The daily business briefing: August 9, 2016
Walmart agrees to buy e-commerce startup Jet.com, Delta cancels more flights after computer outage, and more
- 1. Walmart acquiring Jet.com for $3 billion
- 2. Delta cancels 250 more flights as it recovers from computer outage
- 3. Barclays agrees to pay states $100 million in rate-rigging settlement
- 4. Lending Club CFO resigns
- 5. Fox News' Tantaros says she was pulled off air after complaining about Ailes harassment
1. Walmart acquiring Jet.com for $3 billion
Walmart is buying startup internet retailer Jet.com for $3 billion, Walmart executives disclosed on Monday. The deal marks the most ever paid for a new e-commerce company. Walmart has bought 15 startups over the last five years as it tries to make its online division more competitive with online retail giant Amazon. The acquisition of Jet.com, launched in July 2015 by entrepreneur Marc Lore, gives Walmart the startup's innovative pricing software, which Walmart plans to integrate into its own store while keeping Jet.com as a separate entity.
2. Delta cancels 250 more flights as it recovers from computer outage
Delta Airlines canceled 250 flights on Tuesday as it struggled to get back to normal after a power outage at its Atlanta base disrupted its operations worldwide. About 200 other flights could be delayed. On Monday, the computer glitch forced the carrier to cancel about 1,000 flights. Limited flights resumed after a six-hour halt to Delta traffic. Delta CEO Ed Bastian apologized to travelers, and said restoring the computer systems and getting back on schedule was "an all hands on deck effort." Delta is offering stranded passengers refunds and $200 travel vouchers.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Barclays agrees to pay states $100 million in rate-rigging settlement
British bank Barclays has agreed to pay $100 million to 44 U.S. states to end state investigations of alleged manipulation of interest rates from 2005 to 2009. The scheme allegedly hid evidence of Barclays' poor health during the global financial crisis, inflating borrowing costs linked to the U.S. and London interbank offer, or Libor, rates. "There has to be one set of rules for everyone, no matter how rich or how powerful, and that includes big banks and other financial institutions" that manipulate financial markets, New York Attorney General Eric Schneiderman said.
4. Lending Club CFO resigns
Loan marketplace Lending Club announced Monday that its chief financial officer, Carrie Dolan, is stepping down to "pursue a new opportunity." The news came three months after the company ousted its founder and CEO, Renaud Laplanche, over his failure to report details on problematic loan sales to an investment bank. The company's shares, which have lost two-thirds of their value in the past year, fell by nine cents to $4.70 in after-hours trading.
USA Today The Wall Street Journal
5. Fox News' Tantaros says she was pulled off air after complaining about Ailes harassment
Fox News host Andrea Tantaros says through a lawyer that she complained several times to senior executives that the cable news company's now-ousted chief, Roger Ailes, has sexually harassed her before she was yanked off the air in April. Her lawyer said he believed her sidelining was "retaliatory." The claim counters earlier statements by Fox News senior executives that they were unaware of any accusations against Ailes until former anchor Gretchen Carlson filed a sexual-harassment lawsuit against him in July. The company says Tantaros was taken off the air for violating company policy — and her contract — by failing to submit her latest book for review.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Today's political cartoons - May 5, 2024
Cartoons Sunday's cartoons - annoying noises, gag orders, and more
By The Week US Published
-
5 highly educational cartoons about student protests
Cartoons Artists take on apolitical camping, the National Guard, and more
By The Week US Published
-
French schools and the scourge of teenage violence
Talking Point Gabriel Attal announces 'bold' intervention to tackle rise in violent incidents
By The Week UK Published
-
The daily business briefing: January 24, 2024
Business Briefing The S&P 500 sets a third straight record, Netflix adds more subscribers than expected, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 23, 2024
Business Briefing The Dow and S&P 500 set fresh records, Bitcoin falls as ETF enthusiasm fades, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 22, 2024
Business Briefing FAA recommends inspections of a second Boeing 737 model, Macy's rejects Arkhouse bid, and more
By Harold Maass, The Week US Published
-
Geopolitics and the economy in 2024
Talking Point The West is banking on a year of falling inflation. Don't rule out a shock
By The Week UK Published
-
The daily business briefing: January 19, 2024
Business Briefing Macy's to cut 2,350 jobs, Congress averts a government shutdown, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 18, 2024
Business Briefing Shell suspends shipments in the Red Sea, December retail sales beat expectations, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 17, 2024
Business Briefing Judge blocks JetBlue-Spirit merger plan, Goldman Sachs beats expectations with wealth-management boost, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 16, 2024
Business Briefing Boeing steps up inspections on 737 Max 9 jets, Zelenskyy fights for world leaders' attention at Davos, and more
By Harold Maass, The Week US Published