Business News Weekly ─ July 22, 2019

Not a good week for Tech giants: 

  • Tech giants draw fire in Congress as lawmakers suggest companies need more oversight to ensure competition.
  • Microsoft says, Russia, Iran, North Korea target US groups. Suspected nation–state hackers from these countries have launched nearly 800 cyberattacks against political organizations over the past year.
  • Facebook confronts broad resistance too Crypto plans, as Trump raised national security concerns about Facebook’s plans to launch a crypto currency.
  • Battle sharpens over how to tax Tech companies.
  • Apple pulls app with eavesdropping glitch.
  • Amazon sales event boosts Prime.
  • Food – delivery services focus on better tech.

“Hyundai Motor second-quarter net profit rises 31.2%, new models boost domestic sales” ─ from Reuters online. South Korea’s Hyundai Motor Co on Monday said second-quarter net profit climbed 31.2%, as a weaker local currency helped lift U.S. income, while new models boosted domestic sales.

April-June profit reached 919.3 billion won ($780.44 million, from 700.6 billion won in the same period a year earlier. The result compared with the 1.03 trillion won average of 18 analyst estimates compiled by Refinitiv.

“Consumer Sentiment Rises on Best Financial View Since 2004” ─ from Newsmax online. U.S. consumer sentiment improved slightly in July, holding close to the best level in more than a decade as more Americans grew optimistic about their future financial prospects.

The University of Michigan’s preliminary sentiment index edged up to 98.4 from 98.2 in June, according to data released Friday that were about in line with forecasts. The gauge has held within a 2.8-point range for the past five months. The expectations index climbed slightly while the gauge of current conditions cooled. Five years ago under President Barack Obama in July 2014, the index was at 81.8.

“Car sharing company Turo is tech’s latest unicorn, with a $250M IAC investment” from Yahoo Finance. Car-sharing company Turo recently landed a $250 million cash infusion from web giant IAC — giving the Airbnb of cars a valuation of over $1 billion. The deal also makes IAC the largest shareholder of Turo.

“We believe that there’s a huge opportunity to transform the world’s 1.5 billion cars into cars that can generate earnings for their owners while they aren’t using them,” Turo CEO Andre Haddad told Yahoo Finance’s YFi PM in a recent interview. Capitalizing on the growing car-sharing marketplace, Turo now hosts over 10 million customers worldwide. Customers can rent cars online or through the app.