Business

Dow dragged down by Target, tech shares

The Dow Jones plunged nearly 500 points in early trade on Tuesday, dragged down by disappointing Target news and a continuing slump in tech companies. The Dow rebounded slightly after 10 a.m. but was still down 414.13 points — or 1.7 percent — in late morning trade. Target stock fell 9.5 percent after reporting weaker-than-expected earnings for the third quarter. The retailer had recently said it would be hiring 120,000 seasonal workers for the holiday shopping season. The tech-heavy NASDAQ was trading 46 points — or 0.67 percent — lower, at 6,982. Some tech companies were also having a rough day. All eyes were on Apple, whose shares were down 3 percent to trade at $180.07, adding to previous losses amid reports of weakened iPhone demand. The slump also comes after ...

Facebook, Instagram down, company confirms

Facebook and Instagram are down, the company confirmed on Tuesday. “We’re aware that some people are currently having trouble accessing the Facebook family of apps. We’re working to resolve the issue as soon as possible,” a Facebook spokesperson told ABC News in an email. In addition to Facebook, the company owns Instagram and WhatsApp. Users around the world took to Twitter early Tuesday to complain about the outages, which didn’t seem to affect all users. This is a developing story. Please check back for updates.

Tech rout erases stocks’ gain for year

The latest on developments in financial markets (all times local): 10 a.m. Stocks are skidding again on Wall Street as a tech rout continues and several big retailers report weak results. Apple sank another 3.6 percent in early trading Tuesday and Microsoft gave up 3.3 percent. Target plunged 9.5 percent after missing Wall Street’s earnings estimates. Industrial companies are also falling. Boeing lost 3.8 percent The early drops put major indexes back into the red for the year. Tech stocks were among the biggest decliners in Europe, too. Nokia, a big supplier of telecom networks, fell 4 percent, and Ericsson lost 3.5 percent. The S&P 500 fell 45 points, or 1.7 percent, to 2,644. The Dow Jones Industrial Average lost 476 points, or 1.9 percent, to 24,526. It was down 524 earlier. ...

Sound Royalties Pairs With AdRev to Provide Advances for YouTube Creators

Sound Royalties, the finance firm that provides artists with advances on future royalties without having to part with their copyrights, has formed a new strategic marketing relationship with YouTube money monetizer AdRev to provide cash advances to content creators on the Google-owned platform. The core element of the partnership will allow content creators who work with AdRev to ensure proper collection of royalties via video streaming platforms, to access Sound Royalties’ offerings of special financing. Based on previous earnings from YouTube, Facebook and other platforms, creators will be able request advances of anywhere between $5,000 to $10 million to tide them over until royalties are distributed. The companies said the pairing will mean that the content creators will be able ...

David’s Bridal files for bankruptcy, but your order is safe

David’s Bridal is filing for bankruptcy protection but there is no danger for customers who have ordered dresses because operations continuing as normal while the wedding and prom retailer restructures. The bankruptcy filing, the private company said Monday, will wipe out more than $400 million in long-term debt. It has commitments for $60 million in new debtor-in-possession financing and expects to exit Chapter 11 in early January. The 300-plus stores run by the Conshokocken, Pennsylvania, company will continue to operate and online sales will continue unimpeded.

Reports say Nissan’s Ghosn questioned over financial reports

Nissan Motor Co.’s high-flying chairman Carlos Ghosn is to be dismissed after the company said an internal investigation found he under-reported his income by millions of dollars and engaged in other “significant misconduct.” The Japanese broadcaster NHK said Ghosn was arrested Monday after he voluntarily submitted to questioning by Tokyo prosecutors. The prosecutors office did not confirm that. The Yokohama-based company, one of the world’s largest automakers, said the violations were discovered during an investigation over several months that was instigated by a whistleblower. Ghosn, 64, also allegedly engaged in personal use of company assets, it said. Nissan said it was providing information to the prosecutors and cooperating with their investigation. The allega...

SoftBank’s Deepcore and accelerator Zeroth team up to hunt early stage AI opportunities

Two early stage AI programs are joining forces because, even in the world of artificial intelligence, two heads are better than one. Hong Kong-based accelerator Zeroth — which recently grabbed a majority investment from Animoca Brands — and Deepcore, a Japanese incubator and fund that is part of the SoftBank group, are pairing up to use their resources on deal sourcing and other collaboration around artificial intelligence. The two seem complementary, with Deepcore focused on starting new ventures and investing in AI companies more generally, while Zeroth operates Asia’s first accelerator program targeted at AI and machine learning startups. It recently bagged $3 million through a deal that sees Animoca Brands take a 67 percent share stake in Deepcore’s operating business and provide a che...

Cities that didn’t win HQ2 shouldn’t be counted out

Brooks Rainwater Contributor More posts by this contributor As tasks wane, skills rise Blockchain technology could be the great equalizer for American cities Scott Andes Contributor Scott Andes is the program director for the National League of Cities City Innovation Ecosystem program. The more than year-long dance between cities and Amazon for its second headquarters is finally over, with New York City and Washington, DC, capturing the big prize. With one of the largest economic development windfalls in a generation on the line, 238 cities used every tactic in the book to court the company – including offering to rename a city “Amazon” and appointing Jeff Bezos “mayor for life.” Now that the process, and hysteria, are over, and cities have stopped asking “how can we get Amazon,” we’d like...

Pitching a $99 tax advisory service for the masses, Visor has raised $9 million

The only sure things in this life, according to Ben Franklin, are death and taxes. And a new startup called Visor has just raised $9 million in financing to make one of them as painless as possible. Unlike Nectome, Visor won’t kill anyone, but it may ring the death knell for the high end tax advisors that most Americans can’t even access to get help filing and paying their taxes.  It’s like having a personalized accountant for the cost of a high-end do-it-yourself tax-prep service. The $9 million Visor raised came from the venture capital firm, Defy, with participation from Unusual Ventures, SVB Capital and existing investors like Obvious Ventures, Fika Ventures and Boxgroup, who had put a previous $6.5 million into the company.  The idea for the company had been percolating for co-founder...

Hipgnosis Songs Acquires Hits-Rich Catalog of Bieber Collaborator Poo Bear

Hipgnosis Songs Fund Limited, the music IP investment company set up by former Beyoncé manager Merck Mercuriadis, has acquired a 100 percent stake in the catalog of frequent Justin Bieber collaborator Jason Boyd, better known as Poo Bear. The 214-song catalog includes several Bieber or Bieber-affiliated hits, most notably “What Do You Mean?”, “Company,” and “Where Are Ü Now” off the singer’s 2015 Purpose album, as well as the English version of Luis Fonsi’s “Despacito,” which boasts 636 million views on YouTube and 1.1 billion with a “b” streams on Spotify. He also co-wrote and co-produced several tracks off Bieber’s compilation album, Journals. Poo Bear has also collaborated with Usher, David Guetta, Maria Carey...

Facebook CEO Mark Zuckerberg under fire over mishandling Russian meddling

Facebook CEO Mark Zuckerberg hunkered down and attempted to defend his leadership of the social media giant amid reporting that detailed how the company failed to effectively combat fake news and Russian political meddling. The accusations were detailed in a year-long investigative report, “Delay, Deny and Deflect: How Facebook’s Leaders Fought Through Crisis” published by the New York Times on Wednesday. One of the more damaging aspects of the Times report was that Facebook hired a Republican-linked D.C. consulting firm to plant negative stories about Facebook’s competitors and critics. The move seemingly contradicts the company’s public claims that it is transparent about how it handles fake stories on the platform. Since the 2016 elections, Facebook has launched ...

Facebook removed 1.6 billion fake accounts from April to September of 2018

Facebook removed over 1.6 billion fake accounts between April and September of this year, the company disclosed on Thursday. “We also took down more fake accounts in Q2 and Q3 than in previous quarters, 800 million and 754 million respectively. Most of these fake accounts were the result of commercially motivated spam attacks trying to create fake accounts in bulk,” Guy Rosen, vice president of product management wrote in a post on the company’s website on Thursday. “Because we are able to remove most of these accounts within minutes of registration, the prevalence of fake accounts on Facebook remained steady at 3% to 4% of monthly active users as reported in our Q3 earnings,” Rosen added. The company also released a statement defending the company’s act...