Companies

Cyrus Vance

Donald Trump could face tax fraud probe

Manhattan’s district attorney said on Monday he might have grounds to investigate President Donald Trump and his businesses for tax fraud, as he seeks to persuade a federal appeals court to let him obtain Trump’s tax returns. Lawyers for District Attorney Cyrus Vance made the assertion in a filing with the 2nd U.S. Circuit Court of Appeals in Manhattan, four days before it considers Trump’s request to block Vance’s August 2019 subpoena for the tax returns.

Apple

Tech giant unveils new watch series 6

Apple showed off its latest smartwatch with faster computing power and an ability to measure blood oxygen as well as updated iPads on Tuesday as interest rises in such devices among homebound users looking for help tracking exercise and logging hours of remote work and learning.

COVID-19

New layoffs make job reductions permanent

A new wave of layoffs is washing over the U.S. as several big companies reassess staffing plans and settle in for a long period of uncertainty.

Wirecard

Betrugsskandal kostet über 700 Mitarbeiter den Job

Der Betrugsskandal bei Wirecard hat jetzt auch für zahlreiche Mitarbeiter des Zahlungsdienstleisters Konsequenzen. Rund 730 von insgesamt 1.300 Beschäftigte wird gekündigt, teilte Insolvenzverwalter Michael Jaffé am Dienstag mit. Auch alle Vorstände werden entlassen.

Trump Organization

Judge to order Eric Trump’s testimony under oath

The New York State attorney general’s office has asked a judge to order Eric Trump to provide testimony under oath and the Trump Organization to hand over documents about four Trump properties it is investigating, asserting the company has stalled the inquiry for months, court papers show.

Wirecard

Ermittler erhöhen Druck auf verbliebene Vorstände

Die Staatsanwaltschaft prüft den Vorwurf der Untreue gegen Alexander von Knoop und Susanne Steidl. Sie äußern sich dazu nicht – und kommen weiter ins Büro. Mitarbeiter schildern gespenstische Szenen.

Tesla

Elon Musk becomes world's fourth richest man

Elon Musk has soared through the global wealth league this year and become the world’s fourth richest person, after a boom in the share price of the Tesla car company he co-founded and part-owns increased his wealth by more than $13.3bn in two days of trading.

USPS Louis DeJoy

Postmaster general says he's pausing changes 'until after the election'

The postmaster general on Tuesday said he would pause changes to the operations of the Postal Service until after the election amid bipartisan outcry, a sharp reversal after President Trump spent days defending the agency's actions.

Donald Trumps Post War

Postal service warns states it might miss deadlines

The U.S. Postal Service (USPS) has warned state election officials of "inconsistencies" between its delivery service and state deadlines for receiving and counting mail-in ballots, raising the possibility that many votes may not arrive in time to be counted.

Oxford University

Facebook and other tech giants 'too big to fail'

Like banks in the 2008 financial crisis, Facebook and other tech giants are “too big to fail”, according to research from Oxford University that calls for new regulations to protect users, and society, in the event of a possible collapse.

Steve Easterbrook

McDonald's sues ex-boss for hiding sexual relationships with staff

Company bids to recover payoff and accuses Steve Easterbrook, fired last year over relationship with employee, of lying.

Election 2020

Die düstere Handelsbilanz von Donald Trump

Mit seinen Handelsattacken hat Trump der US-Wirtschaft großen Schaden zugefügt. Selbst wenn er abgewählt wird, ist keine schnelle Wende zu erwarten.

Aliens

Egypt invited Elon Musk to see the Great Pyramids of Giza

One of Egypt's top government officials has invited Elon Musk to see the Great Pyramids of Giza for himself after the Tesla CEO claimed that the historical landmark was built by aliens.

Gewinn: 12 Prozent

Apple hat trotz Coronakrise ein Rekordquartal

Der Technologiekonzern hat den Umsatz auf fast 60 Milliarden Dollar gesteigert. Der Gewinn stieg um zwölf Prozent. Die Aktie knackte daraufhin erstmals die 400-Dollar-Marke.

Gewinn verdoppelt

Facebook-Geschäft wächst langsamer

In der Coronakrise schalteten weniger Unternehmen als sonst Werbung auf Facebook. Dennoch konnte das Netzwerk die Erwartungen der Analysten übertreffen.

Alphabet

Google-Mutter erleidet Gewinneinbruch in Coronakrise

Das Anzeigengeschäft von Google brachte weniger Geld ein, auch höhere Kosten drückten auf den Gewinn. Dennoch übertraf Alphabet die Markterwartungen.

Quartalsgewinn verdoppelt

Amazon profitiert von Coronakrise

Der Onlinehändler kann seinen Umsatz um 40 Prozent auf fast 90 Milliarden Dollar steigern. Auch das Cloud-Geschäft wächst weiter, wenn auch nicht so stark wie erwartet.

Eastman Kodak Co.

Shares add another 500% as drug shift keeps boosting stock

Shares of Eastman Kodak Co. have leapt 2,441% higher this week, sending its market valuation to nearly $2 billion, after it won a government loan to help produce ingredients used in key generic medicines to fight the coronavirus.

Huawei

Meng Wanzhou lawyers: Canada plotted with FBI

Lawyers for the Huawei executive Meng Wanzhou have demanded the release of unredacted Canadian spy service documents they say would reveal a plot between the FBI and Canada to “trick” their client.

Volkswagen

Spitzel-Affäre um 750 Mio.: Maulwurf dringend gesucht

Eine Spitzel-Affäre sorgt beim weltgrößten Autobauer Volkswagen für Unruhe. Offenbar systematisch und über eine längere Zeit schnitt ein Unbekannter die Gespräche einer internen Arbeitsgruppe mit.

Virgin Atlantic / Virgin Galactic

Richard Branson zittert um sein Luft- und Raumfahrtreich

Richard Branson Flehen um Staatshilfe für Virgin Atlantic blieb unerhört. Um die Airline zu retten, wirft der Milliardär sich einem Hedgefonds in die Arme - und opfert die Kontrolle über sein Raumfahrtunternehmen.

Wirecard

Berlin und Moskau schweigen zu Marsaleks Aufenthaltsort

Weder die deutsche noch die russische Regierung dementieren Medienberichte zu Marsaleks Aufenthaltsort. Die Aussichten, den Ex-Vorstand von Wirecard zu fassen, sind jedoch vage.

Shortnews

COVID-19: USA

Goldman Sachs announces return to work

Goldman Sachs is going back to work. The banking giant told staff on Wednesday that it would start letting people back into its offices in the coming weeks after shutting most of them down in March amid the coronavirus pandemic. In a memo to staff, Goldman’s chief executive officer, David Solomon, said staff around the world would soon be notified of plans to allow people to return to their offices. Staff will return on a rotational basis in some offices and the plans will vary depending on local, business and personal circumstances.

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COVID-19: USA

Goldman Sachs announces return to work

Goldman Sachs is going back to work. The banking giant told staff on Wednesday that it would start letting people back into its offices in the coming weeks after shutting most of them down in March amid the coronavirus pandemic. In a memo to staff, Goldman’s chief executive officer, David Solomon, said staff around the world would soon be notified of plans to allow people to return to their offices. Staff will return on a rotational basis in some offices and the plans will vary depending on local, business and personal circumstances.

“Over the coming days and weeks, colleagues in those offices will hear from their divisional, business and/or local leadership about what to expect for the months ahead, including team rotations in the office where possible, with the goal of giving everyone who can do so an opportunity to come in to their office,” Solomon said.

“Importantly, this rotational approach will not look the same for everyone, as we each navigate unique personal responsibilities – for example, planning around adjusted school schedules, managing personal and family health conditions, and not being comfortable commuting to the office during peak hours, among many other considerations,” Solomon said.

JP Morgan announced similar plans last month and is planning to allow staff to cycle between days at the office and at home. But while the banks are making moves to return to a situation closer to their pre-pandemic working arrangements, JP Morgan has estimated a quarter of its close to 61,000 staff could still be working from home for the foreseeable future.

Six biggest tech stocks

More than $1 trillion in value lost in three days

The six biggest tech stocks have lost more than $1 trillion over the last three days alone, but it’s really just a dent coming off a huge rally that peaked last week. Apple, which hit a $2 trillion market cap on Aug. 19, is down about $325 billion in that time period. Microsoft’s down $219 billion, Amazon fell $191 billion, Alphabet cratered by $135 billion, and Tesla, which fell 21% on Tuesday to mark its worst single-day loss in its history, is down $109 billion in the last three days.

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Six biggest tech stocks

More than $1 trillion in value lost in three days

The six biggest tech stocks have lost more than $1 trillion over the last three days alone, but it’s really just a dent coming off a huge rally that peaked last week. Apple, which hit a $2 trillion market cap on Aug. 19, is down about $325 billion in that time period. Microsoft’s down $219 billion, Amazon fell $191 billion, Alphabet cratered by $135 billion, and Tesla, which fell 21% on Tuesday to mark its worst single-day loss in its history, is down $109 billion in the last three days.

Finally, Facebook is off by $89 billion.

“In general, if you think about the market cap loss over the last 3 days for Apple, it’s about $325 billion. To help put that in perspective, that’s about 1.5 Salesforces, and equivalent to Apple’s projected revenues for the next calendar year,” Jefferies’ Jared Weisfeld told CNBC’s “Fast Money” on Tuesday.

Despite the huge number, it’s worth keeping in perspective given the tech giants’ massive rise in value this year.

At the beginning of 2020, the six largest tech companies were worth about $5 trillion. On Wednesday, Sept. 2, they peaked with a value of $8.2 trillion. After Tuesday’s close, they have a combined market cap of $7.1 trillion. While it’s a big loss over a few days, these six companies are still worth $2.1 trillion more than they were at the beginning of the year -- despite the global coronavirus pandemic and record job losses in the U.S.

Apple

Epic Games’ App Store account suspended

Apple on Friday said it suspended Epic Games’ developer account. It follows a temporary restraining order on Monday evening, in which a judge ruled that Apple can block Fortnite but not Epic’s developer account. However, Apple said it terminated an Epic developer account that does not include the Unreal Engine that’s used by third-party developers to make 3D games, which keeps the move in line with the judge’s order. ″We are disappointed that we have had to terminate the Epic Games account on the App Store. We have worked with the team at Epic Games for many years on their launches and releases,” Apple said.

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Apple

Epic Games’ App Store account suspended

Apple on Friday said it suspended Epic Games’ developer account. It follows a temporary restraining order on Monday evening, in which a judge ruled that Apple can block Fortnite but not Epic’s developer account.

However, Apple said it terminated an Epic developer account that does not include the Unreal Engine that’s used by third-party developers to make 3D games, which keeps the move in line with the judge’s order.

″We are disappointed that we have had to terminate the Epic Games account on the App Store. We have worked with the team at Epic Games for many years on their launches and releases,” Apple said.

“The court recommended that Epic comply with the App Store guidelines while their case moves forward, guidelines they’ve followed for the past decade until they created this situation. Epic has refused. Instead they repeatedly submit Fortnite updates designed to violate the guidelines of the App Store.

This is not fair to all other developers on the App Store and is putting customers in the middle of their fight. We hope that we can work together again in the future, but unfortunately that is not possible today.”

An Epic Games spokesperson pointed CNBC to a blog post with earlier comments, including: “Apple is asking that Epic revert Fortnite to exclusively use Apple payments. Their proposal is an invitation for Epic to collude with Apple to maintain their monopoly over in-app payments on iOS, suppressing free market competition and inflating prices. As a matter of principle, we won’t participate in this scheme.”

Epic Games’ titles, including Fortnite, have been a huge success, including through Apple’s App Store.

“We estimate that, since January 2012, Epic Games’ mobile titles have been downloaded more than 159 million times across Apple’s App Store globally, generating approximately $1.2 billion in consumer spending,” Stephanie Chan, mobile insights strategist for Sensor Tower, an app analytics company, told CNBC.

“Thirty percent of this revenue, or approximately $360 million, went to Apple.”

The battle between Apple and Epic Games started after Epic included a new direct purchase option inside Fortnite that circumvented Apple’s 30% revenue cut from in-app purchases. Apple pulled the app from the App Store on the same day and, shortly after, Epic Games filed a lawsuit.

Apple said it provided Epic Games 14 days to update Fortnite to meet its app store guidelines, after which it would suspend Epic Games’ account. Apple said this is standard practice for all developers.

The suspension means Epic Games can no longer submit games or updates to games, like Fortnite, for publication to the iOS and Mac App Stores. While people who already have the game installed can still play it, they just won’t get any updates. Players also can’t buy any in-game content. They also can’t play the new Fortnite season, which recently launched.

Apple said that Fortnite’s users have been directed by Epic Games to contact AppleCare, and that those requests have caused refund quality issues and support problems for Apple users around the world.

MGM Resorts lays off 18,000 workers

MGM Resorts lays off 18,000 workers

MGM Resorts International is laying off 18,000 furloughed workers in the U.S. as a global travel slowdown impedes the casino industry’s recovery from the ongoing pandemic. The job cuts, which start Monday, represent about one-fourth of the company’s pre-pandemic workforce of 68,000 U.S. employees. After casino shutdowns and furloughs in March, the continuing spread of coronavirus in the U.S. has prevented the rebound of many industries, including hospitality, airlines and oil extraction.

Google

Noch ein Jahr im Home-Office

Noch ein Jahr Heimarbeit: Google will für die kommenden zwölf Monate Heimarbeit. Firmenchef Sundar Pichai hat die Entscheidung vergangene Woche nach einer internen Debatte getroffen. Die Google-Mutter Alphabet hatte Ende vergangenen Jahres etwa 119.000 Vollzeit-Mitarbeiter. Der Internet-Konzern legt sich damit als eines der ersten großen Unternehmen auf eine sehr späte Rückkehr in die Büros fest. Zugleich gaben einige Tech-Unternehmen wie etwa Twitter ihren Mitarbeiter bereits die Freiheit, auch nach dem Ende der Corona-Pandemie weiter uneingeschränkt von zuhause arbeiten zu dürfen.