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A Disney whistleblower is accusing the company of overstating its revenue by billions
A former senior accountant at Disney has accused the entertainment titan of overstating its revenue by billions of dollars. Sandra Kuba alleged that Disney employees recorded nonexistent sales from giveaways and artificially inflated revenue from gift cards. She claimed the company's revenue could have been overstated by as much as $6 billion, or 20%, in 2009 alone. Disney has dismissed Kuba's claims as "utterly baseless." Watch Disney trade live .
A former senior accountant at Disney has accuse...
A key regulation put in place after the 2008 financial crisis is about to get a major overhaul
Wall Street regulators are expected to release an update to the Volcker Rule, a key regulation implemented in the wake of the 2008 financial crisis. The rule prevents banks from using their own funds the make the type of risky investments that contributed to the collapse of the financial system in 2008. The updated rule, dubbed "Volcker 2.0," is expected to clarify which short-term investments banks can make with their own money and to what extent banks can invest in hedge funds and private equi...
US Steel laying off up to 200 workers | Fox Business
US Steel laying off up to 200 workers By Ken Martin Published August 20, 2019 U.S. Economy Trump’s steel tariffs have ‘backfired’: James Bacchus Former WTO Appellate Body Chairman James Bacchus on why he disagrees with President Trump’s steel tariffs and says they have backfired.
United States Steel is reportedly cutting hundreds of jobs at its Great Lakes facility in Michigan.
The company said the layoffs are temporary, but could last beyond six months, according to a filing the steelmaker made...
GE controversy puts long-term care costs back in the spotlight
Individual long-term care (LTC) insurance is back in the spotlight after a hard-hitting and controversial analysis last week highlighted General Electric’s ( GE ) risk exposure from that part of its portfolio.
The company has fiercely denied the categorization of its finances by a whistleblower, while mounting a strong defense of its financial practices. “We operate with absolute integrity and stand behind our financial reporting,” GE’s vice president of investor relations Steve Winoker wrote in...
DBM’s Avisado: Gov’t workers to enjoy another pay hike in 2020
MANILA, Philippines–Civilian government employees would enjoy another round of salary increase next year, Acting Budget Secretary Wendel Avisado said Tuesday.
On the sidelines of the Department of Budget and Management’s (DBM) submission to Congress of the proposed P4.1-trillion 2019 national budget, Avisado said the funds for the next round of Salary Standization Law (SSL) were already contained in the budget proposal. ADVERTISEMENT
Avisado said next year’s budget will allocate P31 billion for ...
Chandrayaan 2: ISRO’s giant leap successfully injects lunar spacecraft into Moon’s orbit
ISRO's Chandrayaan 2 Latest News: ISRO has informed that the lunar spacecraft will further orbit around the Moon for few days and a series of Moon-bound orbital maneuvers will be carried out on it. Chandrayaan 2: ISRO’s lunar spacecraft was launched on July 22 using GSLV Mk III M-1 space vehicle from its Satish Dhawan Space Center in Sriharikota. (Image: ISRO)
Chandrayaan 2: In a significant development early on Tuesday, the Indian Space Research Organisation (ISRO) successfully placed Chandraya...
Former MPs asked to vacate government bungalows in Delhi within a week, Congress fumes
As per the set rules, former MPs have to vacate their bungalows within one month of dissolution of the previous Lok Sabha. The 16th Lok Sabha was dissolved by President Ram Nath Kovind on May 25 with immediate effect. Congress leader Anand Sharma has accused Prime Minister Narendra Modi of hypocrisy after notices were served to former MPs to vacate government accommodation in Delhi within a week.
The Congress party has accused Prime Minister Narendra Modi of hypocrisy and termed as harsh and dis...
U.S. Steel plans to lay off hundreds of workers in Michigan
U.S. Steel will temporarily lay off up to 200 workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with the State of Michigan.
Trump Is Losing the Trade War With China
The markets doubt tariffs will bring about any major concessions. The U.S. needs a multilateral approach. President Trump’s China strategy is failing. His tougher approach has yielded no meaningful Chinese concessions but is increasingly damaging the U.S. economy. Today China is more integrated with the rest of the world while the U.S. is more isolated. To combat China’s unfair, statist economic practices effectively, the U.S. must change its approach, enlisting allies and international institut...
‘We Can’t Waste a Drop.’ India Is Running Out of Water.
LEH, India—The Ladakh region of northern India is one of the world’s highest, driest inhabited places. For centuries, meltwater from winter snows in the Himalayan mountains sustained the tiny villages dotting this remote land.
Now, like many other places in India, parts of Ladakh are running short of water. A tourism boom has sent the summer population soaring, and the region’s traditional system of conserving water is breaking down.
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CEO: ‘The true disruption of retail banking is coming’
The co-founder and CEO of Europe’s biggest fintech startup believes that the world is standing on the precipice of a “true disruption” in retail banking.
“I believe that in the next couple of years, the true disruption of retail banking is coming,” Klarna CEO Sebastian Siemiatkowski said in interview with Yahoo Finance’s On The Move. “What I want to be part of … is transitioning this industry that has forgotten about the customers, that offers non-imaginative products, and really serve the consu...
Tech giants testify against France’s digital sales tax
Amazon, Facebook and Google say France’s digital services tax will hurt their businesses — and warn it could encourage other countries to adopt similar taxes.
France imposed a 3% tax on global tech companies with at least 750 million euros (US $832 million) in global revenue and digital sales of 25 million euros ($27.7 million) in France.
The United States Trade Representative held a hearing about its investigation into the tax on Monday. Representatives from all three companies were scheduled t...
Companies to Watch: Big quarter for Estée Lauder, major addition for Uber, Tesla to rent out solar panels
Here are the companies the Yahoo Finance team is watching for you today.
A big quarter at one of the biggest names in cosmetics. Estee Lauder ( EL ) topped expectations on earnings and revenue, driven in part by strong sales overseas. The CEO called it a "tough retail environment" in the U.S., which only saw modest growth. He says they plan to focus on emerging markets into 2020.
There's a new boss heading up Uber's ( UBER ) operations in Britain and Ireland. Melinda Roylett started this morning...
Apple’s major headache in trying to find a substitute for China
Apple ( AAPL ) shares jumped roughly 2% right out of the gate Monday morning following comments from President Donald Trump, telling reporters he had a positive meeting with Apple CEO Tim Cook.
“Tim was talking to me about tariffs,” Trump said. “And you know, one of the things that he made a good case is that Samsung is their number one competitor and Samsung is not paying tariffs because they're based in South Korea. And it's tough for Apple to pay tariffs if they're competing with a very good ...
Twitter: 'Coordinated state-backed' effort vs. Hong Kong protests
Twitter ( TWTR ) on Monday announced that it had suspended hundreds of accounts on its platform in connection with the protests roiling Hong Kong , citing a “significant state-backed information operation” sowing disinformation.
In a blog post, the social network said 936 accounts linked to China “were deliberately and specifically attempting to sow political discord in Hong Kong, including undermining the legitimacy and political positions of the protest movement on the ground.”
In a separate m...
Remember: Not all recessions turn into 2008
“Recession” is a scary word that sends everyone from Wall Street professionals to Main Street consumers into a terrifying flashback of the 2008 financial crisis. But a J.P. Morgan strategist says people shouldn’t be afraid of the next recession because it’s “normal.”
“There is so much anxiety out there right now, and I think so much of that has to do with the fact that what happened in '08 was so historically bad that people are absolutely terrified of the next recession when they don't really h...
'The puts have expired': Morgan Stanley warns that neither trade nor the Fed can save them now
Investors have been convinced that a friendly Fed or a U.S.-China trade deal will be the market's saving grace. But Morgan Stanley's Mike Wilson thinks that magical thinking has come to an end.
Twitter accuses China of running disinformation campaign against Hong Kong protesters
Facebook, Twitter accuse China of running disinformation campaign against Hong Kong protesters Published Mon, Aug 19 2019 2:19 PM EDT Updated Mon, Aug 19 2019 10:01 PM EDT Annie Palmer @annierpalmer Key Points Twitter and Facebook have suspended numerous accounts that are believed to be tied to a state-backed disinformation campaign originating from inside China. Facebook said it took down several pages, groups and accounts involved in the activity, while Twitter suspended 936 accounts associate...
Recession coming if Democrat wins White House in 2020: Pence
Recession coming if Democrat wins White House in 2020: Pence By Blair Shiff Published August 19, 2019 Politics FOXBusiness
Pence: Taxes will 'skyrocket' if Dems win Vice President Mike Pence says if a Democrat wins, 'we would get that recession these naysayers keep talking about.'
Vice President Mike Pence addressed the Detroit Economic Club Monday at the Motor City Casino, just a few weeks after the Democratic presidential hopefuls descended on Detroit for their second televised debate.
Pence ...
How the market may react to Jerome Powell's Jackson Hole speech
The one bright spot in the economy , the strength of the U.S. consumer, could throw a wrench in the Fed’s messaging this week, as central bankers gear up for an annual policy conference in Jackson Hole, Wyoming.
“There is a risk [Fed Chair Jerome] Powell and his colleagues end up disappointing the bond market next week – by not signaling clearly enough that additional rate cuts are coming in mid-September and beyond,” Paul Ashworth, chief U.S. Economist at Capital Economics, wrote in a note to c...