamacare’s essential health benefits--including maternity care and preventative services like birth control--for those who gained access to Medicaid under the ACA...
The staff of Fortune and a panel of experts recently assembled our annual list of the World's Greatest Leaders. Here's a profile of one of them. Nine years ago, Brian Chesky and fellow cofounders Joe Gebbia and Nathan Blecharczyk were hustling to get a business off the ground that most investors scoffed at. Today the disruptive "home-sharing" platform claims some 160 million "guest arrivals"--2 million people slept in Airbnb accommodations this past New Year's Eve alone--and a private-market val...
Apple’s new iPad and the (PRODUCT)RED iPhone 7 are now available to order on its online store. As the company promised earlier this week, Apple on Friday made both devices available to order on its retail page. The (PRODUCT)RED iPhone 7 starts at $749. The iPad comes with a $329 starting price. Apple AAPL unveiled both devices in a quiet store update on Tuesday. The (PRODUCT)RED iPhone 7 comes with the same features and components as the iPhone 7 App...
In his first year as chief executive of online gambling company Amaya Inc., Rafi Ashkenazi has made careful moves. Now his appetite for risk is growing. Promoted after founder David Baazov stepped down amid insider trading charges and poor earnings performance, Ashkenazi has focused on paying down debt, installing a new management team and lessening the company’s exposure to the unstable online-poker business. His pragmatic style of management has helped him regain investors’ co...
One of the biggest days of the year for any head of an advocacy organization is federal budget day (a colleague of mine calls it the lobbyist’s Christmas). While most lobby groups are anxious to learn how much the government will spend on them or their cause, my group – the Canadian Federation of Independent Business (CFIB) – is primarily focused on how much of their own income Ottawa will let our members keep.   Last Wednesday’s budget was a dramatic improvement over last year...
Cenovus Energy Inc. was upgraded to buy at TD Securities, while it’s much smaller peer in the Alberta oil patch, MEG Energy Corp., was downgraded to hold. Calling Cenovus a “chronic underperformer,” TD analyst Menno Hulshof sees an attractive entry point with the stock down 17 per cent so far in 2017. He thinks this pullback is difficult to justify, particularly since the company’s peers and the S&P/TSX Capped Energy Index are down just seven per cent and 11 per cent, respectively, y...
Instagram has become the go-to place for visual content marketing. It’s a veritable mecca for media, with over 600 million engaged users sharing nearly 100 million photos and videos with their friends, fans and followers every single day. Between Instagram Stories, Instagram Live, Carousels and more, the visual media platform is constantly introducing new ways for users to explore content creation. As a business, it can be tough to keep up with these trends and tools. Sometimes, though, all yo...
A senior Chinese banking official said Friday that the country would continue to encourage financial innovation while guarding against risks arising from it. "In the context of putting more emphasis on warding off financial risks, we should continue to vigorously promote financial innovation to enhance the competitiveness of the economy, financial sector and banking industry," Wang Zhaoxing, vice chairman of China Banking Regulatory Commission (CBRC), said at a forum. Wang said th...
President Donald Trump issued House Republicans a high-stakes ultimatum late Thursday night: Pass the American Health Care Act (AHCA) in a vote on Friday, or I’ll leave Obamacare in place and move on to other issues. And to that end, the president is already employing his infamous Twitter pulpit. House GOP leadership was forced to delay a hotly anticipated vote on the Affordable Care Act repeal legislation, aka Trumpcare, on Thursday in a major blow to President Trump. The chamber was hopi...
A video uploaded to YouTube early Friday reveals an Amazon Prime Drone delivering a small box--reportedly containing sunscreen--in Southern California earlier in the week. On Monday, tech news GeekWire reported on the flight based on tweets and a short Periscope video by Jason Johnson, who describes himself on Twitter twtr as a home automation expert. Johnson attended the MARS 2017 conference, an invite-only event in Palm Springs, where the flight took pl...
President Donald Trump will be discussing the Keystone XL pipeline this morning following the news that TransCanada has been given a permit to start building. The permit overturns former President Barack Obama’s decision to halt pipeline construction. Trump’s State Department says it determined building the pipeline would serve national interest in the U.S., a conclusion at odds with the one Obama’s State Department reached. .@POTUS to make announcement on #KeystoneXL at 10:...
T-Mobile introduced a new service on Friday to identify and block calls to its customers from scam artists and crooks. Through an effort dubbed “Scam ID,” the carrier said it will start analyzing incoming calls to its customers and comparing the originating numbers to a database of tens of thousands of known numbers used by scammers. The system will issue a warning to the customer’s phone if a caller’s number matches one in the database. Customers can also choose to simpl...
The staff of Fortune and a panel of experts recently assembled our annual list of the World's Greatest Leaders. Here's a profile of the Women’s March on Washington National Cochairs Tamika Mallory, Linda Sarsour, Bob Bland, and Carmen Perez. Women's issues, from equal pay to reproductive rights, have long been central to political debate. When Donald Trump won the presidential election on a platform that many people believed would roll back those rights, Mallory, Sarsour, Perez, and Bland ...
Poverty is strongly heritable. And Federal Reserve Chair Janet Yellen knows it. “Considerable evidence shows that growing up poor makes it harder to succeed as an adult,” Yellen said Thursday in Washington, in remarks reported by CNN. Yellen was talking at a conference on community development. A recent Fed showed that 10% of people between the ages of 25 to 39 lived in a somewhat unstable environment as children, the Wall Street Journal reports. They worried regularly about having f...