RSS
Today in business: 5 things you need to know
Apple execs testify, JP Morgan shareholders support Jamie Dimon, and more
 
Apple's Peter Oppenheimer, Tim Cook, and Phillip Bullock are sworn in on May 21.
Apple's Peter Oppenheimer, Tim Cook, and Phillip Bullock are sworn in on May 21. Chip Somodevilla/Getty Images

1. GRUBHUB AND SEAMLESS ANNOUNCE PLANS TO MERGE
GrubHub and Seamless, two competing online food delivery services, plan to merge. GrubHub Chief Executive Matt Maloney explained why it's a match made in heaven: GrubHub covers more restaurants in Chicago, while Seamless covers more in New York; and GrubHub has a stronghold on the college population, while Seamless is more popular with corporate clients for large lunch orders. Together, the two will cover 32,000 restaurants and process more than 90,000 orders a day. [Wall Street Journal]

………………………………………………………………………………

2. SHAREHOLDERS SUPPORT JAMIE DIMON RETAINING TWO POSITIONS
Sources who claim to have access to preliminary tallies told the New York Times that JP Morgan shareholders think Jamie Dimon should retain his title of chairman and CEO. Today's meeting, where the final vote will be announced, ends a particularly tumultuous year for the bank, as incidents like "London Whale" debacle last spring, where traders lost $6.2 billion in a bad bet, and a string of run-ins with regulators, brought Dimon's reputation under scrutiny. At least eight federal agencies are still currently investigating the bank. [New York Times]

………………………………………………………………………………

3. HOUSING RECOVERY A BOON FOR HOME DEPOT
Home Depot reported an 18 percent increase in net income for the first quarter, beating Wall Street's forecasts and causing the company to boost its full-year earnings forecasts. "In the first quarter, we saw less favorable weather compared to last year, but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business," Chairman and CEO Frank Blake said in a statement. Earnings reached $1.23 billion, or 83 cents a share. [CBS News]

………………………………………………………………………………

4. APPLE TESTIFIES ON CAPITOL HILL
Apple CEO Tim Cook and CFO Peter Oppenheimer are testifying in Washington today about a report by the Senate Permanent Subcommittee on Investigations that says Apple neglected to pay tax on $30 billion in overseas income generated in Ireland over four years. Apparently, though Apple Operation International is registered in Cork, Ireland, it has no physical presence in the country, and thus is not subject to paying taxes. And because that entity is not registered in the U.S., it pays no taxes here either. Oppenheimer said today that Apple was in "full compliance with all laws and regulations." [Washington Post, MarketWatch]

………………………………………………………………………………

5. YAHOO TO 'MAKE FLICKR AWESOME AGAIN'
Yahoo is having a big week: After buying Tumblr for $1.1 billion, the company unveiled its redesign of Flickr, which focuses on "endless scrolling," and large, featured photos on the left side of the page. Users will also now receive one terabyte of storage — the equivalent of more than half a million photos. In response to a user campaign to "save Flickr," Adam Cahan, Yahoo's senior vice president of product and mobile said, "Thank you, Internet, for being so awesome. That was a call to action for us." [CNN]

 
Carmel Lobello is the business editor at TheWeek.com. Previously, she was an editor at DeathandTaxesMag.com.

THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER

Subscribe to the Week