Selasa, 07 Mei 2019

Amazon's New York Go store is the first to accept cash - Engadget

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Holly Brockwell

Amazon's app-powered supermarket chain, Amazon Go, opens its twelfth branch today. Located on Vesey Street in New York, the store is the city's first branch of Amazon Go, which started out in Amazon's home territory of Seattle.

Interestingly, the new branch will accept cash, a major diversion from its original purpose of super-streamlining the shopping process. Up to now, customers needed to download the Amazon Go app (separate from Amazon's other apps) before entering the store, then check themselves in through turnstiles with the QR code in their app, pick up anything they want in the shop, then leave. The store's sophisticated item tracking system knows what a customer has selected -- even if they put it straight into their pocket -- and bills them automatically via the app.

However, there's been some backlash against Amazon Go and cashless systems in general, which are seen as discriminating against people who don't have the means to switch away from cash. Philadelphia has already banned cashless stores, and similar legislation is under consideration in San Francisco, Chicago, Washington, DC -- and New York.

The concession requires a significant deviation from the usual Amazon Go process: according to WTHR, customers wanting to pay cash will have to be swiped in by an employee rather than entering autonomously, then have their chosen products scanned by a staffer, who conducts the checkout process for them. There won't be cash registers, but Amazon will presumably need cash floats on hand to provide change.

An Amazon spokesperson told the same publication that the cash process may change: "This is how we're starting," says Cameron Janes, who looks after Amazon stores, "We're going to learn from customers on what works and what doesn't work and then iterate and improve it over time."

The New York store has 1,300 square feet of retail space and sells products by local vendors including Magnolia Bakery, Epicured and Hale & Hearty. It will also offer ready-to-eat meals and snacks made by Amazon's kitchen team.

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https://www.engadget.com/2019/05/07/new-york-amazon-go-cash/

2019-05-07 10:27:01Z
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Uber Drivers to Strike Before I.P.O. - The New York Times

[Want to get New York Today by email? Here’s the sign-up.]

It’s Tuesday. Hold on to your wallets. The Amazon Go store opening today in Lower Manhattan will accept cash, the first of its kind to do so.

Weather: There’s a chance of rain this afternoon and thunderstorms tonight. But it’s May, so at least it’ll be warm. Temperatures will start in the mid-50s and reach a high in the low 70s by late afternoon.

Alternate-side parking: In effect until May 27 (Memorial Day).

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CreditJeenah Moon for The New York Times

When Uber starts selling its shares to the public for the first time on Thursday, the ride-hailing app could be worth as much as $91 billion. Those who already have a stake in the company could become very, very rich.

But the drivers who rely on the app for income won’t.

Drivers in New York and other cities have complaints about the company, and they’re planning a strike tomorrow morning to raise awareness about their grievances.

How will drivers strike?

Drivers who work for Uber and similar ride-hailing apps, like Lyft, Juno and Via, plan to sign off the apps from 7 to 9 tomorrow morning. Customers will be able to log on to the apps, but they may not find many drivers nearby.

After 9, drivers will resume picking up passengers.

What are the drivers protesting?

In short, they want better pay and working conditions.

The drivers’ demands were outlined in a statement from the New York Taxi Workers Alliance. One request is a limit on how much money drivers have to share with the apps per ride. The group also opposes what it says is Uber’s practice of arbitrarily removing drivers from the app, effectively terminating them.

Do the drivers work for Uber?

It’s complicated.

Initially, Uber called the drivers who use its app independent “driver-partners.” But in 2017, the State Department of Labor ruled that the drivers in New York were, in fact, employees.

Didn’t New York City already do something to help drivers?

Last year, city lawmakers limited the number of for-hire-vehicle licenses they would dispense, capping the number of drivers who could flood the market and congest the streets.

The lawmakers also guaranteed that full-time drivers would earn at least $17 an hour, and that the city would provide financial and mental health resources after several for-hire drivers killed themselves.

Uber declined to comment about the strike but pointed to perks it is offering some drivers, including cash bonuses, reimbursement for gas, and tuition for online undergraduate courses administered by Arizona State University.

Will the protest affect my commute?

Possibly.

Most people in New York City take mass transit, but a significant number of people rely on for-hire vehicles for rides into areas that are underserved by trains and buses. If you’re one of those commuters — or if you’re trying to get a ride to the airport or need to make an unexpected trip — you might want to plan ahead.

Yellow and green taxis will still be around, and they use several apps, including Waave, Curb, Myle and Wapanda.

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CreditKarsten Moran for The New York Times

In the opening minutes of the Met Gala, Lady Gaga — a native New Yorker and one of five hosts of the event this year — may have stolen the show, wrote The Times’s Valeriya Safronova and Jonah Engel Bromwich.

The theme was “Camp: Notes on Fashion.” Lady Gaga arrived in a fuchsia dress with an enormous train, but then she morphed, revealing two additional dresses and, finally, her undergarments.

But was she the campiest of them all?

See more photographs from the Met Gala red carpet.

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An escalator being repaired at the Hudson Yards subway station. CreditGabby Jones for The New York Times

Another way the subway fails riders: broken escalators.

Jail guards performed illegal strip searches on women, prosecutors said.

Ethics clouds hang over Mayor de Blasio as he weighs a presidential run.

A burning car with doors chained shut, and a 3-year-old victim, in Queens.

[Want more news from New York and around the region? Check out our full coverage.]

The Mini Crossword: Here is today’s puzzle.

New York lawmakers are remembering former City Councilman Lew Fidler of Brooklyn, who died over the weekend. [Politico NY]

Ron Darling, an announcer and former pitcher for the Mets, announced that he has thyroid cancer. He said that it was treatable and that he hoped to return to work soon. [Daily News]

A Staten Island newspaper is trying to identify every speed camera in the borough. (The city’s Transportation Department wouldn’t confirm locations, the paper said.) [SILive]

A “Game of Thrones” producer confirmed to WNYC that, yes, there was a misplaced Starbucks coffee cup in the show’s latest episode. [WNYC]

The Frick Collection in Manhattan hosts a screening and panel discussion of “Citizen Lane,” a documentary about the art collector Hugh Lane. 5 p.m. [$15]

Polish your résumé at a workshop at the Macomb’s Bridge Library in Manhattan. 11 a.m. [Free with R.S.V.P.]

Enjoy board games, networking and music at 333 Lounge’s Afro-Caribbean Tuesdays event in Brooklyn. 6 p.m. [Free with R.S.V.P.]

— Ana Fota

Events are subject to change, so double-check before heading out. For more events, see the going-out guides from The Times’s culture pages.

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CreditNate Schweber

Nate Schweber and The Times’s Corey Kilgannon report:

Michael Cohen, the president’s former personal lawyer, arrived yesterday at the federal prison in Otisville, N.Y., to begin his three-year sentence on fraud charges, and a good vantage point to see him enter the grounds was a nearby Sunoco gas station and convenience store — a go-to stop for people entering and leaving the facility.

“Everyone stops there, especially after getting released,” said Lawrence Dressler, a former inmate at Otisville, which is 75 miles northwest of New York City. “It’s the first place you can go to get some food or a cold drink or use the bathroom.”

Mr. Cohen did not stop at the Sunoco, but other prominent prisoners and visitors have. The boxer Mike Tyson got some change before visiting a friend, said Donna Simpson, who works at the store’s deli.

When the Iowa meatpacking executive Sholom Rubashkin was released in 2017 — his 27-year prison sentence was commuted by President Trump — a video posted on YouTube showed some of his supporters holding an impromptu dance party in the parking lot.

Other newly freed inmates head straight inside to devour a sandwich, grab cigarettes and change into street clothes in the store’s bathroom. They sometimes throw their prison garb into a donation bin on the premises.

Some visitors also use the bathroom to change after being told by prison officials that their clothing is inappropriate under the visiting guidelines.

[Read more about the Otisville prison, where the Fyre Festival organizer Billy McFarland and “The Situation” of “Jersey Shore” fame are also incarcerated.]

The store features a modest but diverse assortment of goods: fishing reels, Dinty Moore stew, diapers, candy bars and lottery tickets.

The store’s owner, Sneha Patel, said the last purchase many people make before reporting to prison is cigarettes. They generally don’t buy beer.

Upon their release, longtime inmates are often bewildered by the price increases.

Mr. Dressler recalled leaving prison and entering the store. “You’re wide-eyed and looking around at all this food, and drinks. You can’t believe you’re really out of prison,” he said. “You can actually use the bathroom and lock the door. It feels like a five-star hotel.”

It’s Tuesday — appreciate your local stores.

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Dear Diary:

I live in a small town in western Massachusetts. Last summer, a good friend of mine was lamenting how her daughter, a recent college graduate, was going off to live in Manhattan.

“I told her she’s never going to run into anyone she knows,” my friend said. “It will be full of strangers all the time.”

Imagine my surprise when, walking on the Upper East Side one evening last fall with a friend who lives in New York, I heard someone call my name. It was my friend’s daughter. She was rushing to ballet class and had thought she heard my voice.

— Catherine Sanderson

New York Today is published weekdays around 6 a.m. Sign up here to get it by email. You can also find it at nytoday.com.

We’re experimenting with the format of New York Today. What would you like to see more (or less) of? Post a comment or email us: nytoday@nytimes.com.

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https://www.nytimes.com/2019/05/07/nyregion/newyorktoday/nyc-news-uber-lyft-drivers-strike.html

2019-05-07 09:40:07Z
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Trade tensions; BMW profits slump; Anadarko snubs Chevron - CNN

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin said China reneged on previous commitments over the weekend, undermining progress towards a detailed trade agreement.
As of Friday, penalties on $200 billion of Chinese goods will be lifted to 25% from 10%. President Donald Trump has also warned that he could tax nearly all Chinese exports to the United States.
The big question for investors is whether a deal can be salvaged when Chinese officials arrive in Washington later this week. Beijing is still sending its top trade negotiator.
Stock markets in China stabilized Tuesday after a sharp sell-off on Monday. US markets were also able to recover most of their lost ground after a steep initial plunge.
S&P 500 and Dow futures were down roughly 0.4% on Tuesday. Fears appeared to be waning in Europe and Asia, where stocks were mixed.
2. BMW hammered: The German carmaker reported a sharp decline in profits and set aside funds to pay a potential EU antitrust fine.
BMW's first quarter profits fell 78% to € 589 million ($660 million), and its automotive division posted a loss.
The company said it had set aside € 1.4 billion ($1.6 billion) to pay fines resulting from an EU investigation into whether Germany carmakers colluded in holding back technology to reduce harmful vehicle emissions. BMW (BMWYY) has denied wrongdoing and says it will contest any fines.
The carmaker warned that business conditions are expected to remain volatile for the rest of the year, and it cited uncertainty over Brexit and international trade policies as risks. Shares dropped 1% in Frankfurt.
3. Anadarko snubs Chevron: Anadarko Petroleum (APC) says the revised offer it's received from Occidental Petroleum (OXY) is superior to a previously accepted bid from Chevron (CVX).
Occidental has bid $76 per share for Anadarko, $59 of which is cash. Chevron has until May 10 to make a counter offer, although that deadline could be extended.
Occidental was backed last week by Berkshire Hathaway's (BRKA) Warren Buffett, who invested $10 billion in the company to help finance its takeover of Anadarko.
The bidding war for Anadarko reflects an intense desire by US oil companies to acquire America's best shale assets. Occidental is already the No. 1 oil producer in the vast Permian Basin.
Before the Bell newsletter: Key market news. In your inbox. Subscribe now!
4. Earnings and economics: Cinemark (CNK), Dean Foods (DF), Energizer (ENR), Marriot Vacations (VAC) and SeaWorld Entertainment (SEAS) will release earnings before the open.
Electronic Arts (EA), Lending Club (LC), Match Group (MTCH), Papa John's (PZZA), Sprint (S), TripAdvisor (TRIP) and Western Union (WU) will follow after the close.
Shares in Anheuser-Busch InBev (BUD) gained less than 1% in Brussels after the company reported first quarter revenue growth of 5.9%. The brewer said it had seen strong growth in Brazil and improvement in the United States.
5. Coming this week:
Tuesday — US JOLTS; Anheuser-Busch InBev (BUD) and Papa John's (PZZA) earnings
Wednesday — SALT Conference; GE (GE) annual meeting
Thursday — SALT Conference; China consumer price inflation; US jobless claims and trade data for March; Ford (F) annual meeting
Friday — US consumer price inflation; UK GDP; Marriott (MAR) earnings

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https://www.cnn.com/2019/05/07/investing/premarket-stocks-trading/index.html

2019-05-07 09:26:00Z
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BMW Profit Slumps on Weaker Markets, $1.6 Billion Provision - Bloomberg

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  1. BMW Profit Slumps on Weaker Markets, $1.6 Billion Provision  Bloomberg
  2. BMW quarterly profit tumbles 78 percent, hit by 1.4 billion euro legal provision  Reuters
  3. BMW profit falls 74 per cent as €1.4bn set aside for possible EU fine  Financial Times
  4. What to watch: Tariff troubles, BMW profit dives, and Domino's international woes  Yahoo Sports
  5. BMW Q1 profit falls 78%, hit by €1.4bn legal provision  RTE.ie
  6. View full coverage on Google News

https://www.bloomberg.com/news/articles/2019-05-07/bmw-first-quarter-profit-slumps-on-1-6-billion-fine-provision

2019-05-07 05:45:00Z
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Senin, 06 Mei 2019

Kraft to Restate Financial Results Following Investigation - The Wall Street Journal

Containers of Kraft Heinz Velveeta brand Shells & Cheese. The food giant has yet to file its full-year financial report for 2018. Photo: Richard B. Levine/Zuma Press
By

Kraft Heinz Co. KHC 0.40% said it is restating a host of its financial results dating as far back as 2016, after it determined they included certain misstatements.

The food company also said an investigation revealed misconduct by several staffers in its procurement division. A number of staff in that division were let go as part of the probe.

“The findings from the investigation did not identify any misconduct by any member of the senior management team,” a Kraft spokesman said Monday.

Kraft disclosed in February that the Securities and Exchange Commission was investigating the procurement division’s accounting practices. It said on Monday that it had received an additional subpoena in regards to a write-down of some of its brands on March 1. The company “has been responsive to the ongoing document requests,” it said.

The company’s shares, which have declined about 30% over the past three months, were up 1% in early trading Monday.

Investors have been watching for updates from Kraft in the three months since it disclosed the investigation and said it was writing down the value of some of its brands by $15 billion. Lead investor Warren Buffett has since said that Berkshire Hathaway Inc. BRK.B -2.66% and 3G Capital overpaid when they helped form Kraft Heinz through a merger in 2015.

Mr. Buffett defended the company during his annual meeting over the weekend, but reiterated that deals can sour by paying too much.

Kraft has yet to file its full-year financial report for 2018 while it has conducted the investigation into the accounting problems. It said Monday it has entered into an agreement with its lenders to file its financial statements by May 14.

The company said it wouldn’t file results of this year’s first quarter on time.

The Kraft spokesman said the food giant was pleased that the investigation was wrapping up. “The company is taking action to improve our policies and procedures and will continue to strengthen our internal financial controls,” he said.

Kraft now faces lawsuits in the wake of the investigation and write-down. Several pension funds are suing in regards to the company’s plunging stock. Trading firm Timber Hill has filed a case detailing allegations of insider trading.

Attorneys for Kraft have agreed to have the two cases consolidated under a U.S. District Judge in Chicago. A first appearance is scheduled for May 16. “The company intends to vigorously defend against these lawsuits,” Kraft said in a filing with the SEC on Monday.

The company is restating its financial results for its 2016 and 2017 annual reports. It is also restating quarterly periods in its 2017 fiscal year and the year-to-date and quarterly periods that ended Sept. 29 of last year.

Kraft didn’t find that the problems were material, but involved the incorrect timing of reporting costs and rebates in contracts, it said in the filing.

Kraft said it decided on May 2 that those financial statements couldn’t be relied upon because of the misstatements, which it said were small.

The company said it is restating them “due to the qualitative nature of the matters identified in the investigation, including the number of years over which the misconduct occurred and the number of transactions, suppliers, and procurement employees involved.”

It said its preliminary findings show that net income for 2016, 2017 and 2018 will change by less than a percentage point.

Kraft said it has adjusted what its cost of products sold has been in recent periods, adding that the misstatements are related to when some costs were recognized.

Read More

Write to Heather Haddon at heather.haddon@wsj.com and Allison Prang at allison.prang@wsj.com

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https://www.wsj.com/articles/kraft-to-restate-financial-results-following-investigation-11557144423

2019-05-06 14:58:00Z
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Beyond Meat, Pinterest Shrug Off Tariff Threat to Resume Gains - Yahoo Finance

Beyond Meat, Pinterest Shrug Off Tariff Threat to Resume Gains

(Bloomberg) -- Shares of recently listed companies including Beyond Meat Inc. and Pinterest Inc. shrugged off the market slump as a hot IPO market overshadowed concerns about the potential for an escalating trade war between the U.S. and China.

Wall Street darling Beyond Meat rose 3.5 percent at 11 a.m. in New York, erasing earlier declines to extend a three-day gain since last week’s initial public offering. The stock has nearly tripled from its listing price. Pinterest also bucked a broad rout in tech stocks to rise 3 percent after earlier trailing as much as 5.2 percent.

Shares in Zoom Video Communications Inc., another high-flying newcomer, fluctuated between gains and losses in morning trading. The video-conferencing company has more than doubled in less than three weeks of trading.

Lyft Inc., however, hasn’t been able to throw off the market concerns. Shares of the ride-hailing service tumbled as much 4.2 percent ahead the company’s first earnings report on Tuesday. The sour mood may bode poorly for key competitor Uber Technologies Inc. when its IPO prices on Thursday. The world’s top ride-hailing company is expected to raise as much as $9 billion in what would be the year’s largest listing.

(Updates Beyond Meat and Pinterest shares in headline and second paragraph.)

To contact the reporter on this story: Cristin Flanagan in New York at cflanagan1@bloomberg.net

To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Scott Schnipper

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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https://finance.yahoo.com/news/beyond-meat-pinterest-slide-mood-131148224.html

2019-05-06 15:28:00Z
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Beyond Meat, Lyft Slide as Mood on Street Slaps Recent IPOs - Yahoo Finance

Beyond Meat, Lyft Slide as Mood on Street Slaps Recent IPOs

(Bloomberg) -- Shares of recently listed companies like Beyond Meat Inc. and Lyft Inc. are getting hit after sentiment on Wall Street soured over the weekend as investors weighed the prospect of a U.S. trade war with China.

With S&P 500 index down 1.3 percent at 9:50 a.m., Wall Street darling Beyond Meat -- the maker of plant-based burgers that more than doubled its IPO price of $25 after only two days of trading late last week -- is underperforming, falling as much as 6.4 percent in Monday’s trading.

Shares in Zoom Video Communications Inc. drop as much as 5.9 percent. while ride-hailing service Lyft tumbles 4.2 percent. If the mood doesn’t change soon that may bode ill for key competitor Uber Technologies Inc. when Uber’s IPO prices on Thursday.

(Updates shares throughout.)

To contact the reporter on this story: Cristin Flanagan in New York at cflanagan1@bloomberg.net

To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Scott Schnipper

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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2019-05-06 13:54:00Z
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