Microsoft wins $1.76 billion defense contract: Pentagon

Microsoft Corp has been awarded a five-year contract worth $ 1.76 billion for delivering enterprise services for the Defense Department, Coast Guard and intelligence services, the Pentagon said on Friday.


Reuters: Arts

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Australia Has A$1.925 Billion Trade Surplus

Australia had a seasonally adjusted merchandise trade surplus of A$ 1.925 billion in November, the Australian Bureau of Statistics said on Tuesday.
RTT – Economic News

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Alphabet’s Verily gets $1 billion in funding round led by Silver Lake

Alphabet's Verily is getting $ 1 billion in outside funding led by Silver Lake, providing more options and flexibility moving forward.
Health and Science

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The $35 billion race to cure a liver disease that affects 30 million Americans

In the U.S. 30 million Americans suffer from a form of fatty liver disease that turns into a form of liver cirrhosis that leads to death unless a patient can receive a liver transplant. Now drug companies are spending billions to help find a cure.
Health and Science

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Altria looks to a future beyond cigarettes but investors aren’t cheering its $15 billion bet

Altria has paid a total of $ 14.6 billion for a hand in companies beyond its traditional hold in cigarettes over the past two weeks — a 45 percent share of cannabis company Cronos and 35 percent stake in e-cigarette maker Juul.
Health and Science

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SoftBank’s Biggest Backers Balk at Planned $16 Billion Acquisition of WeWork

Key investors in SoftBank’s giant tech fund have balked at a planned $ 16 billion investment in co-working startup WeWork, leaving SoftBank Chief Masayoshi Son to find an alternative as his ambitions hit up against the limits of his financial firepower.
WSJ.com: WSJD

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Juul gets $2 billion bonus from Altria deal — to be split among its 1,500 employees

Juul's 1,500 employees are receiving a $ 2 billion bonus from Altria, averaging about $ 1.3 million each, as part of the tobacco giant's $ 12.8 billion investment in the e-cigarette maker, people familiar with the matter say.
Health and Science

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Shoppers spent a record $30 billion on Alibaba for Singles Day this year

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Never underestimate the power of single people buying themselves stuff. 

Chinese e-commerce giant Alibaba reported its highest individual sales day ever on Singles Day, an informal holiday dedicated to people who aren’t in relationships. 

Singles Day is on 11/11 (see all those “1”s? they symbolize being alone) and has become in recent years a bigger Chinese shopping day than Black Friday or Cyber Monday. Alibaba was a pioneer in offering discounts on the holiday, and their sales are promoted with a live TV show advertising the discounts available on the website.  Read more…

More about Alibaba, Singles Day, Singles Day Sales, Alibaba Sales, and Business


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Apple’s $1 billion Austin campus is the latest big investment from top tier firms: Texas governor

"Texas is the Alabama when it comes to recruiting in college football. We get to pick the 5-star recruit companies that are coming to the Lone Star State," Abbott says.
Real Estate

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J&J loses $39.8 billion in market value after report claims J&J knew about asbestos in baby powder

Investors sold off shares of Johnson & Johnson on Friday after a Reuters report said the company knew for decades that its baby powder contained asbestos, an allegation J&J has denied.
Health and Science

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Eddie Lampert offers $4.6 billion to buy Sears out of bankruptcy

Sears Holdings Chairman Eddie Lampert’s ESL Partners LP has submitted a $ 4.6 billion bid to buy the bankrupt retailer, the hedge fund said on Thursday. Sears, which had filed for bankruptcy protection on Oct. 15, faces a Dec. 15 deadline to find a buyer to keep it in business, according to court papers.
Business | New York Post

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$7 billion Slack is lagging on a key sexual harassment policy

$  7 billion Slack is lagging on a key sexual harassment policyRecently, tech giants including Google and Facebook ended their policies of forced arbitration for employees’ claims of sexual harassment and assault. In an interview for “Breakouts” on Yahoo Finance, Slack co-founder and chief technology officer Cal Henderson confirmed that Slack has not changed its policy on forced arbitration. Slack is a workplace messaging app that’s currently valued at $ 7.1 billion.



Yahoo Tech

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London to lose $900 billion to Frankfurt due to Brexit, German finance group claims

Lobby group Frankfurt Main Finance claims London's financial sector is poised to lose billions of euros in assets by March 2019.
Economy

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CVS creates new health-care giant as $69 billion merger with Aetna officially closes

CVS and Aetna have closed their merger about a year after announcing the deal to combine a drugstore chain, a pharmacy benefit manager and a health insurer.  
Health and Science

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Alibaba smashes through $25.3 billion Singles Day sales record — with hours to go before midnight

Alibaba smashed through its Singles Day sales record, with several hours still remaining in one of the world's largest shopping events.
Top News & Analysis

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Alibaba Singles’ Day sales hit $10 billion in first hour

Chinese e-commerce giant Alibaba Group Holding Ltd settled roughly 69 billion yuan ($ 9.92 billion) in the first hour of its annual Singles’ Day on Sunday, up roughly 21 percent from last year’s early haul of 57 billion yuan. Singles’ Day is the world’s biggest online sales event and last year netted Alibaba 168 billion yuan ($ 24.15 billion) in total sales.


Reuters: Business News

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$500 Billion: Study Finds Parents Spend More on Adult Children than Retirement

Recent study insights reveal a telling tale of the extent of a parent’s love — and maybe even negligence — when it comes to their adult children. According to research, retirement security has taken a backseat for parents who are putting their children’s financial well-being ahead of their own future financial security, and they’re halting their golden-year plans just to make sure their offspring are thriving.

According to the study, “The Financial Journey of Modern Parenting: Joy, Complexity and Sacrifice” which was conducted by Merrill Lynch in partnership with Age Wave, parents today spend $ 500 billion annually on their adult children — ages 18-34 — double the amount they contribute each year to their retirement accounts.

More than 2,500 American parents were surveyed for the study which marks the third in a multi-year research series from Merrill Lynch and Age Wave, a company that studies maturing consumers.

“In this new era of delayed financial independence of young people, financial planning is no longer a solo or coupled activity,” Ken Dychtwald, Ph.D., CEO, and founder of Age Wave said in a news release. “It’s become an ongoing family project with longer and different social, housing and economic interdependencies than we’ve seen before.”

80% of parents say they would be willing to make a major financial sacrifice for adult children, including dipping into their savings or cutting back their lifestyles. 25% would take on debt or pull money from retirement accounts. The research also found 31% of early adults ages 18-34 live with their parents, but even if the child is out of the house, parents are chipping in on school costs, health insurance, rent, and car expenses. 59% expect to help pay for their children’s weddings, 26% expect to contribute to their children’s first homes, and one-third plan to contribute to their grandchildren’s college costs.

Despite the financial sacrifices, 93% of respondents said being a parent was the most rewarding aspect of their lives and 94% said raising their children — and the costs that come with doing so — has been worth “every penny.”

“When emotions and money become intertwined, parents risk making financial decisions that can compromise their — and their children’s — financial futures,” Lisa Margeson, head of retirement client experience and communications at Bank of America Merrill Lynch, said in the release. “Parents can navigate this difficult balance by setting clear boundaries about their level of support, fostering financial independence in adult children, and reconciling spending on children with long-term savings goals to avoid jeopardizing their own financial security.”

 

 

The post $ 500 Billion: Study Finds Parents Spend More on Adult Children than Retirement appeared first on Black Enterprise.

Money | Black Enterprise

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New Zealand Trade Deficit NZ$1.560 Billion

New Zealand posted a merchandize trade deficit of NZ$ 1.560 billion in September, Statistics New Zealand said on Thursday – representing 36 percent of exports.
RTT – Economic News

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Exclusive: U.S. sports leagues could see $4.2 billion annually from legal betting

The four major U.S. professional sports leagues could reap a combined $ 4.2 billion annually as a result of legal sports betting, most of it indirectly from increased fan engagement, according to a casino industry survey to be released later on Thursday.


Reuters: Sports News

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Virgin’s Branson halts talks on $1 billion Saudi investment in space ventures

British billionaire Richard Branson said on Thursday that his Virgin Group would suspend its discussions with Saudi Arabia’s Public Investment Fund over a planned $ 1 billion investment in the group’s space ventures, in light of the disappearance of Saudi journalist Jamal Khashoggi.


Reuters: Science News

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$500 Billion: Study Finds Parents Spend More on Adult Children than Retirement

Recent study insights reveal a telling tale of the extent of a parent’s love — and maybe even negligence — when it comes to their adult children. According to research, retirement security has taken a backseat for parents who are putting their children’s financial well-being ahead of their own future financial security, and they’re halting their golden-year plans just to make sure their offspring are thriving.

According to the study, “The Financial Journey of Modern Parenting: Joy, Complexity and Sacrifice” which was conducted by Merrill Lynch in partnership with Age Wave, parents today spend $ 500 billion annually on their adult children — ages 18-34 — double the amount they contribute each year to their retirement accounts.

More than 2,500 American parents were surveyed for the study which marks the third in a multi-year research series from Merrill Lynch and Age Wave, a company that studies maturing consumers.

“In this new era of delayed financial independence of young people, financial planning is no longer a solo or coupled activity,” Ken Dychtwald, Ph.D., CEO, and founder of Age Wave said in a news release. “It’s become an ongoing family project with longer and different social, housing and economic interdependencies than we’ve seen before.”

80% of parents say they would be willing to make a major financial sacrifice for adult children, including dipping into their savings or cutting back their lifestyles. 25% would take on debt or pull money from retirement accounts. The research also found 31% of early adults ages 18-34 live with their parents, but even if the child is out of the house, parents are chipping in on school costs, health insurance, rent, and car expenses. 59% expect to help pay for their children’s weddings, 26% expect to contribute to their children’s first homes, and one-third plan to contribute to their grandchildren’s college costs.

Despite the financial sacrifices, 93% of respondents said being a parent was the most rewarding aspect of their lives and 94% said raising their children — and the costs that come with doing so — has been worth “every penny.”

“When emotions and money become intertwined, parents risk making financial decisions that can compromise their — and their children’s — financial futures,” Lisa Margeson, head of retirement client experience and communications at Bank of America Merrill Lynch, said in the release. “Parents can navigate this difficult balance by setting clear boundaries about their level of support, fostering financial independence in adult children, and reconciling spending on children with long-term savings goals to avoid jeopardizing their own financial security.”

 

 

The post $ 500 Billion: Study Finds Parents Spend More on Adult Children than Retirement appeared first on Black Enterprise.

Money | Black Enterprise

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