- Anna's DayBreak News
- Posts
- Drop in US Hiring Sparks Recession Fears, Coke's $6 Billion Tax Bill and Amazon's Quarter Review
Drop in US Hiring Sparks Recession Fears, Coke's $6 Billion Tax Bill and Amazon's Quarter Review
Anna Eisenberg
August 04, 2024
In partnership with
Anna's Daybreak News
Monday, 5:24 AM
August 5, 2024
Good morning news friend! Stay informed with the latest updates, keeping up with the rapidly changing events around the world. 📰🌟
Drop in US Hiring Sparks Recession Fears
In July, US hiring added only 114,000 jobs. The unemployment rate rose to 4.3%, its highest since October 2021.
Hourly wages grew just 3.6% year-over-year, the smallest increase since May 2021
Japan's Nikkei closed down 13%, its biggest drop since 1987. European stocks hit six-month lows, with major indices falling over 2%. The selling spree triggered circuit breakers in Asia.
Market volatility spiked, with the VIX index rising 48%. Markets now expect the Federal Reserve to cut rates by 50 basis points in September.
Source: Read More
In July, US hiring added only 114,000 jobs. The unemployment rate rose to 4.3%, its highest since October 2021.
Hourly wages grew just 3.6% year-over-year, the smallest increase since May 2021
Japan's Nikkei closed down 13%, its biggest drop since 1987. European stocks hit six-month lows, with major indices falling over 2%. The selling spree triggered circuit breakers in Asia.
Market volatility spiked, with the VIX index rising 48%. Markets now expect the Federal Reserve to cut rates by 50 basis points in September.
Source: Read More
TikTok Faces Lawsuit Over Violations of Child Privacy Laws
The Justice Department and the Federal Trade Commission sued TikTok. They claim TikTok, and its parent company ByteDance, allowed children under 13 to use the app without parental consent.
This violates the Children’s Online Privacy Protection Act (COPPA) and a previous FTC agreement. In addition, TikTok failed to delete children’s accounts and personal info even when parents requested.
The Justice Department seeks a fine and a permanent injunction to prevent future violations. TikTok disputes the allegations, stating it offers age-appropriate experiences and safeguards for minors.
In 2019, TikTok settled similar claims with the FTC for $5.7 million. However, the lawsuit alleges TikTok still hasn't complied with COPPA.
Source: Read More
The Justice Department and the Federal Trade Commission sued TikTok. They claim TikTok, and its parent company ByteDance, allowed children under 13 to use the app without parental consent.
This violates the Children’s Online Privacy Protection Act (COPPA) and a previous FTC agreement. In addition, TikTok failed to delete children’s accounts and personal info even when parents requested.
The Justice Department seeks a fine and a permanent injunction to prevent future violations. TikTok disputes the allegations, stating it offers age-appropriate experiences and safeguards for minors.
In 2019, TikTok settled similar claims with the FTC for $5.7 million. However, the lawsuit alleges TikTok still hasn't complied with COPPA.
Source: Read More
Do you think the US will be able to avoid a recession? |
Coke's $6 Billion Tax Bill
Coca-Cola will pay $6 billion in back taxes and interest to the IRS. The payment covers taxes for 2007, 2008, and 2009. The dispute began in 2015.
The IRS claims Coca-Cola owes taxes due to profits from foreign affiliates. Coca-Cola argues the IRS changed its tax calculations.
The company believes the IRS misinterpreted tax laws. A US Tax Court agreed with the IRS. Coca-Cola disagrees and will appeal. They have 90 days to file.
Source: Read More
Coca-Cola will pay $6 billion in back taxes and interest to the IRS. The payment covers taxes for 2007, 2008, and 2009. The dispute began in 2015.
The IRS claims Coca-Cola owes taxes due to profits from foreign affiliates. Coca-Cola argues the IRS changed its tax calculations.
The company believes the IRS misinterpreted tax laws. A US Tax Court agreed with the IRS. Coca-Cola disagrees and will appeal. They have 90 days to file.
Source: Read More
Amazon's Quarter in Review
Amazon reported net sales of $148 billion, a 10% increase from last year. Quarterly earnings per share hit $1.26, surpassing the anticipated $1.03.
The North America segment grew 9%, and international sales rose 7%. AWS, Amazon's cloud division, had a 19% growth.
CEO Andy Jassy emphasized the ongoing reacceleration of AWS and AI as central to their growth.
Despite these wins, Amazon's stock slid around 9% in after-hours trading due to a disappointing forecast for the current quarter.
Source: Read More
Amazon reported net sales of $148 billion, a 10% increase from last year. Quarterly earnings per share hit $1.26, surpassing the anticipated $1.03.
The North America segment grew 9%, and international sales rose 7%. AWS, Amazon's cloud division, had a 19% growth.
CEO Andy Jassy emphasized the ongoing reacceleration of AWS and AI as central to their growth.
Despite these wins, Amazon's stock slid around 9% in after-hours trading due to a disappointing forecast for the current quarter.
Source: Read More
“It is easier to macrobullshit than to microbullshit”
We scour 100+ sources daily
Read by CEOs, scientists, business owners and more
3.5 million subscribers
Baked with love,
Anna Eisenberg ❤️
What did you think of today's edition? |