Sunday, 19 May 2024

Gold Edges Higher After Weak US Data

LISTEN: Employees inside Adam Neumann's WeWork talk about the nonstop party to attain a $100 billion dream and the messy reality that tanked it

  • Business Insider's Julie Bort and Meghan Morris talked to 20 current and former WeWork employees, executives, and business partners about life inside one of the most controversial and fastest-growing startups of all time.
  • They described an atmosphere under the company's cofounder and now-ousted CEO, Adam Neumann, in which boundaries between work and play did not exist.
  • Current and former employees recounted attending mandatory, alcohol-fueled company retreats where the sounds of coworkers having sex filled the air.
  • They also said they worked long hours in a chaotic atmosphere, fueled by Neumann's manic push for growth and his inspirational "we are changing the world" speeches.
  • But behind the scenes, executives didn't seem to practice what they preached in big and little ways, from honoring their own ban on meat to flying around the world on a $60 million private jet.
  • WeWork's new co-CEOs are already trying to unroll the excesses of the company's origins. Yet they have inherited a company whose roots were formed under the unique vision of Adam Neumann.
  • Click to listen to the article below, or subscribe to read it in full. 

Google rolls out updated privacy tools for YouTube, Maps

Google is rolling out more tools for users to control their privacy settings.

The company and other tech giants are facing increased scrutiny over the amount of data they collect from their users. Google and Facebook both debuted new privacy tools this year.

Now, YouTube users will be able to set their search and viewing histories to auto-delete after a set period of time.

Google Maps will have an incognito mode, which means a user's movements won't be recorded when it's turned on. It will be available on Android this month. Google did not give an exact date for iOS.

Google also says people will be able to delete their voice histories from artificial intelligence system Assistant using a voice command.

It is also adding a way for users to check their passwords via a password manager to make sure they are still secure.

Kroger Donates Closed Facility In Orange Mound To Local Grocery Store

Grocery chain Kroger is donating a closed store building in Orange Mound, South Memphis to a local rival to make sure that the residents have access to a grocery store.

The facility, reportedly worth $500,000, will be handed over to SuperLo Foods, which hopes to open a new grocery store by December 1. The news was announced by Kroger Delta Division’s Victor Smith in a function attended by both companies’ representatives.

Kroger had shuttered its Orange Mound store in Memphis, Tennessee in February last year. Following this, local residents were forced to travel to the next nearby Kroger store in Union. Due to the tedious travel that would take around 30 minutes in bus, local leaders have been asking for another fully serviced grocery store near them and threatened to boycott the chain.

As per reports, Kroger representatives had tried to sell the property immediately after its closing to family-owned grocery store chain Superlo. But, Superlo could not afford to buy it for want of funds as it had just opened another branch in the city. Superlo does not operate any store in Orange Mound, but has eight stores in the Memphis area.

In these months, Kroger was also in talks with other community groups as well to find a buyer or a new tenant, before deciding the donation. Kroger’s Orange Mound store was closed after making losses.

Boeing shares slide 1.3% on report engineer filed ethics complaint about 737 Max safety issues

Boeing Co. shares BA, -1.79% fell 1.3% Wednesday, after a New York Times report said a senior engineer had filed an internal ethics complaint this year over the company’s decision to reject a safety system for the 737 Max on cost grounds that he believed could have reduced risks tied to two fatal crashes. Boeing has handed the complaint over to the Justice Department, which is conducting a criminal probe of the design of the aircraft, the paper reported, citing a person with knowledge of the matter. At least one former Boeing worker has been questioned by federal investigators about the allegations, according to another person cited by the paper. The paper said the engineer who filed the complaint called out the chief executive for misrepresenting the safety of the plane. Boeing shares have fallen 4% in the last 12 months, while the Dow Jones Industrial Average DJIA, -1.29% has fallen about 2%.

Gold Edges Higher After Weak US Data

Gold prices edged higher on Wednesday as weak manufacturing data from the U.S. rekindled fears of a slowdown in growth and raised expectations of further rate cuts from the U.S. Federal Reserve.

Spot gold rose 0.4 percent to $1,484.70 per ounce while U.S. gold futures were up 0.15 percent at $1,490.95 per ounce.

A report released by the Institute for Supply Management on Tuesday showed U.S. manufacturing activity continued to contract in September.

The ISM’s purchasing managers index dropped to 47.8 from 49.1 in August.Economists had expected the index to inch up to 50.1.

With the unexpected decrease, the index fell to its lowest level since hitting 46.3 in June of 2009, the last month of the Great Recession.

President Donald Trump blamed the weak manufacturing data on the Federal Reserve, which he blasted as “pathetic” in a post on Twitter.

Markets now await U.S. non-farm payrolls data due on Friday to see whether the labor market’s slowdown is deepening amid a bitter trade war with China.

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